90% of Asking Price Offers

BellaBlondykeTheThird

Offer on multiple matching properties every lower than 90% you might strike it lucky with a desperate seller.

My best deal was 26% off back in 2009. No reason as to why those sort of deals (new build) won't be applicable now as the housing market seems to be in the same state.

TheJP

BellaBlondykeTheThird said:

Offer on multiple matching properties every lower than 90% you might strike it lucky with a desperate seller.

My best deal was 26% off back in 2009. No reason as to why those sort of deals (new build) won't be applicable now as the housing market seems to be in the same state.

Not sure i would trust experience from a 'best deal' from 14 years ago. The housing market has changed so much since 2009!

Yeah sure make as many offers 10% below as you want but as you've already said the EA is starting to view you as a tyre kicker. Yeah the house is nice but not worth £xxx i think its 10% lower 'kicks tyre'. 

The key is the area you are searching, what are the comparable properties in the last 3-6 months this will be your guide. You have another thread in the forum about renovation which again leads me to think you are looking at properties at your ceiling that with the 10% reduction you can make good based on your preference.

As others have said by all means be free to offer what you like but the market owes you nothing in this climate, especially if you want a turn key house which by the sounds of it that's what you are after.

The more insight you have on local data the better position you'll be in based on your finances.

BellaBlondykeTheThird

TheJP said:

BellaBlondykeTheThird said:

Offer on multiple matching properties every lower than 90% you might strike it lucky with a desperate seller.

My best deal was 26% off back in 2009. No reason as to why those sort of deals (new build) won't be applicable now as the housing market seems to be in the same state.

Not sure i would trust experience from a 'best deal' from 14 years ago. The housing market has changed so much since 2009!

Yeah sure make as many offers 10% below as you want but as you've already said the EA is starting to view you as a tyre kicker. Yeah the house is nice but not worth £xxx i think its 10% lower 'kicks tyre'. 

The key is the area you are searching, what are the comparable properties in the last 3-6 months this will be your guide. You have another thread in the forum about renovation which again leads me to think you are looking at properties at your ceiling that with the 10% reduction you can make good based on your preference.

As others have said by all means be free to offer what you like but the market owes you nothing in this climate, especially if you want a turn key house which by the sounds of it that's what you are after.

The more insight you have on local data the better position you'll be in based on your finances.

Yes it was that long ago (I have the laughter lines to prove it)

In my lifetime it is the only comparable downturn in the housing market I have for "guessing" along with the rest of us what is happening now.

So in the previous area I lived in (long story) new house builders have taken 10-15% off plus some are offering incentives either in the way of stamp duty, mortgage paid for a year or extras. 

So maybe not far off that type of comparison.

The apartment I have purchased 4 months ago was for an agreed price 15% less than listing price. Although still shockingly expensive being a recent divorcee.

I would conclude it is a buyer's market and they have the upper hand at the moment.

We have a habit of being a little too polite. Don't be afraid to put in cheeky offers I say.

RHemmings

TheJP said:

BellaBlondykeTheThird said:

Offer on multiple matching properties every lower than 90% you might strike it lucky with a desperate seller.

My best deal was 26% off back in 2009. No reason as to why those sort of deals (new build) won't be applicable now as the housing market seems to be in the same state.

Not sure i would trust experience from a 'best deal' from 14 years ago. The housing market has changed so much since 2009!

Yeah sure make as many offers 10% below as you want but as you've already said the EA is starting to view you as a tyre kicker. Yeah the house is nice but not worth £xxx i think its 10% lower 'kicks tyre'. 

The key is the area you are searching, what are the comparable properties in the last 3-6 months this will be your guide. You have another thread in the forum about renovation which again leads me to think you are looking at properties at your ceiling that with the 10% reduction you can make good based on your preference.

As others have said by all means be free to offer what you like but the market owes you nothing in this climate, especially if you want a turn key house which by the sounds of it that's what you are after.

The more insight you have on local data the better position you'll be in based on your finances.

I'm not sure who this is aimed at, because you quoted @BellaBlondykeTheThird, but the description seems to fit me. Does @BellaBlondykeTheThird have a thread on renovations as well? 

