Debate House Prices
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how long can I go?

saveralot
Posts: 70 Forumite
Seen a property I like for £118k. Put in an offer for £104 (expecting to meet in the middle), the estate agent nearly laughed. What is a reasonable price? I can wait a bit longer but I would like to buy.
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well it's worth a try eh? Don't feel bad. Don't ask, don't get right? The estate agent legally HAS to put forward your offer to the vendor. If the vendor says no, then up your offer or walk away right? If vendor says Yes, then there you go.
Saying that, I didn't have a person as a vendor, I bought from a building company, so there were no feelings to be hurt....0 -
I hate dealing with smarmy rolling eyes people or estate agents as they are otherwise known. I have only looked at a few but been messed around. I have pets and told the EA this but she sent me to look at a flat where they are not allowed. I went to see another property with another EA and said can I see the HIP pack, yes she said. I went there and they didn't have it. I don't drive so I am wasting time and money. Think renting is sooooo much easier, but nothing at the end of it.
Just wondering if with the market being as it is how low I can go to reasonably?0 -
Stick to your guns, that is only 13% below asking price. Even before the crash started, properties would sell at around 93% asking price. From propertybee, price falls of around 5% are average with price falls of 10-20% becomming more widespread.
The EA is trained to act like that - they are paid by the seller to sell their house at the best possible price. An EA will never tell you you've offerred too much! Your offer is on the table and should have been communicated to the seller. It is the seller who decides whether or not to accept, not the EA. What the EA says or does is effectively irrelevant.
Whether that kind of offer will be acceptable depends on the sellers circumstances. If they are just testing the market or don't "have to" sell, they'll probably be content to wait for a better offer.
If they have to sell, i.e. house too small, moving away, can't afford mortgage, etc., then they'd be crazy to refuse that kind of offer. House prices are likely to continue to fall so they'll be chasing down the market.
Offer what the house is worth to you. Ignore the EA's. There's plenty of property about, and very little is selling, so you've the pick of the crop.0 -
Seen a property I like for £118k. Put in an offer for £104 (expecting to meet in the middle), the estate agent nearly laughed. What is a reasonable price? I can wait a bit longer but I would like to buy.
A reasonable price is a price that you, as a buyer, are willing to pay.
Personally I wouldn't think of buying for at least 2 years. We are currently still in a 'sticky' phase where vendors are clinging to the deluded notion that their house is worth what comparable properties were selling for 12 months ago.
In two years time reality will have well and truly kicked in as well as many properties coming onto the market because of forced sales or repossessions. Then it'll be time to pay a reasonable price. Just keep saving as hard as you can in the meantime.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Stick to your guns, that is only 13% below asking price. Even before the crash started, properties would sell at around 93% asking price. From propertybee, price falls of around 5% are average with price falls of 10-20% becomming more widespread.
The only word of warning I'd give to this is that you don't know whether the price is already factoring in a price fall of 5 or even 20% from what it might've achieved a year ago.0 -
I put in an offer of 168k on a 180k house about 4 weeks ago. I've since been progressing with another house (prefered). the agent of the first house rang up the other day, saying the 168k had been accepted. It didnt really surprise me. The guy should have accepted the initial offer as it was a bloody good one!
Even If I wasnt proceeding with the new house I wouldnt make the 168k offer again, I would lower it to 155k, its his tough !!!! and it is over priced!
In summary, my advise is stick to your guns. At the moment it is pretty unlikely they will get another favourable offer for a while, so you can just sit it out.0 -
stick with your offer, and laugh in the face of the estate agent when it's finally accepted.
there's plenty of property on market at the moment, look around at what else is available.It's a health benefit ...0 -
Seen a property I like for £118k. Put in an offer for £104 (expecting to meet in the middle), the estate agent nearly laughed. What is a reasonable price? I can wait a bit longer but I would like to buy.After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
im a bit nervous about putting in silly offers. my father in law has bought lots of property and always says put a silly offer in. So we the FTB's think 10% off is a silly offer, he's thinking more along the lines of 30%...I know quite a few of the EA's we're dealing with personally (ie. from school, they are my neighbours etc.) which is good on one hand, but embarassing to put an offer of 30% lower than the asking price in...that would mean offering £115k for a house work £160k...I just don't have the bottle to do it!!!
Perhaps I should get FIL to ring up on our behalf?? I think an offer of £130k would be majorly cheeky as its 18% off!
EDIT: Sorry OP that got a bit mememe! I wanted to say stick to your guns and remember the EAs want as much for the property as possible as they get more £££!!
:ABeing Thrifty Gifty again this year:A
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Ea's don't get a penny if the property doesn't sell though, so it's their interest that it's sold at a lower price, than not sold at allIt's a health benefit ...0
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