How to get your offer accepted 20% below asking price (actual story)
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- เผยแพร่เมื่อ 28 ส.ค. 2024
- The comment I'm reading out in this video (reproduced below) was from last night's video: "18 Verifiable Reasons UK House Prices ARE Crashing in 2023 - Prove The Doubters Wrong"
• 16 Verifiable Reasons ...
It made me so happy I had to share it with everyone.
"@gettridge4527 • 17 hours ago
Just got a 400k offer accepted on a house listed in July 22 at 500k (reduced to 475, then 460 then 425 to then accept by 400 offer only because I said to the agent to encourage the seller to stop holding out and chasing the market down- get ahead of it). Better yet an identical house (floor plan, garden size, condition) round the corner (same estate) was completed in Dec 22 for 500k. Genuinely got a 20% off/pre-crashed house!!! Only viewed and offered after seeing Charlie’s encouragement to disregard the guff! Because 400 is our absolute ‘post-truss’ max and didn’t think there was a point seeing a 425 list. He also stopped us paying 450k (our pre-truss max) for a smaller place in Aug 22 through his don’t overpay mantra. When we see new headlines in 6-8 months saying HOUSES CRASH 20% we will be sitting in our home thinking “yup, we know, we did that!” rather then “oh god well there goes our deposit!”
I am FTB. To all other FTBs, there is hope no matter your budget, Charlie is 100% right GET OUT THERE AND VIEW. Charlie is also right about being nice to agents, the agent actually persuaded the seller to take our 400 offer rather than the seller wanting it!
Direct to Charlie, thank you. You have single handedly got my wife and I to likely avoid negative equity (we have 15% down on this and it’s 20% crashed already = 35%) and have bought for the long term - intended to stay 8-10 years and grow into the house. Granted -20% price may not be the bottom of the market as you say but we’ve reached a point where we need to move - been looking for a whole year almost to the day. In the game of blackjack that buying a house at this time is, we got dealt a 17 and stuck rather than twisting (waiting longer in market) to get a perfect 21 but with high risk of losing out by drawing a 5 or higher.
Thank you Charlie. Genuinely, thank you. If we ever cross paths somehow I will recognise you and buy you a beer at the least."
Thank YOU for that wonderful encouraging story!
Remember, to have a good chance of getting your offer accepted, you need to have a mortgage in principle in place first. If you don't have one, talk to my hand picked magic mortgage guys, they're independent and can access the whole of the market. Pop your details in here and I'll put you in touch: mhwc.co.uk
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That's encouraging to hear. However -20% doesn"t seem like a huge deal to me. That's the level of the prices just 2 years ago! I will be looking for at least -25%. But yes, he did well!
Yea Covid froth has to come off before real reductions start.
Many houses increased by 40% plus during covid so there’s a long way to go if they are going to drop to those figures or below……… maybe this time next year we will be closer to the mark but currently many houses are still being listed at last years peak prices
The sells must be desperate.
@@KingShaf7 I just can't see how they won't return to pre-Covid levels. In my opinion, every deal that you make now even if it's -20%, is NOT the best deal you would get in the coming months/next year. Remember that houses were hugely overvalued even before Covid...
400 was a stable price for the area from about 2017-2020, 2020-2021-2022 spiked them to 500 at peak. So I like to see it as we got it for a 2017 price😊
The market in my area is full of dreaming sellers and buyers who couldn't care less :D Properties are advertised for half a year, get massively reduced or readvertised because deals fall through. As a potential FTB, I have no interest in buying an overrated and depreciating asset, unless I get a really impressive discount. The sellers can keep dreaming, and I rather prefer the flexibility of renting which is way cheaper than paying a crazy mortgage rate on top of an unrealistic price.
There is no rush to buy, prices are going to come down, sitting on your hands is also fine. You also might be able to save up a lot more cash and investments over the course of the next 1, 2, 3, years
Back in the day (1990) a stone, basically a small Manor house was in the local paper at 235k,next week it was 175k,then 134k,i went over, the guy was basically going bust, bank had asked him for his chq book back, I nailed him to the mast at 117k,in a nice way tho and it all worked out, borrowed 82k,unfortunately very high rates came (12% maybe 15%briefly) and I was in trouble, anyway got some students in to weather the storm.
What a ride!
@@MovingHomewithCharlie yes mate, bit like the wild west in those days.
@@MovingHomewithCharlie still got it mate, probably 800k now.
I bet that hardship was worth it in the end though!
@@Loundsify yes, been thru 2 down turns in property, so should be OK in this one, really feel for people tho with high rates and big balances this time round.
Good morning Charlie. Great outcome for the guy, followed everything you've said since you started out with this channel. As an aside, I'm noticing more and more properties coming online using the 'modern method of auction' through iamsold. Would you be interested in doing a video about this EA/seller tactic? The process seems cagey and a lot of add-on costs that need to be fronted by the buyer. But the properties I'm seeing are good quality, desirable areas that shouldn't have an issue selling at a reasonable price. Cheers!