In case was me, then I'll clarify. I have a budget now, and I should receive some more money in a few months. And then have a higher budget. The 'needs renovation' properties are those for sale at a sizeable margin under my current (cash) budget. Not the ones where I can afford them in several months time, but can only afford right now with a 90% offer. These are not the same properties, and all of the properties where I would consider a 90% offer are in great condition and don't need renovation.  Currently, I'm looking at properties in a range from well below my current budget, to ones that I could only buy later on if I spend more than I want to, but would stretch to if a 90% offer was accepted. I don't believe that there's anything unusual in a buyer considering a range of properties; even buyers who have only one budget rather than two numbers as I have. 

There are no estate agents who consider me a tyre kicker that I'm aware of. What I described earlier on was an estate agent describing the kinds of buyer offers that annoy them. One was tyre kickers (though not called that), and another was buyers who make an offer, and then when it's accepted withdraw it. I haven't done either of these. 

I don't expect that the market 'owes [me] something'. I'm not sure where that came from. 

I'm continuing to watch local data and learn more.

In response to @BellaBlondykeTheThird's last comment on putting in cheeky offers, I'm likely going to be doing so. But, not too many to the same estate agent, particularly if that estate agent has other properties that I would like without needing a cheeky offer. 

arthurdick

RHemmings said:

TheJP said:

BellaBlondykeTheThird said:

Offer on multiple matching properties every lower than 90% you might strike it lucky with a desperate seller.

My best deal was 26% off back in 2009. No reason as to why those sort of deals (new build) won't be applicable now as the housing market seems to be in the same state.

Not sure i would trust experience from a 'best deal' from 14 years ago. The housing market has changed so much since 2009!

Yeah sure make as many offers 10% below as you want but as you've already said the EA is starting to view you as a tyre kicker. Yeah the house is nice but not worth £xxx i think its 10% lower 'kicks tyre'. 

The key is the area you are searching, what are the comparable properties in the last 3-6 months this will be your guide. You have another thread in the forum about renovation which again leads me to think you are looking at properties at your ceiling that with the 10% reduction you can make good based on your preference.

As others have said by all means be free to offer what you like but the market owes you nothing in this climate, especially if you want a turn key house which by the sounds of it that's what you are after.

The more insight you have on local data the better position you'll be in based on your finances.

I'm not sure who this is aimed at, because you quoted @BellaBlondykeTheThird, but the description seems to fit me. Does @BellaBlondykeTheThird have a thread on renovations as well? 

In case was me, then I'll clarify. I have a budget now, and I should receive some more money in a few months. And then have a higher budget. The 'needs renovation' properties are those for sale at a sizeable margin under my current (cash) budget. Not the ones where I can afford them in several months time, but can only afford right now with a 90% offer. These are not the same properties, and all of the properties where I would consider a 90% offer are in great condition and don't need renovation.  Currently, I'm looking at properties in a range from well below my current budget, to ones that I could only buy later on if I spend more than I want to, but would stretch to if a 90% offer was accepted. I don't believe that there's anything unusual in a buyer considering a range of properties; even buyers who have only one budget rather than two numbers as I have. 

There are no estate agents who consider me a tyre kicker that I'm aware of. What I described earlier on was an estate agent describing the kinds of buyer offers that annoy them. One was tyre kickers (though not called that), and another was buyers who make an offer, and then when it's accepted withdraw it. I haven't done either of these. 

I don't expect that the market 'owes [me] something'. I'm not sure where that came from. 

Hi, I am in exactly the same boat as you, I have been viewing properties over my budget how it stands now because sometime round around spring, I should be getting a share of the sale of my late mum's flat. That should take my budget up to around £50000 -£60000 higher but in the meantime I have been making a few offers on the flats over my budget averaging between 5%- 10% lower than asking price.  There have been 2-3 that accepted, 5-10 counter- offered to around 3% and a few outright flat no chance.  On the ones that accepted, my missus had second-thoughts so we didn't follow up.(estate agents were not happy). We have time on our side because we are living rent free in my mums flat.  It is scary being off the property ladder but at the moment, things seem to be going in our favour but for how long I don't know.

RHemmings

arthurdick said:

Hi, I am in exactly the same boat as you, I have been viewing properties over my budget how it stands now because sometime round around spring, I should be getting a share of the sale of my late mum's flat. That should take my budget up to around £50000 -£60000 higher but in the meantime I have been making a few offers on the flats over my budget averaging between 5%- 10% lower than asking price.  There have been 2-3 that accepted, 5-10 counter- offered to around 3% and a few outright flat no chance.  On the ones that accepted, my missus had second-thoughts so we didn't follow up.(estate agents were not happy). We have time on our side because we are living rent free in my mums flat.  It is scary being off the property ladder but at the moment, things seem to be going in our favour but for how long I don't know.

