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sallygreen100

Worth Making An Offer

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Hi

Just after some advice, I'm a first time buyer. i've been looking at homes in around £100k (in Bradford).

i've seen some decent ones above that price, the 2 i might be interested in are on for £130k region (both were on for £140 but have been knocked down).

one of those homes has been on right move for 103weeks (looks like people still live there) and the last house to sell in that street went for £100k. The other has only been on for 14weeks but the last house to sell was a semi at a cheaper price (i want to look at a larger terrace house).

If I go view the homes will the estate agent take the £100k (or below) offer seriously?

How should I proceed?

Regards,

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Try it and see. An agent who's had it on the books that long might be on the side of anyone wanting to take it off them (and finally get a fee).

But a cheap house on the market for two years is a house whose vendor isn't serious about selling. Could easily be something like divorce where they have to sell to split the asset, but whoever is still in the house has no intention of selling and is actively ensuring it won't sell.

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Try it and see. An agent who's had it on the books that long might be on the side of anyone wanting to take it off them (and finally get a fee).

But a cheap house on the market for two years is a house whose vendor isn't serious about selling. Could easily be something like divorce where they have to sell to split the asset, but whoever is still in the house has no intention of selling and is actively ensuring it won't sell.

The house is not cheap (over priced compared to previous sales) - But you could be right about the seller putting people off.

I might just go view it and put my low offer down.

The one on for 103 weeks will be a waste of time as already stated ,if you look here http://www.nethouseprices.com/ you may find the price that was paid for it the chances are they need that sort of money (asking price) to cover the outstanding mortgage

I've look there already, only one house there which was sold for £100k in 2011.

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The house is not cheap (over priced compared to previous sales) - But you could be right about the seller putting people off.

It is a cheap house. The reason a serious vendor might take a long time to sell would be if a house was very distinctive, so would be of considerable value to the right buyer, but there'd be very few potential buyers in the market. £100k or £130k are mass-market prices where that simply doesn't apply.

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There's no harm in viewing and putting down a low offer. It may help if you have mortgage or cash in place so you mention the possibility of a quick sale. The estate agent may act outraged but it won't stop them letting you view other houses.

Use property bee to see if there is a history of price reductions/sold/back for sale. If it's sold subject to contract and then come back to market a few times - that may tell you if there is some other problem (eg problem with seller or house).

I highly recommend getting into the habit of a making a few low offers on houses you have no strong attachment to but might be interested in for the right price. It allows you practice your negotiation skills until the house you really wants comes along (as well as help drive down the market and help your fellow buyers). At one time, I had offers in for five different houses with 3 different estate agents. I'd have been happy with any of the houses for the right price but in the end only one seller was prepared to come close. Some of the others are still on the market and are slowly chasing the it down.

Edited by StainlessSteelCat

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I highly recommend getting into the habit of a making a few low offers on houses you have no strong attachment to but might be interested in for the right price. It allows you practice your negotiation skills until the house you really wants comes along (as well as help drive down the market and help your fellow buyers). At one time, I had offers in for five different houses with 3 different estate agents. I'd have been happy with any of the houses for the right price but in the end only one seller was prepared to come close. Some of the others are still on the market and are slowly chasing the it down.

I've done that with several houses, only my offers weren't low. I'm at the point of giving up on the whole idea of moving - estate agents really ARE the scurge of the earth. You may think they're being nice and trying to help you get the house you want but at the end of the day all they're thinking about it lining their own pockets and making a sale. I've had one who refused to pass my offer on unless I spoke to their mortgage advisor, another one tried to spin me all sorts of rubbish when I pulled out of a sale due to a very poor survey result on the house. It got to the point during the conversation I could tell he was just desperate to shift the property - probably because he realised it was a pile of c**p too! Another 2 were hoping I'd become emotionally attached to the houses I was offering on and could weedle even more money out of me by saying the vendor wanted more money.

Luckily I'm quite hard nosed about purchasing a property and I won't be pushed into buying something I don't like, is in an area I don't want or that I feel is overpriced. At the end of the day EA's aren't regulated and they make the rules up as they go along but I'm not falling for their mind games. I don't honestly know how some of them sleep at night. :angry:

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Another one just come on the market, its for £120k. If you look at the last sold prices they are quite low:

http://www.zoopla.co.uk/house-prices/west-yorkshire/bradford/squire-green/

Are the owners or EA taking the mick? worth making a 90k offer?

Definitely a good starting point - especially if you sense they might want a quick sale (and you are proceedable).

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It's pointless making offers whilst agents and vendors are still in denial.

We saw some houses we liked in an agent's window and, in a moment of madness, went in to enquire. Explained our situation, cash buyers, willing to complete immediately if required or could exchange and wait a few months for completion, whatever suited the vendor best.

Agent said we were the perfect buyers and he had just the house for us, no chain, vendor very keen to sell quickly and would definitely take offers.

As we had a long drive home we asked to view immediately. Agent phoned vendors, not convenient today, possibly sometime tomorrow, I said we'd take a look at the outside and phone him if it looked suitable.

Nice area, needed work, Land Registry search for recent sales in the road indicated asking price 15% above the highest price ever achieved in that road.

Phoned agent next day and asked him to enquire of the vendor what was the lowest offer they would consider for an immediate cash sale and that we would like to view as soon as possible if it sounded sensible. Agent phoned back to say that they might consider an offer of 98% of the asking price, but certainly not less, and that it wouldn't be convenient for us to view until two days hence.

That was the first contact we have made with an estate agent for six years and it will be the last for at least another year or two, I've got better things to do with my time.

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On the flip side of the coin, I saw a place which had started off at £140K and within 4 months was reduced to £115K, I offered £90K and we settled at £95K. They'd owned the place for 30 years, already had a new place and clearly needed to get rid asap.

As I said previously, you have to be prepared to do your research, not get emotional about one particular place and make plenty of offers. Others we offered on - were not even prepared to move even 1% from their asking price (largely because they were already in negative equity). They have since reduced their price by 10% and are still without a sale.

It does also depend on your local market as well. The previous year the estate agents couldn't even be bothered to make appointments for us to view places, last year (the year we bought), they were falling over themselves to show us stuff. Obviously, a lot had happened in 12 months.

I think it's a safe bet to say that Bradford is only going in one direction.

Edited by StainlessSteelCat

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  • 243 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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