exiges Posted February 20, 2011 Share Posted February 20, 2011 With all this talk of "houses are set to drop by 20%", rather than waiting for it to happen, surely it's time to go viewing houses but put in offers of 20% under, providing the EA / Vendor with justification from the varied articles predicting such a fall. You may get lucky, if not you've set a marker. Quote Link to comment Share on other sites More sharing options...
LittleSteroid Posted February 20, 2011 Share Posted February 20, 2011 (edited) I tried. You should see this picture on EA face. It says more than 1000 words: 1. 2. 3. 4. Edited February 20, 2011 by LittleSteroid Quote Link to comment Share on other sites More sharing options...
jonboy2010 Posted February 20, 2011 Share Posted February 20, 2011 I tried. You should see the picture EA face. It says more than 1000 words: 1. 2. 3. 4. This is the look i got with 10% offers :angry: Quote Link to comment Share on other sites More sharing options...
SleepyHead Posted February 20, 2011 Share Posted February 20, 2011 Very dangerous in my opinion. Your offer might be accepted. Quote Link to comment Share on other sites More sharing options...
exiges Posted February 20, 2011 Author Share Posted February 20, 2011 Looks like someone is already ahead of the game, £650k down to £450k in one drop. 7 beds, detached annexe, workshop, 8 acres. http://www.rightmove.co.uk/property-for-sale/property-16364892.html/svr/3101;jsessionid=5BE16264C0EC59192B3F635B684D0FA3 Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 20, 2011 Share Posted February 20, 2011 I was in an EA office this week and overhead a telephone call where the agent refused to put in the offer that a potential buyer had just given them on the phone. The agent said "There is simply no point in putting that in!". So the silly girl is acting like a dam to low offers. Quote Link to comment Share on other sites More sharing options...
jonboy2010 Posted February 20, 2011 Share Posted February 20, 2011 I was in an EA office this week and overhead a telephone call where the agent refused to put in the offer that a potential buyer had just given them on the phone. The agent said "There is simply no point in putting that in!". So the silly girl is acting like a dam to low offers. I had one agent say to me unless you are willing to offer full asking theres no point in viewing!!!!! Quote Link to comment Share on other sites More sharing options...
exiges Posted February 20, 2011 Author Share Posted February 20, 2011 I had one agent say to me unless you are willing to offer full asking theres no point in viewing!!!!! I hope you thanked him for not wasting your time further then. Quote Link to comment Share on other sites More sharing options...
nickincash Posted February 20, 2011 Share Posted February 20, 2011 Looks like someone is already ahead of the game, £650k down to £450k in one drop. 7 beds, detached annexe, workshop, 8 acres. http://www.rightmove.co.uk/property-for-sale/property-16364892.html/svr/3101;jsessionid=5BE16264C0EC59192B3F635B684D0FA3 It has so many bedrooms that the EA has difficulty in counting them. Quote Link to comment Share on other sites More sharing options...
MC Fur Q Posted February 20, 2011 Share Posted February 20, 2011 I was in an EA office this week and overhead a telephone call where the agent refused to put in the offer that a potential buyer had just given them on the phone. The agent said "There is simply no point in putting that in!". So the silly girl is acting like a dam to low offers. Isn't that against the law? I thought they had to pass on all offers and it is for the vendor to decide. Quote Link to comment Share on other sites More sharing options...
pajd Posted February 20, 2011 Share Posted February 20, 2011 An IFA i spoke to about 3 weeks ago said i should be putting in offers of 20% below Quote Link to comment Share on other sites More sharing options...
southmartin Posted February 20, 2011 Share Posted February 20, 2011 I was in an EA office this week and overhead a telephone call where the agent refused to put in the offer that a potential buyer had just given them on the phone. The agent said "There is simply no point in putting that in!". So the silly girl is acting like a dam to low offers. Isn't the EA legally obliged to inform the vendor of every offer? Even if the vendor has already told them to reject anything under £X amount... I still think he has to pass it on. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 20, 2011 Share Posted February 20, 2011 Isn't the EA legally obliged to inform the vendor of every offer? Even if the vendor has already told them to reject anything under £X amount... I still think he has to pass it on. Yes, that may be the legal requirement but do - some - they hell? Who is going to Police that. I am convinced that some EAs are a big dam to house prices crashing because they simply refuse to put across low offers. Quote Link to comment Share on other sites More sharing options...
Pent Up Posted February 20, 2011 Share Posted February 20, 2011 I say wait for the 20% falls then put in offers 20% below that. No point creating false interest. Saying that, I have been considering a viewing on house I like, 20% off would probably do it for me. But it would be be a time wasting viewing. Id have no intention of offering. Quote Link to comment Share on other sites More sharing options...
We’re all in this together Posted February 20, 2011 Share Posted February 20, 2011 With all this talk of "houses are set to drop by 20%", rather than waiting for it to happen, surely it's time to go viewing houses but put in offers of 20% under, providing the EA / Vendor with justification from the varied articles predicting such a fall. You may get lucky, if not you've set a marker. Spot on. In fact, why not 30%? I often do, well, half a dozen times. If nothing else it seriously undermines vendor confidence, no bad thing, and, as you say, you may get lucky. Welcome to the militant wing of the HPC. Better than a talking shop. Quote Link to comment Share on other sites More sharing options...
libspero Posted February 20, 2011 Share Posted February 20, 2011 (edited) I hope you thanked him for not wasting your time further then. That's my view. I found a house about 3 months ago that would have been perfect for me. It had dropped 15%, and I rang up the agent and told them that I couldn't offer the asking price but could offer them 15% off the new price (30% total drop from initial asking). Agent (quite politely) told me that someone else had made a similar offer and that the owners had rejected it point blank. I thanked him for his time and asked him to let me know if any similar properties come up at my price point. I didn't see any point getting upset or blaming the agent.. he knows the vendors, he obviously wants to make a sale if he can. The house remains unsold today. I may ring up in a few months to see if the owners expectations have shifted. I may not. It might even sell. No point getting attached to a particular property. Just move on or wait. Edited February 20, 2011 by libspero Quote Link to comment Share on other sites More sharing options...
