Advice on what to bid on 'offers over £190k' + pics!

kaylz39

SuzieSue wrote: »

Some vendors have an inflated view of what their property is worth (including some relatives of mine) and nothing you can say will make them see sense. Don' let a vendor like that make you over pay.

No you're completely right, we've viewed lots of houses up to now and most people are completely unrealistic. One guy actually said to us 'I was a builder and have valued this myself at £260k so you're getting a bargain at £180k'. Felt like saying there's a reason why its been on the market for two years with very few years...but I understand people have worked very hard to maintain their homes so they want to get the most from it.

I honestly think I'm not so confident with going in low on this one simply because I love it, I cant find any fault with it. If it needed a little sprucing up or wasn't in a great spot I could be confident in saying 'were offering _____ which is lower than asking because _____'. Obviously I dont want to offer what they're asking so need to work on my argument I think ha ha.

From looking at it I think its worth around £190K but the stats the guys above game me from land registry are interesting to read. You've obviously got to consider the entire market in the area and I'm not sure on where to do that sort of research...

SuzieSue

Remember this is an open forum and the vendor or someone the vendor knows could be reading this, so I wouldn't say too much or you will have no bargaining power. Either edit your post above or delete the link to the property.

SuzieSue

Also, there was a thread on here yesterday about north east facing gardens so you should take a look at that.

Here it is https://forums.moneysavingexpert.com/discussion/comment/55365521#Comment_55365521

harrup

SecondTimeBuyer wrote: »

Rubbish! The house is only 'worth' what someone is willing to pay for it. What the Estate Agent has done here is 'frame' you in to thinking that the place is worth over £190k. If you like the place offer what you believe it is worth and not a penny over! If you don't like it don't offer. Don't be fooled into over paying for a house through an estate agent trick.

Odd and contradictory as it may seem....inherently I AGREE with you.

But there are many factors influencing a house purchase and its price

Amongst them : how MUCH one wants to own a particular property, how many other interested parties are there, what is the condition and location of this property, how many comparable others are out there.....and, last, but not least, is the AP deemed REASONABLE for that kind of property.

To ALWAYS and stubbornly offer way below as a matter of dogded principle , regardless of the above, is unlikely to land you with the house you WANT to live in. If your ONLY objective is to snag a "bargain" and to save as much money as possible, and you don't really care about obtaining a PARTICULAR property, your approach can work. No doubt about it.

Finally, I have looked at MANY properties online who specified "offer above" and thought "c'mon get real - that heap ain't worth half of it!". The OP's house didn't elicit that response.

SleeplessinScandinavia

I think another difficulty in making offers below the asking price can be that a property is owned by a 2nd (or even 22nd LOL!) home owner who really isn't under as much pressure to do a deal

I know of several flats in a popular Kent seaside town which have been on the market for well over 12 months - with no buyer, and no reduction in the asking price.

The OP has mentioned the 'offers over' gambit; I'm often somewhat irritated by the 'price range £xxx,000 to £yyy000' line used by certain agents. I think: 'well how much do they want for the property?'

demontfort

Come on grow a backbone, dump the traditional British reserve and try to get the cheapest price you can. This is s a business deal in recession hit Blackburn not a summer garden party with the Queen at Buckingham Palace. There’s no rules, no etiquette just go in low. If they reject your offer that’s fine just sit it out for a few weeks then come back with a slightly improved offer when they’re feeling hungrier and more desperate and see if they bite. If they still don't want to do business then leave the timewaster to fester in their delusionary bubble and find a seller that really does want your cash.

harrup

demontfort wrote: »

Come on grow a backbone, dump the traditional British reserve and try to get the cheapest price you can. This is s a business deal in recession hit Blackburn not a summer garden party with the Queen at Buckingham Palace. There’s no rules, no etiquette just go in low. If they reject your offer that’s fine just sit it out for a few weeks then come back with a slightly improved offer when they’re feeling hungrier and more desperate and see if they bite. If they still don't want to do business then leave the timewaster to fester in their delusionary bubble and find a seller that really does want your cash.

