Making an offer on a house - strategy

bluesmith said:
You sold them for 250 you decided that was the value so as the seller you choose the value. The buyer does not get to set the Value they only get to offer a value.
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No, I didn't decide that was the value, I decided that was what I wanted or would like, the buyer/market sets the value, price, cost, call it what you want when he purchases. I initially put an exploratory figure out there as it is a slight unknown and wait and see who bites. If a lot bite then I've under valued/under priced the item and it is worth more than I'm asking. It's basic standard supply and demand. Take a row of terraced houses...3 sold for £180k, there's no point in putting your same property on that same street on at £500k as it's not worth that no matter how much you think or want. It's worth £180k ( or there abouts allowing for condition )
 
bluesmith said:
Buyers should have to put a deposit down which they lose if they pull out. It's commonplace in other parts of the world
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They are talking about a £1000 deposit of some kind which I hope they do introduce... It's a total pain in the arse and when it happens twice it is pretty demoralising... We were considering selling the Moho anyway so it's not the end of the world but it will tie up out petty cash until the flat sells.... Such is life
 
bluesmith said:
Buyers should have to put a deposit down which they lose if they pull out. It's commonplace in other parts of the world
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They do in Spain and I think France and it certainly sharpens your senses. It also means that the vendors are tied in and in Spain if the vendor pulls out they pay double back to the purchaser. They should do it here, it's simple and it would prevent people taking the piss.
 
Tuearts right boot said:
No, I didn't decide that was the value, I decided that was what I wanted or would like, the buyer/market sets the value, price, cost, call it what you want when he purchases. I initially put an exploratory figure out there as it is a slight unknown and wait and see who bites. If a lot bite then I've under valued/under priced the item and it is worth more than I'm asking. It's basic standard supply and demand. Take a row of terraced houses...3 sold for £180k, there's no point in putting your same property on that same street on at £500k as it's not worth that no matter how much you think or want. It's worth £180k ( or there abouts allowing for condition )
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Doesn't really matter what either party thinks that it's worth. If the seller won't budge on his price, the buyer can't buy. Equally the seller can't sell without a buyer willing to meet that price.

So ultimately the 'true value' of a property is determined by both the seller and the buyer when it is sold.
 
Quite a few near ours now showing "Reduced on" on rightmove etc, like to think the penny is starting to drop a bit that as much as people want an extra room or an office they are not willing to pay 50/60k over true value for it.

I've also noticed that purplebricks are the absolute worst for inflating prices, which figures considering they get paid the minute the board goes up outside.
 
KnaresboroughBlue said:
Doesn't really matter what either party thinks that it's worth. If the seller won't budge on his price, the buyer can't buy. Equally the seller can't sell without a buyer willing to meet that price.

So ultimately the 'true value' of a property is determined by both the seller and the buyer when it is sold.
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Market value is a vague concept driven by agents and other industry figures unless you label it the figure a buyer is willing to pay and it meets the figure the seller is willing to accept as you describe.

An agent can obtain a higher price than the seller is willing to accept and that should be their aim and they should achieve that within limitations of course as they are being paid a commission to in theory at least work for the seller to achieve a higher price than the seller would if he/she sold it without involving an agent.

Negotiating the best price from the best buyer is the name of the game and their are always time limits.

Given that a good agent will allow you to sell concurrently and compete with you as such and best price wins out despite given their job having access to a much wider range of interested parties than the owner would.
 
Sold ours but the stress of finding somewhere to move to now is getting unbearable. Pressure is on as our buyers are keen to move in asap, especially with stamp duty holiday.

But every house we view now seems to be guide price or offers over, and we've lost out twice in the past few days despite submitting bids over the asking price. The latest one we found out about yesterday, as of Saturday evening we had placed what was described as an attractive bid and our shortened chain was a factor, we were in a good position and would be given feedback before the seller chose how to proceed. By yesterday we'd been told we were outbid by a considerable amount by a cash buyer and the deal was already done. I hate the housing market.

*edit* It gets worse. A house that went on yesterday and we are trying to set up a viewing for, the estate agent tells us the vendor has accepted a bid this morning without even having any viewings, and there are no photos available online as yet as they have not had a chance to do them. Thoroughly depressing.
 
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