ScottieGirl Posted June 14, 2017 Share Posted June 14, 2017 Put in an offer on a house yesterday and had no response. Offered 95% of asking price and I am a cash buyer so not unreasonable opening bid although seller probably wants more. It is with Purplebricks so no estate agent to call. Miffed that I have not got a response indicating when they will get back to me. Game playing methinks Am interested in another 2 which have been on a while and the agents admit are overpriced. How long do I wait before offering on one of them? So used to Sydney where everything is for auction so fixed timtline and the guide is always under quoted. 1 Quote Link to comment Share on other sites More sharing options...
Guest Posted June 14, 2017 Share Posted June 14, 2017 (edited) 1 hour ago, ScottieGirl said: Put in an offer on a house yesterday and had no response. Offered 95% of asking price and I am a cash buyer so not unreasonable opening bid although seller probably wants more. It is with Purplebricks so no estate agent to call. Miffed that I have not got a response indicating when they will get back to me. Game playing methinks Am interested in another 2 which have been on a while and the agents admit are overpriced. How long do I wait before offering on one of them? So used to Sydney where everything is for auction so fixed timtline and the guide is always under quoted. You should make all concerned aware you are a cash buyer and are looking to purchase two properties ? Edited June 14, 2017 by Sunset Quote Link to comment Share on other sites More sharing options...
LKC Posted June 14, 2017 Share Posted June 14, 2017 I guess the length of time you wait depends on how much more you like this house than the others. I'd probably make sure they know you're a cash buyer and that there are two other properties you're interested in. We're in the throes of moving back, and have been looking at Rightmove and so on for a while. I'd noticed a couple of houses listed with Purplebricks. I'd not heard of them before. We'll be in a similar position to you, cash buyers, which we're hoping will go in our favour. We're moving to Scotland which seems to be mostly 'Offers Over', which we've not experienced before (we lived in England before moving to Aus), so that'll be a bit of a learning experience! Funnily enough, we had an estate agent round today to have a look at our Sydney home. He reckons it'll be sold within three weeks, then a six week settlement. Average time on the market in our suburb is 17 days, so I'm inclined to believe him. Seems much more simple this way. 2 Quote Link to comment Share on other sites More sharing options...
ScottieGirl Posted June 14, 2017 Author Share Posted June 14, 2017 They know i'm a cash buyer. Purple bricks is an on line agency and the seller manages everything. It is of course cheaper than a traditional agent. I believe they have 'éxperts' who will handle negotiations but so far nada. It's a wee bit odd, so far the seller has been responsive when arranging viewings. The house came back onto the market after the sale fell through at the last moment last week. Something is up but I don't know what. I do know there are other offers in - that is the one advantage of PB anyone who views a house is notified of all viewings and offers. The Sydney system works much better for the seller as you have not agreed the sale i.e the offer is not accepted until the deposit is paid. So the buyer has to do all the legwork re building surveys, arranging finance and legal searches up front. Sales therefore don't fall through but it costs the buyer a lot more as you can pay the upfront costs and get beaten by another seller as most sales are at auction The good news is rent is cheap as I am living at my mothers 2 Quote Link to comment Share on other sites More sharing options...
Wa7 Posted June 14, 2017 Share Posted June 14, 2017 I am not sure on the offers process of pb but if you can, politely let them know that your offer is valid for x amount of time because you have other properties that you are interested in. 2 Quote Link to comment Share on other sites More sharing options...
kungfustu Posted June 14, 2017 Share Posted June 14, 2017 We put our house on the market in April, we had about 6 couples around to look in 6 weeks, no offers and little interest.....which is surprising because it is in a popular road....after speaking to estate agents it appears the housing market is dead at the moment......Brexit.....General Election etc etc......I dont know what area the property is in but I am guessing they would be mad to play hard ball with a potential cash sale.....you are in the position of power here......not them.....sit tight and keep your options open. 4 Quote Link to comment Share on other sites More sharing options...
