Making Very Low Offers with Estate Agents.

dinofabio

Paul_the_Painter wrote: »

Of course you will have to lose a certain amount our shyness/privacy. To be taken seriously you will have to prove to the EA that you are really a cash buyer. That will mean showing them a bank statement with the proposed purchase price on it! If you are expecting to be taken on trust that you have the funds available be prepared for a surprise.

Are you actually a true cash buyer, as in money in the bank? Or do you just have your deposit sorted? If the latter how much percentage wise?

Yes, I know I'll be expected to bring in proof to the EA's that I'm a cash buyer. I wouldn't expect them to trust me just as I wouldn't trust them. Cash as in cash.

Haven't got a clue what you mean about losing my privacy / shyness?

dinofabio

Mickygg wrote: »

This tactic is too flawed. You will burn relationships with the 3 EAs and may never be considered a proper buyer and be shunned.When I sell I try and not let time wasters like you through the door. I got a terrible offer earlier in the year and I was insulted, so I instructed the EA under no circumstances to let that 'buyer' through my door for a second viewing.

% wise what was the terrible offer you received?

It's funny how most people will quite comfortably drop 5-10% to sell a property knowing that they can get the same reduction when they buy.

I mention making offers of 15% off (a whole extra 5%) and people find that insulting. There's nowt as strange as folk!

BTW have you sold your house?

dinofabio

Ivana_Tinkle wrote: »

You need to sound out the EA a bit during each viewing. Ask how open the vendor is to offers, how long the property's been on the market, why they're moving etc. If they indicate that there's no chance of a low offer being accepted, then don't bother making one. At least that way you're not going to make dozens of offers that will be rejected and undermine your credibility.

That's good advice. Thank you

dinofabio

ess0two wrote: »

You'll be labelled a time waster,and its doubfult your offers will reach the vendors.

I might be labelled a time waster. I'll find out soon enough.

However, to say it's doubtful my offers would reach the vendors is not going to happen. EA's would be in deep do-dah if they started to be selective about what offers they passed on and which one's they didn't. That statement is just wrong.

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Apologies for all the single quotes but I don't know how to multi-quote!

ess0two

dinofabio wrote: »

I might be labelled a time waster.

However, to say it's doubtful my offers would reach the vendors is not going to happen. EA's would be in deep do-dah if they started to be selective about what offers they passed on and which one's they didn't. That statement is just wrong.

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Apologies for all the single quotes but I don't know how to multi-quote!

You'd never know whether the offer was forwarded,the EA would just tell you its been refused.

Try proving it otherwise.

nic_santorini

I am just putting my house on the market and have made it really clear that I need a certain price - so personally I would be really pipped off it you came round my house knowing you were going to put a stupid offer on and were not upfront with estate agents, I would also be annoyed with estate agents for wasting my time. Each time I will have a viewer I will take time to present my home in its best possible condition and I don't want my time wasted.

I know you are out for a bargain - we all are really but have a little compassion for those rushing around with a hoover - ask the estate agents for those with quick sales intended because of extraordinary circumstances.

Thats all I would ask.

googler

nic_santorini wrote: »

I am just putting my house on the market and have made it really clear that I need a certain price

Made it clear to whom, and by what means?

You do realise that there's oodles of folk up and down this country who think they 'need' a certain price for their property, very few of whom are actually achieving such prices ......

tobyjug

We sold our house last Sept it took 3 months. We had about 10 viewings. It was on for £225,000 which we think was really keenly priced. I think we could have had the same amount of viewers through the door if it was slightly higher. One estate agent had priced it at £235,000 which we thought was too high but they are the most popular in the town. In the end we accepted an offer of £215,00 it was given to us about 2-3 weeks before we accepted it. It really depends what price house your going for. 15% sounds a huge drop at 225,00 its well below 200,000 and in our area you can get only a 3 bed compared to a decent sized 4 bed. I would have a look at what the price brackets are for example 2-3 - 4 beds. There is no way we could afford to drop that low even if we wanted to.

The reason we accepted this price was because we offered a 10% lower offer on our current house. It took us all a while to decide that , that was the only offers available if we were all going to move.

I think that houses that have been on the market for between 2 and 4 months are going to be the most open to offers. The longer periods may have had low offers and just not realistic about prices.Im no expert but recent experience buying and selling only.

Gromitt

nic_santorini wrote: »

I am just putting my house on the market and have made it really clear that I need a certain price

But it doesn't matter what price YOU want, its what price people are prepared to give you.

I viewed a property last year "Offers over £139,995". I said I thought it was way overpriced and an offer closer to £120,000 would be more reasonable. Of course, it was refused without hesitation. "The vendor thinks its worth £145,000". This year, the same property is now on for "Offers in the region of £129,995". I think a lot of people are put off by the fitted electric fires in the bedrooms (and what seems like 1940s fires in the lounge and dining rooms).

dinofabio

tobyjug wrote: »

We sold our house last Sept it took 3 months. It was on for £225,000. . In the end we accepted an offer of £215,00. 15% sounds a huge drop at 225,00 its well below 200,000

The reason we accepted this price was because we offered a 10% lower offer on our current house.

.

Quite ironic. You drop your house by less than 5%. Offer 10% less on the house you are buying BUT for me to put an offer in 15% below, with no strings 'sounds huge'!

I not judging you - it's a good bit of business as far as you're concerned, but it seems people are quite happy to cream other people as long as they aren't the ones creamed!!