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Offers over in a slowish market

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Comments

  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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...
    Rubbish (the EA, not you). So if he'd first put it up for a million, would it make it worth any more than £275k just because it was once on at an unachievable higher price? IT DIDN'T SELL OR HAVE AN OFFER ON IT AT THAT PRICE (shout that at the EA lol).


    You do know that if you offer £275k, he'll be back to the vendor going 'you know, it's not so bad in the current market and I really think sales are slowing down and you may end up having to take an even bigger hit in a couple of months... blah blah blah... brexit... blah blah blah'. They will play one off against the other until they have a mutually agreeable figure.
    2024 wins: *must start comping again!*
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    Leave your original offer on the table and view other properties with the same EA to show your intent, but you won't be offering any more
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • ForzaFifer
    ForzaFifer Posts: 75 Forumite
    Eighth Anniversary 10 Posts
    edited 26 September 2018 at 5:40PM
    buzzyzoe wrote: »
    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
    yeah, its been at offers over 275 since the start of September, plenty viewings apparently, but no offers until i put in a bid.
  • ForzaFifer
    ForzaFifer Posts: 75 Forumite
    Eighth Anniversary 10 Posts
    hazyjo wrote: »
    Rubbish (the EA, not you). So if he'd first put it up for a million, would it make it worth any more than £275k just because it was once on at an unachievable higher price? IT DIDN'T SELL OR HAVE AN OFFER ON IT AT THAT PRICE (shout that at the EA lol).


    You do know that if you offer £275k, he'll be back to the vendor going 'you know, it's not so bad in the current market and I really think sales are slowing down and you may end up having to take an even bigger hit in a couple of months... blah blah blah... brexit... blah blah blah'. They will play one off against the other until they have a mutually agreeable figure.
    Ha, thats exactly what im saying to the EA, if people thought it was worth 290, he would have sold it months ago.
  • ForzaFifer
    ForzaFifer Posts: 75 Forumite
    Eighth Anniversary 10 Posts
    So i upped my offer to slightly over the asking price, and nope, the seller still wants 290, apparently not even willing to negotiate, but the EA says 285 should do it....

    Ive just left my offer on the table, time to start looking at more flats...
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    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...


    You listen to "wisdom" like this at your own risk IMO. After a disorganised Brexit and a few rate hikes many of todays asking prices will just look silly.
  • ForzaFifer
    ForzaFifer Posts: 75 Forumite
    Eighth Anniversary 10 Posts
    Crashy_Time wrote: »
    You listen to "wisdom" like this at your own risk IMO. After a disorganised Brexit and a few rate hikes many of todays asking prices will just look silly.
    Exactly, that's why i had to just walk away, which is a shame as i really liked it.

    The seller just seems really greedy, according to the land registry it last sold about 10 years ago for about 80k...
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ForzaFifer wrote: »
    Exactly, that's why i had to just walk away, which is a shame as i really liked it.

    The seller just seems really greedy, according to the land registry it last sold about 10 years ago for about 80k...


    Says it all really, many more sellers will have to start lowering their expectations in this economic climate IMO.
  • in_my_bumble_opinion
    in_my_bumble_opinion Posts: 1,386 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Leave your best offer on the table and say to their EA that you're moving on to consider other properties (which you should do, of course).

    You may well get a call in a week or two....of course by that time you may have other options. In cities it's best to keep a few properties in mind and not get side-tracked into 'the one'. That's my feeling anyway.
    ''He who takes no offence at anyone either on account of their faults, or on account of his own suspicious thoughts, has knowledge of God and of things devine.''
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    "Offers Under" will soon be the new normal, from the banks/buyer point of view anyway.
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