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lypsey

Sharks

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I apologise if this has been posted already

http://www.thisismoney.co.uk/mortgages/hou...p;in_page_id=57

It says "Predatory buyers are stalking the property market negotiating massive discounts from desperate sellers, research reveals today"

It then says "They are putting in offers which are up to 30% below the asking price, even though that may have already been reduced"

I never really expected this to happen so fast but when a house is reduced and then gets another 30% off the price and this in turn is entered onto the Land Registry this will have MASSIVE implications

If this is happening on a large scale it could make the figures at the LR look very bad. Imagine you are the person coming along after one of these "sharks" has just got a bargin, why on earth would you pay more that the him??? Then you go into a viscious downwards spiral

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I apologise if this has been posted already

http://www.thisismoney.co.uk/mortgages/hou...p;in_page_id=57

It says "Predatory buyers are stalking the property market negotiating massive discounts from desperate sellers, research reveals today"

It then says "They are putting in offers which are up to 30% below the asking price, even though that may have already been reduced"

I never really expected this to happen so fast but when a house is reduced and then gets another 30% off the price and this in turn is entered onto the Land Registry this will have MASSIVE implications

If this is happening on a large scale it could make the figures at the LR look very bad. Imagine you are the person coming along after one of these "sharks" has just got a bargin, why on earth would you pay more that the him??? Then you go into a viscious downwards spiral

You mean you haven't been in and offered 50% below the asking price yet? Do it, it's funny because all those years of property porn put the vendor in a shock state when you tell them their house ain't worth as much as the posh bord on the telly told them.

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I am starting to get my property buying boots cleaned ready for some poking around the market. I might suggest a few 50% disconts if I see anything I like on the basis that they can sell now at that price or wait until next year and get the same. Take it or leave it as there will be plenty more on the market in the days ahead and things will be a lot grimmer as the winter sets in.

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It would be utter madness NOT to offer 20% to 30%, or more below current asking prices whether sellers have reduced their asking price or not. The Halifax price index shows 8.9% house price falls since the start of the year. Double this up to take you to the end of this year and you get around 20% price falls. If you buy at -20% of a current asking price you wiulol only be protected up till the end of the year/early next year and after that the property is almost certainly going to be worth less than you bought it for. To buy now is utter insanity unless you absolutely have to!!! If you do have to a sensible offer will start at 30% to 40% off the asking price. If the sellers won't bite just wait. Your patience will be richly rewarded!!

Also, don't forget that the vast majority of current asking prices were set before the house prices began to fall .... you need to price in the falls that have already happened and then price in the future falls.

In terms of pricing in future falls what do people think is a sensible calculation for this in terms of time (ie how far into the future should be brought into the calculation, eg 1 year, 2 years, etc.) and % to take off the current asking price? What are the different ways that people are calculating this?

Edited by Alfie Moon

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It would be utter madness NOT to offer 20% to 30%, or more below current asking prices whether sellers have reduced their asking price or not. The Halifax price index shows 8.9% house price falls since the start of the year. Double this up to take you to the end of this year and you get around 20% price falls. If you buy at -20% of a current asking price you wiulol only be protected up till the end of the year/early next year and after that the property is almost certainly going to be worth less than you bought it for. To buy now is utter insanity unless you absolutely have to!!! If you do have to a sensible offer will start at 30% to 40% off the asking price. If the sellers won't bite just wait. Your patience will be richly rewarded!!

Also, don't forget that the vast majority of current asking prices were set before the house prices began to fall .... you need to price in the falls that have already happened and then price in the future falls.

In terms of pricing in future falls what do people think is a sensible calculation for this in terms of time (ie how far into the future should be brought into the calculation, eg 1 year, 2 years, etc.) and % to take off the current asking price? What are the different ways that people are calculating this?

have you noticed a lot are advertised as OIEO. cheeky monkeys.

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have you noticed a lot are advertised as OIEO. cheeky monkeys.

I've noticed some. OIEO is a technique that can work in a rising market but has no place, or at least only the remotest chance of working, in a falling market. It is probably being used by Estate Agents who have no experience of falling markets. Why would a potential buyer take any notice of OIEO in a falling market????? Carry on as normal and offer 30% - 50% below their asking price.

Edited by Alfie Moon

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have you noticed a lot are advertised as OIEO. cheeky monkeys.

That's OK.

It just means those particular houses aren't really up for sale.

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I apologise if this has been posted already

http://www.thisismoney.co.uk/mortgages/hou...p;in_page_id=57

It says "Predatory buyers are stalking the property market negotiating massive discounts from desperate sellers, research reveals today"

It then says "They are putting in offers which are up to 30% below the asking price, even though that may have already been reduced"

I never really expected this to happen so fast but when a house is reduced and then gets another 30% off the price and this in turn is entered onto the Land Registry this will have MASSIVE implications

If this is happening on a large scale it could make the figures at the LR look very bad. Imagine you are the person coming along after one of these "sharks" has just got a bargin, why on earth would you pay more that the him??? Then you go into a viscious downwards spiral

Sharks? Shouldn't that be bottom feeders? Do you know there are many making a tidy income at the moment finding below market value properties and packaging them up for investors? And, LOL, most of these deals are still no money down? Ooh dear the poor first time buyer gets priced again again! Guffaw!

Also, did I add, in order to get these deals through now the majority are leaving the land registry figures at the gross price rather than the net? If you want to know where the Inside Track merchants have gone, look up BMV, assignable contracts and irrevocable instructions.

Edited by bobby9983

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have you noticed a lot are advertised as OIEO. cheeky monkeys.

I had a property list delivered to me yesterday from one of the local agents, together with a letter expaining it. A lot of the properties didn't even have a price, they just had the words "make me an offer" next to them. The letter explained that these ones were where the vendor was "commited to sell. "

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Also, did I add, in order to get these deals through now the majority are leaving the land registry figures at the gross price rather than the net? If you want to know where the Inside Track merchants have gone, look up BMV, assignable contracts and irrevocable instructions.

Surely it can't be legal to fiddle land registry figures this way? does this mean they are not to be trusted. I know buildes fix them on new builds but thought this was being removed imminently.

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have you noticed a lot are advertised as OIEO. cheeky monkeys.

What in heck's name is an OIEO and what should I do if I see one?

Edit: Just realised! Offers In Excess Of.... DOH

Edited by The Colour

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Guest Shedfish

i put in a ridiculously low 'offer' by email on RightMove, on a house that The Bee tells me has already been reduced by 20% plus. my email was meant to be a joke, the next day the agent rang me, and hasn't left me alone since.

(the real) Sharks -

30% ON the asking price

the market will find it's true value, and i have all the time in the world.

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Speaking as a shark, with a taste for fresh blood, I wouldnt even bother swimming over to taste the water for only 30% off.

Quite. Like the above poster mentioned: if you offer 20% under asking then you will only protect yourself for another six months. 50% off is sensible and will look after you probably all the way, but the country is not in a place yet where it would hear such an offer, never mind accept it.

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  • 399 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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