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Sausage

Are we nearly there yet? Is it cheeky offer time?

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Could be.  The issue I keep coming up against is sellers are not desperate enough to accept my incredibly reasonable offer!

Or to put it another way, holding out for the price they think its worth - probably only because IRs are so low it enables them to stay put a little longer and hold out, or they have no mortgage.

Place up the road (200yds) from me is empty 4/5 bed - 70's build.  Dated, but good plot, great views and would have sold in minutes back in the crazy days.  According to the neighbour it hasn't sold because they won't accept offers.

It went on for around £550k 2 years ago; was £495k within 6 months; 6 months later they split it up into house £310k and garden as potential building plot £110k.  Today the whole thing is on for £400k...crazy.

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51 minutes ago, MinistryMan said:

Could be.  The issue I keep coming up against is sellers are not desperate enough to accept my incredibly reasonable offer!

Or to put it another way, holding out for the price they think its worth - probably only because IRs are so low it enables them to stay put a little longer and hold out, or they have no mortgage.

Place up the road (200yds) from me is empty 4/5 bed - 70's build.  Dated, but good plot, great views and would have sold in minutes back in the crazy days.  According to the neighbour it hasn't sold because they won't accept offers.

It went on for around £550k 2 years ago; was £495k within 6 months; 6 months later they split it up into house £310k and garden as potential building plot £110k.  Today the whole thing is on for £400k...crazy.

Offer 150k for the lot 

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On 31/07/2018 at 17:08, Sausage said:

Nice house near me... At 30% off I'd buy it. Currently £450k, down from £500k a month ago.

Or do I sit it out?

This one is chain free... If it keeps dropping, hopefully it'll get to winter and they'll be desperate. Then I can turn up like a chain-free FTB knight in shining armour 

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35 minutes ago, ftb_fml said:

They can only say no, but I'd say it's a bit early for such optimistic offers tbh.

Ssshhh... Let me dream please 😂 I've waited 10 years for this!

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Just keep going and viewing anywhere you like the look of. Even if you don’t offer at all, I just think it gives you a real feel for the market. As much as I’m no fan of estate agents I have quite a few who contact me regularly now and it is useful insight at times.. I had one email me this week about a property which first came at 650k then was reduced to 600k. He said they may now be willing to take an offer somewhere between 525-550k due to there situation. I’m not going to offer but it’s nice to know there desperate for a buyer. Personally I think all the house price figures are a load of crap. All I care about is getting a property I’m happy with at a price I can afford. Been waiting years I’m hoping this will be the last one. 

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3 hours ago, MinistryMan said:

Place up the road (200yds) from me is empty 4/5 bed - 70's build.  Dated, but good plot, great views and would have sold in minutes back in the crazy days.  According to the neighbour it hasn't sold because they won't accept offers.

You just want these people to learn the hard way in a falling market, always chasing the top price, until one day the price they said they would never take in a million years is now 35% lower than even that  and still impossible to get.

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10 hours ago, inbruges said:

You just want these people to learn the hard way in a falling market, always chasing the top price, until one day the price they said they would never take in a million years is now 35% lower than even that  and still impossible to get.

Such an incredibly British response.

Property envy sure is something... and oh how it enriches the soul and lives of those who witness others failing...

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1 hour ago, cashinmattress said:

Such an incredibly British response.

Property envy sure is something... and oh how it enriches the soul and lives of those who witness others failing...

I thought  that was why we were here?  I would love to see a BIG collapse in prices and some sanity return to the cost of housing - both buying and renting.

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1 hour ago, cashinmattress said:

Such an incredibly British response.

Property envy sure is something... and oh how it enriches the soul and lives of those who witness others failing...

Why would anyone envy someone holding property......certainly not the ones that hold the one property they use and live in..........property has been used as a vessel to hold currency and to manufacturer currency....a way of pumping liquidity and inflation out there.

Some homes cost less than £500 when built......how many times has that one home generated debt?.....how much total debt has a home created by just sitting there doing nothing?

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In July I put offers on 2 London flats at around 10% under asking price.