You are a little strange, you know that?

Or maybe just deeply frustrated from people rejecting your low offers?

"leave the timewaster to fester in their delusionary bubble and find a seller that really does want your cash"..."when they’re feeling hungrier and more desperate "

What in God's good name makes you think that EVERY seller is desperate and trapped in a delusionary bubble?

For MANY vendors, selling the house they own, and don't HAVE to move from, is a fairly relaxed endeavour. If someone wants to buy the house they want to sell for XY amount - great. If they don't - no worries, either. If no one is interested at the price they suggested, they may adjust it accordingly, but their time frame to do so could be rather lengthy.

It's often not a nail-biting, urgently-strapped-for-cash, eager to bite any offer that comes along situation. SOME sellers are in a pickle and desperate but I'm really bemused why you think this is the norm.

Puzzling.

demontfort

harrup wrote: »

You are a little strange, you know that?

Or maybe just deeply frustrated from people rejecting your low offers?

"leave the timewaster to fester in their delusionary bubble and find a seller that really does want your cash"..."when they’re feeling hungrier and more desperate "

What in God's good name makes you think that EVERY seller is desperate and trapped in a delusionary bubble?

For MANY vendors, selling the house they own, and don't HAVE to move from, is a fairly relaxed endeavour. If someone wants to buy the house they want to sell for XY amount - great. If they don't - no worries, either. If no one is interested at the price they suggested, they may adjust it accordingly, but their time frame to do so could be rather lengthy.

It's often not a nail-biting, urgently-strapped-for-cash, eager to bite any offer that comes along situation. SOME sellers are in a pickle and desperate but I'm really bemused why you think this is the norm.

Puzzling.

Hmm never been called strange before but I'll take it as a complement. I like to buy and sell lot of things, I'm good at making money as I will where possible drive a hard bargain. I've never bought or sold a house or seriously considered doing so.

The point I'm making is there are a lot of sellers who are still sitting on profits on their houses and are also struggling to sell at asking prices that don't reflect current economic realities. So any potential buyers should throw caution to the wind and make the seller work very hard for their money. After all this is what this website is about, saving money if you think that's strange maybe you should set up a rival website Moneywastingexpert.com

Salz

kaylz39 wrote: »

Ahh really?! How did you find that out? I tried downloading that property bee but my laptop doesn't like it for some reason. Can you see how long it has actually been listed for sale for, the vendors could be telling me porkies :0

It was on Property Bee. It could have been on for longer than that if it was up with a different againt previously, but Your Move have had it since that date.
Looking at surrounding streets as no 4 bed has been sold in the last 2 years on Brotherston Drive, The last one to sell in May 2012 on England Av went for £178,00, and £160,000 for Garner Avenue in March 2012.
So, from this, I would suggest an opening offer of £170,000

harrup

demontfort wrote: »

Hmm never been called strange before but I'll take it as a complement. I like to buy and sell lot of things, I'm good at making money as I will where possible drive a hard bargain. I've never bought or sold a house or seriously considered doing so.

The point I'm making is there are a lot of sellers who are still sitting on profits on their houses and are also struggling to sell at asking prices that don't reflect current economic realities. So any potential buyers should throw caution to the wind and make the seller work very hard for their money. After all this is what this website is about, saving money if you think that's strange maybe you should set up a rival website Moneywastingexpert.com

Moneywastingexpert....it sounds kinda catchy. I shall contemplate this. Are you likely to sue for intellectual property theft if I use it?

What is particularly amusing - I'm not saying that the content of what you are saying is wrong. But your posts sound so very angry all the time. As if you are on some kind of crusade or war path against all vendors. It's not the CONTENT - it's the DELIVERY which is sounding so strange.

Sincerely
Moneywastingexpert.com