Got a (low-ish) offer out of the blue while in lockdown

robatwork

Update, OP?

In your position I would have gone back with "absolute floor price is £300k was hoping for £305k min" in the hope they would come back with £300k.  £7k would be a lot easier to stomach than £17k.

They will come back either with a slightly increased offer or £300k as they are obviously keen.  I'd also offer them a skype tour to seal their interest and try to charm them.

MobileSaver

graphs said:

The offers will only go south from there trust me.

We should trust you because... ?

You have never owned a property.

You are trying to buy your first home.

You are hoping for price falls of up to 40% (LOL.)

You clearly have a vested interest in talking the market down and in trying to scare other buyers/sellers into reducing prices so I suspect the majority of posters here would not trust a word you say.

Crashy_Time

lees80 said:

Not one single person on this forum can predict an accurate percentage of house price reduction in the current situation - ignore the usual suspects. (most of them banged on about property market crashes before the pandemic, they must've overloaded their tiny ego's when this all kicked off) 

OP - you can go back to the EA and ask them to ask for an increased offer. No harm in asking. Good luck with your move, hope you find somewhere you love. 

Reality for me is -  We don`t really know how long this will last, and we don`t know the economic effect at the other side - Even if it all went away tonight we are just back to the normality of a Trade War made worse by claim and counter-claim about who did and should have done what during this crisis, and of course Brexit, remember him? Anyone making big financial decisions needs to be careful IMO, and advice from people who made similar, but much smaller, decisions in the 90`s and 2000`s is frankly not very credible any more.

billy2shots

Crashy_Time said:

lees80 said:

Not one single person on this forum can predict an accurate percentage of house price reduction in the current situation - ignore the usual suspects. (most of them banged on about property market crashes before the pandemic, they must've overloaded their tiny ego's when this all kicked off) 

OP - you can go back to the EA and ask them to ask for an increased offer. No harm in asking. Good luck with your move, hope you find somewhere you love. 

Reality for me is -  We don`t really know how long this will last, and we don`t know the economic effect at the other side - Even if it all went away tonight we are just back to the normality of a Trade War made worse by claim and counter-claim about who did and should have done what during this crisis, and of course Brexit, remember him? Anyone making big financial decisions needs to be careful IMO, and advice from people who made similar, but much smaller, decisions in the 90`s and 2000`s is frankly not very credible any more.

Crashy, would you please start your own diary. Time to put your money where your mouth is. You didn’t buy the last time the market crashed and you won’t buy even if prices fall soon. Please start s journal and price many of us wrong. 

You are stuck in no mans land, a past post I worked out how much you need the market to drop for you to be a ‘winner’ from waiting all these years. 
it was something like 60%. Anything less and you would have been better off buying all those long years ago. 

You are now stuck in a permanent rent paying limbo which makes all your points null and void in reality and people should avoid your advice like the plague. 

MobileSaver

Crashy_Time said:

advice from people who made similar, but much smaller, decisions in the 90`s and 2000`s is frankly not very credible any more.

Presumably advice from someone like yourself who made the biggest financial mistake of their life around 15 years ago (and has kept making the same mistake every year since) should be revered as Gospel though?!?!

sharpe106

Without a crystal ball nobody knows what will happen. How long was the house on the market for? How many views did you get? What does the estate agent actually think a fair price is.

But as you said you do not need to move just want to so why risk it? Why not wait to see what happens.

Crashy_Time

MobileSaver said:

Crashy_Time said:

advice from people who made similar, but much smaller, decisions in the 90`s and 2000`s is frankly not very credible any more.

Presumably advice from someone like yourself who made the biggest financial mistake of their life around 15 years ago (and has kept making the same mistake every year since) should be revered as Gospel though?!?!

You seem to assume that everyone wants to buy a property as quickly as they possible can and stay in it for decades? That is another reason for me that makes your advice less credible than it could be. The main issue I have with your advice though is why, as someone who says they own their house and don`t plan to move, you care so much if a new buyer gets a healthy discount on their purchase?

billy2shots

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

advice from people who made similar, but much smaller, decisions in the 90`s and 2000`s is frankly not very credible any more.

Presumably advice from someone like yourself who made the biggest financial mistake of their life around 15 years ago (and has kept making the same mistake every year since) should be revered as Gospel though?!?!

You seem to assume that everyone wants to buy a property as quickly as they possible can and stay in it for decades? That is another reason for me that makes your advice less credible than it could be. The main issue I have with your advice though is why, as someone who says they own their house and don`t plan to move, you care so much if a new buyer gets a healthy discount on their purchase?

What is healthy though Crashy?

what is your magic number, the reduction needed in the market for you to finally pull the trigger?
A drop of 15%, 25% or even 40% please put a number on what you are waiting on. 

The 60% you need to be quids in won’t hap so you surely aren’t waiting for that are you?

Genuinely interested in your thinking by the way. I’m not trying to annoy you.