Offering low on already reduced house

doire_2

Doozergirl wrote: »

Buy a lot of houses do you? Work in the business? Or just deal in other people's anecdotes and spend your time here swearing at other members?

I was simply offering my point of view on the matter. If you dont like it then thats your problem

Having problems selling your house are you? Maybe you did in the past? Still hurting from it? Seems so to me

Doozergirl

doire wrote: »

I was simply offering my point of view on the matter. If you dont like it then thats your problem

Having problems selling your house are you? Maybe you did in the past? Still hurting from it? Seems so to me

I don't like your point of view because it isn't based on any real experience of buying, selling or indeed dealing with estate agents. You undermine your own advice by tarring every agent with the same brush - if you knew, you'd know you're wrong. And what frustrates me is that genuine buyers who want to do things properly, get the best price, are being duped into trying to take a gung-ho attitude because the forum is infiltrated with people who have very large opinions and no experience, offering mistruths which then somehow becomes a given.

My rant wasn't really aimed at people I've dealt with, it was at the 90-92% thing which I haven't actually read myself, just keep reading that people have read. You offer based on what you think something is worth. If you offer 90% of any price, then you could still overpay or actually miss out on a bit of a deal. It's all about homework on each individual property.

And doing business with people works well when you do it in a manner that makes people want to work with you. We all know that; our employers know that too. It works throughout all parts of life, why should it suddenly be different when it comes to buying a house which involves much large sums than any other daily transaction? You can't just decide that the person you are talking to is scum. Why are people so paranoid about being duped? Just be sure what it is you want to pay.

I do have a house on the market. I've been buying and selling houses for 12 years, I'm not an agent, and I've had my own battles with them but they don't deserve the stick they get. Without meaning to be arrogant at all, I do stuff every day that most people do very rarely. I'm a nice person. But it confuses me when people don't say what they think - how do I really know what it is they want? How do they think they're going to get it by pretending they don't want it? And I do find it offensive when I've had to deal with arrogant people who think that I owe them something or that I'm trying to screw them when they have the simple ability to walk away; I've only had to sell to one person like that, the simple fact being that his arrogance caused me to battle harder and he didn't do as well as if he'd tried to remember what manners were. I sold to an estate agent once and it took two weeks to get to the deal and he did get us down further, but he was charming with it - being open, friendly, building a rapport with someone doesn't mean being walked over.

WelshNic

Well said DoozerGirl :T

It's a shame that many on this forum come across as so hostile, esp the ones hoping they'll pick up their FTB at half price.

Pity so many don't treat others as people any more - even EAs.

doire_2

Doozergirl wrote: »

I don't like your point of view because it isn't based on any real experience of buying, selling or indeed dealing with estate agents. You undermine your own advice by tarring every agent with the same brush - if you knew, you'd know you're wrong. And what frustrates me is that genuine buyers who want to do things properly, get the best price, are being duped into trying to take a gung-ho attitude because the forum is infiltrated with people who have very large opinions and no experience, offering mistruths which then somehow becomes a given.

.

Ahh so as a FTB i have no say at all on buying houses? laughable! FTB are the bedrock of the housing market.

I have saved myself 40+% so far by researching into the current housing situation and not rushing in like a fool (even a keen fool ) and offering a seller what he/she thinks their place is worth...its 2011 and not 2006/2007. Times have changed

As for not dealing with EA i do so on a regular basis as they keep phoning me up offering me houses. I know how to play the slimy creatures and i never fall for their tricks. Showing im keen is one of them.

You seem to have a big chip on your shoulder. Whats happened regrasding your housing experience? It must have been bad. Maybe you are an EA?

neas

Must admit first and final offer is pretty dumb.

Almost always you will get your first offer rejected.

On our house it was initially priced at 195k and dropped down to 175k over 4 months (in 5k drops). Then two buyers started a bidding war for it and it sstc at 170k i think but the buyer pulled out.

We went in initially with a 'silly' offer of £158k which was as expected rejected... we waited a day or so and puti n another offer of £160k which was erjected with info that vendor could only accept 165k.

Having looked on land registry the seller bought house for 160k back in 2004 (we bought in 2010) so there wasn't much appreciation on house so risk of being 'screwed over' was minimal. So we squeezed a little bit more out of her and offered 163.5k.

This was 3 offers we made and we secured the house for a good price.. highest we would've gone wouldve been 168k really.

Our good negotiation skills have shown well , two houses exactly same as ours have sold for 165 and 167k in last 8 months recently one sold within 2 weeks of being on market for asking price of 165k.

So in 8 months either we got a good deal or house prices didnt fall too much in our area.

Each house is diff one might be priced to sell where i got say only 6.5k off 170k asking price but the vendor was desperate to sell, had two houses to sell so had already priced it low. I just squeezed a bit more out of her because we were FTBers.

No way could i got 10-12% extra off...

Just food for thought.

neas

doire wrote: »

Ahh so as a FTB i have no say at all on buying houses? laughable! FTB are the bedrock of the housing market.

