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


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We did 3 viewings yesterday, purely anecdotal but I thoroughly enjoyed these comments from the EA's we met

 

'market is weird at the moment'

'market is slowing down'

'the London money is slowing'

'4 years ago I would of sold this house in an afternoon' (it has been on the market since April 18)

'we are encouraging vendors to list as soon as possible as we are expecting a flood of new listings in the autumn'

'we sent this property to our client list of 400 investors/landlords and not one was interested' 

'the seller only wants to see a proceedable offer that can move very quickly'


All in all a lovely afternoon, looking to do a few more this weekend!

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34 minutes ago, jimmyblueeyes said:

We did 3 viewings yesterday, purely anecdotal but I thoroughly enjoyed these comments from the EA's we met

 

'market is weird at the moment'

'market is slowing down'

'the London money is slowing'

'4 years ago I would of sold this house in an afternoon' (it has been on the market since April 18)

'we are encouraging vendors to list as soon as possible as we are expecting a flood of new listings in the autumn'

'we sent this property to our client list of 400 investors/landlords and not one was interested' 

'the seller only wants to see a proceedable offer that can move very quickly'


All in all a lovely afternoon, looking to do a few more this weekend!

Sounds hopeful! I'll sit back I think and watch supply increase and prices drop.

I'm able to make a proceedable offer so I hope sellers will bite my hand off at some point.

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5 hours ago, RomfordDon said:

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.

In their opinion.

If you do not ask you do not get.

No matter how who you are or what you do agents will always flit from desperate and nice to aloof and arrogant depending on how things go.  If they are selling houses like hot cakes then you know that your offer is a waste of time f not and you can justify your offer (comparable recent sale etc) then why not.

I have had snotty agents get annoyed with me and do the time waster thing........only to call me bright and breezy a month or so later with the latest dump.

 

 

 

 

 

Edited by Fromage Frais
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52 minutes ago, GentlemansFamilyFinances said:

if you want to find a motivated seller - look in the obituaries :)

Sometimes they can be the worst with too many greedy family members dragging their heels to try and get the top dollar

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1 hour ago, Fromage Frais said:

In their opinion.

If you do not ask you do not get.

No matter how who you are or what you do agents will always flit from desperate and nice to aloof and arrogant depending on how things go.  If they are selling houses like hot cakes then you know that your offer is a waste of time f not and you can justify your offer (comparable recent sale etc) then why not.

I have had snotty agents get annoyed with me and do the time waster thing........only to call me bright and breezy a month or so later with the latest dump.

 

 

 

 

 

I think it depends how aggressive you are. If you go in there 30% under and talk aggressively about the market and try to be pushy then that's probably a red flag for the agent.

If you go in with a bit  softer tone and say something along the lines of "I appreciate that the vendor wants to get as much as he/she can for the property but my feeling is it's only worth £X based on a,b and c, and although I do like the place I am under no pressure to buy at the moment" you might be met with a better response. And if the vendor really is desperate to sell that can become the start of a negotiating position. if they are not then at least you haven't soured relations with the agent.

Having sold a place myself within the last couple of years, there is no doubt just as you probably get some pretty entitled vendors, you also get some pretty idiot buyers too. The people that demand 40% discount but give no justification why, especially when properties nearby of a similar standard have sold for the same price. And then there was one idiot who said the place was only worth £X in his opinion, and then proceeded to offer £X-£Y for it (where £Y was pretty big) !

 

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9 minutes ago, Beaker said:

I'd suggest waiting until the late autumn, then putting low offers on stuff that's not sold over summer. Worked well for me last year. Originally on for 350, then 325, offered 280, settled on 300. (Nice area of Hertfordshire)

Sounds like a decent strategy to me. It's the people that rock up after a house has only been on the market for a week and expect a 40% discount that make me scratch my head. After all, if you were that desperate to sell quickly you would probably auction it.

Certainly feel the market is shifting towards buyers at the moment, but it's still got someway to go. At least in the areas I look in.

Edited by Gigantic Purple Slug
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3 hours ago, Beaker said:

I'd suggest waiting until the late autumn, then putting low offers on stuff that's not sold over summer.

I have thought about this and in principle it's a good idea, only thing is the last time I looked almost everything had dried up and what was still on the market was either in poor condition, a bad location or often both.

That said here in the South East anything even approaching affordable tends to be either in poor condition or a bad location. Unless, of course the seller's "motivated".

