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How low can you go?
Comments
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silvercar wrote:I always chat with the EA, ask them what offers would be acceptable. I've had comments back "as long as the offer starts with the number X its worth making" and "I know its above your limit but don't let that put you off, the seller is looking to move."
if you look at a 125k house, and you think the house is worth up to 120k and are willing to pay this for it, then the EA telling you that an offer of 118k is acceptable to the vendor just really isn't in the vendors interest, is it?
Good old EAs...by giving you that minimum figure, they're working for you, not the vendor who pays their wages. Oh well, less fee for them if they're silly enough to tell you...and great for the buyer if they do.Who made hogs and dogs and frogs?
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NAR wrote:Please reread post again. I suggested offers 10% less than £165k, which is £148.5k and therefore within £150k budget. I also suggested possibly offering £2 - £3k less. So therefore not "dangerous" advice. As a house buyer and seller for 25 years I do try to offer, especially to FTB's, good advice.
Ahh sorry I take it back.
Strangly your advice fits roughly what I suggested so in this case we were both arguing for about the same amount.
Whats even more strange, is applying the same principle to the home I was looking at:
170K - 10% = 153K
Which is just about the price the flats were selling at in 2004.
Knock off the extra 3K, and you have my upper limit of 150K
Whats even more interesting is that this, "knock 10% off followed by 2-3K", puts the offer price _below_ the 2004 price.0 -
towseriv wrote:I just had an offer accepted and the ask price was 19950, we settled on a price of 113k after starting at 105k and two days later we got accepted.
)
Not sure I understand this right, are you saying that you got the property for £86000 less than the asking priceThe bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
cattie wrote:Not sure I understand this right, are you saying that you got the property for £86000 less than the asking price
SOrry, not sure how I conveyed that message,
Ask price was £119,950 (down from £124,950 after six weeks on market)
First Offer £105,000
Settled on £113,000
I see it that we saved £2000 because thats dif between the price we paid and the price I was willing to go up to. Could of shaved off another thousand I am sure but I am coming up to a bit of a time scale.0 -
If you type in the postcode at https://www.Hometrack.co.uk, you will see the Sales to Asking Price ratio for the area.
My area is at 97%..Sellers not budging on asking prices very much.0 -
NSR2 wrote:Whats even more interesting is that this, "knock 10% off followed by 2-3K", puts the offer price _below_ the 2004 price.
I'm glad you two agree, but this is all a bit fantastical isn't it? I'd like to tell the OP to knock 20% off and then an extra 2-3k and it will be accepted - but what's the likelyhood of that?
Decisions on sale price are made ultimately by the vendor, not the potential purchaser unfortunately. If you make enough cheeky offers then you will eventually get one accepted, but to expect that a vendor will eventually come around to your way of thinking? It's unlikely to happen. Move on to the next property.Everything that is supposed to be in heaven is already here on earth.
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We spent months making (not that) cheeky offers - almost all the vendors took their houses off the market rather than give in (those that didn't are still trying to sell). We've found somewhere eventually, but that was "priced to sell" (by which I assume the others didn't really want to?!?) and our final, accepted offer is a good 97% of that asking price.
It all depends on their circumstances and yours - if time's on your side, then cheeky-offer away, by all means. But even though I believe the market is heading for a tumble and I think that we're buying at the worst possible time in that respect, I wouldn't hold your breath. Getting that cheeky offer accepted and/or the market falling is going to ake time.0 -
why do ftbers always say they can move quickly? because i hate to stamp on the parade but you can only go as fast as the solicitor yourve paid<take it from me ftbers brought mine>still waitin to exchange ggrrrrrrrYou're not drunk if you can lie on the floor without holding on0
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We have our offer of 83% accepted, but we put this offer based on:
The scope of work needed for this property.
Transaction records of houses on the same street last year.
Basically we found the property over-priced by quite a lot and the EA did tell us the asking price was higher than their recommended asking price.0 -
I honestly don't think house prices 2 years ago are worth basing your price on. Anything with in the last 6 months maybe.. and as long as it is a very comparable property.
When knocking off money you need a good argument why. Just because you feel the house is over priced is not good enough. Nor is the fact that "number 15 went for £xxxx in 2004".
"It needs a new kitchen, bathroom.. new carpet on the stairs imediately. I am not in a chain.. I am a cash buyer and prepared to move fast.. which is ideal for the vendor" - is a good reason!!!Lady Astor: "Winston, if I were your wife I'd put poison in your coffee."
Sir Winston Churchill: "Nancy, if I were your husband I'd drink it."0
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