LKC Posted June 14, 2017 Share Posted June 14, 2017 37 minutes ago, ScottieGirl said: They know i'm a cash buyer. Purple bricks is an on line agency and the seller manages everything. It is of course cheaper than a traditional agent. I believe they have 'éxperts' who will handle negotiations but so far nada. It's a wee bit odd, so far the seller has been responsive when arranging viewings. The house came back onto the market after the sale fell through at the last moment last week. Something is up but I don't know what. I do know there are other offers in - that is the one advantage of PB anyone who views a house is notified of all viewings and offers. The Sydney system works much better for the seller as you have not agreed the sale i.e the offer is not accepted until the deposit is paid. So the buyer has to do all the legwork re building surveys, arranging finance and legal searches up front. Sales therefore don't fall through but it costs the buyer a lot more as you can pay the upfront costs and get beaten by another seller as most sales are at auction The good news is rent is cheap as I am living at my mothers Staying with family is a huge bonus! We've been lucky as a rental has come up in the right area for the right(ish) price and is available only one or two weeks before the kids and I aim to be there. The letting agent has been great so far, as has mil who is going to sort out payment, so we don't have to faff about with money transfers and things before we transfer the proceeds of our house/business sale over. 2 Quote Link to comment Share on other sites More sharing options...
Guest Posted June 14, 2017 Share Posted June 14, 2017 26 minutes ago, kungfustu said: We put our house on the market in April, we had about 6 couples around to look in 6 weeks, no offers and little interest.....which is surprising because it is in a popular road....after speaking to estate agents it appears the housing market is dead at the moment......Brexit.....General Election etc etc......I dont know what area the property is in but I am guessing they would be mad to play hard ball with a potential cash sale.....you are in the position of power here......not them.....sit tight and keep your options open. Coventry and surrounding areas is a bit out the way really though isn't it? Quote Link to comment Share on other sites More sharing options...
ScottieGirl Posted June 14, 2017 Author Share Posted June 14, 2017 Just had two alerts telling me 2 more viewings have been arranged. But no word from the vendor in response to my offer. Time for polite email to vendor and to offer on the second property I think 2 Quote Link to comment Share on other sites More sharing options...
Phil & Vikki Posted June 15, 2017 Share Posted June 15, 2017 It may be hard, but emailing to chase, could be the worst option here. That way if you do, the seller knows that they have someone very interested, so they will try holding out to see if anything else better comes along. If they think that you have moved on (or thinking of moving on) they are more likely to come around to your way of thinking. 1 Quote Link to comment Share on other sites More sharing options...
suesmalls Posted June 15, 2017 Share Posted June 15, 2017 (edited) I think the agent is playing hard for some reason - perhaps they do have a good deal of interest - although having it fall over on the first offer generally changes the game for the Sellers. I'm envious of your position - well done and good luck. In Australia if an offer is put in formally the agent has to respond within a certain time frame. I would contact the agent and play slightly cool and let them know unless you are given a firm response you will have to withdraw. I wonder if he's passed onto owner cause if you came in at 95% of asking price that's not a low ball offer and very decent opening offer. Good luck Edited June 15, 2017 by suesmalls 1 Quote Link to comment Share on other sites More sharing options...
Wa7 Posted June 15, 2017 Share Posted June 15, 2017 10 minutes ago, suesmalls said: I think the agent is playing hard for some reason - perhaps they do have a good deal of interest - although having it fall over on the first offer generally changes the game for the Sellers. I'm envious of your position - well done and good luck. In Australia if an offer is put in formally the agent has to respond within a certain time frame. I would contact the agent and play slightly cool and let them know unless you are given a firm response you will have to withdraw. I wonder if he's passed onto owner cause if you came in at 95% of asking price that's not a low ball offer and very decent opening offer. Good luck Exactly. 95% is a very good opening offer. We will be in a similar situation when we return in the near future and we won't be that generous with our first offer..................you are a sellers dream and am sure plenty of other sellers will snap your hand off. 1 Quote Link to comment Share on other sites More sharing options...
BacktoDemocracy Posted June 15, 2017 Share Posted June 15, 2017 Selling in Suffolk, market here is mad, properties sell in 2 weeks, our's was sold before it went on the net for 5000 over asking price which was very optimistically at the very top of the best suburb price, we were then approached with a further offer of another 15000. We eventually interviewed 5 agents, 2 online, 3 traditional, the online people, including PB were very persuasive on costs but online reviews highlighted how people felt let down on negotiations and finding people in the organisation to resolve offers and liaise with buyers, so your sellers might not be responding because they are not getting advice/info as to what to do. We gritted our teeth got the fee down and went with a local agent who has 4 offices across the region and they have been very good, good photos, good liaison, reasonable advice, felt like they knew the market, which was proven by them pitching it high in the first instance. Back to your dilemma SG, do you have a feel that the market is roaring away, do boards go up and then within a couple of weeks sold appears, your sellers may just simply be spinning it out to see if some better offer comes along, if they haven't got back to you I think that's a fair way of knowing that they haven't got a better offer or the offers are from someone with a property to sell, I would keep on looking and let the agents know you are a cash buyer and make it clear the money is in the bank because our agent advised us to take our buyers assertion they were cash buyers with a pinch of salt until they saw proof of the money. 1 Quote Link to comment Share on other sites More sharing options...
