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Original poster

Properties Marketed With a Fixed Price

30 replies

Evenstar · 01/09/2010 17:35

After my purchase falling through yesterday I am viewing a property tomorrow which is being marketed at a fixed price. Has anyone had any experience of this and does it mean what it says? Thanks in advance.

OP posts:
lalalonglegs · 01/09/2010 17:41

Are you in Scotland? Is this instead of the "offers over" system? Otherwise, I don't see how someone can set a fixed price - as is endlessly pointed out on these threads, it's only worth what someone will pay, not what the vendor wants.

AgentProvocateur · 01/09/2010 17:50

If you are in Scotland, it means what it says. First offer of that price will secure it.

Original poster
Evenstar · 01/09/2010 18:04

No I am not in Scotland, that is why I was a little puzzled by this, I have bought and sold several times and never seen a fixed price before.

OP posts:
traceybath · 01/09/2010 18:07

I'd ask the agent if they were seriously expecting to get the asking price - then laugh a bit and walk away if they were.

Really puts me off when I see stuff like offers in excess off etc.

Original poster
Evenstar · 01/09/2010 18:15

Unfortunately, it seems to be the only property for me to even view that ticks most of the boxes and I am worried I might lose my sale. I have rung all the estate agents in the area I am moving to today and asked them to reactivate my details as urgently looking for a property, but all of them said they have nothing coming on. It does look from the outside like a lovely house and completely refurbished inside from looking at the photographs, but it goes against the grain to offer the asking price. I was hoping someone might have made an offer below a fixed price and been successful. I am very suspicious of the agents marketing the property, as they have a bad reputation locally and I myself have had a bad experience with them encouraging me to view a really awful property that was semi-derelict.

OP posts:
VivaLeBeaver · 01/09/2010 18:20

I bought a house that was marketed as offers over 130k. We offered 129k and got it, then dropped the offer by a further 1k after the survey.

BeenBeta · 01/09/2010 18:40

It just means the vendor wants the price stated. It does not mean you cannot offer less.

Its a market. That means everything is negotiable.

TheHeathenOfSuburbia · 01/09/2010 18:43

Well, does the asking price seem sensible for the area?

What I mean is, could they have deliberately priced it low to get a quick sale and avoid faffing around with offers?

lalalonglegs · 01/09/2010 18:43

They can say fixed price and obviously that means the vendor isn't prepared to offer a lot of wriggle room but they can't insist on it if no one is willing to pay it. I would view and decide what you would offer regardless of the fixed price, don't let it influence you too much - it's a nonsense, after all, are they saying that they would refuse to countenance a bidding war because that would go above the sacred fixed price?

EdgarAllInPink · 01/09/2010 18:44

generally people do this when they have worked out how much they need to buy the house they want/ pay off their mortgage/debts/ etc.

of course you can offer whatever you like.

bigstripeytiger · 01/09/2010 18:53

I have offered under a fixed price and been sucessful.

It depends on what you think the property is worth. If it is well priced it might sell quickly.

Original poster
Evenstar · 01/09/2010 19:10

Similar properties have gone before I was able to make an appointment to view them and I think the price is comparable.

OP posts:
narmada · 01/09/2010 19:39

It doesn't matter what they say - fixed price, offers over, etc etc etc; as others have said, a house is worth what it will sell for. Don't be frightened into offering more than it is really worth. DO NOT offer the full asking price at the start! Check out a sold house price listing site and see how much identical houses have sold for in the last few months. And don't pay over that, would be my advice.

I agree, it's often what people have decided they need in order to buy their next property/ pay off their debts./ settle up with their co-owner in cases of divorce, but....again, it's what the house is worth, not what the house is on the market for that matters.

