Offer on property.

[Pixipoppy]

You’re all so rich

 

[Bleurghgram]

Maybe! At least you’re paying into a house you own and not lining landlords pockets like me though!

Off topic but I think it’s belittling when people say we’re throwing money away on rent. It’s not the ideal solution but I cannot afford to buy and we do get something to show for our money - a roof over our heads!

 

[Be More Pacific]

How can anyone get offended over someone asking a question on a thread?

I find it quite interesting seeing all the different prices lol.

Not offended, I just think it's pointless if you take it in the context of the opening post. Why would what someone offered and paid for a house in Birmingham ten years ago have any bearing on your current purchase in the South East....? Means absolutely fuck all.

Now, if they'd opened with "I'm just being fucking nosy...." then I wouldn't have said anything at all.

 

[littlepup]

What an odd thread.

What possible bearing could someone buying in Scotland seven years ago (one of the examples here) have on your own ongoing purchase in the South East?

I initially thought that but I think it’s more to do with the process of offering under asking price, gauging people’s expectations and how it’s worked in practice. A lot of countries don’t have the same process so it’s alien to some.

My last house was on for OIEO £210k. We had a few offers under and some over so it went to last and final offer. Sold for £225k (the underbid was significantly less) so it works both ways.

 

[SunshineDreamer]

My grandparents brought my house for me as an investment when I was 18.

We offered: £4750000
Asking price: £5000000
Year: 2006
Area: Central London

We’ve recently brought a second home out of London and it was:

We offered: £2230000
Asking price: £2250000
Year: 2020
Area: Norfolk

 

[Barbie2020]

How can anyone get offended over someone asking a question on a thread?

I find it quite interesting seeing all the different prices lol.

 

[PineappleTopper]

Im in the south west. In some of the major s. West cities, it is expected that you will offer 10% over asking. Ive had friends who have been outbid 10 times before managing to buy a place. Its competitive at all levels of the housing market.

 

[Bronx]

My parents just sold their rental property in the south east.

They accepted; 196,500
Asking price; offers in excess of 200,000

It’s a buyers market at the moment, so you can be a bit cheeky.

 

[Tui]

Offer: Initally asking, went to best and final then someone tried to gazump us - final £492k
Asking: £475k
Year: 2020
Area: South Manchester
Chain/no chain/FTB: Chain of 5

South Manchester’s housing market is a bit of a bubble but areas vary wildly - in our area houses like ours hardly ever come for sale plus it is in the catchment for some excellent grammar and state schools. Houses frequently go for over asking and there is aggressive gazumping and doorstepping with higher offers (we didn’t engage in such activities but some arsehole tried to take the house from under us after our best and final was accepted)

 

[littlepup]

Maybe! At least you’re paying into a house you own and not lining landlords pockets like me though!

I would say that I’d prefer to buy and pay a mortgage but buying is a lot more stressful. Especially now where there talking about an 8% drop in house prices, that could/will see people in negative equity. There’s changing interest rates, something not insurable going wrong and needing paying for, budgeting for a new boiler/carpets/wear and tear every XY years, anything happens to your ability to pay and you could lose everything etc. After mortgage payments there’s thousands to be spent on top. Renting does have the benefit of knowing what it’s going to cost you and being able to move more freely.

 

[Macmama]

Can someone please enlighten me about property in the West Glasgow area
Hoping to buy in two years time (first time buyer) probably in Knightswood area or anywhere on one of the west train lines for easy access into the City for commuting. I assumed when it states online (offers over) it would be minimum a few thousand over this?
Is it best to look at property in the area you wish to buy and make note of how much it sells for in comparison to what it is advertised as online?
You can tell I’m a complete novice!!
Many thanks (Hoping to buy in Glasgow as Edinburgh is extortionate in comparison).

