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Antagonising Ea With Low Offers?


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Property-bee is the tool you need.

I have spent the last 4 years STR and have just bought. One year ago the house I bought came to the market. I bought it recently at about 70% of original asking price, and 20% below last asking price. Pre Nov 2007 crash I would say it was a good buy at the original asking price.

The diference between my purchase and all the other houses I offered on was that this vendor snapped my hand off, the others said things like "I am not going to give it away", and behaved as though I had insulted them.

So, you have to find the combination of the right house for you, and a motivated seller. Do not settle for second best. If you are not thrilled with the prospect of buying a particular house, you are buying the wrong house at the wrong price.

I am so glad the other vendors turned me down, as I ended up really happy with my deal. All of the properties I offered on are still for sale. There is a moral there.

Be pleasant to the vendor and the agent, be business like. Make a decision and offer, and explain just how very quickly you will move on it, and that you will walk away if there is a sudden mysterious third party (there always is), and be prepared to up your offer by a very small amount if refused and then walk away if refused again. If you have to wait more than a few hours for vendors response to an offer, walk away.

You are holding all the cards and must behave like you are. You are playing high stakes poker against experts and liars. I was so close to buying the wrong house at the wrong price, but that enabled me to recognise a really good buy when I saw it. If you offer on a house that has had a deal or two fall through, you are much more likely to have an offer accepted. Property-bee is your friend! Look through the houses that property-bee show as reduced three or four times, and perhaps sold a time or two as well. There you will find your motivated seller, there is your sub 250k bargain. Dont rush. Sorry for rambling but I am passionately against the trend happening right now for some people to still believe the market is "bouyant, on the up, buy now before they go up" and all the other EA cr*p.

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Look through the houses that property-bee show as reduced three or four times, and perhaps sold a time or two as well. There you will find your motivated seller, there is your sub 250k bargain. Dont rush. Sorry for rambling but I am passionately against the trend happening right now for some people to still believe the market is "bouyant, on the up, buy now before they go up" and all the other EA cr*p.

Agree with most of this, but a question: does the evidence on PB of sales repeatedly falling through not indicate an 'unmotivated' seller - one with whom potentially it is difficult to do business. I am wary of those and more interested in the ones who have unilaterally reduced over a period of time.

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Agree with most of this, but a question: does the evidence on PB of sales repeatedly falling through not indicate an 'unmotivated' seller - one with whom potentially it is difficult to do business.

Possibly - or too many people thinking they can get a mortgage sorted and then can't. In my search area EA's are not passing on offers unless buyers have funds in place or a firm offer already on the table for their current property.

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Property-bee is the tool you need.

I have spent the last 4 years STR and have just bought. One year ago the house I bought came to the market. I bought it recently at about 70% of original asking price, and 20% below last asking price. Pre Nov 2007 crash I would say it was a good buy at the original asking price.

The diference between my purchase and all the other houses I offered on was that this vendor snapped my hand off, the others said things like "I am not going to give it away", and behaved as though I had insulted them.

So, you have to find the combination of the right house for you, and a motivated seller. Do not settle for second best. If you are not thrilled with the prospect of buying a particular house, you are buying the wrong house at the wrong price.

I am so glad the other vendors turned me down, as I ended up really happy with my deal. All of the properties I offered on are still for sale. There is a moral there.

Be pleasant to the vendor and the agent, be business like. Make a decision and offer, and explain just how very quickly you will move on it, and that you will walk away if there is a sudden mysterious third party (there always is), and be prepared to up your offer by a very small amount if refused and then walk away if refused again. If you have to wait more than a few hours for vendors response to an offer, walk away.

You are holding all the cards and must behave like you are. You are playing high stakes poker against experts and liars. I was so close to buying the wrong house at the wrong price, but that enabled me to recognise a really good buy when I saw it. If you offer on a house that has had a deal or two fall through, you are much more likely to have an offer accepted. Property-bee is your friend! Look through the houses that property-bee show as reduced three or four times, and perhaps sold a time or two as well. There you will find your motivated seller, there is your sub 250k bargain. Dont rush. Sorry for rambling but I am passionately against the trend happening right now for some people to still believe the market is "bouyant, on the up, buy now before they go up" and all the other EA cr*p.

This is great advice - and I largely followed it when buying my place last October. Such sellers might be rare - but they are gold.

And I couldn't have done it without Property Bee. When the house first came into my price bracket in August - Property Bee showed it had at least one asking price reduction every month since April. I knew they were good for more, even though the house already looked like good value compared to others in the area. Also they'd be in the house since the 70s so obviously should have plenty of equity. Finally got another 17% off.

My additional tactic was to offer on a few different properties with different agents, make them aware I was in cash and would take up the first to do a deal.

Sadly, it didn't help the estate agent we bought it through. I noticed they'd closed down on an irregular trip to town yesterday. :D

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  • 4 weeks later...

Just to update you all from an estate agent.

We are still constantly receiving offers around 30% below and very little movement with regards to second increased offers. Many buyers are now realising that if they keep putting in these offers, then they will get a deal eventually.

