Sellers bidding against each other, room for a better deal?

fackers_2

Sarah1Mitty2 said:

fackers_2 said:

Found 2 properties that are neighbours, both selling and listed the same time, they've both reduced asking price the same time... Has anyone effectively 'played one another off' (I hate using that term) to encourage a seller bid war?  How did it go? 

There's also another house on the estate very close by also for sale the same time. As far as I can see there is nothing planned for the direct area. Maybe it's just coincidence they are both selling the same time. My other theory is that they are both rented and the owner is selling both same time.

How would you play it?

Are you using PropertyLog to find out if there are even cheaper similar houses in the area, that might save you the bother of bargaining with potentially difficult sellers.

Of course. It's quite obvious using this tool who is prepared to negotiate and those sellers who sit there with their fingers in their ears waiting for the mythical buyer with more money than sense.

RelievedSheff

fackers_2 said:

Sarah1Mitty2 said:

fackers_2 said:

Found 2 properties that are neighbours, both selling and listed the same time, they've both reduced asking price the same time... Has anyone effectively 'played one another off' (I hate using that term) to encourage a seller bid war?  How did it go? 

There's also another house on the estate very close by also for sale the same time. As far as I can see there is nothing planned for the direct area. Maybe it's just coincidence they are both selling the same time. My other theory is that they are both rented and the owner is selling both same time.

How would you play it?

Are you using PropertyLog to find out if there are even cheaper similar houses in the area, that might save you the bother of bargaining with potentially difficult sellers.

Of course. It's quite obvious using this tool who is prepared to negotiate and those sellers who sit there with their fingers in their ears waiting for the mythical buyer with more money than sense.

In either situation, the seller is holding all of the cards.

They have the property. The buyer wants the property.

jimbog

RelievedSheff said:

fackers_2 said:

Sarah1Mitty2 said:

fackers_2 said:

Found 2 properties that are neighbours, both selling and listed the same time, they've both reduced asking price the same time... Has anyone effectively 'played one another off' (I hate using that term) to encourage a seller bid war?  How did it go? 

There's also another house on the estate very close by also for sale the same time. As far as I can see there is nothing planned for the direct area. Maybe it's just coincidence they are both selling the same time. My other theory is that they are both rented and the owner is selling both same time.

How would you play it?

Are you using PropertyLog to find out if there are even cheaper similar houses in the area, that might save you the bother of bargaining with potentially difficult sellers.

Of course. It's quite obvious using this tool who is prepared to negotiate and those sellers who sit there with their fingers in their ears waiting for the mythical buyer with more money than sense.

In either situation, the seller is holding all of the cards.

They have the property. The buyer wants the property.

True. The buyer wants that one particular property out of all the ones they have viewed; the seller just needs to accept  the money from just one buyer.

Many dismal houses out there that won't attract interest - but desirable ones are the ones that people will always want.  Not sure that playing games with those sellers will end well

Sarah1Mitty2

RelievedSheff said:

fackers_2 said:

Sarah1Mitty2 said:

fackers_2 said:

Found 2 properties that are neighbours, both selling and listed the same time, they've both reduced asking price the same time... Has anyone effectively 'played one another off' (I hate using that term) to encourage a seller bid war?  How did it go? 

There's also another house on the estate very close by also for sale the same time. As far as I can see there is nothing planned for the direct area. Maybe it's just coincidence they are both selling the same time. My other theory is that they are both rented and the owner is selling both same time.

How would you play it?

Are you using PropertyLog to find out if there are even cheaper similar houses in the area, that might save you the bother of bargaining with potentially difficult sellers.

Of course. It's quite obvious using this tool who is prepared to negotiate and those sellers who sit there with their fingers in their ears waiting for the mythical buyer with more money than sense.

In either situation, the seller is holding all of the cards.

They have the property. The buyer wants the property.

The buyer has the choice of multiple properties and can take their time, the seller has no choice other than to sell at the price they are offered or stay put, not great if they need to move to get on with their lives?

Sarah1Mitty2

jimbog said:

RelievedSheff said:

fackers_2 said:

Sarah1Mitty2 said:

fackers_2 said:

Found 2 properties that are neighbours, both selling and listed the same time, they've both reduced asking price the same time... Has anyone effectively 'played one another off' (I hate using that term) to encourage a seller bid war?  How did it go? 

