Offer Price tactics!
Discussion
bompey said:
Now you need to show why they should accept your offer. Put your offer in writing to the agents and make their life easier by telling them who your solicitor is, who your mortgage offer is with, which surveyor you want to use, the state of the chain etc. The more you can do to show you are serious, and make them confident the chain will complete if they accept your offer over someone else's the more chance you have to be the one.
It's also worth popping into the agent if you haven't already so as to let them build a hopefully good impression of you. This will differentiate you from the Rightmove brigade who only conduct business via email and are all faceless to the agent. Although the agent is paid a percentage they only get paid when the sale completes so they may steer the seller to the person most likely to do that.
I'd be careful. Showing too much enthusiasm by licking the agent from head to toe just signals that you'll pay more. You need to behave as though negotiating power is evenly distributed even if you feel the seller holds most of the cards. Be cold, clinical and dispassionate. I would flag my intent and "proceedability" but I'd also ensure that there was an element of tension by saying I need an answer by xx/xx/xx or else my attention will move on. The last thing you want to do is underwrite a free extended auction for the sellers and their agent. It's also worth popping into the agent if you haven't already so as to let them build a hopefully good impression of you. This will differentiate you from the Rightmove brigade who only conduct business via email and are all faceless to the agent. Although the agent is paid a percentage they only get paid when the sale completes so they may steer the seller to the person most likely to do that.
Edited by bompey on Sunday 1st May 14:47
Do let us know how you get on...!
I looked at a house 3 months ago that was coming up to 2 years old, when brand new it had been on the market for £300k and sold for £280k. The smarmy, pointy shoe'd agent with too much product in his hair insisted it was worth the £350k he had valued it at, £70K extra and some of the bricks were falling out. Foxtrot Oscar you horrible git.
There is no right answer except to offer what the house is worth to you.
If it sells for £1 more - so be it.
I offered £56k over on a property with potential that was advertised at £300k - I was apparently no where near the best offer
A friend has just sold their £300k house within 3 days and it went for £10k over the asking price.
If it sells for £1 more - so be it.
I offered £56k over on a property with potential that was advertised at £300k - I was apparently no where near the best offer
A friend has just sold their £300k house within 3 days and it went for £10k over the asking price.
blade7 said:
I looked at a house 3 months ago that was coming up to 2 years old, when brand new it had been on the market for £300k and sold for £280k. The smarmy, pointy shoe'd agent with too much product in his hair insisted it was worth the £350k he had valued it at, £70K extra and some of the bricks were falling out. Foxtrot Oscar you horrible git.
And sadly, it probably went for that.thecopster said:
very limited houses to compare to but I would say it's priced to create this problem!
It's 430k - I don't want to pay more than £450k.
If you can afford it go 450 then. It's 430k - I don't want to pay more than £450k.
For context our dream house was priced at 340k and not in an overly heated area, but still it was very desirable due to its position and extra land.
On day one of viewings (not an open house!) they had three asking price offers including ours. Went to sealed bids with a deadline and we went 11 over still not sure if we were being had by a canny agent. Luckily it was enough and we got it but we still had doubts about the process. We have since found out later through friends and locals that another bidder went 9 over so it was a close run thing in the end.
At 430 if be going more than ten over if you can afford it, on the strength of what you said about other viewings.
Edited by hornetrider on Sunday 1st May 16:40
Hoofy said:
blade7 said:
I looked at a house 3 months ago that was coming up to 2 years old, when brand new it had been on the market for £300k and sold for £280k. The smarmy, pointy shoe'd agent with too much product in his hair insisted it was worth the £350k he had valued it at, £70K extra and some of the bricks were falling out. Foxtrot Oscar you horrible git.
And sadly, it probably went for that.mike74 said:
blade7 said:
Cheap borrowing has made buyers lose their heads. Negative equity will come back and bite them at some point.
It's insane isn't it, I've never seen anything like it before, even 2006/7 wasn't this mental. Buyers have no concerns at all about how overpriced a property is, all they think about is how they can afford the monthly repayments... lets hope for their sake that "emergency" interest rates stay in place for the next 20-30 years.
Some friends are selling a decent 3 bed detached, very handy for a hard-to-get-into village primary school. I think it would be tough to breach the £250K barrier and that feels about the right price - even though 10yrs ago they were selling for slightly more. They put it up a month ago for £295K and are dismayed they haven't had a single viewing.
ruff'n'smov said:
I do love living up North
Whilst the actual prices up North might not be as eye watering as London and the Home Counties the market is still just as insane... all the indices suggest that prices in my area up North are at best back to 2007 levels or still below, yet everything coming up has an asking price of 2007 + 30-40%.blade7 said:
Hoofy said:
blade7 said:
I looked at a house 3 months ago that was coming up to 2 years old, when brand new it had been on the market for £300k and sold for £280k. The smarmy, pointy shoe'd agent with too much product in his hair insisted it was worth the £350k he had valued it at, £70K extra and some of the bricks were falling out. Foxtrot Oscar you horrible git.
And sadly, it probably went for that.mike74 said:
ruff'n'smov said:
I do love living up North
Whilst the actual prices up North might not be as eye watering as London and the Home Counties the market is still just as insane... all the indices suggest that prices in my area up North are at best back to 2007 levels or still below, yet everything coming up has an asking price of 2007 + 30-40%.thecopster said:
very limited houses to compare to but I would say it's priced to create this problem!
It's 430k - I don't want to pay more than £450k.
Well if you feel £450 is a reasonable price then that is what you go in with. You offer the most you are willing to pay. That way if you get it you are happy. If you don't, then you know it went for more than you were happy to pay.It's 430k - I don't want to pay more than £450k.
You also note that you have sold to a FTB therefore the chain is very small.
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