Offering 15% less or more off asking price - too cheeky?

harrup

Thanks, guys!

My husband and I have gone around in circles over this property....and initially dismissed it due to the price. At the outsetwe thought about offering low but since it had been on the market for over a year, we figured the vendors obviously weren't open to offers, or perhaps not really serious about selling it.

I mean if I really want to sell my house and haven't done so in over a year I'd instruct the EA to lower the price. Wouldn't you? Especially since it isn't a negative equity thing. I get that the vendors don't want to lose money on it, but expecting that much of a profit in the current climate may be a tad overly optimistic.

I got the feeling from the vendors that it was a case of " if we sell it at the price we want we will and if not, then also groovy"

But as you rightly say UNLESS we actually make an offer, we'll never know, will we?

Thanks again.

harrup

Henry_P_Chester wrote: »

I would start with offers at about 15% below in a booming Market on houses that have not been on the Market too long. In a dead buyers Market on a house that has been on the Market more than a year I'd start at something like 30% below asking.

Gulp. Seriously? Blimey, you've got ...erm...cojones!:rotfl:

Nah, I couldn't. That would insult the vendors. As this would amount to less than they paid for and before making pricey improvements. They easily spent 50 - 60 K on the house.

Still, admire your guts!

johnny_storm

I suspect given its been on the market for a year the sellers are not serious about selling it, and therefore would not consider your offer.

You might want to try the propertybee and see if they have knocked anything off the price.

tawse57

Henry_P_Chester wrote: »

I would start with offers at about 15% below in a booming Market on houses that have not been on the Market too long. In a dead buyers Market on a house that has been on the Market more than a year I'd start at something like 30% below asking.

+1

Too many buyers on here think they need to kiss the bottoms of house sellers IMPO.

Henry_P_Chester

johnny_storm wrote: »

I suspect given its been on the market for a year the sellers are not serious about selling it, and therefore would not consider your offer.

You might want to try the propertybee and see if they have knocked anything off the price.

Think this could be a problem with this particular house.

But with regards to the low offer who cares if you 'insult' them? If you offer low on enough properties in this Market it won't be long before you find someone who will be grateful for your offer rather than insulted.

In a Market that is falling in many areas you need to take advantage and get a good deal.

johnny_storm

I think a lot of people get caught up in what they are told their house is "worth". Then they feel that reducing it is somehow losing money. You cant lose something you never had.

FATBALLZ

Theres a new build flat near me that is priced at a mark up of nearly 50% from when it was bought in the peak of the boom in 2007. Other new build flats in the area have dropped over 50% since 2007. So if you pay 15% under the asking price for some properties you can still be paying way over the odds. There's a real discrepancy at the moment between idiots overpricing their houses because they read in the daily sh1texpress that the good times are back and prices are going up 20% and those who are taking a realistic view.

johnny_storm

FATBALLZ wrote: »

Theres a new build flat near me that is priced at a mark up of nearly 50% from when it was bought in the peak of the boom in 2007. Other new build flats in the area have dropped over 50% since 2007. So if you pay 15% under the asking price for some properties you can still be paying way over the odds. There's a real discrepancy at the moment between idiots overpricing their houses because they read in the daily sh1texpress that the good times are back and prices are going up 20% and those who are taking a realistic view.

Yeah, but having lived in a flat for a number of years I would never want to own one. So I think this type of property will plummet where 4 bedroom detached might only drop a small amount.

Pennylane

I always take the view that anything is only worth what you can get for it ..... so I'd go ahead and put that offer in.

You never know until you try. ;)When we bought this house years ago we came to view it and loved it (it belonged to a friend's Mum and Dad who were divorcing.) The market was very slow then and we did some sums when we got home and realised it was more than we could comfortably afford.

I rang her a few days later and was totally honest and she said "what can you afford, do you have a figure?" I gave her the figure (which was 20% below the asking price) and she said "it's a deal." Just like that!:D I said "what about your hubby?" She said "he'll snatch your hand off because we hate the sight of each other and can't wait to go our separate ways."

Ankatden

Crikey my DH who is a LL starts with 30-40% off asking price at the start, he says sod them if they are insulted as he buying, they selling but he says its a buyers market and yes he gets laughed at BUT on quite a few occasions he doesn't.

REMEMBER its always a lot easier to increase your offer without causing offense than attempting to lower it after it has been accepted.