You’re right in terms of paying over - expect to pay well over asking for anywhere within a stone’s throw of Jordanhill. Knightswood is probably a little less overpriced, but Anniesland, Scotstoun etc is still just getting pricier as they gentrify it, and any further east and you’re starting to get into Studentville. Your best bet would be to see what has been sold recently and for how much over, and maybe speak to local property offices about any offers on properties you’re interested in.

 

[jaymie]

You’re all so rich

I am pretty sure that 90% of us have huge mortgage

 

[Rippedjeanmaybe]

We offered: 82.5k
Asking price: 89k
Year: 2017
Area: North West

the owners who we bought from had bought during the recession and they had paid 95k, but the house was worth no where near that when we bought due to decreases in house prices and due the house being a mess.

 

[Holidaybobs]

I work in the property industry and would advise holding out if you can. The market is expected to drop quite drastically in autumn so if you can hold out until then do it. We always offer lower than the asking price. It pays to be cheeky in property. You are best looking at the recently sold prices of the houses on the street/area you want to buy and see how much they went for. At the moment, in the North West where we buy, a lot of house prices have shot through the roof during the pandemic. So it’s ideal for us to sell but, not buy. Also, if you are lucky enough to be a cash buyer then this will make a massive difference. We recently purchased a house up at £550k for £500k as it was a cash sale.
They go through a lot quicker and it was an inheritance sale so they wanted the money quick. Also, with estate agents you are best saying what you want to offer, I wouldn’t ask them what they think the seller expects/wants. Go in confident with your figure, you might feel cheeky but, usually it pays off.

 

[Tommyb]

Offer: 580k
Asking: 595k
Year: 2020
Area: Oxfordshire
Chain/no chain/FTB: no chain

 

[SNLGJ]

Offer: 360k
Asking: 370k
Year: 2015
Area: Kent
Chain/no chain/FTB: chain

The sellers were keen to sell as had an investment opportunity. We had a buyer, who had a buyer and all mortgages were pre agreed in principle. Another couple had offered more than us but weren’t in as good a position to buy as us. The house had only been on the market 3 days. We sold our old house for full asking price, we were on the market for a long time but I wasn’t that fussed on moving so was holding out.

You’re all so rich

Not necessarily....I’ve been lucky, first purchase in 1998 for a whopping 55k, sold it 3 years later for 127k and bought another property for 150k, sold it ten years later for 300k and then bought for 360k. House currently valued at 500k so I have a 500k house which in reality cost me 138k

 

[Be More Pacific]

I initially thought that but I think it’s more to do with the process of offering under asking price, gauging people’s expectations and how it’s worked in practice. A lot of countries don’t have the same process so it’s alien to some.

My last house was on for OIEO £210k. We had a few offers under and some over so it went to last and final offer. Sold for £225k (the underbid was significantly less) so it works both ways.

You can just watch a few episodes of Location, Location, Location and you'll soon get the gist of how to offer under the asking price. It's really not rocket science. My first house was on for £60,000. I offered £52,000. Bought it for £55,000. Bottom line is if you want the house enough, you'll pay whatever the seller wants.

And the system is completely different in Scotland - it's either fixed price (rare) or offers over - therefore adding nothing to this debate if it is about how to offer under the asking price.

So I still don't get the point of this thread

 

[Be More Pacific]

What an odd thread.

What possible bearing could someone buying in Scotland seven years ago (one of the examples here) have on your own ongoing purchase in the South East?

 

[jaymie]

What an odd thread.

What possible bearing could someone buying in Scotland seven years ago (one of the examples here) have on your own ongoing purchase in the South East?

Well I am asking this because I am just curious, I didn't ask how and how much should I offer and totally get that every property is different. is pretty much an open thread

 

[littlepup]

In our area, one village to the next will see a £100k difference in the same property. Literally 10 miles. 3 miles apart can see you £20k difference on the same house.

Nov 2020
£250k asking
offered £240k
sold at 250k

September 2020
OIEO £230k asking (full renovation req’d)
offered £215k
‘sold’ twice at around £230k, both have since fallen through and it’s still on the market.

- Both East Anglia