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  • FIRST POST
    • dann_
    • By dann_ 16th Apr 19, 9:13 PM
    • 2Posts
    • 0Thanks
    dann_
    Offering on a reduced house?
    • #1
    • 16th Apr 19, 9:13 PM
    Offering on a reduced house? 16th Apr 19 at 9:13 PM
    Hi there,

    My gf and I would like to buy a house and have found a lovely little 2bed cottage. It was originally put up for 120k April 2018(!!!) and has only been reduced by 5k (in June 2018) since then!

    We think due to the area being out in the country they probably don't get much interest from new buyers, and it's also probably very overpriced. The estate agency is a very local one and there aren't any others around.

    Would offering 85k but have a secret max of 95k be fine? Or would 85k be quite cheeky and they may refuse to haggle, considering its a 30% decrease from the asking price?

    Thanks,
    Dan
    Last edited by dann_; 16-04-2019 at 9:23 PM.
Page 1
    • Thrugelmir
    • By Thrugelmir 16th Apr 19, 9:19 PM
    • 62,877 Posts
    • 55,846 Thanks
    Thrugelmir
    • #2
    • 16th Apr 19, 9:19 PM
    • #2
    • 16th Apr 19, 9:19 PM
    so they're probably fine sitting around collecting their fees on the unsold house.
    Originally posted by dann_
    What fees? EA's only get paid when a sale completes. Until then it's a drain on profitability.
    "The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions are already factored into its price and no new buyers are left to emerge." - Howard Marks
    • dann_
    • By dann_ 16th Apr 19, 9:24 PM
    • 2 Posts
    • 0 Thanks
    dann_
    • #3
    • 16th Apr 19, 9:24 PM
    • #3
    • 16th Apr 19, 9:24 PM
    What fees? EA's only get paid when a sale completes. Until then it's a drain on profitability.
    Originally posted by Thrugelmir
    Edited and corrected.
    • AFF8879
    • By AFF8879 16th Apr 19, 9:33 PM
    • 348 Posts
    • 1,153 Thanks
    AFF8879
    • #4
    • 16th Apr 19, 9:33 PM
    • #4
    • 16th Apr 19, 9:33 PM
    You can offer anything you like, but the fact its been on the market over a year now with only a 5k reduction suggests that the seller is in no hurry and is quite happy to sit there until they get the amount they want. But you wont know until you try...

    Have you actually spoken to the agent though, or just seen it online? As sometimes agents are very slow to update listings and previously sold properties languish online for eternity
    Last edited by AFF8879; 16-04-2019 at 9:35 PM.
    • pattypan4
    • By pattypan4 17th Apr 19, 5:53 AM
    • 35 Posts
    • 56 Thanks
    pattypan4
    • #5
    • 17th Apr 19, 5:53 AM
    • #5
    • 17th Apr 19, 5:53 AM
    OP, 105k, anything lower and I would be booting you out the door while laughing my head off. Aff is probably right, no hurry to sell
    • Flugelhorn
    • By Flugelhorn 17th Apr 19, 7:22 AM
    • 1,333 Posts
    • 1,754 Thanks
    Flugelhorn
    • #6
    • 17th Apr 19, 7:22 AM
    • #6
    • 17th Apr 19, 7:22 AM
    I agree - there is probably 10% at the most
    • Davesnave
    • By Davesnave 17th Apr 19, 8:50 AM
    • 27,880 Posts
    • 99,039 Thanks
    Davesnave
    • #7
    • 17th Apr 19, 8:50 AM
    • #7
    • 17th Apr 19, 8:50 AM
    A week may be a long time in politics, but selling in the countryside can take well over a year and no one thinks it's unusual.

    If this cottage is so lovely, why would the owners sell it at a fire-sale price?

    In the country, as elsewhere, if owners are in a fix or desperate to secure something else, they will do what it takes to get sold. Otherwise, the fact that they're rural and with a small agent makes no difference in the internet age.
    'I've suffered for my music, now it's your turn.' Neil Innes, introducing 'Protest Song.'
    • davidmcn
    • By davidmcn 17th Apr 19, 8:54 AM
    • 10,919 Posts
    • 12,026 Thanks
    davidmcn
    • #8
    • 17th Apr 19, 8:54 AM
    • #8
    • 17th Apr 19, 8:54 AM
    Would offering 85k but have a secret max of 95k be fine?
    Originally posted by dann_
    How have you arrived at those figures?
    • AnotherJoe
    • By AnotherJoe 17th Apr 19, 9:49 AM
    • 13,530 Posts
    • 15,986 Thanks
    AnotherJoe
    • #9
    • 17th Apr 19, 9:49 AM
    • #9
    • 17th Apr 19, 9:49 AM
    If its a secret maximum how would you ever offer that?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • NaughtiusMaximus
    • By NaughtiusMaximus 17th Apr 19, 9:58 AM
    • 1,805 Posts
    • 4,483 Thanks
    NaughtiusMaximus
    Or would 85k be quite cheeky and they may refuse to haggle, considering its a 30% decrease from the asking price?
    Originally posted by dann_
    Cheeky is an understatement, the phrase I would use is taking the p***.

