Asking price

geordiepaul2001

Hi all,

I am currently contemplating putting an offer on a 3 bedroom house in the area where me and my Wife want to live, and send our children to school.

The asking price is offers over £115,000

Does this mean the vendor has instructed the EA to eject all offers below?
Is it a hard and fast rule that they will reject all offers under?

Its already been reduced from others over £120,000 and I was thinking of putting in an ofer of 90% of the original asking price - £108,000

Any thoughts?

poppysarah

When's it been reduced? Soon after coming on the market? More chance of a lower offer being accepted...

Doozergirl

Try it, they can only say no.

Presumably no offers of over 115 surfaced when they were on for more or they might have accepted them.

Sounds like a good offer to me, certainly worth them considering hard.

Robert_Sterling_3

They can ask what they like.
You can offer what you like.
You may not like what they ask.
They may not like what you offer.

geordiepaul2001

poppysarah wrote: »

When's it been reduced? Soon after coming on the market? More chance of a lower offer being accepted...

I first seen it a month ago and withing a couple of weeks it was reduced.
Not sure how long in total as its not listed on property snake.

poppysarah

Do you have property bee installed to view rightmove?

geordiepaul2001

poppysarah wrote: »

Do you have property bee installed to view rightmove?

Unfortunately not, what is this?

geordiepaul2001

Just looked this up on google and installing now.

Xinpei

Hi, It is very difficult to know but we found it was much easier asking our mortgage advisor to put the offer in for us. They are detached from the sale and are likely to be a little more 'cut-throat' with the offer.
Our mortgage advisor also suggested putting in an offer lower than what we would have dreamed about putting in and it worked! Speak to your estate agent, see what he thinks about the seller's motivation. Some of them will be very blunt and honest, some will beat about the bush but theres no harm asking and whatever response you get, you will get a feel of how the seller is placed.

If 108K is the max you are willing to pay, I will personally go in with a lower offer (say 103K or even lower!), test the waters. My seller was really open with us and told us next what offer he was willing to accept.

Good luck with your offer..

Wickedkitten

I've seen more than a few houses here on property Bee that haven't sold for ages and have been "reduced" from 150,000 to offers over 150,000

sircharles

geordiepaul2001 wrote: »

Hi all,

I am currently contemplating putting an offer on a 3 bedroom house in the area where me and my Wife want to live, and send our children to school.

The asking price is offers over £115,000

Does this mean the vendor has instructed the EA to eject all offers below?
Is it a hard and fast rule that they will reject all offers under?

Its already been reduced from others over £120,000 and I was thinking of putting in an ofer of 90% of the original asking price - £108,000

Any thoughts?

Usually 'OFFERS OVER' means just that! Maybe they can't take less than £115k for it and that's why they've stipulated 'offers over'.

They may also think (to them) that the property is worth a MINIMUM of £115k and will not let it go for less.

If you can't afford £115k why bother looking at properties in that price range? You have to be realistic as to what you can afford. No amount of wishing that people will take anything you offer will force them to drop the price; if anything, if you go in with an insultingly low offer they'll probably refuse to sell it to you out of principal. Remember: NOT EVERYONE has to sell their home you know!

If you really like this property, but you're trying to save a relatively meagre amount you'll be the one to lose out in the end. Someone else will come along who will want it and be able to afford it and while there are other properties around -THAT one won't be back again! Ten years from now that same property will probably be worth treble - and you'll have lost all that money because you're being a meanie.