Another cheeky offer thread

silvercar

Divorcing sellers are a nightmare. Two parties that can't agree about anything, not a recipe for a quick sale.

In 24 hours you have jumped from 550k to 630k, that is a lot of money - on an interest only mortgage of 5% that is £333 a month, plus the capital to be repaid.

Yes we are looking for a home and have a very large deposit so our home losing value is unimportant to us.

Having a large deposit is not an excuse to throw money away. Just because you can get a mortgage easily, don't lose sense of the real value.

spuds_2

The thing is to offer what you think the house is worth to you - but don't be surprised when an offer is rejected. You said the first house needed £100k of work to bring it up to your standard - other people might think it needs £20k of work. I think it's unlikely that any vendor will drop the price £100k to accomodate your taste in refurbishment.

If you wait for a bargain or for a vendor who will accept a low offer, it sounds like you could be waiting a long time in your area. Not all areas have had big price drops and if there is a lack of suitable accomodation available, vendors will understandably wait for a higher offer, especially if they are not desperate and have a lot of equity.

Did you accept a 'cheeky offer' on your house? I'm not criticising you for trying to get a good deal - we all love a bargain - but no house is perfect and if you want to move you may have to accept a compromise on location, size or price. Or be prepared to wait a while for a house that ticks all the boxes - in which case it will probably tick everyone elses boxes too and won't be a bargain.

shirlgirl2004

silvercar wrote: »

Divorcing sellers are a nightmare. Two parties that can't agree about anything, not a recipe for a quick sale.

In 24 hours you have jumped from 550k to 630k, that is a lot of money - on an interest only mortgage of 5% that is £333 a month, plus the capital to be repaid.



Having a large deposit is not an excuse to throw money away. Just because you can get a mortgage easily, don't lose sense of the real value.

The jumping from 550 to 630 are different houses. What we can afford and what we want to spend are 2 different things. We could get a mortgage to buy a 900k house but it doesn't mean we're going to.

shirlgirl2004

spuds wrote: »

The thing is to offer what you think the house is worth to you - but don't be surprised when an offer is rejected. You said the first house needed £100k of work to bring it up to your standard - other people might think it needs £20k of work. I think it's unlikely that any vendor will drop the price £100k to accomodate your taste in refurbishment.

If you wait for a bargain or for a vendor who will accept a low offer, it sounds like you could be waiting a long time in your area. Not all areas have had big price drops and if there is a lack of suitable accomodation available, vendors will understandably wait for a higher offer, especially if they are not desperate and have a lot of equity.

Did you accept a 'cheeky offer' on your house? I'm not criticising you for trying to get a good deal - we all love a bargain - but no house is perfect and if you want to move you may have to accept a compromise on location, size or price. Or be prepared to wait a while for a house that ticks all the boxes - in which case it will probably tick everyone else's boxes too and won't be a bargain.

We didn't accept a cheeky offer. I told the buyer how much I wanted and she agreed but then my house hadn't even been marketed when she viewed. I showed her what lower quality houses were being marketed for and she was happy with the price I asked. Officially my house was on the market 1 day.

I realise there is always a compromise and in each case I could tell you what the compromise is, so for the house that came on in April 08 it is 2 doors away from a college and it isn't a great area although not a bad one either.

The other house is pretty remote and needs finishing off as it has had work done to it so for example it has 2 kitchens so one needs to be ripped out.

I'm aware that cheeky offers may not be accepted. We have used the various tools we all know about to try and gauge a realistic price bearing in mind I don't know the area we're looking in very well. I will only pay what I think a house is worth if the vendor isn't interested it's up to them. None of the houses we have offered on have been "the one" but all are houses I'd be prepared to live in. If I waited for the perfect house we'd never move so I am very flexible. I will however not compromise on what the house is worth, paying over the odds for anything is not MSE and something I try to avoid especially if you're talking about thousands of pounds.

geoffky

If you are spending this much money..how about getting your own paid for surveyor in to get a price..the sellers will have to agree but maybe that's the way to go for peace of mind

shirlgirl2004

geoffky wrote: »

If you are spending this much money..how about getting your own paid for surveyor in to get a price..the sellers will have to agree but maybe that's the way to go for peace of mind

I did consider this but if the vendor doesn't like the price then they won't sell and I'd have to do it all over again at for the next house I liked.

Nosht

I would put an offer in with a closing date, then you retain the whip hand.Regards,N.

shirlgirl2004

Nosht wrote: »

I would put an offer in with a closing date, then you retain the whip hand.Regards,N.

At the moment I'm being turned down almost immediately so a closing date isn't an issue. I did leave the offer on the table for the first house but said obviously we are still looking and aim to find something quite quickly. If they don't come back to me then fine, there are other houses. I'm not attached to any of them.

1echidna

shirlgirl2004 wrote: »

Yes we are using Property Bee but I found one that I'm interested in that is listed as being on since April 09. On Mouseprice it says it's been on since April 08 and has already dropped £100k. I assume it's because it hasn't come up on a search before with someone using PB. I think it's well priced but not wanting to overstretch ourselves our max is £50k under the asking price of £700k (bear in mind it has dropped £100k albeit PROBABLY from a high price ).

I wonder how accurate mouseprice is with days on the market. It shows our house as being on the market for 101 days but the correct figure is about 40 days, nowhere near their figure.

shirlgirl2004

1echidna wrote: »

I wonder how accurate mouseprice is with days on the market. It shows our house as being on the market for 101 days but the correct figure is about 40 days, nowhere near their figure.

I did wonder but it gave 2 dates when the price had been reduced so it looked like this.

Asking price
Date
£799,995 21-08-2008
£760,000 24-09-2008
£699,995 29-04-2009