Offering more than 10% lower after research

bravotango

@bradyhv

My advice for you is state the cold hard facts for your case, and don't deviate from that. Keep it concise, and to the point. Don't waffle

For me, I just got straight to the point, FTB (i.e. no chain), have AIP, and got a big chunk of the house price as the deposit.

Did not need to mention anything else like the Downturn in the UK Economy, Specialists/Professionals opinions, House Price Websites, etc, etc, to try and push the price down, and do you know what, I got it for what I had offered.

Simple, and to the point

Maybe draft something together, and put on this forum, and people on the forum can see? (ideally use bullet points, rather than write "war and peace").

Also, if the vendor/seller said no to you, and would not negotiate, and said asking price only, then what would you do? (like I said above, I was prepared to walk if they did this, but obviously everyone has different circumstances).

Finally, is the price you were thinking of offering near the top of your budget, or have you much more room to manoeuvre?

Unicorn_cottage

hazyjo said:

I've also had someone trying to get me to take a low offer while standing in my house eventually making me shake with anger and I was left in tears after shutting the door behind him and his missus. I told the EA they could offer me a million quid and I'd never sell to them and I didn't want to hear their names ever again.

@hazyjo - that sounds awful. Why would anyone do that?! 

Scotbot

Unicorn_cottage said:

hazyjo said:

I've also had someone trying to get me to take a low offer while standing in my house eventually making me shake with anger and I was left in tears after shutting the door behind him and his missus. I told the EA they could offer me a million quid and I'd never sell to them and I didn't want to hear their names ever again.

@hazyjo - that sounds awful. Why would anyone do that?! 

At a guess hazyjo is female and some blokes, who are pillocks,  think they are great negotiators and can intimidate women into dropping the price. 

hazyjo

Unicorn_cottage said:

hazyjo said:

I've also had someone trying to get me to take a low offer while standing in my house eventually making me shake with anger and I was left in tears after shutting the door behind him and his missus. I told the EA they could offer me a million quid and I'd never sell to them and I didn't want to hear their names ever again.

@hazyjo - that sounds awful. Why would anyone do that?! 

Beats me. He honestly thought he could get a bargain. Kept pulling printouts of other houses details (some were even flats!) saying look at the price of this one. I was almost yelling saying well go buy one of them then! You can't compare what he was showing me against what I was selling. They were all in really horrible streets or areas. I also said I wasn't discussing financials and he should speak with the EA. His wife did have the decency to look embarrassed.

Scotbot

@bradyhv Your research gives you an idea of what is a fair price but some vendors are unrealistic. An offer of less than 90% is unlikely to be accepted but there is no harm in trying. As others said keep it simple when talking to the agent, tell them based on comparable sales you think it is overpriced. The agent will be well aware if it is  but that doesn't mean he can influence the vendor. 

bradyhv

MobileSaver said:

bradyhv said:

certainly overshadows any helpful intent you might have had.

You're welcome!

bradyhv said:

I still live with my mum and we have a 20% deposit which won't be spent on anything but a home but thanks for letting assumptions cloud your response

I apologise that I'm not a clairvoyant; clearly I should have known you were still living at home, silly me! Don't worry though, for those that can't afford to rent or buy, Crashy_Time's new backup plan is living with your parents so perhaps you'll be happy living with your mum for the next fifteen years while you wait for this £270k house to become available for £200k?

I never said you should have known my exact circumstances - just pointing out its not really appropriate to make unnecessary comments based on assumptions. Also you've again assumed I fall into the category of "those who can't afford to rent or buy" - I can, otherwise why am I even on this forum asking a question about making an offer. 
I guess I must have missed the part where I said I was going to run along with that advice and offer 200k for a 270k asking price, or where I said I would like to live at my mums for 15 years and wait. I must have also missed the part where sarcasm and judgement became a substitute for helpful advice. 

Crashy_Time

Scotbot said:

Unicorn_cottage said:

hazyjo said:

I've also had someone trying to get me to take a low offer while standing in my house eventually making me shake with anger and I was left in tears after shutting the door behind him and his missus. I told the EA they could offer me a million quid and I'd never sell to them and I didn't want to hear their names ever again.

@hazyjo - that sounds awful. Why would anyone do that?! 

At a guess hazyjo is female and some blokes, who are pillocks,  think they are great negotiators and can intimidate women into dropping the price. 

Or maybe the bloke (or woman) thought it was a good time to lay their cards on the table, not exactly earth-shattering, you can still just politely tell them to put in their offer but you are hoping for a higher one, I really wish people would get over this idea that any discussion about the price of a house is a social taboo and highly offensive, do you realise how childish and silly this looks to large numbers of the public hoping for a meaningful correction? As if a normal bloke standing in his chinos with a coffee in hand with his missus is trying to "intimidate" someone into dropping their price just because he tried to negotiate! You lot do make me laugh sometimes.

jimbog

hazyjo said:

Unicorn_cottage said:

hazyjo said:

I've also had someone trying to get me to take a low offer while standing in my house eventually making me shake with anger and I was left in tears after shutting the door behind him and his missus. I told the EA they could offer me a million quid and I'd never sell to them and I didn't want to hear their names ever again.

@hazyjo - that sounds awful. Why would anyone do that?! 

Beats me. He honestly thought he could get a bargain. Kept pulling printouts of other houses details (some were even flats!) saying look at the price of this one. I was almost yelling saying well go buy one of them then! You can't compare what he was showing me against what I was selling. They were all in really horrible streets or areas. I also said I wasn't discussing financials and he should speak with the EA. His wife did have the decency to look embarrassed.

Ironically, in reality he was showing his cards as to being over keen on your house

Scotbot

He failed to influence the vendor and the person to negotiate with is the EA as that's what they vendor pays them for. The OP is best advised to deal with the EA. 

getmore4less

If you want to buy then what other people are paying is the guide to what you need to pay.

As a buyer that is going through the SSTC listings to get a feel for what people are making offers on and getting them accepted.
Back that up with the sold through data and where available the listing(rightmove has the link embedded in the sold price data) to get asking price
Then you use your judgement to get an idea of where your current prospects  are in the pecking order and pitch accordingly.

With properties that have been on a while you are asking why did they pick that one and not the one I am looking at
With new to market is is more, this is what people will offer do I want it for around that amount

If you think the vendor is deluded then I think the message to the EA is you are interested but feel the gap is too big when do they think the vendor will become more realistic. the EA may try for a price that's when you throw in the better value places that you missed