house up for sale 450k, whats a good starting offe

Raggie

Why I am the most profound MSE here.. always determined to get whatever I am buying at the cheapest price.. but a note here for the OP..

We have placed our house on the market not many miles from where the OP is looking to buy.. on our side interest has been great and we have had a number of offers.. and not yet accepted one.. (we are not in a rush and do not need to sell).. none have been suitable for us... so before the HPC's start shouting "falling market".. hear me out..

Our Agent has been reporting many stories along the lines of offers going in "well" bellow the asking price on properties.. not your typical 10% starting.. but in the order suggested here on 20-30% less.. the result seems to be from both the agent and sellers perspective that these offers are not from a "serious" buyer.. and are being rejected.. and in many cases still not being accepted after the offers are raised as there is no "trust" in the purchaser to see the sale through..


I know of one case where such a silly offer was made on a property that the person looking to buy has now been removed from the agents mailing list and is not being notified of new properties for sale, and this particular agent is now not entertaining requests for viewings from this person as they are now perceived to be a "tyre kicker"..

now I am sure I will be attacked by the HPC's for the above.. but I am just reporting on what I see and hear..

For goodness sake put in a low offer.. i would.. but be seen to be serious..

bandraoi

Tell them you have £375K in the bank and offer that.
See what they say.

Kez100

EAs may think kicking out buyers is a clever move at the moment but they may soon be regreting it. They cannot stop the force that is economics.

merlinthehappypig

We have made offers on eight properties in the last 3 months or so and, on this basis, could easily be the tyre kickers referred to in a previous post.

We were simply trying to get the best deal that we can in a falling market.

Far from being tyre kickers we have now agreed a purchase on a house that we like at a price that we are prepared to pay, rather than on a house that 'would do' at a price that we can't afford.

mr.broderick

happinessfactory wrote: »

Maybe in your neck of the woods, Mr Broderick.

Here in West London, there are houses where the owners are instructing their agents to phone around all previous viewers telling them they're now willing to entertain offers some 20% below the (admittedly hilarious) asking price, but refusing to cut the asking price on the internet in case it comes up on propertysnake and people start insisting on even bigger discounts.

Madness. Set a sensible price, sell the bloody house and let's all get on with our lives

We've put in two "embarrassing offers". Each is 25% lower than the asking price, but nevertheless 15% higher than the 2006 price in each street. Each house has been on sale since May. We'll happily wait the market out for the sake of £200k. We're not wasting years of our lives waiting for the vendors to see sense - you're much more likely to waste your life if struggling to pay a hugely inflated mortgage:rotfl:

Chancers who are putting their pad on the market in west london 20% above what it's really worth hoping for some lunatic to come and buy it then reducing by 20% is not evidence of prices falling, don't question my posts they are always proved correct in subsequent days/weeks/months FACT.

macaque_2

Stolt

Sitting on a pile of cash puts you in an unusually strong position. The credit crunch has devastated people's borrowing power. If I was in your shoes, I wouldn't make an offer yet (unless you are desperate for that particular house).

I would set my sights on buying it for cash (or better). I don't know what the seller's circumstances are but if you offer £375K too soon, he/she will hate you and never do a deal. Property however has become like fruit in Autumn. The longer you wait, the sweeter the deal (and auctions are windfall).

It is worth having a look at Property Snake. You will find hoards of properties which have been stuck for months. Sellers whinge about 'not giving it way' but the painful truth is that the market has changed and mortgage statistics have collapsed. Sellers cannot expect 'credit boom' prices in a 'credit crunch'.

PasturesNew

happinessfactory wrote: »

Here in West London, there are houses where the owners are instructing their agents to phone around all previous viewers telling them they're now willing to entertain offers some 20% below the (admittedly hilarious) asking price, but refusing to cut the asking price on the internet in case it comes up on propertysnake and people start insisting on even bigger discounts.

That's short sighted. I wouldn't sign with any agent until there was a house I was interested in, whether on rightmove or whether PS flagged it up.

So those sort of buyers would miss out on me finding it was available cheaper. And I can't be the only one. Life's too short to sign up with every agent in every area. You look online, then contact the agent when they've got something you're interested in ... and not before. Unless you've got too much time on your hands.

stolt

many thanks for all the replies and although i would like to get my family back in a house i know by waiting it out i we could have a even better family home. We will keep our eyes on the houses (doesn't seem a lot of new ones going on at the moment anyway) my main concern is that if they drop too much people may decide to hold out until they pick up for them.

mr.broderick

stolt wrote: »

many thanks for all the replies and although i would like to get my family back in a house i know by waiting it out i we could have a even better family home. We will keep our eyes on the houses (doesn't seem a lot of new ones going on at the moment anyway) my main concern is that if they drop too much people may decide to hold out until they pick up for them.

What a crazy world.
£375,000 in the bank for a house and you feel you cant go out and buy your family a roof over their heads.
How the hell have we managed to get in this position.

merlinthehappypig

mr.broderick wrote: »

What a crazy world.
£375,000 in the bank for a house and you feel you cant go out and buy your family a roof over their heads.
How the hell have we managed to get in this position.

Absolutely right.

As a fairly sensible MSE'r my family could live well on the interest on that sum for the rest of our lives, yet it won't buy a reasonable house in a good area.

If we made people handle the actually cash for a week or two before parting with it for a house, then the crazy prices rises might not have happened.