Just put in an offer

4Chickens

Hi all

I put an offer on a house this moring and am biting my nails down to the elbow.

The house price is £190k. The homeowners have done a part-ex with a housebuilder so the offer has gone to the housebuilder. I offered £170k. The estate agent laughed at me on the phone and said there is no way they would accept this. Then he phoned back about 20 min later to say that he had spoken to the sales person and she needs to speak to her sales director and the EA will get back to me this morning. Getting or not getting this particular house is not a big deal as we have two others we like.
Did I put in a realistic offer or a ridiculous one?

I will update you later but your thoughts would be appreciated

paulsin

They say that vendors are still living in dream land with asking prices. I feel this is nothing compared to estate agents. They seem to be in some parallel universe where house prices are still going up and credit is easy to come buy.

Me and my partner viewed a house this weekend which was 185k. Reduced from 220k in June 08. We are thinking of starting at the 155k mark. 170k for a 190k house would get snapped off if it were for a new build, so its worth a shot.

If you don;t ask you dont get. Whats the worst thing that could happen, they say no! Ah well, they need your money more than you need their house. Remember that

socrates

cindiedunkley wrote: »

Hi all

I put an offer on a house this moring and am biting my nails down to the elbow.

The house price is £190k. The homeowners have done a part-ex with a housebuilder so the offer has gone to the housebuilder. I offered £170k. The estate agent laughed at me on the phone and said there is no way they would accept this. Then he phoned back about 20 min later to say that he had spoken to the sales person and she needs to speak to her sales director and the EA will get back to me this morning. Getting or not getting this particular house is not a big deal as we have two others we like.
Did I put in a realistic offer or a ridiculous one?

I will update you later but your thoughts would be appreciated

Why does the EA need to laugh - he needs to get on the phone and do his/her job - which is to pass your offer on!

The vendor can laugh or cry as much as he wants

The number one reason that deals mess up in any line of business is the middleman.

besonders1

I still blame the estate agents for the slow price drops after all they're the ones valuing it. It make no difference if they giggle or gloat at offers, the buyer does not have to explain anything to them. Its a waste of time justifying your offer anyway as they would only lie about the market being not affected in your area blah blah blah etc etc...

poppysarah

http://details.vebra.com/property/1664/15699534
This one has a free holiday if you buy the house...

http://details.vebra.com/property/1664/15200050
THIS PROPERTY HAS BEEN DRAMATICALLY REDUCED TO REFLECT THE CURRENT MARKET CONDITIONS.

Things to keep you cheerful whilst waiting for a response.

If they come back and say no, then DO NOT up your offer. Say that's your final offer.

4Chickens

Thanks for the replies.

EA just got back to me saying they would accept £180k. Told him to get lost.

Have put an offer in on another and it has been accepted

4Chickens

I had to do my last reply really quickly because the EA was on the phone to me whilst I was typing.

Anyway the house we have chosen is equally as good and the onward chain is short too.

Be careful what you wish for, I am poopin me drawers now, hoping that nothing goes wrong. Last time I bought and sold with the same kind of chain, it was 6 weeks between making the offer and moving in.

System

My house was on the market for £120k but was owned by a builder as they had taken it in part exchange as well. I offered £103 and the estate agent said they would reject it, which they did. A week later i got a phone call and they change their mind and took it. I think if its been on the market for a while the building company will just want to get rid of it so you might get lucky

pagetta

Advice i have heard is that in the last few years people have gone in 5-8% under the asking price, but in this market vendors should expect offers to start up to 15% below.

I put in an offer this morning too, and went just over 10% below (188 offered on a 210 asking price) Estate agent also laughed at me, then called back to say they had seriously considered it but it was a bit low - he sounded genuinely suprised that they considered it at all and didn't just say a blanket 'No'.

So no, it wasn't a laughable offer, it was perfectly reasonable.

I'm thinking of going back in with 193 tomorrow, with the intention that if they want higher again, we can middle out at 195 - does that sound like the right thing to do?!

dottiepeas

Hello!

We put in an offer today on a house with an asking price of £224k. We went in to start with £200, which is much lower, but the agent didn't laugh at me! But as expected, this was rejected as the owner wants something closer to 224k.
We have put in an offer for £208k so now waiting to see what happens, as there is apparently another interested party! But in the current market, I definately think it is worth going 5-10% below the asking price. I'm probably wrong on this one- but I do think agents/owners are still overvaluing their houses in the current climate!!

SavingSteve

You put in an offer this morning and it was rejected.

Do not dive straight back in tomorrow with another offer, give it some time. I'd say one week minimum (and I know, that week will kill you!)