ScottieGirl Posted June 15, 2017 Author Share Posted June 15, 2017 Finally heard from them, turns out they put it back on the market after a problem with the original buyers which is now resolved. Not game playing but poor communication. Anyway a useful exercise for me as I made a couple of schoolgirl errors when making the offer that won't happen next time. I have no issues with proving I have the cash , it's no different to proving one has a mortgage arranged. The market here is not that hot properties being reduced in price on a daily basis. But they were overpriced. Most stuff taking 4 to 6 weeks to sell. Annoyingly now getting calls from a number that goes dead when I answer it. Looked it up and it's a PB call centre trying to sell me a mortgage or legal services. 1 Quote Link to comment Share on other sites More sharing options...
suesmalls Posted June 15, 2017 Share Posted June 15, 2017 (edited) Sorry it didn't work out on that particular property and I hope the other properties you're looking at are equal or even better and you end up happier. It's always disheartening at first when you don't get that car etc you wanted at first go. Hopefully there is a reason and a better one is waiting for you . Edited June 15, 2017 by suesmalls 1 Quote Link to comment Share on other sites More sharing options...
Collie Posted June 15, 2017 Share Posted June 15, 2017 On 6/14/2017 at 19:36, kungfustu said: We put our house on the market in April, we had about 6 couples around to look in 6 weeks, no offers and little interest.....which is surprising because it is in a popular road....after speaking to estate agents it appears the housing market is dead at the moment......Brexit.....General Election etc etc......I dont know what area the property is in but I am guessing they would be mad to play hard ball with a potential cash sale.....you are in the position of power here......not them.....sit tight and keep your options open. Yep - that's what I'm hearing out of London too. They are struggling to shift top end property. Heard from a conveyancing lawyer that it is like Dublin 2007 just before the crash. Potential recession on the way. Could be worth holding tight for 6 months. If you do offer elsewhere, make your offer time conditional. My offer is XK GBP and is good for 48/72 hours. As a cash buyer and no chain you are holding the better cards 1 Quote Link to comment Share on other sites More sharing options...
ScottieGirl Posted June 26, 2017 Author Share Posted June 26, 2017 Looked at 2 more properties. One needs a lot doing, but the price reflects this. Decorating throughout which will be pricey as hideous wallpaper and stone fireplace ro remove, bathrooms and kitchen need an update and I assume wiring and heating need to be redone.Agent describes as competitively priced as owner has bought next property. The other is move in ready apart from the kichen. Owner purchased it 20 months ago has as added downstairs reception room and utility and refitted bathrooms. Wants 25% more or an extra 90Kwhich is about 20k too much IMO if Iadd cost of renos and market growth. No chain, owner not admitting to why selling other than 'change of circumstances' Both had other viewings over the weekend. Now deciding whether to view sgain or make an offer. But t which one? The misery of choice. 1 Quote Link to comment Share on other sites More sharing options...
BacktoDemocracy Posted June 26, 2017 Share Posted June 26, 2017 55 minutes ago, ScottieGirl said: Looked at 2 more properties. One needs a lot doing, but the price reflects this. Decorating throughout which will be pricey as hideous wallpaper and stone fireplace ro remove, bathrooms and kitchen need an update and I assume wiring and heating need to be redone.Agent describes as competitively priced as owner has bought next property. The other is move in ready apart from the kichen. Owner purchased it 20 months ago has as added downstairs reception room and utility and refitted bathrooms. Wants 25% more or an extra 90Kwhich is about 20k too much IMO if Iadd cost of renos and market growth. No chain, owner not admitting to why selling other than 'change of circumstances' Both had other viewings over the weekend. Now deciding whether to view sgain or make an offer. But t which one? The misery of choice. The done up one was bought cheap and done up to sell, get all the work checked out before sealing the deal, the other one seems to need a lot of work but if the basic structure is good then you can get the house you want out of it and kitchen and bathrooms don't cost a lot and a good decorator will re do a room in 3-4 days, if they havebought elsewhere they are desperate to have a secure deal with a cash buyer, if you do the work yourselve you can make sure that quality products are used for the heating , re-wire etc whereas the bought to sell guy may not have and you get rads and sockets where you want them. 1 Quote Link to comment Share on other sites More sharing options...