    If I was the vendor I would dismiss the offer out of hand and wouldn't bother with a counter offer, just as we did when someone came in with an offer of 25% below asking price on the property we sold in 2017.
    • trf1960
    • By trf1960 17th Apr 19, 1:25 PM
    • 127 Posts
    • 106 Thanks
    trf1960
    Jeez, I certainly hope I don't come across people like you when I come round to selling. I agree with Pattypan 4 and would start with 105K assuming of course that you are serious about buying?

    Have to admit, people's opinion on this site has made me think that when we eventually put our property up for sale, that we need to have a long hard chat with our EA to agree and confirm what the advertised price should be and what the 'we will accept' figure is (hoping and assuming that the EA has sound knowledge of the area and what other similar properties have sold for). At least then the EA knows not to bother informing us of ridiculous offers and wasting everyone's time.
    • ddwilson7725
    • By ddwilson7725 17th Apr 19, 1:34 PM
    • 1 Posts
    • 0 Thanks
    ddwilson7725
    If you discover many needed repairs after your home inspection, then it is usual to request that the seller make these repairs or you can ask for a credit at closing so that you will have some additional funding to make those repairs yourself.

    Good luck to you!
    • Davesnave
    • By Davesnave 17th Apr 19, 1:42 PM
    • 27,880 Posts
    • 99,039 Thanks
    Davesnave
    If you discover many needed repairs after your home inspection, then it is usual to request that the seller make these repairs or you can ask for a credit at closing so that you will have some additional funding to make those repairs yourself.

    Good luck to you!
    Originally posted by ddwilson7725
    Sounds like you live in Scotland. Nothing wrong with that, but we usually assume a post is from E&W unless the poster's location or post says otherwise.


    We also don't recommend requesting the vendor undertake repairs, since they will have no incentive to choose a good contractor or ask for a thorough job.
    'I've suffered for my music, now it's your turn.' Neil Innes, introducing 'Protest Song.'
    • markin
    • By markin 17th Apr 19, 6:23 PM
    • 201 Posts
    • 252 Thanks
    markin
    Without seeing the state of the place, it could be cheeky or a kick in the teeth. What they paid will be a hard line and what they need vs what they want will be another, At 120 they probably need it to move.
    • davidmcn
    • By davidmcn 17th Apr 19, 7:19 PM
    • 10,919 Posts
    • 12,026 Thanks
    davidmcn
    Sounds like you live in Scotland.
    Originally posted by Davesnave
    No, it sounds like some foreign would-be spammer bumping up their post count with meaningless nonsense.
    • Davesnave
    • By Davesnave 17th Apr 19, 9:32 PM
    • 27,880 Posts
    • 99,039 Thanks
    Davesnave
    No, it sounds like some foreign would-be spammer bumping up their post count with meaningless nonsense.
    Originally posted by davidmcn
    I think it was wrong of me to assume that gobbledegook meant they must be describing the Scottish system!


    If it helps, my Mum was Scottish. Mind you, she wasn't known for her logical mind!
    'I've suffered for my music, now it's your turn.' Neil Innes, introducing 'Protest Song.'
    • Marvel1
    • By Marvel1 17th Apr 19, 9:43 PM
    • 4,081 Posts
    • 4,501 Thanks
    Marvel1
    Never know unless you ask.

    Offer what you feel it's worth.
    • Crashy Time
    • By Crashy Time 18th Apr 19, 1:05 PM
    • 7,699 Posts
    • 2,800 Thanks
    Crashy Time
    Cheeky is an understatement, the phrase I would use is taking the p***.

    If I was the vendor I would dismiss the offer out of hand and wouldn't bother with a counter offer, just as we did when someone came in with an offer of 25% below asking price on the property we sold in 2017.
    Originally posted by NaughtiusMaximus
    Market is a lot weaker now, demanding this and that from EA`s about absolute minimum offers just guarantees a long long wait to sell now IMO.
    • NaughtiusMaximus
    • By NaughtiusMaximus 18th Apr 19, 3:09 PM
    • 1,805 Posts
    • 4,483 Thanks
    NaughtiusMaximus
    Market is a lot weaker now, demanding this and that from EA`s about absolute minimum offers just guarantees a long long wait to sell now IMO.
    Originally posted by Crashy Time
    I initially joined MSE in late 2016 when we first started thinking of moving house. Back then I recall virtually all your posts were in relation to a weak housing market, houses being overvalued and an imminent property price crash.

    Despite all that we accepted an offer on our old house 1 week after it went on the market and both the property we sold and the one we bought have increased in value well above the rate of inflation (based on sales of similar properties in the same areas over the past 6 months).

    Given your were clearly wrong in 2016, you'll have to forgive me if I don't put too much faith in your opinions of the housing market in 2019.
    • Crashy Time
    • By Crashy Time 18th Apr 19, 3:19 PM
    • 7,699 Posts
    • 2,800 Thanks
    Crashy Time
    I initially joined MSE in late 2016 when we first started thinking of moving house. Back then I recall virtually all your posts were in relation to a weak housing market, houses being overvalued and an imminent property price crash.

    Despite all that we accepted an offer on our old house 1 week after it went on the market and both the property we sold and the one we bought have increased in value well above the rate of inflation (based on sales of similar properties in the same areas over the past 6 months).

    Given your were clearly wrong in 2016, you'll have to forgive me if I don't put too much faith in your opinions of the housing market in 2019.
    Originally posted by NaughtiusMaximus
    None of that helps the seller who has been on the market for a year much though does it?
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