Offers offers offers

RHemmings

Can people who have bought houses tell us about how they made offers, what prices they offered, and the responses to each offer? I'd like to learn more about the process of making offers.

For example, someone might look at a house on for £180,000. Offer £160,000, be refused, offer £165,000, be refused after a while, offer £170,000, be accepted. Any stories from personal experience?

natwill_3

Last year when I was looking in West London, you could offer say 270 on 290 and be accepted, this year asking price within days of property going on the market..in some cases over

Sarahpuggy

We've been looking in SW London/Surrey Borders..we just got offer accepted on a flat that was on for £180,000. We offered 173, to which they said 175 would be a done deal..Its been on the market for 3 weeks.

It just depends how long its been on, how much interest it has and how desperate they are to sell. Ours is from a developer so we were lucky that they budged at all!

RHemmings

Sarahpuggy wrote:

It just depends how long its been on, how much interest it has and how desperate they are to sell. Ours is from a developer so we were lucky that they budged at all!

Why would you be lucky that a developer budged at all?

bookgirl_2

last summer we paid 135 (original offer 131, asking price 139) after the vendor suggested meeting half way. we were the first to view

parents have just gone under offer at 285, asking price of 290.

very much area and local market dependent.

JennyB

Asking price 199,500. House on market for a couple of weeks. Sellers had found place they wanted to buy, we had sold our place.

Offer 1 - Day 1: 184,500 - Response on same day was a no but that they'd like to accept if they could but couldn't afford to.

Offer 2 - Day 2: 186,500 - No, said they talked about it loads but they can't take less than 190.

Offer 3 - Day 4: 188,500 - Accepted on Day 5

I'm pretty sure this is a description of how NOT to buy a house! :rotfl: We loved the place though and we're pleased with the price we got it for. It's all a bit of a game really - sell your offer as best as you can, make it clear you can't increase by anymore, tell them you love the place etc.

loulou41

I have made a second offer for a house at 304.95k. First offer was at 295K which was rejected and second offer at 297 again rejected. The house has been on the market going on its fourth week. EA said, the vendor did not have any offer. I have not increased my offer but told EA to keep me posted of any offer vendor is accepting. I am still interested in this house and am wondering whether I should be ringing the EA for an updates of any offers. The asking price is too much for my budget. What advice can any of you give me please? Thanks

JennyB

loulou41 - IMHO - your second offer was already over 97% of the asking price and the seller hasn't had any other offers. Unless the house is a total bargain, which if it's been on the market for four weeks then it presumably isn't, I'd personally just want to leave my offer on the table.

Ms_Chocaholic

No real experience of buying houses but would it be worthwhile monitoring the prices of houses on the market in the area in which you want to purchase and then check online what they were actually sold for.

clutton_2

in my experience, the longer the house has been on the market the lower an offer you can put in.

Ask the EA how long it has been on for; how much it was on for originally; how many offers have been put in; why have they not succeeded; why is the vendor selling; is s/he in a hurry - in which case a non-chain FTB might be well preferable as a purchaser than someone in a long chain.

find out as much as possible first before putting in your offer; visit other properties which are similar to get a feel of what difference different internal fittings make to a price; check out the "sold" prices of properties in the street, and in nearby streets - as you say, it is a game. see if you can find an acceptable reason for your price reduction.

most of all - dont look too keen - or else the EA will tell the vendor he can ask you for a couple more thouand pounds. Give EA impression you are interested in another property with another agent

start offers low, you can always go up, but, never down !

Manchester_Lucy

Well we saw a house for £130,000, first offer was £123,000.

EA said they wanted £126/127,000, offered £125,000, accepted, all within a day.

The property had been on for 2 weeks. So we got it for 96% of the asking price.