suesmalls Posted June 26, 2017 Share Posted June 26, 2017 Can you go for 2nd viewing with a builder / engineer to review the work? Or do they do "subject to" offers in UK & get full inspection taken out. Would be reassuring & smart to know the details of what's needed etc. You're in a great position as a cash buyer. Can you get a buyers agent who may have builders they can call in? use your position of power to get you the best deal. I know looking gets tiresome and you want to settle. It's a big purchase & you've worked hard & done well to be in this position. So don't let those sellers agents push you around. They've got vested interests. Quote Link to comment Share on other sites More sharing options...
BacktoDemocracy Posted June 26, 2017 Share Posted June 26, 2017 1 hour ago, ScottieGirl said: Looked at 2 more properties. One needs a lot doing, but the price reflects this. Decorating throughout which will be pricey as hideous wallpaper and stone fireplace ro remove, bathrooms and kitchen need an update and I assume wiring and heating need to be redone.Agent describes as competitively priced as owner has bought next property. The other is move in ready apart from the kichen. Owner purchased it 20 months ago has as added downstairs reception room and utility and refitted bathrooms. Wants 25% more or an extra 90Kwhich is about 20k too much IMO if Iadd cost of renos and market growth. No chain, owner not admitting to why selling other than 'change of circumstances' Both had other viewings over the weekend. Now deciding whether to view sgain or make an offer. But t which one? The misery of choice. To re-dec a whole house is about 4-5 man days per room, good quality Veka UPVC windows, say 400 per individual windows and I would go for heating with a Vaillant combi boiler, or standard boiler with a large capacity pressurised cylinder, which will give years of service. 1 Quote Link to comment Share on other sites More sharing options...
ScottieGirl Posted June 26, 2017 Author Share Posted June 26, 2017 4 days per room? I know you have to wait for stuff to dry but for 6 rooms thats 24 days or 5 weeks. I assume they can do more than one at a time? 1 Quote Link to comment Share on other sites More sharing options...
BacktoDemocracy Posted June 26, 2017 Share Posted June 26, 2017 (edited) 52 minutes ago, ScottieGirl said: 4 days per room? I know you have to wait for stuff to dry but for 6 rooms thats 24 days or 5 weeks. I assume they can do more than one at a time? That is what I would reckon for one man, to strip paper prepare walls and ceiling and rub down wood work, undercoat wood work, first coat walls and ceilings, gloss woodwork, 2nd coat walls and ceiling, but remember one man, 2 blokes cuts it down and yes if there is a number of rooms then they can carry through but remember a staircase and hall is quite a lot of work, I would reckon 2 weeks plus for a pair to do a 3 bed house to a GOOD standard. I saw a good paper hanger do a ceiling and walls of a biggish room in an edwardian house in less than a day but he was v good, but that was just the papering, no prep no painting. N Edited June 26, 2017 by BacktoDemocracy 1 Quote Link to comment Share on other sites More sharing options...
starlight7 Posted June 26, 2017 Share Posted June 26, 2017 Very different market here- several buyers for each house but I am sure it cannot last much longer. Prices are spiralling out of control in some local areas- one of my daughters had her house valued at over 2 mill and it is a nice house but not THAT nice. Never known anything like it in all the years we have been here. 1 Quote Link to comment Share on other sites More sharing options...
ScottieGirl Posted June 26, 2017 Author Share Posted June 26, 2017 (edited) Went back to the fixer upper and decided it wasn't as bad as I first thought so have made offer subject to a building survey. Only to be told vendor is away until Wednesday with no mobile.... Obviously an old persons house and viewings done by agents so I believe them. Now have to sit and wait... Edited June 26, 2017 by ScottieGirl 1 Quote Link to comment Share on other sites More sharing options...
BacktoDemocracy Posted June 26, 2017 Share Posted June 26, 2017 1 hour ago, ScottieGirl said: Went back to the fixer upper and decided it wasn't as bad as I first thought so have made offer subject to a building survey. Only to be told vendor is away until Wednesday with no mobile.... Obviously an old persons house and viewings done by agents so I believe them. Now have to sit and wait... Make sure you get a RICS surveyor but chat to them about what you want included in the survey as they may just work to a standard format. 2 Quote Link to comment Share on other sites More sharing options...
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