How to phase ‘we want money knocked off’ email

snollygoster7

Crashy_Time said:

numbercruncher8 said:

Just seems quite silly that people are using their own experience to try and pre-judge things. I've said that before and it still rumbles on. Your own anecdotal advice is of no use to the OP unless you live in a similar location and buying a similar property.

It also amazes me that most have simply ignored the little tit-bits of side information they did provide: at the projected price they are taking out borrowings as well as a mortgage, and that they have observed prices falling.

Let us also say that while they feel they were also squeezed up in the bidding there is no real context on where this price may sit in the current market.

For example, I give you this: (check previous offered prices)
https://www.rightmove.co.uk/property-for-sale/property-64570911.html

The mentality here from some is that cheeky bids are frowned upon, but nobody says anything about cheeky starting prices? £500k in that case was absurd.... even offering 25% off to start would have been reasonable, IMO. Yet here we are with people deriding 10% off blind, often using the old 'if I were you, I'd tell you to f--- off', or in the case of a drop 'if I did that, I wouldn't be able to live with myself'. Without context, how would you ever know?

Sometimes I wonder if people genuinely want OPs to get the best deal they can, or simply to push their own agenda. In the vast majority of cases not enough information is ever given out by them to really say for definite either way. I guess that most of you know this, but put out your opinion anyway. That goes for both bears and bulls. Morally bankrupt, in my view.

The starting price was totally absurd, and so is the reduced price! Must be a mistake in the listing?

How do you check previous offered prices ?

Catwales

I'm a first time buyer, found house in February on market for £109,950, offered £102,000. Agreed on £103,000.
Email penned 2 days ago with revised offer of £99,500, sellers met me at £101,000 so I got an extra £2000 off. 
It's worth asking, I never went too high with a reduction as I really didn't want to lose the house, it ticks all my boxes, 3 beds, separate lounge, dining room and kitchen with a driveway and I plan to stay there for a long time. 

Crashy_Time

snollygoster7 said:

Crashy_Time said:

numbercruncher8 said:

Just seems quite silly that people are using their own experience to try and pre-judge things. I've said that before and it still rumbles on. Your own anecdotal advice is of no use to the OP unless you live in a similar location and buying a similar property.

It also amazes me that most have simply ignored the little tit-bits of side information they did provide: at the projected price they are taking out borrowings as well as a mortgage, and that they have observed prices falling.

Let us also say that while they feel they were also squeezed up in the bidding there is no real context on where this price may sit in the current market.

For example, I give you this: (check previous offered prices)
https://www.rightmove.co.uk/property-for-sale/property-64570911.html

The mentality here from some is that cheeky bids are frowned upon, but nobody says anything about cheeky starting prices? £500k in that case was absurd.... even offering 25% off to start would have been reasonable, IMO. Yet here we are with people deriding 10% off blind, often using the old 'if I were you, I'd tell you to f--- off', or in the case of a drop 'if I did that, I wouldn't be able to live with myself'. Without context, how would you ever know?

Sometimes I wonder if people genuinely want OPs to get the best deal they can, or simply to push their own agenda. In the vast majority of cases not enough information is ever given out by them to really say for definite either way. I guess that most of you know this, but put out your opinion anyway. That goes for both bears and bulls. Morally bankrupt, in my view.

The starting price was totally absurd, and so is the reduced price! Must be a mistake in the listing?

How do you check previous offered prices ?

Offered prices are between the buyer/seller/EA, asking prices use PropertyLog.

bravotango

I'm a FTB in London, and in the middle of Feb this year put in an initial cheeky offer of £690,000 for a semi-detached house that was up for £750,000 (it literally came on the market the day I viewed it).

The EA was a bit miffed initially, and said the vendor wouldn't like it and will immediately reject it. I said well, if you look around at the people viewing the property, they were more likely people in property chains, and so as a FTB I will be chain-free, already have a DIP, and had a big chunk of the purchase price as a deposit. Thus, the deal should be "in theory" quicker, and less likely to fall through.
After about 6-7 hours later, they came back and said they accepted my offer (I would have been prepared for them to renegotiate upto £700,000 to be honest).

I think the best way is to be succinct and direct with the offers.
I guess if they turned around and said no with no negotiation, then I would have just looked elsewhere, and just don't take it personally.

As it transpires, the valuation (yes, I managed to get a Surveyor to go to the property during lockdown) and they came back to say it was valued at around £737,000 at the moment).
As others have said, if you want to take a larger chunk off the selling price, you need to be prepared to walk away if they flatly say no and do not want to negotiate.

Crashy_Time

bravotango said:

I'm a FTB in London, and in the middle of Feb this year put in an initial cheeky offer of £690,000 for a semi-detached house that was up for £750,000 (it literally came on the market the day I viewed it).

The EA was a bit miffed initially, and said the vendor wouldn't like it and will immediately reject it. I said well, if you look around at the people viewing the property, they were more likely people in property chains, and so as a FTB I will be chain-free, already have a DIP, and had a big chunk of the purchase price as a deposit. Thus, the deal should be "in theory" quicker, and less likely to fall through.
After about 6-7 hours later, they came back and said they accepted my offer (I would have been prepared for them to renegotiate upto £700,000 to be honest).

I think the best way is to be succinct and direct with the offers.
I guess if they turned around and said no with no negotiation, then I would have just looked elsewhere, and just don't take it personally.

As it transpires, the valuation (yes, I managed to get a Surveyor to go to the property during lockdown) and they came back to say it was valued at around £737,000 at the moment).
As others have said, if you want to take a larger chunk off the selling price, you need to be prepared to walk away if they flatly say no and do not want to negotiate.

Good advice.

Lisajp1

I had this yesterday. We were somewhere near exchanging and he’s put a lower offer in. I’ve pulled out of the sale and he wasn’t happy and tried to renegotiate a different but still lower offer. He was getting it for a really good price anyway so I’ve stuck to my guns. It’s now back on the market, but I’m considering renting it out instead.   I’ve told him if he decides he still wants it at the original price then to let me know in a week or so. He will have lost out over this on mortgage and valuation fees and solicitors fees so far.  The housing market will really suffer if people start taking advantage of the covid situation and people’s desperation not to lose a sale and putting lower offers in. In my opinion this will only start to drive down the value of houses and make an already bad situation worse. 

abanksee

How long would people leave it before chasing up an offer after re-offering lower?

[Deleted User]

abanksee said:

How long would people leave it before chasing up an offer after re-offering lower?

Get in touch with the estate agent and ask to explore other properties within your budget on their books. 

leftism

Lisajp1 said:

I had this yesterday. We were somewhere near exchanging and he’s put a lower offer in. I’ve pulled out of the sale and he wasn’t happy and tried to renegotiate a different but still lower offer. He was getting it for a really good price anyway so I’ve stuck to my guns. It’s now back on the market, but I’m considering renting it out instead.   I’ve told him if he decides he still wants it at the original price then to let me know in a week or so. He will have lost out over this on mortgage and valuation fees and solicitors fees so far.  The housing market will really suffer if people start taking advantage of the covid situation and people’s desperation not to lose a sale and putting lower offers in. In my opinion this will only start to drive down the value of houses and make an already bad situation worse. 

So you’re saying if people start offering lower then houses are going to get cheaper? I hope you didn’t use that threat with your buyer! Haha. 

As rubbish as it it must be to be on the wrong end of this (and I’m a sorry you are) but a market correction is really good news for most people. 

Crashy_Time

leftism said:

Lisajp1 said:

I had this yesterday. We were somewhere near exchanging and he’s put a lower offer in. I’ve pulled out of the sale and he wasn’t happy and tried to renegotiate a different but still lower offer. He was getting it for a really good price anyway so I’ve stuck to my guns. It’s now back on the market, but I’m considering renting it out instead.   I’ve told him if he decides he still wants it at the original price then to let me know in a week or so. He will have lost out over this on mortgage and valuation fees and solicitors fees so far.  The housing market will really suffer if people start taking advantage of the covid situation and people’s desperation not to lose a sale and putting lower offers in. In my opinion this will only start to drive down the value of houses and make an already bad situation worse. 

So you’re saying if people start offering lower then houses are going to get cheaper? I hope you didn’t use that threat with your buyer! Haha. 

As rubbish as it it must be to be on the wrong end of this (and I’m a sorry you are) but a market correction is really good news for most people. 

Amen.