Loads of CF making silly offers on my home

[pV5p]

Is anyone else having issues with CF wasting time and making silly offers on houses?

We put ours up for sale end of October as we didn't want to move until next year. A very similar house was snapped up at full asking price within a few days earlier in the year so we waited to put it on the market.

But several people have made very cheeky offers (over 10% less than the asking) for a home that is very well priced and extended and in much better state than the neighbors that sold quickly. One was even at the same price as the neighbors when ours is worth far more and obviously we're not going to sell at that price as in no rush!

We've changed it to fixed price and not even had a viewing in two weeks. IS anyone else noticing problems with CF and weirdness at the moment? (south west)

A house is only worth what people are willing to pay for it. It's overpriced.

@NoIDontWatchLoveIsland - wow! I don't think there's much chance of that round here, but gosh.

You need to stop thinking about your buyers as being CFs. They might be very serious. With the house I’m in now out first offer was £70k less than asking price and we settled on £40k off. Did you do any negotiating with the buyers? If you’ve had multiple at that price and none have been willing to budge then your expectations might be too high.

I didn't mean 10% was automatically cheeky, but they've all been at least that off. One was 25%, I don;t have a deal with 10% as a starting price, but that's the start and end of any price negociations.

I think were going to pull it off, then put back on in the spring as now is odd

Well, as many people have said...if everyone is offering 10% off, then that appears to be what people are willing to pay, ergo what it's worth.

Houses are only worth what someone is willing to pay. They are not cheeky offers, it's simply what they think it's worth to them.

I think 25% off is cheeky, I expect its a timewaster that is trying their luck and offering low to many many people to see if anyone is desperate

Exactly how many offers have you had in the last three weeks op?

@pV5p

I think 25% off is cheeky, I expect its a timewaster that is trying their luck and offering low to many many people to see if anyone is desperate

Or realistic. Someone will accept their offer.

There’s a house here that’s at least £200k over valued. The vendors are dreaming. A 25% reduced offer would still be more than it’s worth.

No matter what ur valuation is, Something is only worth what someone is willing to pay.

@pV5p

I didn't mean 10% was automatically cheeky, but they've all been at least that off. One was 25%, I don;t have a deal with 10% as a starting price, but that's the start and end of any price negociations.

I think were going to pull it off, then put back on in the spring as now is odd

I agree 25% is likely to be cheeky but if everyone is well below the asking price and they aren’t then coming back with an increase when you say no, it’s the price.

Changes to stamp duty, Brexit, this time of year and the continuing repercussions of covid will all have a huge impact. I’d market it again in January and get it realistically revalued.

A house (very old, large and beautiful) literally around the corner from me was originally listed at £900k has been reduced to oiro £650k so the market is definitely wobbling.

People may like a house that’s not been extended but got possibility for extra work to be done. I think you’ve got an over inflated view of its value

Hmm - how do you know the other house sold for asking price? Our old next door neighbours told us they sold for asking price. Turns out they didn't.

I haven't read the whole thread, but when someone has offered below asking, how have those offers been handled? How the EA works to try to get them to increase their offer is key. If it's a flat, "no, they won't take less than X" then they may not be minded to up their offer. Often people want to feel they have bagged a bargain and don't want to pay asking price, although it does depend on the market locally.

I think 25% off is cheeky,

I think it depends, perhaps your house is just overvalued.

I expect its a timewaster that is trying their luck and offering low to many many people to see if anyone is desperate

People do this because sometimes it works. Some sellers just want a quick sale.

Also remember nearly all buyers will get a survey done, which includes a new valuation (and is normally much lower than the valuation the estate agent suggests!) If that happens they may not be able to get the bank to agree to the mortgage and sellers would pull out if you’re inflexible on price!)

I think 25% off is cheeky, I expect its a timewaster that is trying their luck

No, it's a starting position for a negotiation.

A house is only worth what buyers are prepared to pay for it.

A famous MN maxim is ‘No is a complete sentence’. In conversations with friends and family, this might be considered rude - but when it comes to property buying and selling, it’s just plain honest. If you don’t like the offer, say no - ‘cheek’ doesn’t come into it.