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Bidding Strategy
Comments
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We know that the house was not worth £107,000 last september.
The estate agent has probably told his client that he expects you to make a higher offer.
You can use the nationwide or the halifax house price guides to find what the value of a house worth £107,000 in 2008 Q3 was worth in 2008 Q4. We can't do 2009 Q! until about April 9th 2009. But knowing how much it went dowm in 2008 Q4 you can assume the same drop for 2009 Q1 and even estimate the monthly drop thereafter.
Gen your self up. use which ever HPI gives you the best estmate for your purpose. Do not rush. Do not let on that you might go higher.
Your key facts
a) It was not worth £107 in september last year.
b) How much it would have dropped since then.
Good luck................................I have put my clock back....... Kcolc ym0 -
Make them sweat.
Bidding every couple of days will make them think you will keep upping the bids, as you are indeed planning.Been away for a while.0 -
If you want to get it at a good price, I would just leave it for a week after your first bid, then contact the EA and ask if there has been any movement with the vendors. Indicate you could go up a little bit but not mention a specific figure. See what they say. It's all a gamble, and sometimes it just doesn't work out. If it works out right, you could save a few thou.
The alternative, if you are panting for the property, is to offer your maximum and see whether they take it.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Robert_Sterling wrote: »We know that the house was not worth £107,000 last september.
The estate agent has probably told his client that he expects you to make a higher offer.
You can use the nationwide or the halifax house price guides to find what the value of a house worth £107,000 in 2008 Q3 was worth in 2008 Q4. We can't do 2009 Q! until about April 9th 2009. But knowing how much it went dowm in 2008 Q4 you can assume the same drop for 2009 Q1 and even estimate the monthly drop thereafter.
Gen your self up. use which ever HPI gives you the best estmate for your purpose. Do not rush. Do not let on that you might go higher.
Your key facts
a) It was not worth £107 in september last year.
b) How much it would have dropped since then.
Good luck.
Excellent advice - the Nationwide House price index is exactly what i need to put my case forwared to the EA.
Basically said that the vendor's house value had dropped by 6k by end of 2008 Q4 and that it will probably drop by same by 2009 Q1 which gives the vendors house price around 98k. EA says he agrees with me but the vendor is thinking of taking it off the market now?
I said that the vendor is being totally unrealistic, i told the EA if he can put a bid of 94k forward.0 -
I’d suggest that telling a vendor’s agent they are being totally unrealistic is not the brightest of tactics in reaching a deal. It’s not gladiatorial combat, you know. Softly softly catchy monkey.0
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Excellent advice - the Nationwide House price index is exactly what i need to put my case forwared to the EA.
Don't take this the wrong way but I do need to tell it how it is in EA's especially the older more experienced ones. The EA will know what the seller expects and as such has little or no interest in spending time listening to the would be buyers logic and arguments as to why their offer is right.
Again I repeat don't take this as a point of view I necessarily agree with but it IS the mentality of most EA's I have know.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Don't take this the wrong way but I do need to tell it how it is in EA's especially the older more experienced ones. The EA will know what the seller expects and as such has little or no interest in spending time listening to the would be buyers logic and arguments as to why their offer is right.
Agree totally. The logic behind the buyer's offer is irrelevant to the seller. Maybe the argument that the buyer wants it as a home for his family is worth something, but not much. The main things that are relevant to the seller is what the house is worth and what they can do with the money, eg move to another house.
The EA tries to manage both sets of expectations to try and do a deal.No reliance should be placed on the above! Absolutely none, do you hear?0 -
I’d suggest that telling a vendor’s agent they are being totally unrealistic is not the brightest of tactics in reaching a deal.It’s not gladiatorial combat, you know. Softly softly catchy monkey.
No its fine, when i went in on Monday, to sit down and put my first bid, i was there nearly and hour chatting and buidling up a rapport. So im sure he would not take offence.
He agree's that the Vendor is being unrealistic0 -
The EA tries to manage both sets of expectations to try and do a deal.
Well put and so true.
After all a 'forward thinking' EA sees todays buyers as tomorrows sellers which he would hope would come back to them. Thats why I don't understand why so many agents treat the buyers so poorly
A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0
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