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How low can you go?
Comments
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NastyMatt wrote: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!!!
Very good advice.
We also used this reason to put our offer in and got accepted.0 -
NastyMatt wrote: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!!!
How about:
"No one else can afford to buy it"
"I don't want to live in NE, when I discover I can't sell it"
(Note this is a property that only an FTB would want ie crappy)0 -
NSR2 wrote:How about:
"No one else can afford to buy it"
"I don't want to live in NE, when I discover I can't sell it"
(Note this is a property that only an FTB would want ie crappy)
FTBs are the life blood of the market - at the point at which they are beginning to get priced out, prices stop rising, like they have done in many parts of the country. If first time buyers were completely priced out of the market then the whole market would seize up. No-one would move anywhere at all.
Bit of a sweeping generalization that FTB want crappy properties. I like crappy properties and I'm not a FTBif it's so crap, why do you want it?!
Everything that is supposed to be in heaven is already here on earth.
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quote: "No one else can afford to buy it"
I think that falls under the "it's over priced" argument. But the EA (and now the vendor) consider it the right price unfortunately.
You have to convince the EA that your offer is a decent one (even if it is 30% below the asking price!!) as the EA will put forward your offer. The less the EA is convinced your offer is right the less they will sound convincing when the EA puts it to the vendor.
I know the EA is working for the vendor but you need to get them on your side. As I have said before you need to get across everything you are giving them... don't mention anything that you are getting out the deal. If the EA brings anything up that is giving you a better deal.. just ignore it!!
If they come back and say no to your outstanding offer say "wow!?! I can't believe they'd turn down this quick, easy, hassle free sell for the sake of 2%. Are YOU sure they know all the facts" etc..
Good luck.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 -
After watching the BBC programme on EA and from suspicions I've had over the years when buying property, put your offer direct to the seller. Even cheeky ones as you can find out first hand whether they are really looking to sell, testing the market or have an inflated opinion of what a house is worth. I got to know a neighbour who was marketing her house 10 years ago at £110k. All similar houses between 80-90k. Over 18months they refused offers from various buyers of £102k, 98k, 92k because she said her husband thought theirs was worth £110k. Eventually sold for £88k because they became desperate to move.
On every house I have fancied or bought I have offered at least 10% under asking price regardless of what EA says. I put the offer in writing to EA stating my position and drop a copy through the sellers door to make sure they get the offer. My OH however goes for the face to face offer. We've never paid the asking price for a house.
You do need to do your research though and find out what houses are going for. If you have £150k to spend I would look at houses upto £175k.~Laugh and the world laughs with you, weep and you weep alone.~:)
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Its very difficult to generalise how much you should try to get of an asking price as there are so many factors to take into account, such as length of time on market, condition compared to other properties that have sold in the area.
You need to offer a figure that may be rejected initially, but isn't to low that the vendor looses faith in you. Then you increase the offer slightly, the vendor will probably still reject this but tell the EA that the minimum they will take is £x. You then have a figure that you may want to aim for.
Website info with regards to prices is great as a guide, however it doesn't tell you the difference in condtion of different properties that have been sold.0 -
Can I hijack the thread slightly to ask a quick question?!
Should you put in an offer factoring in potential work that needs doing or do you offer higher and expect/hope the vendor to lower the price post survey?
Thinking in particular that a rewire might be necessary with the property we're putting in offers on. Had two rejected so far and the vendor insists they can't drop £5k below asking price even though it's been on the market for over a year and we're chain-free). We could offer her the minimum she's after but only if she will then drop by enough post-survey for us to get the wiring done.
If that makes sense?! Not sure if people have a figure in mind assuming they might then further be beaten down when the survey comes back...0 -
easilyamused wrote:Should you put in an offer factoring in potential work that needs doing or do you offer higher and expect/hope the vendor to lower the price post survey?
Your offer should factor in the work that you know needs doing. If any surprises come up at survey, then you can try to renegotiate accordingly.Everything that is supposed to be in heaven is already here on earth.
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easilyamused wrote:Can I hijack the thread slightly to ask a quick question?!
Should you put in an offer factoring in potential work that needs doing or do you offer higher and expect/hope the vendor to lower the price post survey?
Thinking in particular that a rewire might be necessary with the property we're putting in offers on. Had two rejected so far and the vendor insists they can't drop £5k below asking price even though it's been on the market for over a year and we're chain-free). We could offer her the minimum she's after but only if she will then drop by enough post-survey for us to get the wiring done.
If that makes sense?! Not sure if people have a figure in mind assuming they might then further be beaten down when the survey comes back...
Has the vendor told you face to face they won't accept or is it coming from the EA. If the house hasn't sold in 12 months then either the price is wrong, there is something wrong with the house or the vendor doesn't really want to sell. £5k below asking is a vg offer imo. One house we surveyed had unknown to us been "under offer" twice before. When the survey was completed the buyers pulled out. We did too. It had major subsidence (I think the houses have since been demolished). It was maddening that the EA & Vendor both knew but said nothing - illegal to do so now thank goodness. Ask if there have been other offers or surveys done.~Laugh and the world laughs with you, weep and you weep alone.~:)
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Doozergirl wrote:...
Bit of a sweeping generalization that FTB want crappy properties. I like crappy properties and I'm not a FTBif it's so crap, why do you want it?!
Hmm I'm not entirely convinced i do.
Of course in reality no one wants a crappy property. But for FTBs that's all we can afford (even with an inheritance / money from parents).0
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