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Putting an offer on

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  • Putting an offer on

    Hello

    First time buyer here!

    We are looking at a house on the market for £225k. It is nowhere near that value (accordint to Zoopla its £190-195k).

    Do you think a seller would accept an offer £35k under the asking price?

    Thanks

  • #2
    Re: Putting an offer on

    Why do you think Zoopla is right? What is their justification for £190-195K?
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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    • #3
      Re: Putting an offer on

      Originally posted by Richard Webster View Post
      Why do you think Zoopla is right? What is their justification for £190-195K?
      I am not saying they are right, but this is what the estimated value is....

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      • #4
        Re: Putting an offer on

        There's no reason at all to presume the Zoopla price is accurate. Frankly, they are simply automated guesses - you really can't put any faith in these.

        On the other hand, nothing to stop you putting in a low offer if you want to.

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        • #5
          Re: Putting an offer on

          I don't think that Zoopla estimates are particularly reliable, they'll just be based on a load of different statistics pulled together in a haphazard way rather than genuine valuations based on inspections of the properties. To be honest if you used them as a bargaining tool it might do your negotiation more harm than good.

          It's better to look at a few similar properties to compare what you can get for your money, also look at the land registry recorded sold prices for similar properties in the area, as they tell you what property is actually selling for. Remember that general property condition and presentation can have an impact too. By doing this research you'll get a feel for whether you think your offer is realistic or not

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          • #6
            Re: Putting an offer on

            Hello

            The house we are looking at last sold for 159,995 in 2006 (according to houseprices.landregistry.gov.uk). A Nationwide tool says prices have risen by 2.25% since 2006, making the house value £163,579.
            Last edited by oxfordmark; 03-10-2012, 11:24 AM.

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            • #7
              Re: Putting an offer on

              House prices are subject to regional variations - at the moment, property in London and the south east are seeing gains, but across the north of England and Wales, clear falls. Overall figures are a composite that give no indication of these regional variations.

              However, as above, nothing to stop you going in with a low offer. After all, a house is only worth as much as someone is willing to pay for it.

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              • #8
                Re: Putting an offer on

                As we expected, they rejected the offer.

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                • #9
                  Re: Putting an offer on

                  I don’t know if I’m right, but would say you should keep a couple of options with you. Sticking to one may or may not work. And so far as zoopla is concerned, they have some sort of automated software that give a rough estimate, but the real time situations can be quite different. Its investment market you know. Instead of relaying on such sources, I would suggest going for an estate agent.
                  Guaranteed Rent Scheme |Estate agents Canary Wharf

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                  • #10
                    Re: Putting an offer on

                    Zoopla is notoriously unreliable and gives a very wide range of values for almost identical houses!
                    My old house was a 2 bed end terrace in a late victorian row just outside the M25. There were about 50 extremely similar houses on the road. Zoopla values ranged from 179000 to 360000!

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                    • #11
                      Re: Putting an offer on

                      Forget Zoopla, as other respondents have mentioned, they use an automated calculation and are nowhere near as accurate as estate agent valuations or looking at similar properties for sale.

                      What Zoopla are useful for, is checking the sale price of houses that have sold in the area. On their homepage you can select the 'sold prices' tab, enter the street you are looking on and any streets nearby that have similar houses. Then view the sold prices (they are usually on the site 3 months after 'completion' date).

                      If you are lucky there will be similar properties sold in the street or nearby within the last 12 months (beyond this may bot be a good comparable). Go and stand outside these properties and guess if they are comparable - remember you won't be able to guess their standard of finish internally, or if there is a rear extension/ conservatory etc, adding space and value. However using these sold prices with prices of similar properties in the area for sale now gives you an idea if the seller or agent is trying it on with a high price.

                      Sellers are more likely to accept a lower offer if the property has been on the market for over 6 weeks... so persevere and go back to them if the property doesn't sell. Or if you can raise your offer and feel it's worthwhile, don't hesitate to offer again (even if only a little more). If this doesn't work 1. ask the agent to 'sound out' the seller to see if there is some room for a reduced sale price or 2. leave your details with the agent and tell them to come back to you if the house doesn't sell and the seller is thinking of a price reduction.

                      Good Luck!

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                      • #12
                        Re: Putting an offer on

                        Zoopla CAN be helpful if you look at the sold prices for other, similar properties in the street or vicinity.
                        However as all the other posters point out, if there haven't been any recent sales of similar houses zoopla has no information to use and it's estimates will be based on nothing: garbage in - garbage out.

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                        • #13
                          Re: Putting an offer on

                          OxfordMark - the answer is yes - they would accept an offer this low if they are motivated to leave the current house sufficiently highly.

                          I have a history of getting these sort of discounts - and if I can do it you can too.

                          With regard to Zoopla - it's just data. You might want to try and get a quote from a Collies/Colleys surveyor who do this for a living. This will cost you a small sum, but if the house is over priced, this is the sort of evidence that will pull the price down by thousands.

                          I'm sure the Estate Agent wouldn't inflate the price sufficiently to allow for 10K or 20k off the price in the first place would they and down to the proper market value? No......that would be silly! :-)

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