Offers over in a slowish market

ForzaFifer

hazyjo wrote: »

It's a cheap price for London, so perhaps people are cautious re the area? Especially as some of the market is static or dropping nearby. 'Risky areas' do tend to suffer most when the market's a bit wobbly.


What they want, and what people are willing to pay for it, seem poles apart. If it was a good deal, it would have been snapped up. Remember, it's only worth what someone will pay for it.


Try to find out if it's had any actual offers at all on it before. Bear in mind the EA may lie or stretch the truth. I would be VERY reluctant to buy it for more than £275k and, if you felt it was worth that, maybe offer it and say final offer and walk away after. Not sure why they think it's worth more when nobody's paying it (unless they've had lots of offers around the £275k mark!).


£290k on a £275k property (with apparently no interest) sounds far from reasonable to me. Way over-ambitious to say the least!

i'll ask the EA about any other offers they've had on the property. I agree 290 is too much, but i think i can get that down a little.

And its an area that is slowly becoming pretty well gentrified. Still a fair bit of crime though, including 2 shootings in the last month!

ForzaFifer

Linton wrote: »

How much do you want the house? If you really want it offer something close to what the seller wants. If you dont want the house (at that price) leave your offer on the table and seriously look elsewhere. No point in getting stressed, worrying or even thinking any further. Buying/selling houses should be fairly simple. Asking price, preliminary offer, response, agreement and no messing about.

Its the first flat ive seen in the area that i could see myself living in, and being happy. So, i do want it. I'm going to put in another offer, im just figuring out what i think is a good offer, probably just over the 275 and see what they say.

SG27

I personally would ignore offers over and offer what you feel it worth. It will either be accepted or rejected.

The house I just bought I got £7k under the offers over price, £17k under the original offers over price! But now I think I may have overpaid a bit...

hazyjo

Be careful if parts of East London. They have been claiming 'gentrification' for years. I'm yet to see it in places like East Ham and Plaistow.


Leytonstone, parts of Leyton, parts of Walthamstow are different matters however...

buzzyzoe

I'm buying and selling in London at the moment.

My flat (in North London) was listed at offers over £280,000 (but after dropping considerably from what I initially put it on at) and sold for £290,000

The house I'm buying (in East London) was listed as offers over £520,000, I offered £505,000 initially, which was rejected, and increased to £510,000, which was accepted.

Offers over really doesn't mean a lot. Always offer what you think it's worth, you can't do anything other than that. Ultimately, it will find its own value. If you offer £275,000 and that is the best offer they get, it's likely they will eventually consider it (but by then you may have already found somewhere else) or they will just end up not selling at all and keeping the property. Either way, offer what you think it's worth and move on if your offer doesn't get accepted

ForzaFifer

hazyjo wrote: »

Be careful if parts of East London. They have been claiming 'gentrification' for years. I'm yet to see it in places like East Ham and Plaistow.


Leytonstone, parts of Leyton, parts of Walthamstow are different matters however...

Yeah, its Walthamstow, i live there now, i like it.

buzzyzoe

ForzaFifer wrote: »

Yeah, its Walthamstow, i live there now, i like it.

My post above where I said I paid £510,000 for a house on at offers over £520,000 was in Walthamstow

ForzaFifer

I just spoke to the EA and asked if there have been any other offers, he said no, and that i should try 285. He also feels that in his opinion 290 is a fair price, especially since it was originally marketed at 325...

mdori003

It is worth remembering the EA works for the seller not for you; it seems fairly clear the initial valuation was way out, so 285 probably is nearer, but it depends on whether you feel its worth 285, not the EA

buzzyzoe

ForzaFifer wrote: »

I just spoke to the EA and asked if there have been any other offers, he said no, and that i should try 285. He also feels that in his opinion 290 is a fair price, especially since it was originally marketed at 325...

If there haven't been any other offers, in my view that means it's probably worth less than it's on for. I viewed over 40 properties in Walthamstow, and the ones that were on at the right price sold quickly. The ones that didn't sell are all still on for their original price, or have dropped the price and sold subsequently.

If it's been on at £275,000 for a while and not sold, it's overpriced, end of, and there's no way they're going to get £285 for it. On the other hand, if it's only just dropped to £275 then maybe