How to deal with cheeky offers?

tawse57

Glaswegian wrote: »

Anyone recommend any strategies for squeezing low offers higher?

Learn how to bake some humble pie for when you are forced to ask them if they are still interested!

missile

treetrunks wrote: »

good strategy if you trust your EA.

trust and EA in the same sentence :eek:

Gorgeous_George

I'd take my plans in to consideration. If I was buying another house I would try to pass the 10% discount up the chain (to oil the chain a little). If I was going to rent while the market cra... orrects itself, I'd negotiate the best price with these buyers and probably take up to 10% less. If I was happy to stay in the house for many years to come I might hold out for the asking price or thereabouts.

Only the OP knows the full story.

If somebody offered me 90% of the EA valuation of my home I'd look at the whole picture. This time next year, 90% could be the new 110%. You may regret losing these buyers.

We can all make guesses at house price movements but it is different when you have to put your money (or equity) where your mouth is. Good luck OP. I hope you and your buyers reach a deal that suits all involved.

FWIW, I wouldn't be buying in my area today (probably couldn't because prices are ridiculous).

GG

beccad

Glaswegian wrote: »

you think 2 months is a long time to be on the market???

I must say I do look at some houses online with the useful little propertybee widget, and wonder what is wrong with them if they've been on the market more than a few weeks.

Aside from obvious defects, or a busy road, neighbours with fridges and matresses in their gardens etc. I would think the property is overpriced if it's still sitting on the market. I've been looking at properties for about six weeks, and they vary from ones that have been on for months, and others that are under offer before they've even gone online. The latter tend to be the good, well-priced properties, that all us buyers are grappling over.

I wouldn't consider 10% a cheeky offer. We nearly offered on one property and were going to start at 20% under :rotfl:

DervProf

Glaswegian wrote: »

We've had an offer on our house of 10% lower than the valuation. It's been on the market for under 2 months. The potential buyers are adamant that they can't go any higher although I'm sure this line must be peddaled a few times (?).

Anyone recommend any strategies for squeezing low offers higher?

If and when you sell, will you be offering - below, at, or above the asking price of your next property (assuming you are going to buy again) ?

And as far as your current property goes, do you think the valuation is fair ?

I think that it`s probably a buyers market at the moment, so a 10% under asking price offer is probably not out of order. If you aren`t happy with the offer, refuse it, and tell the potential buyer what you are willing to accept. Saves a lot of messing about.

DervProf

LandyAndy wrote: »

:rotfl::rotfl:Just read that thread. Why are they all so angry?:rotfl::rotfl:

I`ve just read it too. I don`t see much "anger". I do see some opinions though. Angry ? Not really.

googler

DervProf wrote: »

And as far as your current property goes, do you think the valuation is fair ?

If the OP IS selling in Scotland, the valuation is an RICS surveyor's valuation in the Home Report for the property, so it's not really relevant if it's 'fair' or not. It will be provided to the buyer's lender and will typically be the ceiling figure for their borrowing.

Again, could the OP confirm whether or not (as username suggests) he/she is selling in Scotland, and whether or not the offer has been made in writing to the OP's agent? This has some bearing on the response, and also renders moot many of the points made above, which are more appropriate to the English market.

central

A house is only worth what someone is prepared to pay, so at the moment it's only worth what you have been offered.

tyllwyd

central wrote: »

A house is only worth what someone is prepared to pay, so at the moment it's only worth what you have been offered.

Umm ... but how do you know what's been offered is the maximum that they are prepared to pay? And how do you know there isn't someone out there picking up the phone ready to make a higher offer? You are making a very definite sounding statement about a very uncertain situation.

LilacPixie

Jen - it's all up to what you are prepared to accept. Yur home report gives the surveyors opinion of value for a mortgage point of view. Are you happy to accept the figure offered? Is there other notes of interest in the property? If yes to both then put a closing date on property.

If the offered price is too low for your needs then refuse offer and let your solicitor/agent try squeeze a bit more.