thefruits Posted September 25, 2006 Share Posted September 25, 2006 OK.. its a rhetorical question but hey ho.. thought I'd bring it up... Looking at 2 houses... one at £385k... and one at £400k... One needs about £100k of work but has plenty of scope for extension / improvement ... the second is fine but has no room for expansion (its owned by a builder and looks great) I've spoken to the estate agent about the one which needs doing up... she's had offers but all from open chains... I'm a cash buyer (currently renting)... I mentioned £330k max.. she said that she thinks it would be worth putting it forward.. it would get rejected but she thinks that given a few days of thinking about it she would accept it... tempted to offer £300k now ! Second... guy is a builder... wants to free up money for his next project... again I'm in a strong position.. has 3 offers on the table but all from people with chains.. therefore worthless Thinking of bidding £360k... Thing is... when I talk to people at work.. they say.. well its not fair to offer so little... Hey before I get any criticism... I do not see why we should pay such inflated prices anyway.. but these houses are pretty sound and offer somewhere to live for at least the next 5-10 years... So is being unfair ok ? And if they reduce the price in the next week... can I reduce my offer by the same amount ? Quote Link to comment Share on other sites More sharing options...
Guest Cletus VanDamme Posted September 25, 2006 Share Posted September 25, 2006 If you want the sort of answer you are looking for you might be better off posting this question on the Channel4 4homes forum. Quote Link to comment Share on other sites More sharing options...
Bearfacts Posted September 25, 2006 Share Posted September 25, 2006 OK.. its a rhetorical question but hey ho.. thought I'd bring it up... Looking at 2 houses... one at £385k... and one at £400k... One needs about £100k of work but has plenty of scope for extension / improvement ... the second is fine but has no room for expansion (its owned by a builder and looks great) I've spoken to the estate agent about the one which needs doing up... she's had offers but all from open chains... I'm a cash buyer (currently renting)... I mentioned £330k max.. she said that she thinks it would be worth putting it forward.. it would get rejected but she thinks that given a few days of thinking about it she would accept it... tempted to offer £300k now ! Second... guy is a builder... wants to free up money for his next project... again I'm in a strong position.. has 3 offers on the table but all from people with chains.. therefore worthless Thinking of bidding £360k... Thing is... when I talk to people at work.. they say.. well its not fair to offer so little... Hey before I get any criticism... I do not see why we should pay such inflated prices anyway.. but these houses are pretty sound and offer somewhere to live for at least the next 5-10 years... So is being unfair ok ? And if they reduce the price in the next week... can I reduce my offer by the same amount ? FFS is asking these grossly inflated prices in the first place in any sense fair ?! Asking people to pay 3/4/5/6 times what it actually cost to build in the first place. Three times more than they themselves paid for it in the first place ! Do you think the vendors give two F***s whether they are being fair or not ?!! No all they care about is getting the maximum amount of cash possible for their pile of bricks. Offer the least you can to get the property would be my advice. Better still hold out for another 12 months and you might be able to get another 10-20% off. As they say 'all is fair in love and buying property' Quote Link to comment Share on other sites More sharing options...
CrashDive Posted September 25, 2006 Share Posted September 25, 2006 OK.. its a rhetorical question but hey ho.. thought I'd bring it up... Looking at 2 houses... one at £385k... and one at £400k... One needs about £100k of work but has plenty of scope for extension / improvement ... the second is fine but has no room for expansion (its owned by a builder and looks great) I've spoken to the estate agent about the one which needs doing up... she's had offers but all from open chains... I'm a cash buyer (currently renting)... I mentioned £330k max.. she said that she thinks it would be worth putting it forward.. it would get rejected but she thinks that given a few days of thinking about it she would accept it... tempted to offer £300k now ! Second... guy is a builder... wants to free up money for his next project... again I'm in a strong position.. has 3 offers on the table but all from people with chains.. therefore worthless Thinking of bidding £360k... Thing is... when I talk to people at work.. they say.. well its not fair to offer so little... Hey before I get any criticism... I do not see why we should pay such inflated prices anyway.. but these houses are pretty sound and offer somewhere to live for at least the next 5-10 years... So is being unfair ok ? And if they reduce the price in the next week... can I reduce my offer by the same amount ? If your determined to buy then bid low and stay low. Stick to what you think it is really worth and no more, the markets moving your way. Best of luck. Quote Link to comment Share on other sites More sharing options...
Willy Weasel Posted September 25, 2006 Share Posted September 25, 2006 FFS is asking these grossly inflated prices in the first place in any sense fair ?! Asking people to pay 3/4/5/6 times what it actually cost to build in the first place. Three times more than they themselves paid for it in the first place ! Do you think the vendors give two F***s whether they are being fair or not ?!! No all they care about is getting the maximum amount of cash possible for their pile of bricks. Offer the least you can to get the property would be my advice. Better still hold out for another 12 months and you might be able to get another 10-20% off. As they say 'all is fair in love and buying property' If you're going to blame anyone, blame the agent. We've had 5 valutions on our property ranging from £175,000 to £235,000. How am I supposed to decide which one to go for? In answer to the original question, offer what it is worth to you. The wonderful thing about value is it is in the eye of the beholder (just like beauty). Quote Link to comment Share on other sites More sharing options...
peemac Posted September 25, 2006 Share Posted September 25, 2006 Bid what you're comfortable with, you're buying a house not making friends. In the current climate I think bidding at least 20% below asking price is a reasonable starting point. If they don't accept no-one's lost anything. Quote Link to comment Share on other sites More sharing options...
Rachman Posted September 25, 2006 Share Posted September 25, 2006 If you're going to blame anyone, blame the agent. We've had 5 valutions on our property ranging from £175,000 to £235,000. How am I supposed to decide which one to go for? We had local agents round and against my better judgement (because for a change they wrote direct to missus, not me to ask to be able to do an 'appraisal', we had the one with the MINIs round as well. We've effectively redone the entire house and gardens so time to see whether it's worth selling - i.e. can we get back what I think is 'acceptable' and then find an appropriate next 'project' to do. The range of prices was 3 agents within £10K of each other (and exactly where I said it would be) and the other one £285,000 (yes, you did read that right) more than the next highest. You tell me which one was having a laugh to try to get the instruction and then knock the price back. Quote Link to comment Share on other sites More sharing options...
Son of Taeper Posted September 25, 2006 Share Posted September 25, 2006 There really is no such thing as being unfair in this game. The vendor will squeeze every last penny from you given the chance. He has a set bottom limit and a limitless top limit. You should have a set top limit and a limitless bottom limit. My buyers pleaded poverty while they were trying to buy our place. They somehow found another £10,000 when someone else became interested. I think the best way is for both parties to come away from the deal happy but if only one person comes away happy, make sure it's you. Quote Link to comment Share on other sites More sharing options...
no dice Posted September 25, 2006 Share Posted September 25, 2006 Someone said that if you're not embarrassed by your opening offer then you're offering too much. Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted September 25, 2006 Share Posted September 25, 2006 3 agents within £10K of each other (and exactly where I said it would be) and the other one £285,000 (yes, you did read that right) more than the next highest. You tell me which one was having a laugh to try to get the instruction and then knock the price back. Was it the one with "the MINIS" that quoted 285K more? Quote Link to comment Share on other sites More sharing options...
Ignorant Steve Posted September 25, 2006 Share Posted September 25, 2006 "Fair" will vary depending upon whther buyer or seller. So meaningless. The all important value is the one that all parties agree on. Of course you could always start gazundering further down the line if you want to be completely unfair! Quote Link to comment Share on other sites More sharing options...
Monopoly Posted September 25, 2006 Share Posted September 25, 2006 There is nothing unfair in making a lower offer..ether they take it or leave it...but what I can't stand is people trying something on after offers are excepted... Quote Link to comment Share on other sites More sharing options...
enworb Posted September 25, 2006 Share Posted September 25, 2006 Any property is only worth what a buyer will pay. Being a cash buyer will give you a big advantage, least not because you can exchange and complete a lot quicker. The builder that carried out the renovations will be keen to start the next project. With this in mind, offer him less than you were going to (£20k or so) and take it from there. If it was 2 potential buyers, both needing mortgages, he'd go for the highest bidder. But he'd no doubt except less from a cash buyer, particularly if he already has his eye on another development. Quote Link to comment Share on other sites More sharing options...
Monopoly Posted September 25, 2006 Share Posted September 25, 2006 (edited) There is nothing unfair in making a lower offer..ether they take it or leave it...but what I can't stand is people trying something on after offers are excepted... I would like to know how much under asking price is realistic for an offer....but I mean really realistic Edited September 25, 2006 by Monopoly Quote Link to comment Share on other sites More sharing options...
crash co-ordinator Posted September 25, 2006 Share Posted September 25, 2006 Someone said that if you're not embarrassed by your opening offer then you're offering too much. Brilliant!!!! Quote Link to comment Share on other sites More sharing options...
Sledgehead Posted September 25, 2006 Share Posted September 25, 2006 OK.. its a rhetorical question but hey ho.. thought I'd bring it up... Looking at 2 houses... one at £385k... and one at £400k... One needs about £100k of work but has plenty of scope for extension / improvement ... the second is fine but has no room for expansion (its owned by a builder and looks great) I've spoken to the estate agent about the one which needs doing up... she's had offers but all from open chains... I'm a cash buyer (currently renting)... I mentioned £330k max.. she said that she thinks it would be worth putting it forward.. it would get rejected but she thinks that given a few days of thinking about it she would accept it... tempted to offer £300k now ! Second... guy is a builder... wants to free up money for his next project... again I'm in a strong position.. has 3 offers on the table but all from people with chains.. therefore worthless Thinking of bidding £360k... Thing is... when I talk to people at work.. they say.. well its not fair to offer so little... Hey before I get any criticism... I do not see why we should pay such inflated prices anyway.. but these houses are pretty sound and offer somewhere to live for at least the next 5-10 years... So is being unfair ok ? And if they reduce the price in the next week... can I reduce my offer by the same amount ? What on earth are you talking about? Help me out folks: is that stuff above written in code or is it just a foreign language?? This has got to be a troll, though I am struggling to see the angle. Quote Link to comment Share on other sites More sharing options...
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