what's a good offer on a purchase

AndrewSmith

PMSL @ Gibbons

Mind you, it could also clinch the deal !!!!!!

Tahiti

I know a few people who have been putting in offers around Kent, and 10% below has caused offence, but not to the stage where the vendor refused to listen to any higher offer. They are looking at the lower end of the market (sub £200k) though, and it is not currently a very slow market in this particular area.

It really comes down to the market in your area, how long the house has been on for, how keen the seller is to get rid, and most importantly, what position you are in.

What is it worth to you? And what do you think it is worth to others?

If you don't ask, you don't get, but I do understand your caution.

John_M_Business

Also, if you're thinking of putting an offer in on the place then you must know the 'going rate' for the kind of property you're looking at. If you think that they have inflated the price expecting high offers, then go lower and see what happens; if you think that their asking price is broadly comparable to other similar properties, then you'd better have a compelling reason to go lower - you've got no chain, you can move quickly, they've got a short lease / flooding risk / ... whatever, but it needs to be justifiable.

I don't think offering that is completely out of order, but if you get an immediate 'no' then you know where you stand. If you get a 'no' but after a couple of days, then you know that you're not far off... The timing of the response is crucial - if they immediately come back, then it means you are way off the mark... don't necessarily trust what the EA says.

dander

When I was selling I got an offer of around 10% below asking. I'm afraid I was offended, but more with the estate agent than the buyer. I felt it was a sign that the buyer was looking at houses above their means and didn't think the estate agent should have let them come round my place if they couldn't afford it.

I said 'no way' to that offer, and the buyer didn't come back with anything higher. Never regretted it. I sold for a much higher price.

It's one thing if the house has major faults, but IMO the people making these kind of low offers without good reason are just trying to rip sellers off.

david29dpo

hear, hear, i have turned down these silly offers and never regretted it. one was from a partially nasty woman who had viewed my house, walked mud all over the carpet and looked down at me the whole time she was here!, she then made this silly offer and i told her what she could do with it and not to bother me again. it was obvious to me she could not afford it and after a little digging i was proved right.

muffle_2

Some sellers will get offended by any lower offer but they are often blinded by the Estate Agents giving them a high valuation. People in this country aren't used to haggling and the property boom is over now, sorry folks - the onus is on you to encourage the buyer. As a seller you should do your own research to get a feeling of what your house is really worth and you have to consider how quickly you need to sell.

From a buyer's perspective, we''d be stupid to pay the asking price in a slow market if the house isn't going to sell anytime soon. Depending on the area a 10% under offer can be quite decent. As for buyers ripping sellers off - well, that's impossible especially when most houses are grossly overpriced.

joepubli

I called up the agents. Apparently they have already turned down an offer of £300k. I thought that a good perspective would be to see what a rental return would be - I see that 5% gross seems to be the going rate. They said £1,000 per month. On this basis at 320k fairly over priced. Its an OK house but not brilliant. So I decided to let it go.