It's a rubbish month for buying houses.Would going into rented accommodation be an option, so as not to lose your seller? It might be better if at all possible to wait until you find something that ticks your boxes rather than rushing into such a major purchase.

lalalonglegs · 01/09/2010 19:45

I disagree with narmada - if you think the place is comparably priced before you even visit it, if when you get to see it you still think it is, then I would just offer the asking price on the basis that it is taken off the market immediately. Obviously the vendor wants a certain price but if you think it is worth it, just pay it and don't arse about because, as you've said, things seem to be moving fast where you are. (Of course, the most sensible thing would be to wait a year as I'm pretty sure prices will fall but...)

GrendelsMum · 01/09/2010 20:29

We effectively sold our last house at a fixed price - we looked to see what comparable houses had actually sold for recently, and then put it on for that price. That meant it looked cheaper than comparable houses, so we got more attention. When people made offers under, we explained that we had looked at the market, and we felt that X was a fair price. They obviously agreed, because they came back with the asking price straight away. On the other hand, if they hadn't agreed that it was a fair price, then we would have had to have accepted less.

Work out how much you think it's worth, and offer that, regardless.

narmada · 01/09/2010 21:16

But lalalonglegs, why would you pay any more for a house than those which have recently sold and are in other ways comparable locally?

Maybe I was a bit confused in the way I was writing (it wouldn't be the first time). All I meant was that if the fixed price they are seeking is substantially more than comparable houses have recently sold for (not been offered for) then it is unlikely to be a good deal.

lalalonglegs · 01/09/2010 21:35

No, but it seems that it is priced competitively so, whereas my instinct would always be to offer low, in a case where the price seems fair and the owner clearly wants to pay hardball, I'd just go along with it if it meant that I got a place I wanted.

lalalonglegs · 01/09/2010 21:36

play not pay

Original poster
Evenstar · 01/09/2010 21:44

Renting is an option, and I would do that as a last resort, but my position is unusual in that I am widowed and would be paying rental,furniture storage etc out of my capital. I cannot see 6 months rental and storage coming in at less than £10,000, so even if I paid £10,000 over the odds it would still be less of a waste of money in one sense. Also, I feel that the children and I have been through enough in the last two years since our bereavement and we need to achieve some stability and have a home we can stay in, if it is at all possible.

OP posts:
Rollmops · 02/09/2010 09:05

The statement that never offer nor pay more than the similar properties have sold before in the area is absolute nonsense! If an identical house, that was sold on the same street, was in need of lots of work and the one you're looking at is not, then the price will obviously reflect that!
See the house and pay the price you think it's worth.

Rangirl · 02/09/2010 09:31

My advice is see the place ,do your sums and make your offer.If they say no ask is there a price they would accept.If they say X (fixed price or other)see if you are prepared to go to that ,otherwise you have 2 figures that depending on the gap you may be able to negotiate between

sonotboden · 02/09/2010 09:58

we sold a house at a fixed price in the last recession, this was what was needed to clear the mortgage- we couldnt have sold it for a penny less- the building society wouldnt let us! maybe it could be this?

sonotboden · 02/09/2010 09:59

oh and of course only pay what it is worth TO YOU. can see absolute sense in you not wanting to go into rented and a few thou extra would be worth it to you to avoid all that hassle.

noddyholder · 02/09/2010 16:20

Rent Prices are falling atm and I am pretty sure this is set to continue.We had out purchase fall through in March and rented and have bought a real bargain now as we were in a good position and not much selling

narmada · 02/09/2010 18:26

rollmops of course no sensible person would suggest that you should pay the same for a house in need of total refurbishment as one that has already been attended to. That is not what I was suggesting at all. I just think it's foolish to pay more than the top price achieved for a similar house in a similar situation - key word there is similar.

OP, your situation makes things a bit different and I could see why you would security and some closure. If it's not over the odds, and I am sure you will know if that is the case, then go for it. I find it hard to be advocating going all-out for houses at the moment as I think they are sure to fall in price soon. But... sometimes personal situation means you don't have the luxury of hanging around - actually, we are in that position ourselves!