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Making a very low offer

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  • happyandcontented
    happyandcontented Posts: 2,768 Forumite
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    As a seller, I would be wary of the very low offer too. Either you are playing games, have no appreciation of real prices or just can't afford it. In either case, I would hesitate to take more offers from you especially if there were other buyers.

    It always amazes me when on the TV housebuying shows they say they have x to spend then they really seem to fall in love with a property which is under that budget but they then offer very much less and then walk away when it is refused. Waste of time all round.
  • todayisagreatday
    todayisagreatday Posts: 260 Forumite
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    I don't always find sold prices helpful. When we bought ours it was advertised well over Zoopla estimates purely because the last property in the 'area' sold over 4 years ago. The general postcode covers quite a rural area with a busy main road too a the postcode area can mean it's completely inaccurate value wise depending on whether you are on the main a main A road or down a lane in a rural location away from the A road. We paid over £50k lower than the asking price as it was a probate sale and we were able to heavily negoaite yet Zoopla indicates our value is significantly lower than what we paid.

    Zoopla doesn't know that our property has canal frontage and half an acre it just sees it as expensive compared to other similar properties in the postcode area (the postcode on any map doesn't take you to our property anyway).

    House sold prices are relative, I don't care what the previous owners paid, it's the current value compared to others and if it is value for money.....
  • lookstraightahead
    lookstraightahead Posts: 5,540 Forumite
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    happyandcontented wrote: »
    As a seller, I would be wary of the very low offer too. Either you are playing games, have no appreciation of real prices or just can't afford it. In either case, I would hesitate to take more offers from you especially if there were other buyers.

    It always amazes me when on the TV housebuying shows they say they have x to spend then they really seem to fall in love with a property which is under that budget but they then offer very much less and then walk away when it is refused. Waste of time all round.

    The problem is, many people don't trust the price it appears to be valued at, I certainly don't. Prices are plucked out of thin air, or the vendor is being greedy, or the estate agent wants to win business. I'm not sure what a 'real' price is anymore.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    lookstraightahead wrote: »
    The problem is, many people don't trust the price it appears to be valued at, I certainly don't. Prices are plucked out of thin air, or the vendor is being greedy, or the estate agent wants to win business. I'm not sure what a 'real' price is anymore.
    Very simple - it's the price at which a buyer is happy to buy, and at which the seller is happy to sell.

    There is nothing more to it than that.

    Of course, it doesn't stand alone - it's informed by the other properties on the market, by simple comparison. Would you be willing to pay the same as house A as for house B? Would you be willing to pay more for house A than house C? Would you be willing to pay more for house D than house A?
  • Smodlet
    Smodlet Posts: 6,976 Forumite
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    edited 23 July 2018 at 5:40PM
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    lookstraightahead wrote: »
    The problem is, many people don't trust the price it appears to be valued at, I certainly don't. Prices are plucked out of thin air, or the vendor is being greedy, or the estate agent wants to win business. I'm not sure what a 'real' price is anymore.[/QUOTE]

    What it sold for since properties are worth what someone is willing to pay for them. I think the OP needs to try to imagine how they would feel were they attempting to sell rather than buy a property. No-one likes a time-waster and without first credibility, then trust, no sale is likely to complete.
  • MysteryMe
    MysteryMe Posts: 3,052 Forumite
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    Exactly that. I really think people are now over thinking things to the Nth degree, playing amateur detective and just going around in circles and losing sight of the fact they have found a property they like, can afford and would like to make a home because they think they have to go through some complicated strategy beforehand.

    Millions of people have bought and sold properties, most on this thread have and the vast majority have turned out fine. We've all survived the process. Just use common sense.
  • Smodlet
    Smodlet Posts: 6,976 Forumite
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    Aahh, "common sense"... Pity it is such a rare commodity and, imho, becoming more and more rare the more apps are inflicted on society. I think there may be a perception that, if you do not "shaft" your vendor or buyer, you have somehow failed. This is not true.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    What was the final offer?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    missis_amber wrote: »
    Do people really factor in how much the seller paid for the property before making an offer?

    I bought my property in 2011 for £113k. Estate agent has valued it at £170k. So potential buyers might think that's a £57k mark up. But it doesn't take into account that it was a probate property that hadn't had any work done on it for what seemed like 40 years! I spent well over £30k to make it habitable. So that's really a £27k mark up.

    If it's valued right for what it is at that moment in time it shouldn't matter what the seller paid for it, should it?


    All that matters is what a buyer will pay for it.
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