Offer 30 Per Cent Less..........

[LuckyOne]

Prices are going much lower.

The dislocations that lower prices will cause will be massive. Equity markets have already worked this out. EAs and vendors will eventually have to come to the same conclusion. Prices are not going to go up in the next few weeks, months and probably years.

It will be a mess that we will all have to pay for. Totally unfair to those of us who have been prudent but simple reality. Life has never been fair.

I am not interested in helping to slow down the pace of adjustment by paying too much for a house now.

[LuckyOne]

Another interesting point raised by one of the posters is demographics. I might be a bit more gentle in describing the situation .....

More than 50% of the houses that we are looking at are owned by people in their 60s, 70s and 80s. EAs advise that these people do not need to sell now and can afford to wait rather than accepting my very aggressive offers (-35% to - 50% depending on my assessment of value).

As has been pointed out, EAs are not amused by my response that I can afford to wait until they pass away and their estates have to deal with IHT etc and that their heirs are not likely to be able to afford the upkeep on their glorious piles of bricks.

[Smith]

DID i hear fairness ea in the same breath.

You will be hard pressed to find a agent who has not used the dark art of the eas.

Like telling the buyer the owner has had a higher offer just before exchange of contracts bumping the price up by 20,000 :angry: take it at the higher offer or you will loose the property.

OH yes is that what you call fairness

HELPING people take liar loans through ther brokers all under one roof ah yes those fair agents

which day is it do you know ....wake up

I can understand eas pain but they caused this with the help of liar loans

H.P.C. IS HERE PEOPLE LET THE AGENTS KNOW yes make it 30 pc less i say thats the starting point..

I say let the market make the prices..

LETS have true free markets.

NO MORE bail outs just take over the banks its our tax payers money.

stop giving to the greedy give only to the needy.

we tax payers are going to have to pay higher taxes for the eas liar loans :angry:

One of the simplest moron filters you can use on this and other forums is to move on when you see random capital letters, a belief that the word lose has two 'o's, that 'I' does not need to be capitalised and that punctuation and apostrophes have no place in the modern world. In my experience people who are so rushed, lazy and disordered in their writing are usually equally sloppy in their 'opinions'. Ignorant, reactionary b****ks is rarely well written.

Edited October 19, 2008 by Smith

[Legal_Landlord]

One of the simplest moron filters you can use on this and other forums is to move on when you see random capital letters, a belief that the word lose has two 'o's, that 'I' does not need to be capitalised and that punctuation and apostrophes have no place in the modern world. In my experience people who are so rushed, lazy and disordered in their writing are usually equally sloppy in their 'opinions'. Ignorant, reactionary b****ks is rarely well written.

Well said Smith.

[jammo]

I'd offer 30% less, but I don't have a shedload of money right now. Maybe in 10 years time when prices have bottomed out, huh? Even then, why trap myself into ownership? I simply don't see the advantages at all. Renting, I pay 4.5k per year, gets things like boilers replaced, electricity checked and sorted yearly, no worries about the depreciation, the roof needs replacing? Landlord! Need to move for a far better job in the next town? Bye bye old house. Undesirable family moves into street, ditto. I own, I'm buying into stress, big time and for what? Opportunity cost is too high, and that before even the falls of 10-30% per year for the foreseeable. I buy into personalty, not realty (though I do plan on shifting to realty as I get older). Not til prices are proper low or I need to get tied down by the fairer sex. Until then I need to be FREE.

Edit: by the way, I have shifted my view of the bottom to be circa 10 years based on recent events. I always believed until recently that it might be 2011-12 but all considered, does anyone realistically see pickup in the housing market restarting by then? Really?

Edited October 19, 2008 by jammo

[housespider]

YES we must all start to do this.

To offer 30 per cent less then the asking price.

IT will bring the ea and owners to the new reality.

yes folks its here H.P.C.

if we all start to make these offers.

Then we will see bigger drops in prices.......

Try it you will have some fun + you will be doing good

We have been doing that since last October however, we have only done so when we are genuinely interested in the house. We have also done so when we honestly feel that the property is worth much, much less than the asking price.

[BXLONDONMAN]

We have been doing that since last October however, we have only done so when we are genuinely interested in the house. We have also done so when we honestly feel that the property is worth much, much less than the asking price.

What sort of response have you got from the eas or owners to your offers?

[Flat Bear]

The OP is obviously a complete d1ck. Why revel in misery of sick with fear family homeowners, victims themselves and about to be repo'd and thrown out on to the street, possibly jobless too. What kind of what kind of total r sole would go round and offer half the asking price of somebody so desperate to sell AND THEN have no intention of buying it at that. OP, to me you are the lowest form of life , ive trod in more pleasant things.

Have to agree, I would suggest just a twit.

The worst thing for vendors at the moment is absolutely no offers at all. You can see it on various forums where they get so despondant. In fact someone making an offer no matter how low tells them there is a market and hope.