Bear in mind Posted February 20, 2011 Share Posted February 20, 2011 Very dangerous in my opinion. Your offer might be accepted. I'm giving up viewing for this very reason. My offers are now being taken seriously. I'm not used to it and I don't like it. It's the opposite of an episode of location x3. I put in an offer start thinking negative thoughts. It gets worse the longer they take to get back to us. Then the phone rings " I'm sorry your offe" "Ok, thanks for calling bye." pheww close one. I am serious about buying but head and heart don't agree. My viewings have not been a waste of time as some offers have pushed vendors to re think and re price. Quote Link to comment Share on other sites More sharing options...
Pent Up Posted February 20, 2011 Share Posted February 20, 2011 I'm giving up viewing for this very reason. My offers are now being taken seriously. I'm not used to it and I don't like it. It's the opposite of an episode of location x3. I put in an offer start thinking negative thoughts. It gets worse the longer they take to get back to us. Then the phone rings " I'm sorry your offe" "Ok, thanks for calling bye." pheww close one. I am serious about buying but head and heart don't agree. My viewings have not been a waste of time as some offers have pushed vendors to re think and re price. Time to lower your offers! Quote Link to comment Share on other sites More sharing options...
juvenal Posted February 20, 2011 Share Posted February 20, 2011 I was in an EA office this week and overhead a telephone call. The agent said "There is simply no point in putting that in!". The silly girl.. She might have been on the phone to her boyfriend about a disappointing session the night before... Quote Link to comment Share on other sites More sharing options...
catmandu Posted February 20, 2011 Share Posted February 20, 2011 I'm giving up viewing for this very reason. My offers are now being taken seriously. I'm not used to it and I don't like it. It's the opposite of an episode of location x3. I put in an offer start thinking negative thoughts. It gets worse the longer they take to get back to us. Then the phone rings " I'm sorry your offe" "Ok, thanks for calling bye." pheww close one. I am serious about buying but head and heart don't agree. My viewings have not been a waste of time as some offers have pushed vendors to re think and re price. Haven't put in any offers myself, but can fully understand your situation! I think if you don't have a serious case of the willies when offering on a huge investment then something's wrong Quote Link to comment Share on other sites More sharing options...
Blue Nose Bear Posted February 20, 2011 Share Posted February 20, 2011 With all this talk of "houses are set to drop by 20%", rather than waiting for it to happen, surely it's time to go viewing houses but put in offers of 20% under, providing the EA / Vendor with justification from the varied articles predicting such a fall. You may get lucky, if not you've set a marker. Most of the stuff around my way is coming on at 2007 + 10%. LR stats show HP's are 12% lower now, than 2007 nationaly, so offering 20% below, you're still 2% over. I'll sit with my popcorn and watch the fun begin, wouldn't even bother at the moment, give it another 6 to 10 months if your desperate to buy. Otherwise lay back and ride the wave to the shore. Quote Link to comment Share on other sites More sharing options...
Malkin Posted February 20, 2011 Share Posted February 20, 2011 I'm going in at 15% below on a house tomorrow and I am willing to go up to 12.5% below. Really like the house so am hoping. Quote Link to comment Share on other sites More sharing options...
silver surfer Posted February 20, 2011 Share Posted February 20, 2011 Two identical properties on a street, let''s say both for sale at £240k. Property A. They'd like to move but they don't have to move. Property down the road sold for £250k in 2007 so they're being "reasonable" asking £240k. The EA recommended £240k (ignore the fact the other two EA's said £220k and £210k) and he's a professional at this game. Plus they "need" £240k to get the necessary deposit for the house they want to buy. Property B. It's a repossession or a probate sale. The chances of securing property A at -20% is virtually nil. The vendors would rather withdraw it than accept so much less than their ex-neighbour actually obtained, it would make them feel stupid and inept, in fact it would haunt them. And besides, they're not hagglers (that's what foreigners do, not us) so they have no appetite for projecting a similar discount onto the house they want. But -20% on property B? Yes, possible, maybe not today but soon. Moral of story. Find property B. Quote Link to comment Share on other sites More sharing options...
Layman Posted February 20, 2011 Share Posted February 20, 2011 We viewed a house up at £490k towards the end of last year, made an offer of £390k and the EA wasn't at all offended. They explained they had a slightly higher offer from elsewhere and we said "fair enough" and moved on. We've also had repeated calls from the sales office of a nearby new build saying they'll "consider offers" on a plot which we are interested in - (well I would be if they knocked £100k off!). I'm holding out for a while but may try a few "OK, how about X, with stamp duty paid?" offers. Frankly if it's the right house, I'm happy to pay over the odds rather than wait 2-3 more years for those last £k off. Six years of renting is enough, and we're getting itchy feet. Quote Link to comment Share on other sites More sharing options...
shindigger Posted February 20, 2011 Share Posted February 20, 2011 (edited) I'll be viewing everything on Rightmove through my special 35% off filter. These things are NEVER static. Edited February 20, 2011 by shindigger Quote Link to comment Share on other sites More sharing options...
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