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Was My Offer Too Low And Insulting?


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#1 hello_world_uk

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Posted 19 February 2012 - 02:41 PM

Hello,

I've been a lurker on this forum for quite a while now and have been getting tips for a good few months. I'm a FTB with my partner and we have been looking at a few houses and found one that we have marked as a potential in Birtley. We have had two viewings of the place and its currently on sale for 285k. Having done my research I can see it went on sale for 325k back in Oct 2009 with one agent, and then it was on sale with another agent in April 2011 for 295k (thanks to zoopla).

According to property bee its been with a new agent since December last year 2011 for the price off 285k. I also found out that it has only ever had one owner and was bought for 220k back in September 2003 so I thought I'd be cheeky and offer 20% below the asking price of 228k only to be told by the EA that it was an insulting offer and they will refuse to put it through...having told her about her legal obligation she responded 'fine, I'll put it through but I'll strongly tell them to reject it as its an insulting offer'.

Call back occured a few minutes later saying the vendor found the offer insulting and have rejected the offer. Due to stamp duty reasons I dont fancy paying more than 250k for a house so wondered what you reckon I should bid next? I was expecting the offer to be rejected but wasnt expecting the EA to be so rude and unprofessional. Was my first offer really too low and insulting?

Here's the Link to the house

Thanks for any advise i can get from you all.

#2 IDN

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Posted 19 February 2012 - 02:49 PM

Here's the Link to the house

nice house!

i cant offer any advice as im a novice FTB! however i can empathise with your situation and the agent you are dealing with doesnt help the image of estate agents! what a cow to say she will advise the sellers to reject the offer!!

best of luck!

#3 Ausdave

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Posted 19 February 2012 - 03:33 PM

Hello,

I've been a lurker on this forum for quite a while now and have been getting tips for a good few months. I'm a FTB with my partner and we have been looking at a few houses and found one that we have marked as a potential in Birtley. We have had two viewings of the place and its currently on sale for 285k. Having done my research I can see it went on sale for 325k back in Oct 2009 with one agent, and then it was on sale with another agent in April 2011 for 295k (thanks to zoopla).

According to property bee its been with a new agent since December last year 2011 for the price off 285k. I also found out that it has only ever had one owner and was bought for 220k back in September 2003 so I thought I'd be cheeky and offer 20% below the asking price of 228k only to be told by the EA that it was an insulting offer and they will refuse to put it through...having told her about her legal obligation she responded 'fine, I'll put it through but I'll strongly tell them to reject it as its an insulting offer'.

Call back occured a few minutes later saying the vendor found the offer insulting and have rejected the offer. Due to stamp duty reasons I dont fancy paying more than 250k for a house so wondered what you reckon I should bid next? I was expecting the offer to be rejected but wasnt expecting the EA to be so rude and unprofessional. Was my first offer really too low and insulting?

Here's the Link to the house


Thanks for any advise i can get from you all.

I've sold a property last year in this market and purchased one last week. I accepted 8% less than the asking price for mine but payed full asking price for the one we just purchased. Why?, am I mad?
Well we wanted the house, it had been reduced by 80k recently. It was down 400k plus since peak and was 100k less than the house was purchased for in 2003.
In your quest for a bargin don't cut off your nose to spite your face.
If you like it up the offer.
Go 15% under.
Explain benefits of your offer to agent, FTB, have you a large deposit, if you can back it up with an agreement in principle from your mortgage provider it makes a lower offer a lot more appealing.
Explain however you won't go above 250.
If it's still knocked back, leave it on the table for a specified time period.
If they still don't want to play ball, move on.

Just my opinion, good luck!

#4 Democorruptcy

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Posted 19 February 2012 - 03:34 PM

Hello,

I've been a lurker on this forum for quite a while now and have been getting tips for a good few months. I'm a FTB with my partner and we have been looking at a few houses and found one that we have marked as a potential in Birtley. We have had two viewings of the place and its currently on sale for 285k. Having done my research I can see it went on sale for 325k back in Oct 2009 with one agent, and then it was on sale with another agent in April 2011 for 295k (thanks to zoopla).

According to property bee its been with a new agent since December last year 2011 for the price off 285k. I also found out that it has only ever had one owner and was bought for 220k back in September 2003 so I thought I'd be cheeky and offer 20% below the asking price of 228k only to be told by the EA that it was an insulting offer and they will refuse to put it through...having told her about her legal obligation she responded 'fine, I'll put it through but I'll strongly tell them to reject it as its an insulting offer'.

Call back occured a few minutes later saying the vendor found the offer insulting and have rejected the offer. Due to stamp duty reasons I dont fancy paying more than 250k for a house so wondered what you reckon I should bid next? I was expecting the offer to be rejected but wasnt expecting the EA to be so rude and unprofessional. Was my first offer really too low and insulting?

Here's the Link to the house

Thanks for any advise i can get from you all.


Put a note through the door with your offer and contact details in case your offer wasn't really passed on. Even if it was, it might help getting the estate agent out of the loop, if you are going in again with another offer.

