Would you be offended if someone offered under asking price?

Davesnave

al_1232 wrote: »

To the idiot who implied I am not ready to buy and have not researched the market well enough because of this thread - away you go and spin. I have been monitoring the market for well over a year as I have been saving my deposit and I am now more than familiar with the buying process and what is required..

You didn't sound like you'd done that. I was concerned that you might be as naive as you sounded, so gave an opinion on that basis. Why do you resort so easily to abuse?

It was an unfortunate oversight that you did not mention your location, because few of us here are really familiar with the Scottish offer system, or the expectations which go with it.

Never mind, there have been over 1600 reads of this thread. Being generous, perhaps 10% of those were in Scotland, so what has been said is highly relevant to the vast majority who have come here.

Tancred

lessonlearned wrote: »

This is not necessarily the case.

You are clearly not a motivated seller, however someone else might be much keener to achieve a sale.

So for this reason your comments about "problem houses" and the "wealthy cluttered south east" are very much missing the point.

People will have all sorts of motivation for selling a property and for accepting a slightly lower price in order to achieve a quick sale.

It could be a probate sale in which case the house will be standing empty costing money and the family will just want or need a quick sale to settle affairs.

It could be a relationship breakup and again people need a quick sale to move on. It could be redundancy, illness or just plain overload of debt.

There could be dozens of reasons why someone might want a quick sale and are prepared to accept what you might deem to be a too low offer.

You may be able to play the long game, others may not be. Very often sellers either can't or don't want to hang around. They just want to get the sale and get on with their lives.

A motivated seller may well be perfectly happy to accept an offer a lot lower than the asking price. It doesn't make them foolish - it just means they have a deal they are happy with or content to accept.

From the purchasers point of view it is always worth going in at below asking price - you never know. Your low offer may just be accepted. If not you keep increasing the offer until a successful compromise is reached.

Whilst it is your perogative to hold out for your price, it does not make a villain out of someone who is making a low offer. It's not personal, it's business.

The other thing to remember in all this is that working out the asking price is not an exact science. There is no mathmatical formula involved. It's only guesswork, based on what the EA thinks the market can stand.

If the surveyors and lenders disagree with the offer price, they will down value anyway.

Why do some people think it wrong to haggle over the price of a house. We haggle over a car, or any other large purchase, we haggle in markets, antique fairs, car boot sales. Why is a house any different.

And for what it's worth - did you not realise that you are perfectly entitled to haggle in any retail outlet you choose. A rrp is only that - recommended . It is commonplace to haggle in Harrods. I have successfully haggled in John Lewis, Curry's and various electrical retailers on many occasions.

This is a money saving site don't forget, the purpose of which is to help people save money. Therefore it follows that it's perfectly reasonable for people to discuss haggling and look for tips on how best to do it.

Whether it's buying a house or buying car insurance - the principle is the same.

No need to get uppity about it.

I'm not uppity and I do realise the reasons why some people seek a quick sale. The fact is that I am selling because I want to move to a bigger house - that's all - so I'll wait until the right offer comes along. I've got six viewings booked in the first week of marketing, so that can't be bad. If my asking price was ridiculous I would have struggled to get a single viewing.

lessonlearned

Tancred wrote: »

I'm not uppity and I do realise the reasons why some people seek a quick sale. The fact is that I am selling because I want to move to a bigger house - that's all - so I'll wait until the right offer comes along. I've got six viewings booked in the first week of marketing, so that can't be bad. If my asking price was ridiculous I would have struggled to get a single viewing.

You certainly came over as uppity:rotfl::rotfl: Either that or extremely naive.

As others have remarked you appear to have a bit of an attitude problem. Your post implied that you thought that your house was in an area in which the usual rules do not apply.

From what I've read on here no-one is suggesting that your asking price is ridiculous rather that your refusal to see that an offer of 3% below your asking price, is, in the current market a good offer.

You were a FTB in 2005, in what was then a rising market. You are now stepping up, so unless you have been buying and selling properties other than the one you are currently living in, then this is the first time you have sold a property.

The market has changed drastically since 2005.

Now it could well be that you are currently residing somewhere that is a bit of a "hot spot" and if so you may well get your asking price.

However, that £250k Stamp Duty Threshold may well be a stumbling block. It can be quite problematical.

It's not until your asking price becomes closer to around £280K that you are clear of all the issues that surround the £250K threshold.

martinsurrey

Tancred wrote: »

It depends. If we were desperate to sell, we would probably settle, but we want a good price to trade up. Anyway, I listed the house only last Sunday and I've had six viewings booked so far - so I don't think the price is unreasonably high.

Tancred wrote: »

PS - I live in the rich and cluttered south-east!

Tancred wrote: »

You got lucky - try that in the royal county of Berkshire! No chance, mate.

Tancred wrote: »

So what's your point? Generally, lower sales prices are due to the original asking price being too high. If the house is worth the money then it should sell for the money. And, as I said earlier, many people are just desperate to sell at almost any price - I'm not.

Well, my point is that you seem to think you live in a special part of the world where the normal rules don’t work, but I proved they do.

http://www.rightmove.co.uk/property-for-sale/property-37389757.html?premiumA=true

on Rightmove in Berkshire for £267k (and the only one), let’s use it as an example, and it was listed in the last 7 days.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=8581247&sale=47329778&country=england

sold less than 7 months ago less than ¼ of a mile away for £210k (and it’s a similar style property, no idea of interior, but significantly cheaper.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=14074131&sale=47172095&country=england

sold for £260k, but it has a loft conversion and a massive luxury bathroom and 3 double rooms (similar size foot print to the property still up for sale but more floor space due to extending up).

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=32730751&sale=46851074&country=england

exact same layout as the house in question, not done as nice but it sold for £26k less than the house in question, and don’t forget the £5.6k extra stamp duty.

And I bet every viewer of the above house has done what I just have.

Tancred

Ultimately, yes you can start to make all sorts of comparisons but if you need a house in a given area and the only one available is one at a given price then you either wait (if you can) or make an offer acceptable to the buyer. It's your choice. By the way, the £210k house is significantly smaller in room sizes and garden as well, as well as being in a 'rougher' area - get your facts straight before making all kinds of statements. Comparisons are only really valid for identical houses in the same street.

Tancred

lessonlearned wrote: »

You certainly came over as uppity:rotfl::rotfl: Either that or extremely naive.

As others have remarked you appear to have a bit of an attitude problem. Your post implied that you thought that your house was in an area in which the usual rules do not apply.

From what I've read on here no-one is suggesting that your asking price is ridiculous rather that your refusal to see that an offer of 3% below your asking price, is, in the current market a good offer.

You were a FTB in 2005, in what was then a rising market. You are now stepping up, so unless you have been buying and selling properties other than the one you are currently living in, then this is the first time you have sold a property.

The market has changed drastically since 2005.

Now it could well be that you are currently residing somewhere that is a bit of a "hot spot" and if so you may well get your asking price.

However, that £250k Stamp Duty Threshold may well be a stumbling block. It can be quite problematical.

It's not until your asking price becomes closer to around £280K that you are clear of all the issues that surround the £250K threshold.

I understand the issues surrounding the stamp duty threshold, however we need to have offers close to the asking price. I'm not naive, I just know what I want. The market has changed but in the south-east it's still pretty hot in some areas and anywhere with easy access to central London will attract interest. By the way, there is a 2 bed flat 50 yards from where I live on the market for £375k - OK, it's overlooking the Thames, but even so.

sunshinetours

Tancred wrote: »

It depends. If we were desperate to sell, we would probably settle, but we want a good price to trade up. Anyway, I listed the house only last Sunday and I've had six viewings booked so far - so I don't think the price is unreasonably high.

PS - I live in the rich and cluttered south-east!

Every single one of those viewers will be thinking you are looking for around £250k unless you are offering a stamp duty incentive (ie contrinuting 2% towards it)

What did your agent suggest as marketing price and achievable price? I bet £250k was mentioned but if you want more than that then you need to be marketing at £270k + IMO

Hope you update with how you get on (I may of course be wrong!)

PS "Rich" south east LOL at that"

PPS not always good to give too much personal info on a forum as otehrs can and will (and have!) find a lot out in a short space of time as proved!

sensiblesaver55

Tancred wrote: »

I'm not uppity and I do realise the reasons why some people seek a quick sale. The fact is that I am selling because I want to move to a bigger house - that's all - so I'll wait until the right offer comes along. I've got six viewings booked in the first week of marketing, so that can't be bad. If my asking price was ridiculous I would have struggled to get a single viewing.

But isn't it normal for people to view houses that are above their budget with the intention of putting in a lower offer? The people viewing your house most likely have no intention of paying what you are asking for it.

martinsurrey

Tancred wrote: »

Ultimately, yes you can start to make all sorts of comparisons but if you need a house in a given area and the only one available is one at a given price then you either wait (if you can) or make an offer acceptable to the buyer. It's your choice. By the way, the £210k house is significantly smaller in room sizes and garden as well, as well as being in a 'rougher' area - get your facts straight before making all kinds of statements. Comparisons are only really valid for identical houses in the same street.

haha, identical house in same street!

very very very few buyers are looking for a specific Sq foot in a specific road, they trade off location and size, most people do not consider 1/4 of a mile to be far, and so if the £210k house is in a 'rougher area' the £267k house is very near to a 'rough area'.

but anyway, I'm bored of arguing with you, there is only one person who agrees with you, and that’s you. Let’s just all agree that everyone (99%) disagrees with you.

good luck selling your house for what you want (and I really mean that, I don’t like to see anyone sitting on the market for ages).

Tancred

sunshinetours wrote: »

Every single one of those viewers will be thinking you are looking for around £250k unless you are offering a stamp duty incentive (ie contrinuting 2% towards it)

What did your agent suggest as marketing price and achievable price? I bet £250k was mentioned but if you want more than that then you need to be marketing at £270k + IMO

Hope you update with how you get on (I may of course be wrong!)

PS "Rich" south east LOL at that"

PPS not always good to give too much personal info on a forum as otehrs can and will (and have!) find a lot out in a short space of time as proved!

I had quotes from a number of agents and they all said that £250k would ensure a quick sale, but the true market price was at the level the house is being marketed at.