This thread tells me there are a number of people who think a house is a good investment with just a 30% discount we have got some way to go until property is seen as a bad investment but it will happen. It would be good to see if any would want to make offers in 12 months time.

[BXLONDONMAN]

Have to agree, I would suggest just a twit.

The worst thing for vendors at the moment is absolutely no offers at all. You can see it on various forums where they get so despondant. In fact someone making an offer no matter how low tells them there is a market and hope.

This thread tells me there are a number of people who think a house is a good investment with just a 30% discount we have got some way to go until property is seen as a bad investment but it will happen. It would be good to see if any would want to make offers in 12 months time.

i may be a twit in your eyes here in london ea are still telling people that market will start to move in the next few weeks.

to get it to start coming down faster is low offers.or your idea of no offers, then it should come with no viewings too. for that method to get the result we all want hpc ie lower prices...

but i cant see people not wanting to view so i beg to differ so i will stick too asking for starting point of 30pc less then asking price or lower if you want

[BXLONDONMAN]

Or even 35%

if you really want let us know how you get on

[dave]

YES we must all start to do this.

To offer 30 per cent less then the asking price.

IT will bring the ea and owners to the new reality.

yes folks its here H.P.C.

if we all start to make these offers.

Then we will see bigger drops in prices.......

Try it you will have some fun + you will be doing good

I am about the most unluckiest person you will ever dare to meet. I mean really UNLUCKY. My friends remind me all the time. Knowing my luck they will accept, I will get locked into a mortgage and prices go through the floor.

I truley believe god is suspending the almighty crash until I buy in. I am convinced it is me who he is waiting for. As soon as I buy in, see interest rates hit the roof and prices go through the floor. As soon as I am repossesed, the market will recover overnight.

[Robot Piston]

We had someone offer almost 30% under last time we were selling, about 18 months ago. It was so obviously a disinterested punt, bordering on a wind-up we didn't even bother to decline it, just thanked them for their offer which we said we were 'considering'. After a couple of weeks this guy started phoning our ea almost every day, we asked them not to phone us after the first few, before giving us a deadline after which he would be 'withdrawing his offer'. He phoned a few more times after that but then I think the penny dropped. We were pretty much sale agreed by then for almost the asking price.

Made me laugh to think of him getting all carried away that he might get it at that price, when in fact he had just got caught up in his own fantasy

[dave]

see, I am unlucky, it was me who made the offer

[BXLONDONMAN]

We had someone offer almost 30% under last time we were selling, about 18 months ago. It was so obviously a disinterested punt, bordering on a wind-up we didn't even bother to decline it, just thanked them for their offer which we said we were 'considering'. After a couple of weeks this guy started phoning our ea almost every day, we asked them not to phone us after the first few, before giving us a deadline after which he would be 'withdrawing his offer'. He phoned a few more times after that but then I think the penny dropped. We were pretty much sale agreed by then for almost the asking price.

Made me laugh to think of him getting all carried away that he might get it at that price, when in fact he had just got caught up in his own fantasy

Show us any sellers getting almost or any where near the selling price .dream on look back at bank share prices of 18 months ago do you want to buy bank shares at old prices

KEEP taking your tablets H.P.C. is here. last year did anybody in th eas believe prices would drop like they have

YOU need to understand that high property prices came about because of liar loans so just look at what happend to the banks for that sort of lending.

JUST look around you ther are no ups for the property market for now or next 3 or 4 years.but please keep taking your happy tablets, you need them just to stay high. just like your old property prices.ps dont come off the tablets. hpc is around these days so you might come down with a bump just like property prices boom boom......

[THE BALD MAN]

see, I am unlucky, it was me who made the offer

No lucky you saved yourself a lot of money the house will be worth 50% less now!

[BXLONDONMAN]

No lucky you saved yourself a lot of money the house will be worth 50% less now!

bald man your on the money

[silver surfer]

I'm in the market right now, making offers that are about 30% off asking prices (which generally speaking would get back to 2002 or 2003 prices). What's more I'm a cash buyer, so could complete within a few days of a satisfactory survey, and potentially resolve a long and frozen chain of property sales to the great relief of many vendors and the great profit of many EA's.

However, I can honestly say that, despite being faultlessly polite throughout, EA's reaction would be better if I'd pushed some dog droppings through their letter box!

I'm puzzled by EA's treat these offers with such contempt.

Yesterday a house seller didn't have an offer, now they do. To my mind that's progress whether they choose to accept or not. In effect it's the "price discovery" process that Paulson was so keen to establish.

No matter. I'm renting a lovely place and will be very happy to stay here as long as neccessary. In the meantime I'll keep making 2002/2003 based offers, and at some point someone will say "yes". However, by then I suspect that there'll be far fewer EA's to profit from the transaction, so I'm just surprised EA's aren't more pro-active in bringing the vendor to the negotiating table while they're still in business!

