Would this offer be taking the pi$$
Discussion
My daughter and family are in rented and want security of home ownership. They ideally need 3 beds but money doesn’t stretch that far
Been tracking a 2 bed bungalow for months now. Started at £425k and steadily dropping around 10k a month to now on at £380k. Vacant possession so assume either probate or owner into care home as it has that older person decor vibe about it
I know none of you can say for sure, but if it was you as decision maker on the sale, how insulted would you be with an offer of £340k with zero hope of increasing it as would already be at limit of borrowing.
Just feel that with the market constantly showing around here more properties saying reduced rather than new to the market, it does not seem to be a sellers market
Am I in dreamland for even bothering to approach the Estate Agent. Wil add, currently looking to see what mortgage we could raise before doing any of the above
Been tracking a 2 bed bungalow for months now. Started at £425k and steadily dropping around 10k a month to now on at £380k. Vacant possession so assume either probate or owner into care home as it has that older person decor vibe about it
I know none of you can say for sure, but if it was you as decision maker on the sale, how insulted would you be with an offer of £340k with zero hope of increasing it as would already be at limit of borrowing.
Just feel that with the market constantly showing around here more properties saying reduced rather than new to the market, it does not seem to be a sellers market
Am I in dreamland for even bothering to approach the Estate Agent. Wil add, currently looking to see what mortgage we could raise before doing any of the above
Do it old school and get a couple of mates to view and offer around your price and pull out , it’s naughty but sometimes convinces the seller that it’s the true value .
And don’t start on me for suggesting it , the real world is a lot different to the pistonheads bubble where everyone is whiter than white , everyone’s happy with the end result , house is sold , buyer gets it cheaper and agent gets paid .
And don’t start on me for suggesting it , the real world is a lot different to the pistonheads bubble where everyone is whiter than white , everyone’s happy with the end result , house is sold , buyer gets it cheaper and agent gets paid .
Just had an offer accepted in Scotland just outside Edinburgh so slightly different to the English system.
4 bed detached which was on at O/O £280k
We expected to be knocked back on our inital offer which we thought was a bit cheeky as we were anticipating it to go over £300k and were prepared to come and go a bit and come upto £320k if required.
Our offer was accepted today at £295k
4 bed detached which was on at O/O £280k
We expected to be knocked back on our inital offer which we thought was a bit cheeky as we were anticipating it to go over £300k and were prepared to come and go a bit and come upto £320k if required.
Our offer was accepted today at £295k
With probate etc you never know.
They can't wait to get rid of it or they are all fighting like dogs saying it is clearly worth double.
Given they have reduced it they seem realistic. Remember an asking price can be any random number you choose. What are local comparables. Take a look around and make any offer you wish. They can only say no
They can't wait to get rid of it or they are all fighting like dogs saying it is clearly worth double.
Given they have reduced it they seem realistic. Remember an asking price can be any random number you choose. What are local comparables. Take a look around and make any offer you wish. They can only say no
Edited by Jeremy-75qq8 on Wednesday 11th February 02:08
An honest offer of £340k is better than no offers at all.
If you cannot offer more, then you need not care if the vendor is insulted.
A no-chain genuine FTB offer can be 'worth' a premium.
A lot of houses are IMHO over priced and a lot of vendors realise that, the question is how much over priced?
In the real world, £340k is a lot of money, 10 years gross wages for a lot of real people.
If you cannot offer more, then you need not care if the vendor is insulted.
A no-chain genuine FTB offer can be 'worth' a premium.
A lot of houses are IMHO over priced and a lot of vendors realise that, the question is how much over priced?
In the real world, £340k is a lot of money, 10 years gross wages for a lot of real people.
A much more positive reaction than expecting.
In terms of similar property within a mile, there are only flats or maisonettes, no houses and this is the only bungalow which doesn’t exactly say young family but they have two primary aged kids that need a garden to run off energy in and houses are just out their price range. I do wonder about it when they come to sell but think it would be a good few years so would hope the market would improve. No guarantees on that front either
Plus not even sure we can get a mortgage for what we’d need to even offer £340k but have sent over our info and waiting on a response on that front.
In terms of similar property within a mile, there are only flats or maisonettes, no houses and this is the only bungalow which doesn’t exactly say young family but they have two primary aged kids that need a garden to run off energy in and houses are just out their price range. I do wonder about it when they come to sell but think it would be a good few years so would hope the market would improve. No guarantees on that front either
Plus not even sure we can get a mortgage for what we’d need to even offer £340k but have sent over our info and waiting on a response on that front.
21TonyK said:
Long time ago we made a cash offer 50% under the asking price on a probate sale, it was accepted.
Absolutely no harm in making an offer even if the agent doesnt think its worthwhile. You never know the sellers mind or position.
We made an ambitious offer in 2011 for a probate sale, No chain on either side. Mortgage in place in principle.Absolutely no harm in making an offer even if the agent doesnt think its worthwhile. You never know the sellers mind or position.
It have moved from 450 to 425 to 400 to 375 to 350 to 345 (when we offered) and got it for 330k, plus another 5k of things being fixed like drains and asbestos (I had a very good solicitor)
Offer - nothing to lose.
paulwirral said:
Do it old school and get a couple of mates to view and offer around your price and pull out , it s naughty but sometimes convinces the seller that it s the true value .
