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Cheeky Asking Prices

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Cheeky asking prices

What’s the lowest proportion of the asking price (in percentage terms) you should consider when placing an offer on a house without being deemed to be a time waster by all concerned?

I’m asking as I’ve seen a derelict property being offered for sale with all the windows/doors boarded up (I’m not sure if the windows/doors are still there or not). If I could buy the property at a reasonable price then it would make a nice little place to start off in.

As a bit of background info the property is in a small-medium northwest town and is not in a no-go area but just seems to have been boarded up to prevent vandalism from the local yoof.

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Cheeky asking prices

What’s the lowest proportion of the asking price (in percentage terms) you should consider when placing an offer on a house without being deemed to be a time waster by all concerned?

I’m asking as I’ve seen a derelict property being offered for sale with all the windows/doors boarded up (I’m not sure if the windows/doors are still there or not). If I could buy the property at a reasonable price then it would make a nice little place to start off in.

As a bit of background info the property is in a small-medium northwest town and is not in a no-go area but just seems to have been boarded up to prevent vandalism from the local yoof.

It makes no odds, you offer what you like, don't worry about someone thinking you are wasting their time. If they are asking more than the true value they are wasting everyone's time. I saw a place offered at £500,000 last year. I visited and decided once I had paid to get everything tidy it would be worth asking price. As it stood though, it was worth £400,000, so that's what I offered. Of course they turned me down but by coincidence, a friend had also seen it and put in a similar offer. At the end of the day you would probably have to get a surveyor in anyway to get your mortgage approved. They hold no punches when valuing property.

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Cheeky asking prices

What’s the lowest proportion of the asking price (in percentage terms) you should consider when placing an offer on a house without being deemed to be a time waster by all concerned?

I’m asking as I’ve seen a derelict property being offered for sale with all the windows/doors boarded up (I’m not sure if the windows/doors are still there or not). If I could buy the property at a reasonable price then it would make a nice little place to start off in.

As a bit of background info the property is in a small-medium northwest town and is not in a no-go area but just seems to have been boarded up to prevent vandalism from the local yoof.

Hi SLWP. In answer to your question. Honestly, offer as little as you like with perhaps a bit more lopped off. You just never know your luck.!! Let's face it, whether you're a bull, bear, turtle or single celled media type, property in the uk is seriously overpriced. I have viewed some 40+ properties in the Newhaven - Seaford - area in the last two years and quite frankly the asking prices have been taking the p*ss!!

There are still one or two flats on the market that were there when I started looking in 2004. I reduced my expectations quite soon after seeing the first few. What's available to me in my price range (i.e bottom rung) astonished me. What a load of sh*tty old tat I was being shown.

Get this .... No kidding...it actually happened. I went to view a flat in Newhaven. 1 bed £120K asking price..not too bad on the outside but not too good either. It is right on the main Brighton road..nowhere to park..all the usual bo******s. The EA had the keys so we went to view as one does...got a lift in his convertible beamer (honest! what a laugh eh!! what a w*****.). We open the door...well what a pisshole. I had to step over a dirty pair of underpants as I walked in through the front door...socks too!. Not just remnants of a wild party or something that may have been mildly excusible. No there was crap everywhere. Dirty laundry, crockery, goo! The place stank. It was GROSS. It gets better. The bath..one of those old ceramic types was sitting (unplummed) in the front room.

The EA bumpf had said; "in need of some modernisation...or some whingy whinning crap to that effect"

Being a mild mannered and well brought up chap (not a snob though!!) I say "thanks, perhaps I can see the others..let's move on"

As far as I am aware that flat has not sold having been banded around a couple of other EA's.

My point amongst all this is that the current housing market is absolutely rubbish for people like me and (with due respect) I guess yourself (average people on average wages looking for a reasonable, average place to live in). Vendors are shamelessly asking stupid money because EA's tell them to. I mean, if someone can't even pick up their skiddy pants from the floor before a viewing, what sort of real clues and ideas about marketing and prices do they have. Clearly none!!

Don't sell yourself short. Don't buy some old craphole in a crappy area just to get on the ladder. You could do it up with time and money...but it's still going to be in a crappy area. House prices may continue to rise and yes you may get a start on the ladder...but heh what if prices do fall..even slightly over a few years after you've bought? You'd be absolutely stuck! It's always the poorer areas that are hit hardest in hard times.

But...if you do feel the need to make an offer. Go in as low as you like. Why not? The worst is thing that can happen is that someone gets offended and tells you to bog off.

You've got to look at the asking price. Consider what you think it is worth.

My Dad always told me that something is only worth what someone else is prepared to payfor it. I think these are wise words. Do you think you could sell it for a reasonable sum in the future.

What will the repayments be on the asking price and could you afford it if the IR went up by say 2%? Oh and with a proper mortgage too..not some IO scam.

How much would you have to spend in order to renevate to a reasonable standard that you would be happy with?

I don't know what is going to happen with the housing market...I'm just an average sort of guy albeit reasonably well informed.

My gut feeling though, is that at some point in the not-to distant future..market forces will conspire against those who have bought to invest but have done so unwisely, those who have bought but can't really afford to do so and those with dodgy mortgages who are heading for a fall. All of this will perhaps result in new legislation, social change, a return to more sensible lending and perhaps a more affordable market...who knows.

What's the worst that can happen...The overpriced sh*tholes become more overpriced, unaffordable and further out of reach and someone else buys them.!!

More likely is that the longer these places are on the market..the more likely a vendor is to consider a low offer.

Many people including the media give the impression that HPI only goes up. This is not true. My girlfriend..mad as wax she may be..bless, bought her 2 bed flat in Hove in 1997 for £30k. It had been on the market for two years originally marketed at £56k. Now this flat needed some work doing but by no means was a sh*thole and is in a very nice area of Brighton (Hove actually). Now valued at over £200k. Insane!!

Thus I am in a good position to refute the "prices only go up" argument although with HPI as it is..one can see why peolpe get carried away in all the hype.

As for the "it's different this time..." argument, well, we can only judge that for ourselves. I know what I think.

Now I think it's time for lunch...where shall I go today. Ah-ha, perhaps the shopkeeper can help?

And as if by magic........... :blink:

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Cheeky asking prices

What’s the lowest proportion of the asking price (in percentage terms) you should consider when placing an offer on a house without being deemed to be a time waster by all concerned?

I’m asking as I’ve seen a derelict property being offered for sale with all the windows/doors boarded up (I’m not sure if the windows/doors are still there or not). If I could buy the property at a reasonable price then it would make a nice little place to start off in.

As a bit of background info the property is in a small-medium northwest town and is not in a no-go area but just seems to have been boarded up to prevent vandalism from the local yoof.

Treat this like any other business:

* Walk the area and use Land Registry data to estimate a realistic selling price

* Get a surveyor in and work out a realistic budget for the building work

* Estimate other costs and your profit margin

* Asking price should be no higher than:

Selling Price minus (Costs plus profit margin)

Asking prices are matter of opinion. If the figures stack up go for it. Otherwise wait for the next opportunity. Remember to ask yourself why has it been derelict for so long?

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  • 302 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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