[rex]

I made a telephone offer on one house of 40% under in around June. EAs laughed down phone at me but said they would put offer to owner. EAs didnt even bother to call me back to decline. When I chased them up a month later, the ea's said they didnt think it worth calling me. The owners have since taken the property off the market.

Put another offer on another house recently (and these are full cash offers) of 30% under original peak price. Did it in writing this time with full reasoning and explaining that I can complete within a matter of days if necessary. No-one has bothered even acknowledging my email yet.

[GBdamo]

From the little I know of Gillingham (I had a cottage in Iwerne Minster for a year or so and my dentist & nearest train station were there), and the state of the property (is pic 5 a pic of the garage!?) I'd personally reckon that 150 - 175 was about right.

Even desirable places are falling - we were looking at a period 5-bed detached house in Wells this time last year - it was out of our range at £470K but you never know - & it's now listed at £399, which is 15% before you even start to negotiate.

Yes,triple garage and no garden. Snooker table and no gardening . seriosly though, the lack of a garden is probably why its not shifting. who wants a family house with no garden? Apart from me.

[Guest theboltonfury]

One of the simplest moron filters you can use on this and other forums is to move on when you see random capital letters, a belief that the word lose has two 'o's, that 'I' does not need to be capitalised and that punctuation and apostrophes have no place in the modern world. In my experience people who are so rushed, lazy and disordered in their writing are usually equally sloppy in their 'opinions'. Ignorant, reactionary b****ks is rarely well written.

A forum should not be a grammatical competition. I would take a guess that our privately educated government would write very lucidly, whilst not making any of the errors you list above - this does not stop them from having the opinions of a moron though

However, I do take your point. Loosers and random caps are just ignorant. I will from time to time fail to capitalise an 'i' though - please forgive me

[lypsey]

I have been doing this as well

http://www.propertysnake.co.uk/site/postcode/me10/1

This property as you can see is down to 260K, it was incidently up orginally with another agent at 425k

I phoned the EA and told him I wanted to pay next years price. He asked what I was thinking of and I said it would start with a one, he suggested that today was not the right time but was very very insistant that I phone again if it hadn't sold in December.

I didn't even stammer when I told him the price I wanted to pay!!!!!!!!!!!!!!!!!!!!!

[housespider]

What sort of response have you got from the eas or owners to your offers?

Last year the general reaction was, you must be joking you idiots, "there's been alot of interest with offers very much closer to asking price" (those same properties are either still for sale or to let. In the last 2/3 months they have been much less surprised and don't react like we're insane and one or two have even indicated that they agree with our valuation but the vendor does not.

In our area, which is not a big place, there is a very high proportion of properties which have been on the market for many months but not many of those properties have had asking prices reduced. In fact, just a few days ago a property that had been on at £499k has been increased to £500k - work that one out!

Like I have said on here before, it might be time for us to move just to be able to afford to buy a 'nice' house which won't require us to be mortgaged up to the eye balls for the next 100 years. Life's too short!

[toodimm]

A forum should not be a grammatical competition. I would take a guess that our privately educated government would write very lucidly, whilst not making any of the errors you list above - this does not stop them from having the opinions of a moron though

However, I do take your point. Loosers and random caps are just ignorant. I will from time to time fail to capitalise an 'i' though - please forgive me

There's a firefox addon for this sort of thing for youtube, you'll find it here

[BXLONDONMAN]

Last year the general reaction was, you must be joking you idiots, "there's been alot of interest with offers very much closer to asking price" (those same properties are either still for sale or to let. In the last 2/3 months they have been much less surprised and don't react like we're insane and one or two have even indicated that they agree with our valuation but the vendor does not.

In our area, which is not a big place, there is a very high proportion of properties which have been on the market for many months but not many of those properties have had asking prices reduced. In fact, just a few days ago a property that had been on at £499k has been increased to £500k - work that one out!

Like I have said on here before, it might be time for us to move just to be able to afford to buy a 'nice' house which won't require us to be mortgaged up to the eye balls for the next 100 years. Life's too short!

you will see a big change to ea and owners in accepting hpc by march 2009.by then anybody not offering well under the asking price will be regarded as mad....

[Barb E Dahl]

I have been doing this as well

http://www.propertysnake.co.uk/site/postcode/me10/1

This property as you can see is down to 260K, it was incidently up orginally with another agent at 425k

I phoned the EA and told him I wanted to pay next years price. He asked what I was thinking of and I said it would start with a one, he suggested that today was not the right time but was very very insistant that I phone again if it hadn't sold in December.

I didn't even stammer when I told him the price I wanted to pay!!!!!!!!!!!!!!!!!!!!!

Good for you!

I've just heard some news on the grapevine - it's looking worse than the worst case scenario.

Last week I thought 30% would be fair and reasonable, but today, I wouldn't buy anything over 50% of the asking price. Sellers will be reluctant BUT they either accept it now or in 6 months.