Buying a house

[Boolerhead Mel]

Looking for some help.

I have an offer on my house which I want to accept. However looking at property news and estate agent websites it seems that few are dropping prices.(I took 100 grand off mine). The houses I am after have not dropped in price as far as I can see and are still sitting at 180-200 grand since  last summer with frankly no chance of going at that price-Shoud I just call estate agents and be as bold as brass and say "I'm not paying you that I can go to 30-40 grand under" would the hang up the phone or would they be prepared to haggle and go back to the vendors. Given that there is a further slump on the cards is my plan a goer. I would like the hear the thoughts of any of you invovled in the building industry and estate agency trade in the north

Thanks   

[orangeman]

I think if there was house on the markey for £200k and you rang up and offered £140k they'd invite you round for tea and see if you'd go to £160k.


You have to be as bold as brass - it's a buyers market and with interest rates dropping further, then bargains are there to be had.



Don't go by the asking price. It's merely an indicative figure to show you what a bargain you're getting by buying at 50k less.

[Minder]

Dont offer what it is on for, we were looking at a house last week for £160k that has been for sale for 9 months. My missus works for the Halifax, she contacted a surveyor she knows from Halifax Estate Agencies and he said to offer £120k...............

[Onion Bag]

Looking for some help.

I have an offer on my house which I want to accept. However looking at property news and estate agent websites it seems that few are dropping prices.(I took 100 grand off mine). The houses I am after have not dropped in price as far as I can see and are still sitting at 180-200 grand since  last summer with frankly no chance of going at that price-Shoud I just call estate agents and be as bold as brass and say "I'm not paying you that I can go to 30-40 grand under" would the hang up the phone or would they be prepared to haggle and go back to the vendors. Given that there is a further slump on the cards is my plan a goer. I would like the hear the thoughts of any of you invovled in the building industry and estate agency trade in the north

Thanks   

Always remember they need the sale, so lift the phone and ask them what is the lowest they are prepared to go, dont mention a figure, you might shoot yourself in the foot, put the ball in their court, and when they come back with their figure, then get stuck into the haggling,

As someone has already stated it is a buyers market at the min so everything is stacked in your favour,

Go for it and good luck

[SidelineKick]

Without doubt absolutely no vendors will be expecting to get what they are asking for.  They will be expecting to get well below the asking price so don't be afraid to start ludicrously low and work your way gradually up to a point where you are both happy.

It will all depend on whether or not they are in a rush to sell, they may be happy enough to wait it out.

Definitely definitely chance your arm and don't be afraid to be bold as brass.  If the market was the other way around you think they would be doing you any favours? They would be holding out and holding out.  The ball is very much in your court.

[mylestheslasher]

They most certainly will talk to you and try and meet half way between what you offer and what the guy wants. They want to sell the house too, even though primarily represent the seller, as they make commission on it. They'll be going back to the seller reminding them of the current climate and that in 6 months time they might be greatful for your offer. Give it a try - what do you have to lose?

[D4S]

Definitely offer way less, in my experience in the last year estate agents dont bother to update their websites cos there's nothing selling!

We bought our house in February last year 2storey semi only built 3 years!  It had been on the market from summer 07 when things just began to slow down a bit, in January they dropped asking price from 185k to 175k!  We were bold knowing it had been on ages and offered 145000!  It was rejected and we went back to agent and said what would be the lowest the seller would be prepared to go, he came back and said 155k.  We offered 150 and said it would be our final offer, seller thought about it for 2 days and then came back and accepted.  Living in it now it's great it's our first home.  I think any1 selling at the minute will be glad to offload their homes for a lot less.  Just to add it's 11months since our offer accepted, the other houses for sale in the development are still on the market, there were around 4 at the time, asking price is now 125! We don't mind though as it was right for us at the time, if we'd waited to now we wouldnt get a mortgage anyway.  Also we plan on being here for at least 10 years so i'd hope the housing market will have recoverd by then and we will make a profit:)!

[Onion Bag]

Definitely offer way less, in my experience in the last year estate agents dont bother to update their websites cos there's nothing selling!

We bought our house in February last year 2storey semi only built 3 years!  It had been on the market from summer 07 when things just began to slow down a bit, in January they dropped asking price from 185k to 175k!  We were bold knowing it had been on ages and offered 145000!  It was rejected and we went back to agent and said what would be the lowest the seller would be prepared to go, he came back and said 155k.  We offered 150 and said it would be our final offer, seller thought about it for 2 days and then came back and accepted.  Living in it now it's great it's our first home.  I think any1 selling at the minute will be glad to offload their homes for a lot less.  Just to add it's 11months since our offer accepted, the other houses for sale in the development are still on the market, there were around 4 at the time, asking price is now 125! We don't mind though as it was right for us at the time, if we'd waited to now we wouldnt get a mortgage anyway.  Also we plan on being here for at least 10 years so i'd hope the housing market will have recoverd by then and we will make a profit:)!

Exactly, get them to come up with the figure, coz they will have a lowest and haggle like f**k from there

[StGallsGAA]

I bought a house a few weeks back for £82k that was on the market for £170k last year.

If I were you I would hold off until your house has completed.  You are then a cash buyer and not subject to sale.  That is the time to start negotiating.   House sellers & Estate Agents cream their jocks when a cash buyer turns up as there are hardly any about.    Those with a house to sell are considered worthless as buyers.  Even with your house agreed you are not in a strong postion to negotiate as half of these fall through before the 6-8 weeks it take to complete the sale.

[Onion Bag]

I bought a house a few weeks back for £82k that was on the market for £170k last year.

If I were you I would hold off until your house has completed.  You are then a cash buyer and not subject to sale.  That is the time to start negoatiating.   House sellers & Estate Agents cream their jocks when a cash buyer turns up.    Those with a house to sell are considered worthless as buyers.

Holy f**k StGalls, cheap house, you mind telling me where you purchased, (I dont need the exact postcode if you know what i mean) that is some drop

[tyrone86]

Lone Shark had a great post on houses / prices of houses on the Big Bailout thread (i think, don't have time to look) that you'd do well to read.

[boojangles]

Lone Shark had a great post on houses / prices of houses on the Big Bailout thread (i think, don't have time to look) that you'd do well to read.

Im not qualified but Im studying Property and Auctioneering at the moment and StGallsGAA has given you the best bit of advice.You could knock alot off the asking price if you have your own house sold,a cash sale is worth so much more to everybody involved.

[magickingdom]

there are almost no houses selling in ireland at the minute. your bid should be rock bottom and even then have a good think about it

[FL/MAYO]

I agree with Magic Kingdom, the bottom as not fallen out of the market yet in Ireland, I believe you are still a year behind in whats happening in the States, prices here are at least half of what they were 3 years ago for example around here places that were sold for $485000 three years ago are now going for $160000. Buyers market for sure every where at the moment.

[milltown row]

good time to buy a house, get intrest free if the payments are too much

i was lucky, won my house on the lotto, free wedding free house oh and won my jeep on a scratch card. this recession is great