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    • mug098
    • By mug098 18th May 17, 2:38 PM
    • 94Posts
    • 13Thanks
    mug098
    House offer price
    • #1
    • 18th May 17, 2:38 PM
    House offer price 18th May 17 at 2:38 PM
    Hi all, forgive me as no doubt this has been asked many times.
    I am in the process of viewing houses, i dont want to go over the £215.000 mark.
    I there a general rule as to % of the house listing price compared to sale price.
    With not going over the £215.000 mark what listed priced houses do you think i can look up to in order to get it down to the price im looking at.
    I know they are all different but wasnt sure if estate agents over advertise the house value by a certain % knowing it will get knocked down in price.
Page 1
    • Surrey_EA
    • By Surrey_EA 18th May 17, 2:56 PM
    • 1,060 Posts
    • 1,254 Thanks
    Surrey_EA
    • #2
    • 18th May 17, 2:56 PM
    • #2
    • 18th May 17, 2:56 PM
    I there a general rule as to % of the house listing price compared to sale price.
    Originally posted by mug098
    In a word, no.

    Some houses would still be too expensive if you got a 20% reduction on the asking price, others would be a good deal if you paid the asking price.

    Do some research, view plenty and get a feel for the market before you start putting offers in.
    • PhilE
    • By PhilE 18th May 17, 3:09 PM
    • 117 Posts
    • 98 Thanks
    PhilE
    • #3
    • 18th May 17, 3:09 PM
    • #3
    • 18th May 17, 3:09 PM
    If you have cash or mortgage in place and are chain free, if the vendor is looking for a quick deal then this gives you a chance of getting some of the price off. Also depends on the area, condition of the house, how long its been on the market, how many other people are interested.

    You might have to search, research and wait to get a good deal, and you're also dealing with the fact that the price of property is generally on the rise.

    I found a vendor wanting a quick deal, I was in a position to make it happen. He'd reduced his house by 4%, I got it down another 4%.

    But I was lucky to find a seller who suited my needs, as I did his.
    • AnotherJoe
    • By AnotherJoe 18th May 17, 3:11 PM
    • 7,235 Posts
    • 7,745 Thanks
    AnotherJoe
    • #4
    • 18th May 17, 3:11 PM
    • #4
    • 18th May 17, 3:11 PM
    I know they are all different but wasnt sure if estate agents over advertise the house value by a certain % knowing it will get knocked down in price.
    Originally posted by mug098
    No. And its by no means a certainty a house will be knocked down in price either, which is your implication. I recall there was a poster here who was an aspiring FTB who had this ridiculous theory of always bidding well below AP and never offering more than 15% below AP as his final bid "because people always overpriced". He couldn't take on board why he hadn't had any acceptances.

    Some will have a higher price because buyers have unrealistic expectations.
    Some will have a higher price because that was what the EA said was needed to get the deal.
    Some will be bang on what "most" would say is a fair price.
    Some will be below that, looking for a quick sale.
    Some will be below that, looking for a lot of interest and then competitive bids.

    Its really no different to flogging your Mondeo on eBay, there is no set of rules.

    As SurreyEA said you'll have to get a feel for the market yourself.
    • ReadingTim
    • By ReadingTim 18th May 17, 3:33 PM
    • 2,003 Posts
    • 2,915 Thanks
    ReadingTim
    • #5
    • 18th May 17, 3:33 PM
    • #5
    • 18th May 17, 3:33 PM
    There's no absolute rule, but in terms of rightmove search filters, I reckon you could probably consider everything up to £220k, unless it's prefaced by 'guide price' or 'offers in excess of', as most vendors are probably expecting an offer slightly lower than the advertised price. But don't necessarily expect to have your offer accepted. Equally, there might be other vendors who'll accept £215k on something that's on for £225k+... - it depends on the individual circumstances of the vendor.

    One query, given you're very specific about price - is the £215k meant to include fees, stamp duty etc, ie total cost, or is it just the purchase price of the house?
    • mug098
    • By mug098 18th May 17, 4:55 PM
    • 94 Posts
    • 13 Thanks
    mug098
    • #6
    • 18th May 17, 4:55 PM
    • #6
    • 18th May 17, 4:55 PM
    Thanks for the input guys, £215 was house price excluding fees.
    • Crashy Time
    • By Crashy Time 19th May 17, 1:08 PM
    • 4,816 Posts
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    Crashy Time
    • #7
    • 19th May 17, 1:08 PM
    • #7
    • 19th May 17, 1:08 PM
    http://www.telegraph.co.uk/news/2017/05/18/stamp-duty-tax-raid-prompts-sharp-drop-buy-to-let-lending/


    With "Investors" deserting the market you will be in a very strong position to get sellers to meet your price expectations.
    • Crashy Time
    • By Crashy Time 19th May 17, 7:18 PM
    • 4,816 Posts
    • 2,105 Thanks
    Crashy Time
    • #8
    • 19th May 17, 7:18 PM
    • #8
    • 19th May 17, 7:18 PM
    Thanks for the input guys, £215 was house price excluding fees.
    Originally posted by mug098

    215k you mean?
    • note3
    • By note3 19th May 17, 10:12 PM
    • 285 Posts
    • 407 Thanks
    note3
    • #9
    • 19th May 17, 10:12 PM
    • #9
    • 19th May 17, 10:12 PM
    Lol crashy I had to laugh...I do suspect they mean £215k else he'd be a bit daft to quibble over a discount in a house listed for a couple of hundred quid...
    • Crashy Time
    • By Crashy Time 19th May 17, 10:33 PM
    • 4,816 Posts
    • 2,105 Thanks
    Crashy Time
    Lol crashy I had to laugh...I do suspect they mean £215k else he'd be a bit daft to quibble over a discount in a house listed for a couple of hundred quid...
    Originally posted by note3

    You never know with these money savers though.........
    • Crashy Time
    • By Crashy Time 27th May 17, 4:24 PM
    • 4,816 Posts
    • 2,105 Thanks
    Crashy Time
    No. And its by no means a certainty a house will be knocked down in price either, which is your implication. I recall there was a poster here who was an aspiring FTB who had this ridiculous theory of always bidding well below AP and never offering more than 15% below AP as his final bid "because people always overpriced". He couldn't take on board why he hadn't had any acceptances.

    Some will have a higher price because buyers have unrealistic expectations.
    Some will have a higher price because that was what the EA said was needed to get the deal.
    Some will be bang on what "most" would say is a fair price.
    Some will be below that, looking for a quick sale.
    Some will be below that, looking for a lot of interest and then competitive bids.

    Its really no different to flogging your Mondeo on eBay, there is no set of rules.

    As SurreyEA said you'll have to get a feel for the market yourself.
    Originally posted by AnotherJoe

    It`s cheaper to keep an old car in the garage though than hang onto a house you don`t want?
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