Excellent advice to home-buyers in The Indepenent

mostlycheerful

Some stuck sellers may accept offers at 35% or more off. Others won't.

A recent report said that from Jun 09 to Sep 09 there’s been 760,000 sales and 1.1 million people who are stuck and can’t sell at the price they want and or won’t reduce sufficiently to get a sale or can’t get a sale at any price.

I don’t know how true they are but for illustration some recent posters on this forum say that they got :

A residential property reduced from £385k to £350k and then the buyer got it for £171k (yes, £171k).

A commercial property offered at £110k and recently bought for just £30k and the same poster said that a few years ago they got a residential property offered at £39k for £14.5k.

So if these figures are true then they suggest that sometimes it’s possible to get massive reductions if you negotiate sufficiently and if the seller is desperate. This is mostly likely to be possible in depressed poor areas such as most parts of Wales, north England and, of course, Northern Ireland which, according to the media and an Irish lawyer I spoke to last night, is very much in freefall collapse at the moment in some parts.

But it’s probably mostly not worth putting in much time or effort trying this strategy with high quality property in good desirable areas that are mostly holding their value, such as, for instance, most parts of London, south England and Scotland, as you’ll likely mostly be rejected and told that you’re a timewaster and a twit and to get lost.

So the notion of 35% off may work in some cases but not others. So the article ought to have explained this and made the above distinctions or similar. But it was only a throw away comment at the end of a relatively superficial journalese article in a crummy rag so, sure, whatever.

StevieJ

The only time I can see 35% off working is:

a) Someone dies and the inheritors want to get their hands on the cash ASAP.

b) Can't think of another one.

vivatifosi

Surely the only advice you need is to go to a house price search engine (not Zoopla), look at the pattern of prices relevant to the area you're looking and the type of house and base your offer under that, with a view to increasing if declined. For the vast majority of people, there is similar property that should allow an informed decision.

iandv

What is a house price search engine, mouseprice?

In my area West Glamorgan, South Wales I can't see many sellers taking 35% off, in my experience so far they are reluctant to take 5-10% off.

If I was making an offer what should I go in at 15%, for example the house I am looking at was on the market for £250,000 (which is way overpriced anyway as it last sold for £185,000 in 2003 which was the last time a house sold in that street) but the house has now been reduced to £208,000.

The house is now owned by a national house builder as they previous owners did a part ex, so I think they are keen to sell. Any ideas on what you would open negociations at based on the info above - also the house needs a new boiler, electrics and carpets throughout.

googler

mcc100 wrote: »

35% off the asking price in 2007, not 35% off todays asking price.

No, 35% off the SELLING price in 2007 is what is suggested...

HAMISH_MCTAVISH

googler wrote: »

No, 35% off the SELLING price in 2007 is what is suggested...

Which is just !!!!!!.

No sane seller would accept that, with average prices just 10% or so below 2007 peak levels, and in fact at a new peak in some areas.