seven offers???

geoffky

House rices have never gone up in a recession and when millions will be unemployed....think about it........next year you will not recognize the market as it is today.

kevin0410

poppysarah wrote: »

Who knows. EAs seem to still be living on the banks of that river in Egypt.

I think you mean IN said river

getmore4less

pettelly wrote: »

I do really like the house - but certainly won't pay over the odds for it.

How are you going to know?

Decide what it is worth to you and make an offer, low if you want.

forget what the agent says
If you believe the agent you are in a bidding war (could be with no one).

Is the offer accepted or not.

If not decide if you want to pay more up to your limit, if you offered low

If it is accepted you have offered to much(or about right).

If you want to judge the bottom pricings look at what is going through the auctions.

skap7309

Poppy9 wrote: »

The EA could be BS you to get you to up your offer to a price that they know the sellers will take this week.

Whilst i am no property expert there seems to be a heck of a lot of threads starting which all see the offer declined with the EA stating their offer was the lowest of xx amount.

Now, either the market is rampant at the moment (during the worst recession for a generation) or EAs are really cashing in on the slight improvement last month to hopefully ensure house prices are propped up as much as poss to get another +% month to get some confidence back?

Give them the benefit of the doubt but all these high number of offers (with the OP always being the lowest) seem a little fishy to me. If poss, could you contact the seller directly and ask them how many offers they have had? If it matches what the EA says then fine but if not...................well, i certainly would not want to be dealing with them if the trust was not there.

maninthestreet

With 7 offers on a property, I would have thought the asking price (£370k) would have been easily reached by now, but the best offer is still more than £20K under the asking price. This doesnt add up.

MyUserNameWasTaken

For what it is worth, we are looking in London too and we are in the same situation as you (chain free and mortgage agreed). The area we are looking in is seeing a big upturn in sales for whatever reason (dead cat's bounce or bottom of the market, who knows). We put in an offer at the weekend and the property had 4 other offers the same day, no one is offering the asking price but they are not far off. And last week, we were gazumped on another property. I'm also stressing that we are going to miss out but who knows whether things will head up now or if this is a blip and we should hold our nerve. Good luck either way - hope you find a place.

Poppy9

MyUserNameWasTaken wrote: »

For what it is worth, we are looking in London too and we are in the same situation as you (chain free and mortgage agreed). The area we are looking in is seeing a big upturn in sales for whatever reason (dead cat's bounce or bottom of the market, who knows). We put in an offer at the weekend and the property had 4 other offers the same day, no one is offering the asking price but they are not far off. And last week, we were gazumped on another property. I'm also stressing that we are going to miss out but who knows whether things will head up now or if this is a blip and we should hold our nerve. Good luck either way - hope you find a place.

Hold your nerve. While someone may offer X for a house that is no guarantee in today's market that is what they will pay. Majority of buyers need a mortgage and the mortgage company will only lend based on the surveyors valuation. They are erring on the cautious side so will value low.

Faced with a lower valuation than offer the vendor then has to decide whether to go ahead at lower price or to re-market to try to get what "they" think it's worth.

QTPie

skap7309 wrote: »

Now, either the market is rampant at the moment (during the worst recession for a generation) or EAs are really cashing in on the slight improvement last month to hopefully ensure house prices are propped up as much as poss to get another +% month to get some confidence back?

I think that, in some areas, it IS rampant at the moment: this is where people in a good position to buy (good deposits, good secure jobs, been renting for a while) + a few investors are flexing their muscle...

So the "right" reasonably priced houses are flying off the market... The OP said that the property had an open day - so 7 offers is not that surprising (assuming it is a REALLY nice house. Whether all of those offers are genuine, well researched (i.e. they can actually get the mortgage that they need) and proceedable is a very different matter...

Beginning to wonder whether we should have had an open day... we haven't had many viewings, but two of the three viewings offered and went on to proceed (although the first later gazundered and dropped out). We are currently awaiting the outcome of that second accepted offer (for 93.5% of the current asking price, 91.5% of the original asking price) - which is proceeding quickly from a cash investment buyer.

Temporarily, at least, it is nolonger completely a "buyers market" in some areas. It may well be a blip (I think it most probably is), but there is a lot more interest in the property market, a lot more offers are being made (although how many will go to completion...) and sellers are bouyed by this.

So, at the moment, IF a buyer really likes a property, they can't expect to go in there at 15/20/30% of the asking price and for the sellers to bit their hand off. They might get lucky, but chances are they wont at the moment... I think that a wise seller will accept a good offer (before the market drops and stagnates again - very likely), but buyers are less able to put sellers over a barrel at the moment...

So temporarily, at least, there is a little more equality in the market (between buyers and sellers).

QT

getmore4less

There may be a few STR getting back in picking up the nice places, they make their point, move up/sidways whatever and still have some cash aside so don't need to get rock bottom prices.

Their problem is that the interest on their cash pile no longer covers the rent so they see buying as a cheaper option again.

There are not alot about so don't try to compete with these guys they have cash, you just go over your LTV max and cannot get a mortgage.

Put in your offers and keep looking.

poppysarah

kevin0410 wrote: »

I think you mean IN said river

I probably did.