The main issue is having the sellers that are buying again to try to negotiate a similar deal, so that they can accept the offer. The problem gets worse the bigger the chain becomes.

Of course this could all be avoided if some agents were not ramping prices to gain instructions or the vendors were realistic. However if an agent ramps a price, then those nearby see pound signs.

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  • 11 months later...
  • 2 years later...

May I resurrect this thread?.

Poor quality houses have been hanging about on the EA's books in my bit of the northern South West for months, if not years. I doubt they'd figure in Right Move's "Time taken to sell" figures as the houses are frequently taken off the site and then reappear as a new listing.

Having lost count of the houses we've looked at that lack building regulations we experienced a new one recently. The vendor had cut through the structural cross members in the roof of a large outbuilding so that the walls were separating and the roof was sagging. I'm not an engineer but any load like heavy snow next winter will collapse the roof.

One would think it reasonable that a buyer carefully calculates the cost of bringing a property up to a structurally safe level and then offers accordingly. I like my family and I don't want them killed by a crappy house. Offers like this are rejected out of hand.

I expect someone with a large mortgage to buy this dangerous property. Our experience is that lenders don't care whether the house is safe or not. A buyer purchases indemnities against being done for not having Building Regs and insurance against the house collapsing.

In the meantime I hope that the building doesn't collapse on an entire family as they view the property. Should I contact the Council? I'd feel implicated in their deaths if I don't mention it to someone. Hence the name - Fretful Mother...

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  • 2 months later...
  • 1 month later...

A little recent anecdote from we: we have been looking in NE Essex area and made an offer on a house near Colchester for 9% below asking. It was disdainfully turned down, by the agent who obviously has us down now as time wasters :rolleyes:

The house in question is at the upper end of the market so not a whole lot of buyers out there: we are buying for cash. At the lower end of the market (<£350k), it seems all properties are sold though open days and dutch (sealed) auctions.

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  • 1 year later...

My wife fell in love with a VERY dated (but very large) dormer bungalow 2 years ago.

It had been on previously for over 400K then for 390K and dropped to 375K.

I put in an offer for 300K stating that every room needed gutting (17 rooms including the hall - a lot of work).

I didn't expect to get it at that price, but to be fair to the Estate Agent, they put the offer to the seller.

We got it for 340K in the end, a bit more than I had hoped to be honest.

 

Previously in 2009 we viewed several houses and offered on a few of those for 169K on mainly houses that were on for 180K. One of the EA's said to me "good luck getting a 3 bed detached for that price" - we did eventually - suck it!

 

 

 

Edited by OzzMosiz
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  • 4 weeks later...
  • 2 years later...

Anyone local to Rickmansworth have any opinions on this? https://www.rightmove.co.uk/properties/75325068#/

Viewed and like it but I think it's well overpriced. Talked to agent and said we wouldn't be making any offers over £700K as we didn't think it was worth it (I personally also think £650K is too much! but partner really liked it, trying to reign them in).

Homeowner told us they're 110% committed to putting in a new kitchen / utility room prior to sale which seems like madness to me, why go through that cost / mess if you're selling anyway?

House was built 17 years ago on land sold to them by the next door neighbour who's now in her 80's so no prior sale price available but I can't see it cost them at the time more than £300K to buy land and build the house.

Partner is at risk of throwing money at it, I'm trying to be more pragmatic.

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Not local to Rickmansworth but here's my tuppence.

How long have you been looking? Have you narrowly missed out on other houses? Is your partner just plain sick and tired of looking? Has the nesting instinct kicked in? What do YOU think of the place - a house is for both of you - do you like it? The seller sounds stubborn, do you want to have to deal with someone insane enough to install a kitchen in a house they're selling? What if you hate the stupid new kitchen?

 

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Not local to Rickmansworth but here's my tuppence.

How long have you been looking? Have you narrowly missed out on other houses? Is your partner just plain sick and tired of looking? Has the nesting instinct kicked in? What do YOU think of the place - a house is for both of you - do you like it? The seller sounds stubborn, do you want to have to deal with someone insane enough to install a kitchen in a house they're selling? What if you hate the stupid new kitchen?

 

Looking for about 3 months, I do like the the house but think it's too expensive. I think something else will come to market so I can wait. It's not comparable (price and decoration) to some others we've viewed that were cheaper but not quite right for one reason or another. But they were all sub £700K.

We haven't liked any other houses enough to consider making an offer. This one has only been on the market 4 days so I was sure they wouldn't respond well to any low ball offers.

My partners opinion on housing differs to mine, they're in the house prices don't matter if we're still living there in 20 years time camp.

I think I already hate the stupid new kitchen, homeowner is talking about having three ovens, a double in the kitchen and an extra one in the utility room??!!? The designs make it look similar to what's there now. 

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I think I already hate the stupid new kitchen, homeowner is talking about having three ovens, a double in the kitchen and an extra one in the utility room??!!? The designs make it look similar to what's there now. 

:D "Ovens as far as the eye can see..."

buzz as far as the eye can see | Meme Generator

You're right. There'll be more houses along in the new year. 

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  • 442 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
      • up 2.5%
      • up 5%



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