update - making an offer

Some time ago a few on here might remember that I was interested in placing an offer on a property that I had my eye on for a while, well i have finally purchased that property.

Before I reveal the details of the sale and price etc I see it fitting to highlight a few things. Firstly I am a bear on property to the extreme (will talk more about this later) in general (Despite having recently purchased). Secondly many bulls on here would say that bear "stories" always happened from a friend of a friend etc.

Well this is what happened to me in the last 3 months.

This block I was looking at did not have an advertised price and upon asking the agent he mentioned 450k to me verbally not written. Obviously I expressed disgust and expresses my thought that as the market was tanking it should be worth much less. I gave him a bit of a roasting here.

Weeks past and I heard nothing. Pulled into the agents office and asked how things were going. It was a very poor scene he told me nothing was selling but those buyers would be well placed for the next "leg up". I asked him to see the owner and comeback with a realistic price. The next day he called and said he will take 400K, expressing what a lovely block it was etc..

From here on things got a little bit more interesting. The agent came to my place (rental) and I really got stuck into him about how much the market was tanking. Not completaly to my surprise he agreed and could not really fathom the lack of sales and declinging offer interest. In that half an hour he told me he could get the owner down some more.

2 days passed and I presented a written offer for 250k pending finance he immediately mentioned that over the phone he was willing to accept 350 now. My offer was presented and the counter offer came in @ 300k! I could not believe it.

Months earlier I would have been the laughing stock but now once a bit of reality hits and the balls start falling from around the place strange things start to happen. At this stage my agent said I had no chance with the property at that price. Honestly I had a strong feeling that I would and could go higher or that he would not accept.

I lay dorment for 2 more weeks and his 300k offer remained. By this stage the agent could not fathomn the price drop by the owner and apoligised that he did not get things "tighter" - make of that what you will.

Once again I gave him a toasting over the phone and to my surprise I felt he was actually listenting and taking some of it in. I mentioned clearance rates, house to income ratios etc and all in all I think this was a good move. Things got a little more heated and I said I will raise right here right now for a small nominal figure (sub 20K for privacy I would like to refrain). I walked into his office lay pen to paper under 270k.

The next day the property was sold! The agent was quite happy and appeared stunned at the "sale" price as opposed to asking.

That is what happened to me in the last 2 /3 months not a friend of mine. I hope it has been a bit of an insight into the state of things out there in reality. It needs to be mentioned that in 2006 the property was listed for 450k.

For the record and perhaps to add a little bit of credibility against "everything one touches turns to gold" - I continue to remain a big bear on property and envisage will be for many years yet.

My new Disclosure is POSITION but Sentiment remains SELL.

Night all.