Is offering 20k below asking price a bit too cheeky?!!!

drc

Why would you want to pay 40k more than the price they paid just 6 years ago? It might be a nice flat but is it that nice that you want to risk being in negative equity and paying over the odds for it? If you wait a bit you'll probably find a nicer flat at a more reasonable and realistic price. We are in a financial crisis and house prices are falling although judging by the amounts some sellers want, you'd think we were still at the height of the boom :rolleyes:.

besonders1

I would just be careful as I think many troubled sellers/developers are looking for any remaining naive buyers out there with either cash or mortgage approvals to bail them out while house prices are still high.

VeronicaElectronica

Exactly, i agree with you both - i am just not paying it. and if someone else wants to, then they are welcome to it. Enough is enough! its just a very irritating process with the EA

queenieplum

sorry to hear you were messed about so much - I am waiting to see if my potential buyers are willing to pay £115k for mine... £115k I would be more than happy with!!! funny world isn't it....

VeronicaElectronica

queenieplum - thanks for that, buying and selling is so stressful isnt it?! I hope your buyers pay 115k and its all sorted for you

queenieplum

Thanks - so do I!!! Chewing my nails waiting for a response....

lovethymini

drc wrote: »

Why would you want to pay 40k more than the price they paid just 6 years ago? .

I don't understand this attitude.

The flat is worth what it's worth because of whatever the current climate is at the time of marketing it. What it was worth 6 years ago is completely irrelevant to me;-

• buyer could have got into a bidding war and paid 5k over value
• buyer could have negotiated 10k off as seller was desperate to sell/work needed doing to it/lease was short/general building upkeep needed injection of cash for a big job such as new roof

lovethymini

VeronicaElectronica wrote: »

My mortgage advisor rang EA to cut thru all the BS, apparantly the other person is real (i'm shocked) and has offered "somewhere between" 125-130k, and i'd have to offer approx 130k to get it (and even then the other person may offer more). When i've looked at the figures, the montly repayment on 130k is too much and i'm not willing to put myself in that position.

Oh, and apparantly yesterday was "best and final offers" - i was not told that!!!! VERY shady EA indeed. Oh well, i shall move on.

Thanks very much for the advice on here :T

Don't forget though, not everyone plays games.

I had two offers on our house on the same day. I asked the EA to inform the couple who made the lower offer, that we'd had another offer that morning and of what it was, to give them the option of coming back with a realistic offer. They really wanted our house so offered 1k above the other offer, and we accepted it. I find it's always "younger" people who think it's normal to put in very low offers but you really need to read the situation. We aren't in a hurry to move so it should have been obvious to potential buyers that a low offer would be rejected especially as we made sure the house was realistically priced.

We're eyeing up a house at the moment, but it's 20k over our budget, which is roughly 7.5% of the asking price. I have asked the EA to find out their situation regarding offers and explained our budget - I'm using Property Bee which tells me it's been on the market for a year and it's already been reduced by 50k. If it then seems possible for a negotiation, we'll go and view it. I guess my husband and I are very honest and open but it seems to be appreciated.

I know plenty of others would act differently to the above, and good luck to the OP who lost out on a flat because they wanted to pay as low a price as possible for it - I hope you find something that you fall in love with and get it for a price that you're happy to pay, regardless of what the seller paid for it however many years ago!

missile

I seriously doubt any EA would tell lies to inflate selling price. At 3%, an extra £5K on the selling price is worth £150 more to them.

I hope you do not look back in a few months and think "I wish I had offered more".

lovethymini

missile wrote: »

I hope you do not look back in a few months and think "I wish I had offered more".

Completely agree - good point missile!