There is a house by me listed for £590,000 which has just been dropped to £580,000. In my mind a much larger discount is appropriate.
Nice house in Gilwern, Abergavenny.
If one were to take 20% off the original price £590,000 then this would be £472,000.
Fair would be a round number £499,000 it is a fairly nice house in Gilwern, Abergavenny.
I have notice on some commercial property sites/platforms that both the 'First Listed' and 'Historical Listings' are being removed by the request of the vendors. I can only imagine that this is to hide the fact that their property has unsuccessfully not sold even though the price hasn't been 'realistically' reviewed in today's property price crash!.
Also, some sites have removed how many times a particular property has been viewed. Again probably for all of the above same reasons. When are vendors going to wake up and smell the coffee....rather than hot 'cookies' baking in the oven!.
I am still seeing properties that were listed 6/12 months ago, being relisted (albeit with a different agent) but still at the original price or with that 'old sock' of a label 'Offers Above' or 'In Excess of'. (original asking price!).
That isn't called a motivated vendor...it's an 'ill informed or stubborn one'.
Around by me there are many many listings on Rightmove saying "Reduced on (date)" this is a trend in the market.
It will become quite realistic to find desperate sellers e.g. fixed mortgage offers expiring, couples separating, lost job, higher interest rates, etc.
probate properties that need work, would be cheaper if seller is not greedy
Being nice to agents for the most part has no effect. If they don’t like your offer, they will dismiss you and for the most part not even want to discuss things any further. If you don’t believe me, try it!
I think all you need to prove to the agent is that your offer is serious, you are intended to buy, and you are NOT intended to pay more than that.
Just had that happen to me and the agent was quite rude , I sent my offer by e.mail and got an impertinent/ rude reply saying when I am serious they will discuss it 😮. I am a cash buyer, nothing to sell , no notice to give and pretty much have my “ducks in a row” .!!
@@CS5663-z5q I had that experience as well. Guess what? The agent called me back in 2 weeks.
@@aybgim3850 thank you for that it gives me hope 🙂🙏.
@@CS5663-z5q
I would reply to that agent and say perhaps you’ll wait until the seller instructs another agent before making an offer again.
I'm an investor, so not really part of Charlie's target market, but I do agree with most of what is being said. I track a number of channels on the Tube for what I believe are more informed views and this is one of them.
Another channel I have started to track is presented by estate agents for estate agents, and is called 'Uk property market stats'. For anyone that doesn't believe Charlie's figures then go and watch this. These are experienced estate agents, using 20EA data and saying the same thing.
The market will always be the market - it's like the weather, it'll always be there, it just changes sometimes. Best we can do is stay up to date and informed so we can work out whether it's a day for rain coats or sun umbrellas. Information is good. Well done to this guy or gal for staying informed, working hard and getting the deal.
Just watched their latest video (Wk 2) on the back of your recommendation and it's very interesting to hear those stats.
No worries - like I say information is good - I started divesting my portfolio from capital growth to cash flow immediately after Russia invaded Ukraine last year, completing the rebalancing just in front of September '21. So I have put my money where my mouth is - but I could be wrong. What I do know is that without information from wider sources and channels such as Charlie's your average punter would be in the dark - so grab information from reliable sources (check they actually are reliable) and more power to you in your decisions.
Informative, persuasive and beneficial. Thank you
Glad it was helpful!
To be fair the £400k was on a property that had been on the market since July last year! Of course at this point the seller is going to be more motivated to sell! If they'd managed a 20% reduction after 3-6 weeks on the market that would have been more realistic.
The best way to buy is to make money through investments (or trading) and then buy for cash.
I rest uneasy for mortgages that have a very long term and commit you to full time employment to pay off the mortgage for a very long time.
If fixed rates are 5 year then 5x2 = 10% more borrowing costs than the peak. So why have sellers not dropped their price by 10% immediately? Pre pandemic price should also be a target for buyers, there’s another 20% off. Nothing but 30% off will do ana even then you would have gained nothing.
He did not get 20% off. The house had already been discounted £500,000 to £460,000 to £425,000, and he "negotiated" from £425,000 to £400,000. Which is a 5.88% discount. A 5% discount from the advertised price is totally unremarkable even normal.
On Rightmove does under offer mean a buyer has made a offer for a property under the asking price example the seller is asking for 100k for property but buyer has offered 95k to buy property 5k under asking price
It means the seller has accepted an offer, it doesn’t reveal what that price is.
We've managed to drop the price by 3.6% (280k -> 270k). We're still very happy and the house was too unique to let it go 🤷♂️
That is ok but surely got to go for 10% min!
So right now im looking at a house thats £250k, we know they want to sell badly but could we really offer 20% bellow that ?, they may fall i guess anyway but might they not just be insulted, i dont know if anyone has advice it would be greatly appreciated.