I received a sharp intake of breath, some snickering, and "that offer is offensive" back from the agent/vendors.

Both flats have been on the market for 4-5 months and have dropped their asking price multiple times since they were listed.

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I thought the same, but I have decided that there's nothing the wife and I like enough to start making offers. 

However, I wouldn't think twice about offering 25% less than asking. 

Go for it. Worst that can happen is that they say no. You'll never be friends with their selling agents or with the buyers, so why give a ******>? 

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Offered £315k on a house already reduced down from £400k to £375k recently. I was expecting to be ignored but it went to the vendor and they came back with offers around £350k. Bearing in mind it needed a ton of work we didnt want to up it that much. It sold recently but wouldnt be surprised to see it back on the market after the survey. It was a wreck. It was encouraging offers were not being ignored. 1 in 5 buyers offer over the asking price which we cant/wont compete with or entertain but thats what you can be up against and until sentiment or credit availability really changes I cant see that stopping. Maybe sentiment is changing, lets see what autumn/winter brings.

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On ‎31‎/‎07‎/‎2018 at 17:08, Sausage said:

Nice house near me... At 30% off I'd buy it. Currently £450k, down from £500k a month ago.

Or do I sit it out?

I don't think realistically anyone is going to accept 30% off their asking price.  If you think this house is only worth £315k I think you'd have to wait until they've dropped the asking price to £375k or so before you have a chance of £315k being accepted.

I'm also not sure that "nothing to be lost by putting in a cheeky offer" is true either.  If anything it's going to make both the seller and the estate agent just think of you as a joker who isn't that serious.

If it were me, and I truly wasn't prepared to pay more than £315k, I would wait.

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Our particularly low offer was based on a trusted builder estimates of £60k+ renovation and the house was already one of the highest priced on the street historically despite tonnes of work required. 4-6 months of hard graft and stress thrown in as well for something the same as a previous house sale last year (which was in good nick). Just didnt add up to us. 

In hindsight, we should of offered just below asking, 'agreed' but then renogiated hard after the survey and subsequent builder quotes. That seems the way people do it and more palatable to the 'my house is worth more than that' sellers or those that have happily lived in a rotting, dilapidated house for decades and consider it worth more than the neighbours nice house up the road. Live and learn. 

 

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Anyone buying is not buying the bricks, the kitchen or the bathroom.....they are buying the land and the location....land and location values will change ebb and flow.....fashions change and evolve.;)

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On 31/07/2018 at 17:08, Sausage said:

Nice house near me... At 30% off I'd buy it. Currently £450k, down from £500k a month ago.

Or do I sit it out?

Is always cheeky offer time.

Just because you ask 450K for a dump does not make it worth so.

 

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6 hours ago, winkie said:

Anyone buying is not buying the bricks, the kitchen or the bathroom.....they are buying the land and the location....land and location values will change ebb and flow.....fashions change and evolve.;)

Recently I looked at a nice (but 100k overpriced family home) where the old dear on her own was adamant her home was in pristine condition.  It was....pristine 1978 condition and could have been a film set I was pretty impressed tbh.

 

 

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I have been making offers about 15% below asking, all as expected rejected so far. But one of the agents rang back a month later saying it had now been reduced to my offer price, to which I said my offer no longer applies as the market has plummeted further. 

I have no intention of buying yet, having fun providing the vendors/ agents realistic feedback.

At this snail pace rate of a plunge, no idea when I will be in a position to buy, but I have plenty of patience.

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9 hours ago, Fromage Frais said:

Is always cheeky offer time.

Just because you ask 450K for a dump does not make it worth so.

 

It sold for £200k in 2000 and £300k in 2010. It doesn't look like it has been updated in that time. 

It's sitting empty too... Which implies a desperate seller.

 

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I was putting in cheeky offers around 2010. The problem is that it can piss of the estate agent and when you want to view with them again they basically refuse, or make a big issue of lecturing you and calling you a time waster.

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  • 259 Brexit, House prices and Summer 2020

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      • down 5% +
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