Offering Advice

Jay1b

I know it varies wildly on the the house and its condition, area, etc.

But what would you offer on the offering properties?

£110K
£115K
£120K
£125K
£130K

Just to give me an idea.

Thanks...

Pal

I would offer whatever I wanted to pay for that particular house. The asking price is almost irrelevant, but you should look around the market at lots of houses (including those above and below your budget) so you have a real feel for what you can get for your money in your area.

In the past month I have offered the full asking price on a property with an asking price of £270k, £280k on a property with a "guide price" of £290k, and £350 on a house with an asking price of £389k.

All of these offers reflected the state of the property, pros and cons, the area and how much I was willing to pay for it. For example the £389 property was fantastic but was right by a very noisy main road (they rejected but it is still on the market).

In the end, lots of properties come on the market all the time. As long as you are not in a hurry to move, make a low offer. You can always increase it at a later date.

payless

Or if you saw the relocation program last night ... couple offered over £600K on a tendered bid ( bit like last and final sealed bids) , only to find out before exchange ( mistake by agent) that they were £140K more than the next highest!

Meeten

payless wrote:

Or if you saw the relocation program last night ... couple offered over £600K on a tendered bid ( bit like last and final sealed bids) , only to find out before exchange ( mistake by agent) that they were £140K more than the next highest!

:eek:

unfortunately, this is the difficulty in securing a place - it happens in Scotland on a daily basis - but £140k is normally only asscociated in the top end houses in Edinburgh!!

Jay1b

Yeah thanks, but i knew that the price would vary on the house and how greedy the seller is.

But just as a guide...could you just write something like this....

£110K - £102K
£115K - £107K
£120K - £112K

Or along those lines?

Thanks.

dander

One could Jay1b, but it would just be a meaningless list of figures! As people have said there simply isn't an answer of that kind to your question.

The only answer is 'it depends'.

richgirl

10% less on each house

Ian_W

richgirl wrote: 10% less on each house

On what basis? Equally as meaningless as any other simple answer.

As dander and other posters say, it depends - all these factors are more or less relevent depending on the circs.
1. Asking price of similar props in area.
2. Recent selling price of similar props.
3. How it compares with other props you've viewed.
4. How long on market, ages or just up for sale.
5. Vendors need to move, quickly or no apparent hurry.
6. How much to you want the property.
7. How much can you afford.
8. How much do you think it's worth.

Sometimes when you've considered all these factors a house that you really want, that offers good comparative value and is realistically priced, new to the market with a vendor not rushing to move deserves an offer VERY close to an AP you can afford, because if you don't offer it - someone else probably will.

The offer you make shouldn't depend on the price of the property so it's impossible to answer on that basis.

beckstrous

Ian_W wrote:

Sometimes when you've considered all these factors a house that you really want, that offers good comparative value and is realistically priced, new to the market with a vendor not rushing to move deserves an offer VERY close to an AP you can afford, because if you don't offer it - someone else probably will.

This is what happened to us today. Our offer was about 1.5% below the asking price and this was on a property where they had had, and accepted, an offer of the asking price that fell through. Other properties on the same estate (which is quite a new, desirable, safe, quiet area to live) have sold for a similar figure and I think the vendor's asking price was fair. We paid what we wanted to pay and they received what they wanted to get for it so in theory everyone's happy...though I am definitely not counting ANY chickens until they are hatched!

Doozergirl

Trust the fact that everyone answering you says the same thing. There should be no list like you ask for and anyone giving you one is lacking experience in the property market I'm afraid.

Even identical properties next door to each other are marketed at different prices because of the vendor's expectations, so why would you offer more just because one is marketed at more?

Be a proper MSE, research your local market and make up your own mind. Don't be led by asking prices or let people take advantage of your inexperience by taking more of your hard earned cash than necessary.

Verbatim

You could check what the going rate is. In most areas I think vendors are accepting around 93 to 96% of the asking price. This obviously varies hugely depending on the area, type of house, desirability of schools etc and target market.