Democorruptcy
If you say "Democorruptcy" quickly, it sounds a bit like "Democracy". In a "Democracy" people vote for politicians who represent their interests. In the UK's "Democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

Governbankment
A "Governbankment" is a Government that has no line between itself and banks. It diverts public money (our taxes) to private companies (banks). George Osborne's Help to Buy Bail Banks, will see our taxes go to bankers to cover their losses on mortgages that default. The UK's Governbankment will even pay bankers "reasonable repossession fees" on Help to Bail Bank mortgages that default.

The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR, interest rates swaps, etc. are being paid by savers so that bankers can keep pocketing bonuses. 

"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm

I want to tell you my secret now.... I see debt people


#5 Democorruptcy

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Posted 19 February 2012 - 03:37 PM

Well we wanted the house, it had been reduced by 80k recently. It was down 400k plus since peak and was 100k less than the house was purchased for in 2003.


Where are you?

Democorruptcy
If you say "Democorruptcy" quickly, it sounds a bit like "Democracy". In a "Democracy" people vote for politicians who represent their interests. In the UK's "Democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

Governbankment
A "Governbankment" is a Government that has no line between itself and banks. It diverts public money (our taxes) to private companies (banks). George Osborne's Help to Buy Bail Banks, will see our taxes go to bankers to cover their losses on mortgages that default. The UK's Governbankment will even pay bankers "reasonable repossession fees" on Help to Bail Bank mortgages that default.

The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR, interest rates swaps, etc. are being paid by savers so that bankers can keep pocketing bonuses. 

"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm

I want to tell you my secret now.... I see debt people


#6 cartimandua51

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Posted 19 February 2012 - 03:47 PM

Looking at nethouseprices 2003, 220K meant it was perhaps the most expensive on the estate as a newbuild. Again looking at the recent house sale records, none of the detached ones seem to have gone for less than 250K, and the most recent:


2 Bewicke View, Birtley, Chester Le Street, Tyne And Wear, DH3 1RU
Detached, Freehold, Not New Build

300,000
08-Apr-2011
So I think you are being a bit optimistic. If you aren't particularly bothered about getting the house (personally I'd rather live in a central terraced 2-up 2 down than a soulless new estate like that, but each to his own) then no harm done; but if you are seriously interested I think you're going to have to come up to at least 250K. i know stamp duty is a pain, but there's an old saying "Don't let the tax tail wag the commercial (or domestic) dog"!

Edited by cartimandua51, 19 February 2012 - 03:47 PM.

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#7 long time lurking

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Posted 19 February 2012 - 05:38 PM

If the Ea say`s the offer is a insult tell them your here to get the best deal not make friends

#8 hello_world_uk

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Posted 19 February 2012 - 09:18 PM

Thanks for the responses everybody...really appreciate it! I think I will wait a week or so before I increase the offer as I don't want them to think I'm desperate to buy which I'm not...I would like to buy now as I'm getting married in the summer but if we can't find the one we are looking for then we'll rent till we find the best one for our price...

#9 AC44

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Posted 20 February 2012 - 10:18 AM

sadly dont have much knowledge on the area and also an FTB..
Is the house too close to the A1?
If you have waited for such a long time, why dont you wait more? In the end it is not a house in London/SE so most probably house prices will drop further?


Personally the 250K is a hard limit for me and for a house so close to this limit I would never want to play stamp duty above 250K!

Happy to hear that an EA got insulted. They deserve more insults!!!!!!


A

#10 Bruce Banner

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Posted 20 February 2012 - 12:36 PM

Wait and offer 30% less in a few years time.
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Lest there be any doubt.

No I believe prices will fall and am astounded that a so called Conservative led government could act in such a stupid way. As you can see from today, there are 2,000 HtB applicants and it has been on MSM none stop all day and they make up about 3.5% of a typical months mortgages.

BTL is a good potential way to bankruptcy and yes sometimes I make points to hopefully make people think.


#11 worried1

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Posted 20 February 2012 - 01:53 PM

I guess it depends on how the EA has managed the vendor's expectations.

At 285k, you would have thought that the advice would be 'put it on for that and expect to get an offer at 250k', because it is too close to that stamp duty limit to attract people to pay more.

However, if other similar houses are genuinely selling at 300k, they might have advised the vendor to put it on at 285k and expect a quick sale at full asking price. If this is the case, they'd probably still be insulted if you came back with 250k.

#12 hello_world_uk

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Posted 20 February 2012 - 08:16 PM

It's literally round the corner from the A1 so it's great for commuting but not too close so you can hear the traffic driving along the A1.

To be honest I might end up renting if I can't get a house for what I want to pay for it.

Lol I liked the response of offering 30% lower in a few years :)

#13 Bruce Banner

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Posted 21 February 2012 - 12:48 AM

To be honest I might end up renting if I can't get a house for what I want to pay for it.


That's what I'm doing. I have sufficient cash in the bank to buy outright at today's prices, but I shall not be buying until value returns to the housing market. Would you pay 50 for a bag of crisps just because you can afford to? :lol:.
.



----------------------------------------------------------------------------------------------------------
Lest there be any doubt.

No I believe prices will fall and am astounded that a so called Conservative led government could act in such a stupid way. As you can see from today, there are 2,000 HtB applicants and it has been on MSM none stop all day and they make up about 3.5% of a typical months mortgages.

BTL is a good potential way to bankruptcy and yes sometimes I make points to hopefully make people think.





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