offer? - Confused - waste of time

mr_fishbulb

BeccaBell wrote: »

If I were to offer £169,950 on a property with a guide price of £179,950-£189,950 am I putting myself so low the vendor wont take me seriously? I doubt they'll accept but I want to see if they are open to negotiations.

It is different in every case. It all depends on what the vendor will be willing to accept and how the house has been priced. If you don't ask then you will never know.

The offer price you are thinking of is only 5-10% off what the guide price is.

Do you have any other example of sold prices for similar properties in the area?

BeccaBell wrote: »

As far as I am aware they have recieved only one offer in 3 months and the EA described it as laughable?

Forget how the EA describes it (it's all mind games) and focus on the fact that it has been on the market for 3 months and has only had one (lower) offer. That tells me it is probably priced too high.

BeccaBell

I've looked on sites like zoopla and net prices to see other prices and noticed that the information they have on the property is not up to date. The property is a 2 bedroom flat on a private estate, of the 5 other flats in the building sold prices range from £188,000 - £153,000 based on when they were last sold which ranges from 1999 - 2008
Would it put you off negotiating with someone who went in quite low? We are open to negotiating but the EA wont tell us whats included until an offer is accepted, we thought if we put an offer in and its rejected we could hold out for the fixtures etc. list before we up our offer, is this reasonable or am i getting a bit ahead of myself?

mr_fishbulb

BeccaBell wrote: »

Would it put you off negotiating with someone who went in quite low? We are open to negotiating but the EA wont tell us whats included until an offer is accepted, we thought if we put an offer in and its rejected we could hold out for the fixtures etc. list before we up our offer, is this reasonable or am i getting a bit ahead of myself?

Don't worry about putting in a low offer - as the saying goes if you aren't embarrassed by the offer, then it isn't low enough.

The way I would do it is I put in low off, EA comes back saying no. I then ask what the vendor is looking for. You can tell then what sort of room for negotiation there is.

I would be put of with the vendor's EA though - how are you supposed to put an offer in if you don't know what you are offering for. Doesn't the HIP tell you what is included in the sale? Or do they not have to show you that now (even though one would have been prepared 3 months ago)?

[Deleted User]

I cannot bear offers in the region of or offers over. They absolutely put me off when I was buying. Wrt the property that we are selling: it is far far cheaper than any other equivalent property and in fact there is no equivalent here as we are in a prime position. We have put in over 20 k of top quality fixtures as we were going to stay forever. The next property in type is now 65 k dearer and does not have the fixtures. In return for creating a bargain, we have stipulated `no offers` and we mean it. The price is the price and that is how I wish the property market was run

BeccaBell

The HiP is no longer available, though the EA has been good at getting information out of the vendor. Also the property is advertised as having a loft. The EA has called me and explained this isnt strictly true as the loft is owned by the freeholder, we can use it for storage but things up there are no insures. Its rather naughty to advertise it as having a loft isnt it?
When I asked about carpets, curtains etc. he said we wouldnt find out until we got a fixtures and fittings list on our offer being accepted. Is this quite normal?
Sorry I have totally hijacked the thread! So will start another. Thanks again

pawpurrs

kittie wrote: »

I cannot bear offers in the region of or offers over. They absolutely put me off when I was buying. Wrt the property that we are selling: it is far far cheaper than any other equivalent property and in fact there is no equivalent here as we are in a prime position. We have put in over 20 k of top quality fixtures as we were going to stay forever. The next property in type is now 65 k dearer and does not have the fixtures. In return for creating a bargain, we have stipulated `no offers` and we mean it. The price is the price and that is how I wish the property market was run

Wouldnt it be wonderfull if everyone did that and put their houses on at a fair price, but unfortuntely it doesnt work like that. A lot of buyers ie most expect to be able to barter and shave a little off the price, and if they cant and there is absolutley no negotiating, will walk away.

pawpurrs

BeccaBell wrote: »

The HiP is no longer available, though the EA has been good at getting information out of the vendor. Also the property is advertised as having a loft. The EA has called me and explained this isnt strictly true as the loft is owned by the freeholder, we can use it for storage but things up there are no insures. Its rather naughty to advertise it as having a loft isnt it?
When I asked about carpets, curtains etc. he said we wouldnt find out until we got a fixtures and fittings list on our offer being accepted. Is this quite normal?
Sorry I have totally hijacked the thread! So will start another. Thanks again

Quite reasonable to discuss these when making an offer or before, ie I offer xxxx to include carpets.

betmunch

I'm loving this thread.
I have always said the OIEO was a good idea, you put the house on at a low price and then people offer higher than the price you ask. If someone offers lower you let the EA turn them down.
Now I am not so sure! It never occured to me that someone wouldnt look at the property because of this!

Its great to get some fresh eyes on the situation!

Henry_P_Chester

BeccaBell wrote: »

Thanks to this post I have discovered I am a bit of a rare creature (a FTB with a firm mortgage offer) and also that just because something has OIEO oe OIRO does not mean the vendor has recieved this already (as I was lead to believe by an estate agent I am very glad to no longer be dealing with). Just as guaging a question If I were to offer £169,950 on a property with a guide price of £179,950-£189,950 am I putting myself so low the vendor wont take me seriously? I doubt they'll accept but I want to see if they are open to negotiations. As far as I am aware they have recieved only one offer in 3 months and the EA described it as laughable?

Thanks in advance

about 7% off? I would never make a first offer within 10% of the asking price even in a booming Market!

Your a a FTB (very rare) chain free, flexible. Very strong position I would emphasise this and start at least 20% off asking. You never know how desperate they are and much they will value your flexibility.

pawpurrs

Henry_P_Chester wrote: »

about 7% off? I would never make a first offer within 10% of the asking price even in a booming Market!

Your a a FTB (very rare) chain free, flexible. Very strong position I would emphasise this and start at least 20% off asking. You never know how desperate they are and much they will value your flexibility.

People put far too much emphasis on FTB, although a chain free buyer is lovely, a FTBer is rarely (to green, normally too high LTV etc)
Generally people have a fixed idea as to what they will accept on a house, and they dont care where those funds come from, I have never known some one take off 20% just because its a cash or FTB offereing, perhaps if there are two offers on the table, and there isnt much between them, then they may go with the chain free buyer.
However of course there are more motivated sellers out there of course!

20% of asking is a lot and generally I personally would only do that if the house was very overpriced, I wasnt that bothered about it, and I knew the sellers were very motivated! In fact sounds like my last purchase, which I got for 28%ish under original asking price. :eek: