Putting in an offer - how low is acceptable?

R_P_W

Dan-Dan wrote: »

Is it just my area where the EA will not pass on `insulting offers` ?

I speak as a vendor and buyer , as a vendor , we agreed a stategy , as in 4 weeks et ££ , 4 weeks at £££ etc , and honestly , now we have sold , my EA has told me of at least 3 offers not passed on as they were below the threshold of each given marketing period.....

Then , as a buyer , we saw a house that did it for us , was up for £189 at the time , vendors had bought it at 175j on late 2011 , needs updating , etc , we went in at £165 , the EA point balnk said he would not be passing it on as he was insulted as would be his vendors....

Obviously we could have passed the offer via letter or something directly , but something tells me , that i sort of agreed with the EA , put it on at 189 and get an offer at 165 ? i suppose it could be seen as a bit of a joker trying it on..?

I hope you told them you couldn't care less whether they were insulted or not!

Smith_007

titusbungle wrote: »

the EA said that we could offer X amount and request that they pay the stamp duty for us

So, basicly, even the EA is saying offer under the asking price

Dan-Dan

R_P_W wrote: »

I hope you told them you couldn't care less whether they were insulted or not!

Well , we thought we had sold , but hadnt , and found this out at about the same time , if we had been proceedable at that time , we would have knocked on the door and told them directly!

DRP

R_P_W wrote: »

I hope you told them you couldn't care less whether they were insulted or not!

i think i would have to laugh in the EA's face if he said he was insulted... then tell him to buck up his ideas and act in a more professional manner :rotfl:

KT90

Most sellers will expect some haggling and probably allow for it when setting their prices. I wouldn't worry too much about the offer being possibly insulting, you never know your luck. What you may think is a lowball offer could end up getting accepted.

A close friend of mine saved more than 20% off the price of his house by negotiating with the seller, so it is definitely worth a try.

If they say no you haven't lost anything, and consider how many hours worth of work you could save in just a few minutes of negotiating.

CKhalvashi

One of our BTL's, we convinced to sell for £160k as they needed a quick sale, and we were cash buyers, when it was priced at OIRO £190k.

When we've been on the selling end (we buy, let for 3-5 years, renovate, sell) I agree 1% a week, to a maximum of 12%, and anything reasonable below this to be passed on (again, to the maximum), but then I'm a grumpy Georgian, and don't like paying for anything

I possibly couldn't care about offending a vendor, nor could I care less about being offended as a vendor, especially when it's a business, and prices can/do move.

CK

Richard_Watters

I'd never be worried about insulting someone with a low offer. If the offer is rejected and you're prepared to offer more, you can always re-offer. And re-offer again, if rejected, and so on.

However I think the other bit of the equation is how much you are prepared to pay, based on how much you want this property, what's the value compared to other available properties, how much you can afford, etc. I suggest you decide what this figure is before your first offer. Then be prepared, if necessary, to pay up to this amount.

Goldiegirl

Of course, if a buyer keeps on putting in ridiculously low offers, the vendor might decide that the buyer is a time waster, and decide not to accept any more offers from that buyer.

Some vendors aren't that desperate to sell