Thank you. This information is extremely useful for me. Can I ask how quickly the acceptances came back? Was it fairly quickly, or after some time? 

arthurdick

Hi, they were all within the first 48 hours, one was the same day.

RHemmings

arthurdick said:

Hi, they were all within the first 48 hours, one was the same day.

Wow, that's quicker than I expected. Especially for the acceptances. Thank you so much. 

TheJP

arthurdick said:

RHemmings said:

TheJP said:

BellaBlondykeTheThird said:

Offer on multiple matching properties every lower than 90% you might strike it lucky with a desperate seller.

My best deal was 26% off back in 2009. No reason as to why those sort of deals (new build) won't be applicable now as the housing market seems to be in the same state.

Not sure i would trust experience from a 'best deal' from 14 years ago. The housing market has changed so much since 2009!

Yeah sure make as many offers 10% below as you want but as you've already said the EA is starting to view you as a tyre kicker. Yeah the house is nice but not worth £xxx i think its 10% lower 'kicks tyre'. 

The key is the area you are searching, what are the comparable properties in the last 3-6 months this will be your guide. You have another thread in the forum about renovation which again leads me to think you are looking at properties at your ceiling that with the 10% reduction you can make good based on your preference.

As others have said by all means be free to offer what you like but the market owes you nothing in this climate, especially if you want a turn key house which by the sounds of it that's what you are after.

The more insight you have on local data the better position you'll be in based on your finances.

I'm not sure who this is aimed at, because you quoted @BellaBlondykeTheThird, but the description seems to fit me. Does @BellaBlondykeTheThird have a thread on renovations as well? 

In case was me, then I'll clarify. I have a budget now, and I should receive some more money in a few months. And then have a higher budget. The 'needs renovation' properties are those for sale at a sizeable margin under my current (cash) budget. Not the ones where I can afford them in several months time, but can only afford right now with a 90% offer. These are not the same properties, and all of the properties where I would consider a 90% offer are in great condition and don't need renovation.  Currently, I'm looking at properties in a range from well below my current budget, to ones that I could only buy later on if I spend more than I want to, but would stretch to if a 90% offer was accepted. I don't believe that there's anything unusual in a buyer considering a range of properties; even buyers who have only one budget rather than two numbers as I have. 

There are no estate agents who consider me a tyre kicker that I'm aware of. What I described earlier on was an estate agent describing the kinds of buyer offers that annoy them. One was tyre kickers (though not called that), and another was buyers who make an offer, and then when it's accepted withdraw it. I haven't done either of these. 

I don't expect that the market 'owes [me] something'. I'm not sure where that came from. 

Hi, I am in exactly the same boat as you, I have been viewing properties over my budget how it stands now because sometime round around spring, I should be getting a share of the sale of my late mum's flat. That should take my budget up to around £50000 -£60000 higher but in the meantime I have been making a few offers on the flats over my budget averaging between 5%- 10% lower than asking price.  There have been 2-3 that accepted, 5-10 counter- offered to around 3% and a few outright flat no chance.  On the ones that accepted, my missus had second-thoughts so we didn't follow up.(estate agents were not happy). We have time on our side because we are living rent free in my mums flat.  It is scary being off the property ladder but at the moment, things seem to be going in our favour but for how long I don't know.

This is an example of a 'tyre kicker'.

2-3 offers accepted and pulled out of each one, basing their budget on money that should arrive in 4-6 months time.

Offer when your ready.

RHemmings

I personally won't be making any offers that I can't immediately follow up on. However, there is always the chance that a buyer may pull out of a sale. The most common one is after seeing the survey. But, others can happen. 

I researched people's experiences of the Modern Method of Auction - which I am not going to buy with. It was quite common to find sales that fell through (causing problems for buyers who had paid a non-refundable reservation fee), due to inaccuracies in the information about the property provided by the seller. 

I'm not going to criticise people who pulled out after having an offer accepted as there can easily be strong reasons for doing so. So, unless I know the reasons are trivial - which I have no reason to believe here - I won't. @arthurdick's estate agent may not be happy, but the unhappiness could have been caused by any of the parties in the process.