When being a cash buyer isn't all it's cracked up to be....

tara747

MarkyMarkD wrote: »

I think, OP, that you are missing the point.

It's fair enough to make a cheeky offer way below the asking price.

But if the seller comes down £10k, it's your turn to make a more sensible offer, not to tell them to reduce their price further.

Ehhhh?????

It's not their "turn" to do anything. The original offer was what they thought the house was worth. The buyer is under no obligation whatsoever to increase their offer and may even decrease/withdraw it if they wish.

The sense of entitlement of sellers is astonishing!!!

tara747

MarkyMarkD wrote: »

If the OP wants to simply refuse to pay more, that's their prerogative. But the seller hasn't reduced their price in 8 months, so they probably aren't willing to take a silly offer.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

LittleMissAspie

jamtart6 wrote: »

probably because as a buyer you are inclined to put a v low offer in so that they can haggle you upwards. on £200k, I'd offer £150k with the intention of paying £175k,

I guess but personally I'd rather offer the 175 in the first place, if that was what I was intending to pay. No messing, one offer, yay or nay. I might be spending 5k more than if I'd haggled but I'd be saving a lot of time, hassle and worry.

I think estate agents are going to hate me when I come to buy a house

WTF?_2

tara747 wrote: »

Ehhhh?????

It's not their "turn" to do anything. The original offer was what they thought the house was worth. The buyer is under no obligation whatsoever to increase their offer and may even decrease/withdraw it if they wish.

The sense of entitlement of sellers is astonishing!!!

True, but you could say the same of some buyers.

You can't expect to get a house for a certain figure just because you think that's what it's worth any more than you can expect to sell for a certain figure based on over inflated peak prices.

Definitely you can use the current market to get good reductions but it isn't going to work with everyone.

Personally though, I wouldn't buy for another year or two when the real bargains will be there to be had.

EdInvestor

tara747 wrote: »

It's not their "turn" to do anything. The original offer was what they thought the house was worth. The buyer is under no obligation whatsoever to increase their offer and may even decrease/withdraw it if they wish.

The sense of entitlement of sellers is astonishing!!!

It's got nothing to do with entitlement, it's just the basic way you bargain or haggle, as in an Oriental bazaar. :rolleyes:

The seller offers a very high price.The buyer offers a very low price. They then move towards each other in steps gradually decreasing/increasing until they reach agreement - or one walks away.

Very auld technique, been around for millenia......

MarkyMarkD

I didn't say anything about entitlement.

I just said that if the buyer expects to get anywhere in the buying process, they can't expect to just offer a silly price and that the seller will keep moving down in price until they accept the silly price.

Negotiation, as EdInvestor says, requires both parties to be willing to compromise in most cases.

And that's why offering your final asking price is not the best way to get the property at the lowest possible price. It's not like eBay where your bid only goes up to your ceiling if others' bids force it up.

merlinthehappypig

I'm not sure any of us can claim that any one system is best.

It depends on the price being asked, the seller's position, whether the buyer can keep their nerve and how much you want the house.

Sometimes we have got the best price through negotiation, sometimes leaving the seller to sweat over a price they would rather not take, but aren't certain that they can refuse, has worked.

In this case we weren't hugely bothered about the house. If we could get it cheap then we had room to make improvements, if they wanted more than we wanted to pay, as was the case, then it wasn't for us.

Sapphire

Plenty more fish in the sea, eh, Merlin. Soon be a lot more – and a great deal less expensive . . .

Davesnave

As a seller, I'm looking to negotiate now. My reasoning goes something like this:
Nationwide figures for May were !!!!, denting confidence
Consumer confidence already at record low
Fuel price hikes are impending
Inflation is up
Repossessions are climbing
The summer hols are looming - dead season for sellers
Recent drops are more pronounced than in the early 90s and accelerating
The government looks wobbly, especially Crash Gordon
Even the Council of Mortgage Lenders expects no real improvement in available loan money until Christmas
There is the chance of an 'unknown,' like Northern Wreck

I've just received a rather disappointing offer; not quite as low as Merlin's on the original post, but low. I'm still getting viewings & might better it.......

The question is, 'Do I feel lucky?'

I think I'm going to accept it!

meester

LittleMissAspie wrote: »

I guess but personally I'd rather offer the 175 in the first place, if that was what I was intending to pay. No messing, one offer, yay or nay. I might be spending 5k more than if I'd haggled but I'd be saving a lot of time, hassle and worry.

Hmm, tell you what, when you are buying, let me know, and I will take the £5k. :money: