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Put In A Low Offer Now Or Wait?

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There's a house I'm interested on, BN16 area. If my £200k (20% below asking price) offer was accepted, we'd be paying £700pm on a 10yr fixed mortgage for a 3 bed semi. At the moment we pay £800pm on a shabby 2 bed terrace.

Do I make the cheeky offer? Wait for asking prices to drop 20%?

q41xLif.jpg

Edited by Guest

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Guest

Maybe I should post the link .... get everyone to phone up and offer £150k, then I'll turn up and offer £175k :)

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There's a house I'm interested on, BN16 area. If my £200k (20% below asking price) offer was accepted, we'd be paying £700pm on a 10yr fixed mortgage for a 3 bed semi. At the moment we pay £800pm on a shabby 2 bed terrace.

Do I make the cheeky offer? Wait for asking prices to drop 20%?

q41xLif.jpg

News of their own stupidity will not have reached that far north yet.

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Guest

News of their own stupidity will not have reached that far north yet.

It's 1m north of the south coast of west sussex!??! :wacko::D

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Try it, but remember that on average the 3rd offer you make is accepted. So you'd need to start lower if you want to get it for £200k.

Personally I'd wait a bit, the market cools from now until Christmas. Viewing it now to get an idea what it's like in summer and then offering in October when they haven't had any interest for weeks might be worth risking.

Edited by spunko2010

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Depends why they're selling as well. Sometimes people have to sell eg divorce or moving for a job. Also people who have an inherited property they want to get rid of and just get their hands on the cash. Some of these might be tempted by lowish offers. :)

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Do you know why they are selling? How long have they lived there?

If its a forced sale i.e death or divorce then a very cheeky offer now might work. My brother bought his house from a recently divorced couple and they took the first offer (which was significantly under asking) but this was around 2012. It had been their long term family home and the guy especially was in bits, just wanted to get on with his life, quite sad really. They had been there over 15 years so seen enough of an price increase to get out and get on with it/ Bro didn't miss about with the '3' offers business as he stated it was the maximum he could borrow (which was obviously not true). Vendors who are moving on from a house they have only been at for a 1-3 years may be less inclined to accept a cheeky offer but everyone has their own greed level.

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Guest

Looks like elderly person moved out... Either care home or deceased. Lots of work needed but could live in. Viewing it on saturday... EA on phone wouldn't say yes or no to whether the vendor would be flexible on price.

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Since booking the appt, 10 new listings in my RM area... Gone from 160 to 170 in a day! Even more reason not to rush into anything ...

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Looks like elderly person moved out... Either care home or deceased. Lots of work needed but could live in. Viewing it on saturday... EA on phone wouldn't say yes or no to whether the vendor would be flexible on price.

You could have said "If they are interested in 200k I'll view it...."

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Looks like elderly person moved out... Either care home or deceased. Lots of work needed but could live in. Viewing it on saturday... EA on phone wouldn't say yes or no to whether the vendor would be flexible on price.

EA is a tw@t. Advertised price is a starting point in negotiations and always downwards unless there are multiple interested parties.

Offer below, it's not for the EA to say no on the vendors behalf. A good agent will put forward bids he knows the vendor will refuse as part of setting expectations in the vendors mind.

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Could be bad neighbours, music, dogs barking, parking or boundry disputes? Check.

Always go in low and wait a few days, make them sleep on it. If I don't get 'no' twice then I probably paid to much. Though I did blow out a few deals over a couple of years (fussy n skint), luckily the 'right' one came good, better than all the other properties. Strategy suited my situation at the time when I was renting with nothing to sell, able to pick n choose, reliable finances and able to meet any time scale. Do plenty of research and play your hand the best you can. I even managed to get the agent to cut a deal for me by playing the in house IFA, double commissions all round for them, this helped them managed their clients expectations in my favour... lower agreed sale price. At the end of the day the EA just wants to see lots of reliable deals go to completion without to much hassle.

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I would not bother until the new year personally. The media are just on the turn at the minute and are probably a couple of negative data points from front page spreads declaring apocalypse.

London really looks primed for absolutely huge falls with a lot of new bedsits coming to market with 500K asking prices. Falls of 60-70% and they sill look expensive vs wages.

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EA is a tw@t. Advertised price is a starting point in negotiations and always downwards unless there are multiple interested parties.

Offer below, it's not for the EA to say no on the vendors behalf. A good agent will put forward bids he knows the vendor will refuse as part of setting expectations in the vendors mind.

I thought estate agents were legally bound to forward ALL genuine offers to the seller?

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Conversely, if it's a probate give up now. The level of greed I've seen in probate property makes me want to smash something.

Not necessarily. A daughter has just offered on a probate property that was quite a bit less than considerably less nice ones close by - one was a complete sh*thole for quite a bit more - and touch wood it's been accepted.

When we looked at it the other day there were a load of flowers that looked to me distinctly like funeral flowers - vendors evidently in a hurry!

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Not necessarily. A daughter has just offered on a probate property that was quite a bit less than considerably less nice ones close by - one was a complete sh*thole for quite a bit more - and touch wood it's been accepted.

When we looked at it the other day there were a load of flowers that looked to me distinctly like funeral flowers - vendors evidently in a hurry!

I can't see probate being granted so quickly that the body is still warm and the flowers still fresh - unless the property passed directly to a spouse

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I can't see probate being granted so quickly that the body is still warm and the flowers still fresh - unless the property passed directly to a spouse

I had thought an executor could sell, though obviously not distribute any money. It would have to go into an executor's account, or whatever it's called.

Maybe the house isn't actually probate - could be a 'had to move to a care home' which would explain the hurry.

Or else the house had been made over to relatives beforehand.

I think I had just assumed, because of the 'old' decor and no chain.

Edited by Mrs Bear

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