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4 hours ago, LandOfConfusion said:

in the South East anything even approaching affordable tends to be either in poor condition or a bad location. Unless, of course the seller's "motivated".

I am heartened by the lack of Sales, and the growing number of "reduced", albeit from an ucking stupid price to Space Cadet.  I suspect there will be a lot of potential vendors not wishing to endure a winter on the "Market".  

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On 03/08/2018 at 07:17, RomfordDon said:

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.

That's my fear too. Gotta wait until there's blood on the streets. Also realise that bargain hunters have to compromise.

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On 03/08/2018 at 08:06, Sausage said:

Sounds hopeful! I'll sit back I think and watch supply increase and prices drop.

I'm able to make a proceedable offer so I hope sellers will bite my hand off at some point.

Do sit back but I do recommend going on viewings, you do start to collect a better picture of what is happening locally and it becomes easier to sift out the deluded sellers by doing plenty of viewings and making comparisons. 

If you are proceedable you are gold dust to some, so knowing the EA's and having your name on the EA's priority list of people to call asap is no bad thing imo. 

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On 03/08/2018 at 07:17, RomfordDon said:

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.

If estate agents think haranguing potential buyers is appropriate behaviour it's a sign the market is nowhere near the bottom.

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Two kinds of sellers......those that sell to buy bigger, those that sell to cash in.

The sell to buy bigger are staying put, biding their time, no rush because the price they need to get will not buy them the place they want, taking costs, income, MMR into account.;)

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Why would those wanting to sell to  to buy bigger stay put? It does not suit them to sell for top price then buy for top price.  If they can negotiate the same percentage off the one they are wanting to buy as the percentage they have to concede to achieve a sale of there own property they come out of it winners. Bigger the percentage the better surely? 

Less stamp duty

Less estate agent fees 

possible easier to qualify for mortgage and even a slightly smaller overall mortgage debt so less interest. 

It only works selling at the top if you are cashing out...

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3 hours ago, 2rocketman said:

Why would those wanting to sell to  to buy bigger stay put? It does not suit them to sell for top price then buy for top price.  If they can negotiate the same percentage off the one they are wanting to buy as the percentage they have to concede to achieve a sale of there own property they come out of it winners. Bigger the percentage the better surely? 

Less stamp duty

Less estate agent fees 

possible easier to qualify for mortgage and even a slightly smaller overall mortgage debt so less interest. 

It only works selling at the top if you are cashing out...

Well kind of, but even better to wait for a crash. Lets say yours is currently 400K and you want to trade up to a 600K property. Then you'd need to make up 200K plus high fees. But after a 50% crash, yours is 200K and the one you want is 300K. Now you only have to make up 100K and pay less fees. No negotiating required.

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As someone who has bought and sold property I can’t understand why people are so afraid to low ball an offer. It’s your money / leaverage and risk. Biggest financial commitment of your life and afraid to go in with a low offer. Yet people spend ages searching for saving a few quid on random items on eBay.  The mind boggles.  As I said before , if you’re not embarrassed with your first offer it’s not low enough. In my area in south west London nothing is selling and the penny is dropping with agents and they need sales 

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7 hours ago, Mrs Bear said:

I heard yesterday of relatives' friends who recently sold an apparently very nice house on the Isle of Wight. 

Original asking price, £800k, sold price £500k.  

OK, the I of W is not exactly typical, but still....

 

 

 

 

 

 

My ex brother In law bought in 2011 in Surrey. Asking price was 1.3 million. Got it for 850

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On 02/08/2018 at 10:08, scottbeard said:

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.

Any seller always has the option of auctioning it. 15% below market price at worst case.

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2 hours ago, Peter Hun said:

Any seller always has the option of auctioning it. 15% below market price at worst case.

Asking price and market price are two very different thinks. A house listed at £300k is only worth that if a buyer agrees.

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1 hour ago, Sausage said:

Asking price and market price are two very different thinks. A house listed at £300k is only worth that if a buyer agrees.

Of course, market price is determined by comparable, say 3 recent sales comparing £/metre and condition.  A in-depth valuation will give this, but you can do it yourself. Cost per area is the starting point.

Asking price is useless ********, but 8% below asking price is 'normal' I would say. So start at -15% and work on that. Any serious seller would be asking the market price.

As they say, you have to be patient and walk away, it may take another year to get -10% on market prices, but -30%   won't happen overnight.

My plan is to wait another year for the descent to continue.

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