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When a property says 'offers over 125,000' - is putting an offer in for 109,000 acceptable, or would they simply not take me seriously?
if you are in the Scottish market it is expected that the offer will be over the asking price, a lower offer will generally not be considered unless the seller is desperate to shift it. if it is a decent property you can expect about +10% on the asking price if more than one party is interested.
You bid what you want, it is up to them. We were going to bid in an auction which said guide price was 60k, it went for 175k! It is worth what somebody will pay...or not!
Had a similar thing. Was interested in a property that had a guide price of £400k but couldnt buy it under auction conditions as it was for my main home. I told the agent this and they said they would call me on the auction day abroad to let me know if the property didnt sell. They did this and so I said that was great news and I would happily pay the £400k and proceed. i was then told that they actual price they wanted was £500k. As it needed a lot of work this price was ludicrous. What i didnt understand was that I had at elast 10 emails from the agent saying they would take £400k! I think the guide price at auction is basically a meaningless figure.
Agreed, basic law of economics: the market price is what someone is willing to pay.
I have put in cash offers, pre-auction, which were immediately rejected, the property then being sold at auction for a way-over-the-top, lucky-to-even-break-even-for-all-you-hard-work price. So I stopped even considering auctions.
I wish sites like rightmove had a filter button to remove anything where auction is mentioned!
Don't ask don't get !
What's the maximum you'd pay to clinch this property?
When I was starting out in this business in the mid-90's I was given a great piece of advice by an experienced investor. His view was that unless you are embarrassed by your offer it is probably too high.
Remember that your profit is probably determined by the purchase price, and that the vendor can always say no.
Hamilton Square Estates Ltd
Wirral Property Group Ltd
Sourcing and renovating investment property since 1994
I never take notice of this. I offered £10,000 below the 'offers above' advert and got it accepted. Advantage was we were cash buyers and could move fast.
Ive also had some refused.
Work out YOUR price and stick to it. There is always another property round the corner. In fact there are dozens of properties round the corner.
Indeed: Offered 30% lower than "offers over" price & got the bluntest ever rejection from estate agent on behalf of most upset client. "Never been so insulted etc, etc.. would never sell at that price....". Thanks says I.
A week later I repeated my original offer, in writing, accepted.
Capitalism ain;t fair!
Thank you all for your responses.
I now know what I need to do!
Back with some updates on this one.
Yesterday I found out, the property in which the Agent claimed he had received multiple offers from buyers over asking (at 135,000), this property yesterday was re-listed on Rightmove and is in Auction. The guide set to 50,000
I called the 'then agent' and asked him the reasons for property not completing knowing (its in a dilapidated state), but his response was that it did sell, and he has no idea why it has gone back on Auction at 50. So to clarify, the story being sold is they sold to some buyer at 135,000 and now its back in auction at 50,000 guide price.
Anyway, I called the auctioneers to make a pre-auction offer, but stated the vendor not open to offers, and its going direct to auction. Anyone know, what I can do to find and source the vendor, and make an offer to him.
As far as I understand, the owner of the property has sadly passed away many years ago. I have no idea who is handling the process of disposing this asset.