And don t start on me for suggesting it , the real world is a lot different to the pistonheads bubble where everyone is whiter than white , everyone s happy with the end result , house is sold , buyer gets it cheaper and agent gets paid .
Absolute bAnd don t start on me for suggesting it , the real world is a lot different to the pistonheads bubble where everyone is whiter than white , everyone s happy with the end result , house is sold , buyer gets it cheaper and agent gets paid .
ks. Who actually does this? No one.No harm in trying,, worst case they say no. our current house was a probate, went on for £550K, over 6 months it dropped to 500, then offers over 475, we thought it was probably worth 450, given the work needed.
Stuck an offer of 440 in, expecting to be met around the 450 mark. But it was accepted.
Turns out there was loads of viewings when it went on market, but EA were telling people there was no movement on price being entertained by vendor, so they didn’t have a single offer.
Stuck an offer of 440 in, expecting to be met around the 450 mark. But it was accepted.
Turns out there was loads of viewings when it went on market, but EA were telling people there was no movement on price being entertained by vendor, so they didn’t have a single offer.
Get your ducks in a row before making the offer I'd say, your mortgage in principle, your remaining tenancy period so you can give accurate dates of when you'd want to complete etc, clarify your position that you're not a dreamer and want to get things done, or some builder looking to flip in 6 months and make your offer.
The worse that can happen is they say no thanks, but the bove holds a lot of weight in itself, a bird in the hand and all that. My MIL is trying to sell property at the moment and she's been messed around no end.
The worse that can happen is they say no thanks, but the bove holds a lot of weight in itself, a bird in the hand and all that. My MIL is trying to sell property at the moment and she's been messed around no end.
T697JVS said:
paulwirral said:
Do it old school and get a couple of mates to view and offer around your price and pull out , it s naughty but sometimes convinces the seller that it s the true value .
And don t start on me for suggesting it , the real world is a lot different to the pistonheads bubble where everyone is whiter than white , everyone s happy with the end result , house is sold , buyer gets it cheaper and agent gets paid .
Absolute bAnd don t start on me for suggesting it , the real world is a lot different to the pistonheads bubble where everyone is whiter than white , everyone s happy with the end result , house is sold , buyer gets it cheaper and agent gets paid .
ks. Who actually does this? No one.The hypothetical couple of mates aren't going to go to all that trouble.
I had an estate agent playing games with me.
House has been up for 450 since early last year, dropped to 425 (offers in excess of).
Offered 415 as it needed a lot of work doing to it, and other houses on the same estate had gone for 435 with everything done.
Came back to us with “there’s a competing offer higher so it won’t be accepted”
We said 425 was the max but we’re not prepared to play games.
It was supposedly declined in favour of the other offer (despite another employee telling us no one had viewed it in 3 months)
So we said okay no worries we’ll look for something else.
Within a few days “the buyer hasn’t yet engaged with solicitors, is your offer still available?”
We’d already found another property we prefer, which had just gone on the market, and so we declined.
So yes, make the offer but be prepared for games.
Not long after it went back on the market and has been on since.
House has been up for 450 since early last year, dropped to 425 (offers in excess of).
Offered 415 as it needed a lot of work doing to it, and other houses on the same estate had gone for 435 with everything done.
Came back to us with “there’s a competing offer higher so it won’t be accepted”
We said 425 was the max but we’re not prepared to play games.
It was supposedly declined in favour of the other offer (despite another employee telling us no one had viewed it in 3 months)
So we said okay no worries we’ll look for something else.
Within a few days “the buyer hasn’t yet engaged with solicitors, is your offer still available?”
We’d already found another property we prefer, which had just gone on the market, and so we declined.
So yes, make the offer but be prepared for games.
Not long after it went back on the market and has been on since.
solo2 said:
A much more positive reaction than expecting.
In terms of similar property within a mile, there are only flats or maisonettes, no houses and this is the only bungalow which doesn t exactly say young family but they have two primary aged kids that need a garden to run off energy in and houses are just out their price range. I do wonder about it when they come to sell but think it would be a good few years so would hope the market would improve. No guarantees on that front either
Plus not even sure we can get a mortgage for what we d need to even offer £340k but have sent over our info and waiting on a response on that front.
When they come to sell? Well my wife's sister and her husband moved into their current house in 1985....... before they had kids. Who are now 38, 36, 26 and 18. In terms of similar property within a mile, there are only flats or maisonettes, no houses and this is the only bungalow which doesn t exactly say young family but they have two primary aged kids that need a garden to run off energy in and houses are just out their price range. I do wonder about it when they come to sell but think it would be a good few years so would hope the market would improve. No guarantees on that front either
Plus not even sure we can get a mortgage for what we d need to even offer £340k but have sent over our info and waiting on a response on that front.
At one point (2002) they had a 4th bedroom added in the loft.
My point? They might never sell if its got room to grow.
Your last paragraph is very important. And the wording intrigues me.
This is your daughter, and yet you use the word we. Quite often.
They need to be able to show they are able to proceed if they make any offer. Are you acting as a guarantor?
Sounds like the vendor was taking the piss at 425. If proceedable, offer what it’s worth to you, not what someone else thinks it’s worth who won’t be buying it, and has been proven incorrect with their valuation. I bought a place last year at 30% below original asking price. Plenty of motivated sellers out there, along with deluded buyers who aren’t actually in a position to buy.
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