Jesus this has come as a shock to me I have been so so nice to agents over the years and all they have done to me is piss on me Honestly be so so carefull what you say to the young buying for the first time In my humble opinion agents are sharks because they work on % bonus my son in law is an agent for god sake lets get reall here shall we ????????????
Put it this way. It certainly doesn’t help to be antagonistic towards an agent if you want them to put your offer ahead of other buyers to the seller.
@@MovingHomewithCharlie No it does not but if the truth were known all they are after like most these days is the cash I have even had a property sold to a local for less than I was offering to find at a later date there was a substantila back hander to the agent I have even had a seald bid with the same out come so in my humble opinion they are the worst folk to deal with hence my initial comment !! And personaly I would not give them the time of day !!
£400,000 for a first time buyer. Not very representative is it. Either a very high salary / inheritance / trust fund etc.
In fact mentions Trust several times.
Do you have to declare to estate agents or buyers if you believe a house is haunted? Yes, I know some will laugh but it's a serious question! I know someone who lives in a house where weird things happen and I've experienced it myself. I just wondered if you've come across this situation in your career and I think it'd make for an interesting video.
No idea 🤷🏻♂️ 👻
It's not a legal thing. The only thing you need to be worried about if any council complaints, they have to be declared during conveyancing otherwise you could get sued. Somehow I don't think any solicitor is going to sue a previous owner over a house being "haunted".
First time buyer a 400-500k house it’s alright for some 😝
@Paul Hitchens is right. Doing alright but certainly not ‘rich’. Saved for 5 years while living on less than 60% of joint income (no dependants) and using those savings to max out our 2 LISA accounts so about 10,000 of or deposit isn’t even our money - thanks to LISA bonuses. Rented in that time. We maybe ate out/got takeaway once or twice a year, only took long weekends as holidays in the UK, no avocados HAHA! We are both early career so our wages arent exactly in the sky, but both of us have postgrad degrees so that helps but we’ve worked hard for that. Can afford mortgage due to the total lack of consumer debt or car finance , only debts are student debts whos repayments are tied to incomes (not interest) so those aren’t high (early career stages) and not counted as debts in the mortgage application process.
Sacrificed a lot in terms of quality of life/experiences for most of our 20s (relative to most of the social media generation we are a part of) in order to be able to do this. It’s all about priorities!
Ugh
Great ideas
How can anyone just offer 20% below asking price when house prices are only going to drop 10% max. It’s offensive to the people selling their home where they’ve put som much effort and money into. All major institutions are predicting a 10% overall house price drop, not 35% as you suggest Charlie. Your giving buyers the wrong advice here.
If an agent is persuading the seller to accept an offer because the buyer is nice to him then he is not acting for the seller!
Unless it’s the only offer the seller has on the table and that seller needs to move.
Seller rejected a 385 from another FTB, and a 400 from a long chain. At 400 FTB we offered best of both but seller didn’t want to see that until the agent literally spelled it out!
There is a contradiction here; being out there viewing without offering can radically annoy estate agents,
Only short sighted agents would be annoyed by a serious buyer who is trying to identify a home to offer on. I agree that if they’re viewing with no intention of offering at all then yes. That’s down to the agents skill at qualifying the buyer. But in this market, every extra viewer improves the chance of an offer being made.
@@MovingHomewithCharlieThank you, I do agree, just reflecting on personal experience more than anything. I’ve been looking for two years and some agents seem to be getting fed up of me, trying to dissuade me from viewings etc. I’ve only made a few offers and they’ve typically been lower than the agent expects, because I knew, thanks to this channel, that the downturn was coming. So unfortunately they might be getting the wrong idea.
Are estate agents now letting buyers view houses before their house has sold now? Unlike a year ago.
Some are and some still aren’t. Which is very short sighted.
@@MovingHomewithCharlie Thanks Charlie.
FIRST TIME BUYER AT 400k WELL DONE MMMMHHHH ???????????
were looking into buying a property but e have seen a house we like but it says guide price (not going to auction) were not really sure if this means there wanting a price higher than this or can you make offers below the price? any advice would be great.. thankyou
offer less, as guide means possibility of discount
by asking 100 friends to do the same 😂
💚💚💚💚
20℅😂 'All you have to do is dream dream dream dream dream'
You only need one motivated realistic seller to accept your offer and, hey presto, dream come true.
I asked before about my daughters Agent not accepting offers until she has sold her property. You replied that the Agent had no right in not accepting an offer . I sell cars and boats and I liken the situation to a car or boat sale where the customer makes an offer and it then turns out that his purchase is dependent on him selling his own car or boat! In that situation I would not be prepared to accept an offer. Surely the selling of a property is the same be it with a couple of naughts on the end!
It’s not the agent who decides, it’s their client, the seller and the agent is legally required to submit the offer to the seller for their consideration