I have saved myself 40+% so far by researching into the current housing situation and not rushing in like a fool (even a keen fool ) and offering a seller what he/she thinks their place is worth...its 2011 and not 2006/2007. Times have changed

As for not dealing with EA i do so on a regular basis as they keep phoning me up offering me houses. I know how to play the slimy creatures and i never fall for their tricks. Showing im keen is one of them.

You seem to have a big chip on your shoulder. Whats happened regrasding your housing experience? It must have been bad. Maybe you are an EA?

I will pose the same question i pose to brit to you. You've waited 5 years now. How long will you wait?

I saved like mad too but took the plunge in 2010 due to having a 33% deposit and getting a nice discount off my house (2004 price at 2010). In my area in last 8 months only two houses came on market... both sold very quickly and for close to their askign price which is still above what i paid.

Maybe i was lucky to get a good initial 'discount' or maybe house prices in my area haven't fallen too much in the 8 months. I dunno

But for me i bought, realise house prices could still fall but took my 33% deposit, secured a good 3.99% 5 year fix and am now 8 months into the enjoyment of my house and already overpaying mortgage by double the amount while saving for our new kitchen.

as a bear i believe the time to purchase a house was 6 months ago and maybe still now if you are lucky... houses are stagnating atm... yes they may fall 10-15% but at what cost?

will you be able to get a mortgage at a low rate as we have now? probably not. In this scenario you find yourself in a similar situation to buying now but having paid someone elses rent off for 2 years instead of reducing your mortgage term by the same 2 years.

And what off all those lost years of not owning a house? Sure you've waited 6 years now... and 2 more? what about 2 more after that?.

I am to pay my mortgage off in 7-10 years. All that waiting and you could've been enjoying a house.

Im sick of people spouting that they have a crystal ball. What we are seeing is people dont need to sell atm.. government is protecting house prices and 2009 turns to 2010 to 2011 to 2012 to 2013 to 2014... when would you buy?

ExperiMentor

There's lots of good advice here already, and some that are off-the-mark.

Caveat on all that follows: it's a very odd market this year ... standard rules may not apply

It's all about negotiation skills, setting a limit, starting well below it and keeping your cards VERY close to your chest.

The EA is [usually] the only experienced negotiator. Make them your friend. They care about achieving a sale, but not about the price (2% of £200k is only £100 less than 2% of 205k, and they'd rather secure a sale at the lower price this week than higher next week.)
Next time I sell a house, the agent will get a VERY different deal: eg ZERO commision on the first £200k and 10% on anything extra thay can achieve. That way, the EA, who I will be paying after all, will be motivated to get a good price for me.

Seem interested ("nice house ...") but don't give away your position (eg, if you say 'I really want your house and need to move before Easter', expect to pay £20k more because you have given away your position.

Offer low, very low. There are no other buyers out there. You can always go back with a slightly higher offer next week. Don't wait to be pursued, but also take your time. 3 + days to think is quite acceptable.

Think of all the reasons why others are not buying that particular property. At the moment, mortgages over 75% are extortionately priced. I just bought a flat for £60k with a 75% mortgage, ie £15k deposit, and it needs £15k of work. Buyers with £30k (or even £20k) to spend upfront on a flat that will be worth £75k are thin on the ground. So we got it for £60k, £8k less than the 'fixed asking price' and £15k less than the figure the seller's agent first thought of. Along the way, I exaggerated just a bit on the likely cost of the works, made sure the EA knew I was still actively looking at other properties, and avoided saying 'I need it by Xmas'.

Keep cool, think straight, always be prepared to walk away!

sunshinetours

doire wrote: »

Ahh so as a FTB i have no say at all on buying houses? laughable! FTB are the bedrock of the housing market.

I have saved myself 40+% so far by researching into the current housing situation and not rushing in like a fool (even a keen fool ) and offering a seller what he/she thinks their place is worth...its 2011 and not 2006/2007. Times have changed

As for not dealing with EA i do so on a regular basis as they keep phoning me up offering me houses. I know how to play the slimy creatures and i never fall for their tricks. Showing im keen is one of them.

You seem to have a big chip on your shoulder. Whats happened regrasding your housing experience? It must have been bad. Maybe you are an EA?

Saved 40% off what - you haven't bought have you?

Lets hope you are building up a nice savings pot so the inevitable increased mortgage rates don't end up costing you a fortune over the lifetime of your purchase.

The only part of your post I do agree with is that FTB are much needed in any housing market.

Shame you felt the need to make your points so personal against DG

Hope things improve for you

doire_2

neas wrote: »

I will pose the same question i pose to brit to you. You've waited 5 years now. How long will you wait?

Why would i buy when prices are still falling? I spend 6k on rent each year. I have seen one house on the market since 2007. Was 220. Now offers around 149k.

Thats just one example

doire_2

sunshinetours wrote: »

Saved 40% off what - you haven't bought have you?


Shame you felt the need to make your points so personal against DG

Hope things improve for you

40% off peak for my area! If i had been so keen and dived in at peak i would have paid 40% more than i would have had to than if i bought now.

And yes im am building up a very healthy deposit. Anyone thats not needs their head examined.

As for Doozergirl, she has a problem not me. I slagged off EA (who doesn't) and she threw a strop.

And what do you mean "hope things improve"? Im quite happy sitting back and watching prices fall thanks