Ridiculous offer from buyer

Mrs_Imp

Mickygg wrote: »

So would you be happy with 86% first offer on your property? I very much doubt it!

I would've snapped anyone's hand off who offered me 80% on my flat when it first went on (it was a very speculative AP suggested by the EA, which I thought was too high). But then I was keen to sell as I'd just moved 100 miles away from it.

In the end we dropped the price by 25k over 5 months, then accepted at just under 90% of the new asking price.

The difference is, I wanted to sell, and we completed within 10 months of putting it on the market.

6 years doesn't sound like a motivated seller to me, and if I saw a property that had been on the market for that long I'd start to wonder why.

Zero_Sum

Mickygg wrote: »

So would you be happy with 86% first offer on your property? I very much doubt it!

I'm currently in the process of moving. Going to a new build with part-ex. I was offered exactly that 86% of what it was on the market for. Didn't think it was too bad an offer for all the hassle it'll save.

Ulfar

Property priced to sell will sell, overpriced property such as this one if this isn't a wind up will chase the market down until the vendor wakes up.

If I was the OP's parents I would downsize and boot them out to fend for themselves.

note_2

blatent troll

thor

Yep the op is definitely a troll and probably a house price ramper. I bet he has a few buy-to-let houses up for sale due to trouble making mortgage payments and is desparately hoping that housing sales make a recovery. As the market is still in the doldrums he must be trying to persuade everyone that buyers are being deluded when it is clearly the sellers who are living in lala land. As mortgage rates creep ever upward we will see more of this type of trolling.

DRP

Mickygg wrote: »

So would you be happy with 86% first offer on your property? I very much doubt it!

"happy"? I wouldn't accept it, if that is what you mean?

But for me, 86% is a perfectly reasonable first offer to start negotiations.

For example, I sold at ~95% of asking in July, but the first offer was exactly 86%. 2 offers later and we got to something I deemed reasonable for us. If i was more desperate to sell, then perhaps I would have accepted less - offering lower than you can afford is a fundamental tenet of negotiation/haggling, surely!

Mickygg

DRP wrote: »

"happy"? I wouldn't accept it, if that is what you mean?

But for me, 86% is a perfectly reasonable first offer to start negotiations.

For example, I sold at ~95% of asking in July, but the first offer was exactly 86%. 2 offers later and we got to something I deemed reasonable for us. If i was more desperate to sell, then perhaps I would have accepted less - offering lower than you can afford is a fundamental tenet of negotiation/haggling, surely!

I see your point. I suppose it depends on whether the house is on at a reasonable cost. What I meant in my post was 86% offer on an already reasonably priced house is awful. I always price my houses to sell, so 86% would feel like a kick in the goolies!

Mickygg

Zero_Sum wrote: »

I'm currently in the process of moving. Going to a new build with part-ex. I was offered exactly that 86% of what it was on the market for. Didn't think it was too bad an offer for all the hassle it'll save.

Part ex is different though as you will always get a low offer. Unless as there was a post on here last week where the developers will give you a good offer on your house as part ex but not drop a penny on the asking price for their new build.