How Long to Wait After Putting in Offer of Asking Price (due to Xmas)?

AnotherJoe

glasgowdan wrote: »

Yes. For a fact.

When's the last time you bought/sold?

2007 bought, 2014 sold & bought. A TON of communication between EAs and me on the successful and also unsuccessful buys. Absolutely no silence at all. All the madness was definitely vendor not EA-inspired. And when selling, the EA was definitely of the "bird in the hand" type, far more concerned about a solid sale than getting an extra % or so.

No sign whatsoever of this kamikaze attitude you seem to think is commonplace.

Indeed usually people claim the opposite, that EAs make up bids to get you to pay more, not that they say nothing. Thats much more likely to get me to pay more, a fake higher bid.

If I hear nothing I would think "ok they've obviously got no better offers so I'll just wait and maybe might push for an answer" whereas I might, if told there is a higher offer, bump mine up.

Vendor "So how come I've had no offers"

EA "Oh I've just not been responding so people get worried and offer more"

Vendor "But they didn't did they, they bought that one across the road instead as they thought we weren't serious about selling"

I suggest the conspiracy types sort their ideas out, either EAs say nothing to get higher offers, or they invent higher offers to get higher offers.

Cakeguts

Why are the prices for houses in this road so cheap? Is this generally and extremely cheap area of the country of does this property come under the heading "good value for money?" Good value for money is a red flag for me.

glasgowdan

AnotherJoe wrote: »

2007 bought, 2014 sold & bought. A TON of communication between EAs and me on the successful and also unsuccessful buys. Absolutely no silence at all. All the madness was definitely vendor not EA-inspired. And when selling, the EA was definitely of the "bird in the hand" type, far more concerned about a solid sale than getting an extra % or so.

No sign whatsoever of this kamikaze attitude you seem to think is commonplace.

Indeed usually people claim the opposite, that EAs make up bids to get you to pay more, not that they say nothing. Thats much more likely to get me to pay more, a fake higher bid.

If I hear nothing I would think "ok they've obviously got no better offers so I'll just wait and maybe might push for an answer" whereas I might, if told there is a higher offer, bump mine up.

Vendor "So how come I've had no offers"

EA "Oh I've just not been responding so people get worried and offer more"

Vendor "But they didn't did they, they bought that one across the road instead as they thought we weren't serious about selling"

I suggest the conspiracy types sort their ideas out, either EAs say nothing to get higher offers, or they invent higher offers to get higher offers.

I'm the opposite of a conspiracy type. Just sharing something I've seen first hand. Feel free to ignore it.

AnotherJoe

glasgowdan wrote: »

I'm the opposite of a conspiracy type. Just sharing something I've seen first hand. Feel free to ignore it.

Certainly I'll feel free to ignore something you've possibly seen once or twice and extrapolated as common practice. I'll take the advice of two EAs on that (one here, one i know).

glasgowdan

It's sweet that you have such a high opinion of estate agentsn. If the question were asked of a larger audience you'd learn something. Can't you accept that because you're not familiar with something that it still exists on more than a handful of occasions?

amateur_house

Cakeguts wrote: »

Why are the prices for houses in this road so cheap? Is this generally and extremely cheap area of the country of does this property come under the heading "good value for money?" Good value for money is a red flag for me.

£170k is quite pricey in the area I am hoping to buy, my budget stretches to £100k maximum. In the North West of England that is.

Hoploz

Gemnomnom have you got anywhere today?

gemnomnom

Cakeguts wrote: »

Why are the prices for houses in this road so cheap? Is this generally and extremely cheap area of the country of does this property come under the heading "good value for money?" Good value for money is a red flag for me.

It is a main road, but it is set back from the road with a substantial garden, and it is elevated too. Area of the country is West Yorkshire. "Good value for money" isn't explicitly in the advert, but to me it is a good price because the buyer will need to do work to the house. Which is what my husband & I want in a purchase - to hopefully make some profit eventually.

Hoploz wrote: »

Gemnomnom have you got anywhere today?

I have texted the EA to ask if they put the offer in to the vendors. I have not heard anything yet. I know it's not ideal to text them but I am stuck at work and unable to ring until 5:45 when they may well be closed.

Cakeguts

gemnomnom wrote: »

It is a main road, but it is set back from the road with a substantial garden, and it is elevated too. Area of the country is West Yorkshire. "Good value for money" isn't explicitly in the advert, but to me it is a good price because the buyer will need to do work to the house. Which is what my husband & I want in a purchase - to hopefully make some profit eventually.


I have texted the EA to ask if they put the offer in to the vendors. I have not heard anything yet. I know it's not ideal to text them but I am stuck at work and unable to ring until 5:45 when they may well be closed.

You are unlikely to make any money on this house by doing it up because the main problem that it has is that it is on a main road. Houses on main roads are always cheaper to buy than houses that are not on main roads. So if the normal selling price is around £170K for a house on this road that is going to be the top price you can get however well it is done up because most people will only buy a house on a main road if it is much cheaper than a similar house in the same area that is not on a main road. Now I understand why it hasn't had any offers. It isn't in a location where many people want to live.

Every road has an upper price limit above which people will not pay to live in that location. The house that you are looking at has an upper price limit in the £170s. That is why the other houses in that location all sell around that price. Anyone who has more money to spend will not want to live there and they will look for a house that is not on a main road. So those houses on that road will always have to be cheap. If you spend a lot of money doing it up you won't get it back because of the upper limit on the price for that road.

iantojones40

glasgowdan wrote: »

You've not made an asking price offer. Asking price is OVER 170K, so they're probably not interested.

This isn't Scotland where ''Offers Over'' is an established method of selling... this is England where ''Offers Over'' means a deluded seller with an unrealistic asking price, I have never yet seen a property advertised as ''Offers Over'' actually achieve a sale at a price over their initial ''Offers Over'' asking price, they have always sold some way below, usually after a lengthy time on the market and a number of reductions.

You really must try and understand that not everyone is as gullible as yourself and some people are capable of buying a property for the right price or at least recognising that a property is overpriced, rather than diving and overpaying like you have recently done.

O.P. Why don't you post a link up to the property?