There's also another house on the estate very close by also for sale the same time. As far as I can see there is nothing planned for the direct area. Maybe it's just coincidence they are both selling the same time. My other theory is that they are both rented and the owner is selling both same time.

How would you play it?

Are you using PropertyLog to find out if there are even cheaper similar houses in the area, that might save you the bother of bargaining with potentially difficult sellers.

Of course. It's quite obvious using this tool who is prepared to negotiate and those sellers who sit there with their fingers in their ears waiting for the mythical buyer with more money than sense.

In either situation, the seller is holding all of the cards.

They have the property. The buyer wants the property.

True. The buyer wants that one particular property out of all the ones they have viewed; the seller just needs to accept  the money from just one buyer.

Many dismal houses out there that won't attract interest - but desirable ones are the ones that people will always want.  Not sure that playing games with those sellers will end well

But the buyer (or their lender) controls how much it will be, both houses have reduced their price because no one is interested in the properties at the price the seller(s) originally wanted.

mi-key

Sarah1Mitty2 said:

mi-key said:

They could well be both ex rentals owned by the same person ( the last house I rented the landlord owned next door as well ). Or they could be owned seperately, but then possible the sellers are good friends and will tell each other what you are doing, so you will probably miss out on both...

I think in either scenario all you are going to end up doing is annoying the seller or sellers

Why would someone obviously desperate to sell chase potential buyers away, that makes no sense.

How do you know they are 'obviously desperate to sell' ? You seem to assume every seller is hanging on desperately for a buyer and will sell at any price and grovel to get them.

Sellers don't want to accept an offer from someone who is going to mess them around and may pull out for any spurious reason. All that time their house is off the market when it could be selling to someone who will be a nice straightforward transaction.

mi-key

In either situation, the seller is holding all of the cards.

They have the property. The buyer wants the property.

True. The buyer wants that one particular property out of all the ones they have viewed; the seller just needs to accept  the money from just one buyer.

Many dismal houses out there that won't attract interest - but desirable ones are the ones that people will always want.  Not sure that playing games with those sellers will end well

Exactly ! 100,000 properties sell each month. All of those have found a buyer who wants the house and has agreed a price that the seller finds acceptable (probably while the silly offer brigade sit there fuming at another rejected offer while they can't understand why sellers are so stupid not to realise they are right !!! ) 

Sarah1Mitty2

mi-key said:

theoretica said:

For many people looking to buy a house there will be more than one property they could be interested in - this situation is not really unusual- just the properties are a bit closer together than often.

Being interested in a couple of houses in an area is quite normal, but you don't play the sellers off against each other by making an offer then going back and forth between them and reducing your offer each time

That`s right, playing games just gives the seller false hope and benefits no one, it is best to just stay away from the market just now until interest rates find their upper limit and let sellers reduce the price themselves without game playing.

mi-key

Sarah1Mitty2 said:

mi-key said:

theoretica said:

For many people looking to buy a house there will be more than one property they could be interested in - this situation is not really unusual- just the properties are a bit closer together than often.

Being interested in a couple of houses in an area is quite normal, but you don't play the sellers off against each other by making an offer then going back and forth between them and reducing your offer each time

That`s right, playing games just gives the seller false hope and benefits no one, it is best to just stay away from the market just now until interest rates find their upper limit and let sellers reduce the price themselves without game playing.

If a buyer came to me and made an offer that I accepted, then came back a couple of days later reducing it for no reason then I would look for another buyer as it's obvious they are going to mess you around.

The other option is just to find a house you like and can afford, and buy it and get on with life rather than trying to maybe save a few thousand in a years time when there may not even be ahouse you want

MobileSaver

Sarah1Mitty2 said:

mi-key said:

theoretica said:

For many people looking to buy a house there will be more than one property they could be interested in - this situation is not really unusual- just the properties are a bit closer together than often.

Being interested in a couple of houses in an area is quite normal, but you don't play the sellers off against each other by making an offer then going back and forth between them and reducing your offer each time

it is best to just stay away from the market just now until interest rates find their upper limit

How will you know when interest rates "find their upper limit", whatever that might be?

In the early '70s interest rates were roughly where they are now and took something like 10 years to to find their upper limit of 17%. Amongst younger households, the ones more typically looking to buy just now, around half are currently renting.

So how long should renters looking to buy stay away from the market for? Does 10 years paying their landlord's mortgage instead of their own sound like the best plan to you?