Discover Hertford Online Forum

Reply ID 59741

Is this house in Hertford? [;)]

Reply ID 59744

Hypothetically yes! ;o)

Reply ID 59746

Like any other transaction, it depends how much you want to own it and how much the seller wants to not own it.

Reply ID 59753

We were selling end of last year and offers looked to be around 30% less than asking. But not may offers accepted at that rate. Looking at the houses on offer and the length of time they've been there I don't imagine sellers are being tempted by low offers.

Reply ID 59786

One way you can do it, is if you can set up a deal throughout the chain, so that everyone drops by the same proportion. However, you need to have direct contact with all parties and be fairly sure everybody's finance is in place and as they claim it to be. 10-11% is possible, but not much more. Most people's price will be set by their need to buy, so obtaining a drop by the seller at the top of the chain is the key.

Reply ID 59790

As an aside I am pleased to see that Zoopla are now offering previous sale prices from the mid to late 1990's when you do a desk top valuation. Makes for interesting reading..

Reply ID 60050

I feel that many buyers at present are being way too unrealistic in the offers they are submitting. If people are prepared to accept an offer 30% below the current asking price, more fool them. I know that if I put my house up for sale, i wouldnt entertain an offer even 5% below the asking price for at least 8 weeks after it had been on the market. If the valuation is done correctly, house prices are only dropping 1.5% per month. Too many buyers are getting carried away by the press and the estate agents should be putting them right.

Reply ID 60054

Some vendors are overpricing their properties in the first place in anticipation of receiving lower offers. It also depends how long the house has been on the market for and whether the vendor has reduced the asking price at all - many houses have been on the market for at least 6 months with no reduction in price. At the end of the day a house is only worth what somebody is prepared to pay for it.

Reply ID 60085

As a mortgage professional I have seen properties down valued - especially on re-mortgages - by the new lending bank's valuer. This is the crux of being able to get the mortgage you may need. On purchases let me give one example. Property sold in August £132,000 (Hoddesdon) same type of property comes onto the market as in December and is being marketed at £120,000. Offer accepted by the seller at £108,000 in January. This is 10% below asking price and over 18% lower than the last property of the same kind sold 5 months ago. It's worthwhile registering on http://www.upmystreet.com (it's free) or something similar as you can see the actual sale prices for properties in a particular postcode area. Obviously it doesn't take into account the state of the property, but it does give you a guide for what houses are being sold for, rather than just the marketing price.