Listed Price versus Offer Price

ukbondraider

Just wanted to know what people thought of the general level a seller would usually accept versus his/her offer price.

i.e. what is an acceptable price to offer for a house on the market for £160K?

Given that the whole kitchen would have to be replaced, the whole house repainted and new carpets would be needed in every room would a £145K offer be offensive? (the house has been on the market for approx 6 months to 1 yr)

Indeed assuming the place was of good standard would £10K off list price be the norm or again offensive?

Thanks

nmiah786

ukbondraider wrote:

Just wanted to know what people thought of the general level a seller would usually accept versus his/her offer price.

i.e. what is an acceptable price to offer for a house on the market for £160K?

Given that the whole kitchen would have to be replaced, the whole house repainted and new carpets would be needed in every room would a £145K offer be offensive? (the house has been on the market for approx 6 months to 1 yr)

Indeed assuming the place was of good standard would £10K off list price be the norm or again offensive?

Thanks

Most people tend to suggest that in todays market you should be able to get away with 90% of the asking price. Also I dont think your offer of £145k would be offensive at all, considering what actually needs doing. Go and offer it, what have you got to lose, you might be pleasently surprised!

Good Luck

Doozergirl

The most important question for you to answer is what you think the house is worth. You have to view as many properties as you can in order to make an informed decision on whether the asking price is in the right ball park and whether it accounts for the work that needs doing. You decide on what it's worth and see if you can get it for cheaper than that. Try to disregard what the vendor wants.

If you want to make a low offer, you need to back your offer up with reasoning, giving the EA examples of better priced properties (if you haven't decided you want to buy one of those instead!) and explaining that your offer is low because of x, y and z.

I would like to see £155,00 for our next house. At that level, my asking price would be no more than £5k over my target price. BUT I do my research and I know that I will be asking a sensible price. I know that the two houses next door are for sale at £156k and £165k, that mine not only has the advantage of being end of terrace, but that it is absolutely immaculate, tastefully decorated and will pass a survey with flying colours. I also aim to sell my house, which I'm not entirely sure the neighbours do at their prices and with that agent

I wouldn't have someone kneecapped for offering £10k less, but I certainly wouldn't accept it unless someone could sow the seed to convince me I was missing out on the best offer I was going to get.

JUSTICE4ALLCONSUMERS

If you dont ask you dont know! When putting in an offer Always start low as you can easily increase it if need be.Obviously doing it the other way round,starting high then wanting a reduction, would cause more friction.Remember that if your valuation comes back undervalued,you always have room for a price reduction offer.Where the valuation also comes back with definate work needing doing (damp proofing ect..) then it would probably be a condition of sale on the mortgage money.You would have to have the work done-so you would want this price deducted off the sale price at least.
Thankyou

zag2me

Sticking 2 fingers up and someone is "offensive"

Offering 145,000 pounds to someone who is looking to sell their house is doing them a favor.