How low would you go?

Made_Without

jmt wrote: »

Property was listed approx 4 weeks ago at £144,950 and then last Friday reduced to £139,950. We went for 2nd viewing on Saturday and put in an offer of £125,000 cash with completion by end of August if possible.

Just awaiting the reply - 2 children with power of attourney over elderly parent.

Best of luck! I have one question re: setting completion dates - in my experience the delays have always been by the vendor rather than on my side - in that circumstance, is there any way of actually controlling any completion date that you may set at outset?

C*F

partickz

tawse57 wrote: »

If they come back to you in a few weeks or months I hope you consider then putting in a lower offer?

We offered on a place in March. The sellers refused and we moved on. (we did not increase our offer as EA said "they have it on as a Fixed Price for a reason).

Anyway at the start of June the EA indicated that our earlier offer might be more acceptable to the vendors now. Unfortunately for them there are now much better properties on in their price bracket and our tatses have developed since then.

Made_Without

partickz wrote: »

and our tatses have developed since then.

I love that!!!!

C*F

partickz

Chocolate*fish wrote: »

I love that!!!!

C*F

:j we have been to so many open house days and arranged so many viewings that we have a clearer idea of what is availible. The March property was perfectly adaquate but if we saw it tomorrow for the first time we would politely decline regardless of price.

westv

FTBFun wrote: »

Peckham.

Not as bad as you'd think, especially near the Rye.

I used to live there about 15 years ago.

jw2003

I offered 10% under for this house and it was rejected so offered an extra 2% and it was agreed but we would have been willing to go to the asking price.

I have just arranged for a couple of EA's to come round to value this place and I'm dreading what they come back with because we would all like a good valuation but one of our advantages is we live on one of the few streets that's considered to be 'affordable' in this town. Also, the area we are looking to move to appears to be cheaper which gives us scope for flexibility too

tawse57

patrickz's post is indicative of what I now think will happen.

Sellers will hold out for a ludicrous asking price, turn down offers even a few K below their asking price and over the coming months more and more properties will come on the market. Some will be better, some will be much cheaper, some will be both and hence, before the original sellers realise it, they are slowly chasing a plunging market.

There are more sellers out there than buyers and with mortgages so difficult to obtain I personally can only see house prices falling in many areas.

If I put in an offer on a house today that got turned down and they came back to me a month later I would then offer then even less.

Henry_P_Chester

tawse57 wrote: »

patrickz's post is indicative of what I now think will happen.

Sellers will hold out for a ludicrous asking price, turn down offers even a few K below their asking price and over the coming months more and more properties will come on the market. Some will be better, some will be much cheaper, some will be both and hence, before the original sellers realise it, they are slowly chasing a plunging market.

There are more sellers out there than buyers and with mortgages so difficult to obtain I personally can only see house prices falling in many areas.

If I put in an offer on a house today that got turned down and they came back to me a month later I would then offer then even less.

Henry_P_Chester wrote: »

I offered on a house with a £165k asking price I offered 145k, 150k, 155k all rejected. That was 6 months ago the asking price was reduced to OIRO 155k last month.

I'm not prepared to pay anywhere near that now though.

That's exactly why I'm not prepared to pay what I offered previous. The Market has taken a considerable step down since then and I could now get a bigger house for less than he is currently asking. The location is perfect for us though but there is no way I'm prepared to overpay.

sarah69696pink

Well I have put in my offer today....
house on at £140k...I offered £123k.
EA didn't laugh so I guess that is postive and I outlined why I felt this was a fair price. EA said they would get back to be by end of the day - but no reply heard yet - not sure if this is good or not.....I hate waiting!!!
I just want to get on with negotiations now as my buyer is really keen to move!!

jmt

Chocolate*fish wrote: »

Best of luck! I have one question re: setting completion dates - in my experience the delays have always been by the vendor rather than on my side - in that circumstance, is there any way of actually controlling any completion date that you may set at outset?
C*F

Well, I like to offer a very quick completion, but it is purely for selfish reasons. If they accept my offer and I can complete before the next bank holiday at the end of August, I have a spare week to get it decorated and ready for rent. If they accept the offer and then delay things, well I shall drag it out until the Oct half term when my son is on holiday.

tawse57 wrote: »

If I put in an offer on a house today that got turned down and they came back to me a month later I would then offer then even less.

I totally agree with this, I only ever place one offer on a property - take it or leave it attitude, but I am looking for different reasons. I have made a few offers in the past couple of months, all rejected and all are still for sale :rotfl: