Should we go straight in 25k over asking price?

Gavin83

BikingBud said:

Gavin83 said:

BikingBud said:

nicknameless said:

Monsternextdoor said:

Whilst you think of me as an unethical gazunderer, The EA, Client and solicitors all have agreed that what we have done is fair and right.

ROFL - over and out.

Absolutely fair and above board. Why throw your money away?

Just because some seem to do it with glee and brag about it readily should not deter you from being proud for getting the best deal you can.

Human nature is beyond comprehension sometimes.

It seems really a really underhand and frankly dirty tactic to offer a price and then later go back on it. If I house is up for say £250k and you choose to offer £270k you shouldn’t be at all surprised when the surveyor values it at £250k. That was after all the original asking price!

Personally if someone did that to me I’d stop the sale and re-list the property. It is ultimately the vendors choice though.

Why?

You make an offer on the perceived value at the time of viewing.

You tend to do that prior to getting a survey.

As you are not competent you seek a professional to survey the property.

If the professional advice tells you there are a raft of issues that as a lay person you were unaware of and had not accommodated within your bid then it is absolutely logical to seek to pay an adjusted price.

Now if the survey and valuation was completed once, by the vendor, and was deemed suitable for all potential buyers then you may have an argument but as EAs and vendors seem to be very adept at kite flying they should not be upset when some reality is brought back into the process.

The whole system is skewed and people play the games from both ends, underhandedness and dirty tactics abound. 

I would expect the value of the house to be at least as much as the asking price as set out by the EA. Therefore if I choose to offer say £20k over the asking price and the surveyor values it at £20k less than I paid, so the original asking price I can hardly be surprised. 

If they find problems with the house then fine, reduce the offer. 

If you offer asking price and then it gets down-valued then I’ve more sympathy but if you choose to offer over asking you should expect to be paying over the odds.

Greymug

Have we reached the point of the thread when someone comes in and says how much better the Scottish system is?

If not, I'll do it

Skiddaw1

LOL @Greymug !

Have to say, I think a house should go on the market at the price the vendor expects/hopes to get for it. I've no patience with the current thing of marketing a house at a particular price with an expectation that it'll sell for significantly more. Just seems so greedy and rapacious to me. Obviously it's different in Scotland where sealed bids are a normal part of the process. 

Monsternextdoor

Greymug said:

Have we reached the point of the thread when someone comes in and says how much better the Scottish system is?

If not, I'll do it

It is a much much better system, My cousin had none of this when buying her house.

Slinky

Greymug said:

Have we reached the point of the thread when someone comes in and says how much better the Scottish system is?

If not, I'll do it

We've reached the point where Crashy has turned up!  Been on your holidays Crashy?

Crashy_Time

Skiddaw1 said:

LOL @Greymug !

Have to say, I think a house should go on the market at the price the vendor expects/hopes to get for it. I've no patience with the current thing of marketing a house at a particular price with an expectation that it'll sell for significantly more. Just seems so greedy and rapacious to me. Obviously it's different in Scotland where sealed bids are a normal part of the process. 

Banks "down-valuing" will be the cure for that IMO.

goodwithsaving

@nicknameless
Gazundering is when you leave it until right before exchange, to almost force the other party to go with the flow. Gazumping is when a vendor does it whilst the buying process is underway. 

Crashy_Time

Gavin83 said:

BikingBud said:

Gavin83 said:

BikingBud said:

nicknameless said:

Monsternextdoor said:

Whilst you think of me as an unethical gazunderer, The EA, Client and solicitors all have agreed that what we have done is fair and right.

ROFL - over and out.

Absolutely fair and above board. Why throw your money away?

Just because some seem to do it with glee and brag about it readily should not deter you from being proud for getting the best deal you can.

Human nature is beyond comprehension sometimes.

It seems really a really underhand and frankly dirty tactic to offer a price and then later go back on it. If I house is up for say £250k and you choose to offer £270k you shouldn’t be at all surprised when the surveyor values it at £250k. That was after all the original asking price!

Personally if someone did that to me I’d stop the sale and re-list the property. It is ultimately the vendors choice though.

Why?

You make an offer on the perceived value at the time of viewing.

You tend to do that prior to getting a survey.

As you are not competent you seek a professional to survey the property.

If the professional advice tells you there are a raft of issues that as a lay person you were unaware of and had not accommodated within your bid then it is absolutely logical to seek to pay an adjusted price.

Now if the survey and valuation was completed once, by the vendor, and was deemed suitable for all potential buyers then you may have an argument but as EAs and vendors seem to be very adept at kite flying they should not be upset when some reality is brought back into the process.

The whole system is skewed and people play the games from both ends, underhandedness and dirty tactics abound. 

I would expect the value of the house to be at least as much as the asking price as set out by the EA. Therefore if I choose to offer say £20k over the asking price and the surveyor values it at £20k less than I paid, so the original asking price I can hardly be surprised. 

If they find problems with the house then fine, reduce the offer. 

If you offer asking price and then it gets down-valued then I’ve more sympathy but if you choose to offer over asking you should expect to be paying over the odds.

Many people are tied to what the bank is willing to pay.

MaryNB

Crashy_Time said:

Gavin83 said:

BikingBud said:

Gavin83 said:

BikingBud said:

nicknameless said:

Monsternextdoor said:

Whilst you think of me as an unethical gazunderer, The EA, Client and solicitors all have agreed that what we have done is fair and right.

ROFL - over and out.

Absolutely fair and above board. Why throw your money away?

Just because some seem to do it with glee and brag about it readily should not deter you from being proud for getting the best deal you can.

Human nature is beyond comprehension sometimes.

It seems really a really underhand and frankly dirty tactic to offer a price and then later go back on it. If I house is up for say £250k and you choose to offer £270k you shouldn’t be at all surprised when the surveyor values it at £250k. That was after all the original asking price!

Personally if someone did that to me I’d stop the sale and re-list the property. It is ultimately the vendors choice though.

Why?

You make an offer on the perceived value at the time of viewing.

You tend to do that prior to getting a survey.

As you are not competent you seek a professional to survey the property.

If the professional advice tells you there are a raft of issues that as a lay person you were unaware of and had not accommodated within your bid then it is absolutely logical to seek to pay an adjusted price.

Now if the survey and valuation was completed once, by the vendor, and was deemed suitable for all potential buyers then you may have an argument but as EAs and vendors seem to be very adept at kite flying they should not be upset when some reality is brought back into the process.

The whole system is skewed and people play the games from both ends, underhandedness and dirty tactics abound. 

I would expect the value of the house to be at least as much as the asking price as set out by the EA. Therefore if I choose to offer say £20k over the asking price and the surveyor values it at £20k less than I paid, so the original asking price I can hardly be surprised. 

If they find problems with the house then fine, reduce the offer. 

If you offer asking price and then it gets down-valued then I’ve more sympathy but if you choose to offer over asking you should expect to be paying over the odds.

Many people are tied to what the bank is willing to pay.

If they are then it's unwise to offer over asking if the asking price is close to the market value. 

lookstraightahead

MaryNB said:

Crashy_Time said:

Gavin83 said:

BikingBud said:

Gavin83 said:

BikingBud said:

nicknameless said:

Monsternextdoor said:

Whilst you think of me as an unethical gazunderer, The EA, Client and solicitors all have agreed that what we have done is fair and right.

ROFL - over and out.

Absolutely fair and above board. Why throw your money away?

Just because some seem to do it with glee and brag about it readily should not deter you from being proud for getting the best deal you can.

Human nature is beyond comprehension sometimes.

It seems really a really underhand and frankly dirty tactic to offer a price and then later go back on it. If I house is up for say £250k and you choose to offer £270k you shouldn’t be at all surprised when the surveyor values it at £250k. That was after all the original asking price!

Personally if someone did that to me I’d stop the sale and re-list the property. It is ultimately the vendors choice though.

Why?

You make an offer on the perceived value at the time of viewing.

You tend to do that prior to getting a survey.

As you are not competent you seek a professional to survey the property.

If the professional advice tells you there are a raft of issues that as a lay person you were unaware of and had not accommodated within your bid then it is absolutely logical to seek to pay an adjusted price.

Now if the survey and valuation was completed once, by the vendor, and was deemed suitable for all potential buyers then you may have an argument but as EAs and vendors seem to be very adept at kite flying they should not be upset when some reality is brought back into the process.

The whole system is skewed and people play the games from both ends, underhandedness and dirty tactics abound. 

I would expect the value of the house to be at least as much as the asking price as set out by the EA. Therefore if I choose to offer say £20k over the asking price and the surveyor values it at £20k less than I paid, so the original asking price I can hardly be surprised. 

If they find problems with the house then fine, reduce the offer. 

If you offer asking price and then it gets down-valued then I’ve more sympathy but if you choose to offer over asking you should expect to be paying over the odds.

Many people are tied to what the bank is willing to pay.

If they are then it's unwise to offer over asking if the asking price is close to the market value. 

Yet people keep doing it. 

Buyers offer over (out of control)
greedy vendor accepts
Bank 'under' values
Buyer can't make up difference 
House goes back on market at same inflated price 
Ad Infinitum