Putting in an offer

DRP

yoshiyella wrote: »

I suppose it depends where you are based as well. We had an open day the other week and someone came in with an offer of 10% less - our response was no and don't come back unless you offer the asking price.

We were open to negotiations but not to people taking the mick. I know we are in London but I am of the opinion if you want to be taken seriously then you have to act seriously.

Fortunately for us though we had 8 offers of the asking price that day after she had come.

a bit rude

TeamMCS

ognum wrote: »

Any replays are purely hypothetical unless we have some idea of where this property is.

As you know the housing market is very different in different areas of the country, a 16%below asking price offer in some places would be treated with ridicule in others it could be taken seriously.

You have not given enough information to make helpful judgements!

Interesting.

I'd say regardless, make a sensible offer. If that is not accepted walk away.
Housing market is crazy

firebird082

Thanks all - this is all useful stuff.

Some more information: The property is in the West Reading/Tilehurst area. The really good stuff goes very quickly (we've been quoted 24 hours from appearing on the market). This house is not quite in the 'really good' category because of the bedroom size. Recent sales of similar houses down the road (all extended in some form or other, as is the one we're interested in) have sold around the £200-215k mark in the last 2 years.

The house in question was bought by the current owner 3 years ago. The asking price (£250k) is approx £70k more than they paid. You're not trying to tell me that's a reasonable increase in 3 years?! All they've done is added double glazing.

TeamMCS

firebird082 wrote: »

Thanks all - this is all useful stuff.

Some more information: The property is in the West Reading/Tilehurst area. The really good stuff goes very quickly (we've been quoted 24 hours from appearing on the market). This house is not quite in the 'really good' category because of the bedroom size. Recent sales of similar houses down the road (all extended in some form or other, as is the one we're interested in) have sold around the £200-215k mark in the last 2 years.

The house in question was bought by the current owner 3 years ago. The asking price (£250k) is approx £70k more than they paid. You're not trying to tell me that's a reasonable increase in 3 years?! All they've done is added double glazing.

As much as it sucks, it's irrelevant what they paid. The market decides the price nothing more nothing less.

One pro tip I picked up was if you feel the need to underbid/lowball you could simply be saying you dont want it.

My gut feeling here is you should move on to the next place.

firebird082

Yes, you might be right... I'm off to see 3 more this afternoon, and have got some lined for next week, so we'll see what happens I think. It's really useful to be able to think out loud for this, especially as this is our first time buying. Will let you know what happens with this one!

Cheers

ognum

firebird082 wrote: »

Thanks all - this is all useful stuff.

Some more information: The property is in the West Reading/Tilehurst area. The really good stuff goes very quickly (we've been quoted 24 hours from appearing on the market). This house is not quite in the 'really good' category because of the bedroom size. Recent sales of similar houses down the road (all extended in some form or other, as is the one we're interested in) have sold around the £200-215k mark in the last 2 years.

The house in question was bought by the current owner 3 years ago. The asking price (£250k) is approx £70k more than they paid. You're not trying to tell me that's a reasonable increase in 3 years?! All they've done is added double glazing.

Is was recently interested in a one bed house in Cambridge, tiny but good location. It went on the market at £190k I backed out at £250k and it was still rising. The exact same house sold last year for £185k. I have just seen it come into the rental market so I know it sold!

Prices can change that fast even outside Zones 1-6!

yoshiyella

DRP wrote: »

a bit rude

It was a bit rude but then I assume our EA watered it down

firebird082

Quick update, since you've all been helpful! Phoned the EA today to check on the state of things - they've not had any other offers yet, but still have plenty of viewings, and the sellers are in no hurry. We've decided to leave this one alone and carry on looking for better - hopefully better (and sensibly priced) is not too far away!