Love the house - stupid to offer full asking price?

Amanita_2

geoffky wrote: »

This sounds like the crap you get in living home magazine..PS you do not win a house you purchase it.. and a few years ago is worlds away from the state of the market today..

Did you not spot the quotation marks?

A good property on at at the right price (as this one was) will sell and sell quickly despite a difficult market.

mattdragon2

There is a reason why houses/flats haven't been selling, because not many people can get credit/houses overpriced.

I would check prices of other flats sold and previous sold prices. You can always offer more on the next offer.

Just based on the current times I would offer 10% off at least, if it's put on sale around flats sold in 2009-2010.

Prices are going up, job pay isn't. Doesn't take a genius to see why houses aren't selling

People here saying buying it up before it goes obviously don't read the news, it's not like houses/flat are selling like hot cakes at the moment. Flats are also harder to sell than houses.

Kara_P

Eight months ago 2 homes we put offers in for went for £5% above asking price. We were not willing to pay anything above valulation but cleary a few people still were. My friend experienced the exact same thing 2 months ago and that was on a flat. She later found out the flat was purchased by a guy that owned another one in the block and realised its rental potential. On the other hand my cousin bought a house for 15% under as the sellers were in financial difficult and needed a quick sale.

Just ask yourself what you would be happy with. Each property for sale is slightly different and hence no two situations are the same even if there obvious trends in the market.

liubeliu

calliopeviolet wrote: »

Do sealed bid properties not show up on sold house price websites then?

Was it a repo before, as many do go to closed bids but was probably marketed at well under market value.

As a result many sold prices do not make it onto the sold prices websites as not to skew values.

If this is true then the current owner could be making a lot more on the sale and therefore I would make an offer under asking price.

My old neighbour bought as a repo under a sealed bid. Was marketed at offers around ??? but had a market value well above this. The lender wanted a quick sale. This sale never made it onto LR sold prices.

Caroline73_2

I've just moved into a house I paid full price for.

I had looked at lots in the same price range but this stood out way above the others. it also had everything we wanted, walking distance to our sons current schools, off road parking, detached, four beds, garage, quiet road etc. I was the first person to view it and took my husband back the next day. Between my two visits others had viewed and then booked a second viewing. We were happy to pay the asking price. It was bought in 2006 for 230k, we paid 187k.

If its what you want then pay what YOU think it's worth.

Caveat_Mortgagor

https://forums.moneysavingexpert.com/discussion/3365524

Someone's just got 14% off asking. Wouldnt have got it if they offered full asking straight away.

As for anyone saying you might lose out, well its 2011, not 2007. You would have to be incredibly unlucky to lose out to a higher bidder by trying to exercise a bit of price determination.

You could just as likely find the vendor is really keen to negotiate with an interested party.

If you dont ask, you wont get.

jjlandlord

Caveat_Mortgagor wrote: »

As for anyone saying you might lose out, well its 2011, not 2007. You would have to be incredibly unlucky to lose out to a higher bidder by trying to exercise a bit of price determination.

Well just last week in another thread I discussed how I lost out on a property despite offering the asking price, then trying to increase that offer...
Bottom line: It really depends on the local market, and it is for buyers to have a good knowledge of it.

hazyjo

People sometimes forget just how much say £1k actually is when it comes to housebuying. You don't have to go in at full value, nor do you have to go in at 15% below the asking price. You could just put forward a very serious offer, just a few grand under. Have a think about what you could even spend £5k on. Doesn't seem so little now...

Jx

Hijabee

It would be good if you got it cheaper.

tyllwyd

Caveat_Mortgagor wrote: »

...As for anyone saying you might lose out, well its 2011, not 2007. You would have to be incredibly unlucky to lose out to a higher bidder by trying to exercise a bit of price determination. ...

I don't think that is true in every case - OK there are fewer buyers around than a few years ago, but equally there are fewer houses for sale. Some houses are selling quickly.