How far below the asking price is too cheeky an offer?

Horizon81

Redcedar - don't be afraid of putting in what offer you consider to be fair. If the vendor takes a huff then more fool them. It's people like you who are too scared of putting in a genuinely fair offer for fear of offending poor mr vendor that's contributing to house prices remaining absurdly high!

delmar39

Offer what you like it doesn't matter really. The seller will have a price in mind that they either want or need to move on. Until you get somewhere near they won't sell, but in some cases they may do. Test the water for sure, but don't mess about with silly offers once you've got a feel for what the seller is like. Obviously don't go in with your highest offer, but be realistic - put yourself in their shoes.

Henry_P_Chester

zcacmxi wrote: »

As long as you can justify your offer, then in my opinion it is not cheeky.

If your offer is in line with previous sold prices of similar properties, and there are other comparable properties available, then you should be comfortable with your offer.

If you are finding it hard to compare, then it is more difficult but start from 10% below and work up?

Start 10% below? I'd be looking a putting in a final offer of 10% below depending on how I value the house.

It's a buyers Market, you need to take advantage. I would have no problem starting 30% off asking. You can always up your offer if needed.

donnaessex

My forever home was on the market for £229,500 or rental at £1000pcm. I went to see it with a view to renting as we couldnt afford to buy at that price. I fell in love with it but then a "fixerupper" came on the market at £180k so, having preference of buying over renting, we went for that one.

A week later the forever home EA called us and said if we made a low offer it would be considered. I offered £170 which was rejected. A week later I was told to up it by £10k and it was ours. I offered £175k and they accepted. £54k discount! :j

Turned out that they were very close to being repossessed - they had bought a pub down south and hoped to rent their house out but had no luck. Right time, right place. I love my house!

Since we moved in in February, 2 other houses have been for sale in the street - all houses in our road are the same style but neither of these properties have an extension (ours does). First one - £200k, second one £215k - both sold within a week of going on the market.

Good luck OP!

Jackinbox99

It all boils down to how desperate the sellers are to sell. I put an offer in on 2 houses this last month. First had been on the market for 12months with no offeres. It was up for 10k more than any other houses on the street had sold recently which explained the lack of offers. I put starting offer in at 10% off the asking price, due to the fact it was over priced and needed about 5k of work doing to it. Rejected. So, increase offer. Still rejected. I then offer only 2k less than the asking price. Ive no chain, can move in straight away. Still rejected!!! So, I walked.

2nd house... offer asking price.... rejected as apparently had higher offers. In the end I had to offer 10k OVER asking price to get accepted.

I think the main problem is, a lot of people bought their houses when the prices were high. In house 1`s example, they paid 20k more than they were asking for it. So, they were reluctant to drop the price any more - even though they were not asking a sensible price in the current market. If they were serious and keen to sell, personally I would have thought an offer 2k less than their asking price from someone in a very good position for a quick sale would have been snapped up.

Doshwaster

Jackinbox99 wrote: »

I think the main problem is, a lot of people bought their houses when the prices were high. In house 1`s example, they paid 20k more than they were asking for it. So, they were reluctant to drop the price any more - even though they were not asking a sensible price in the current market. If they were serious and keen to sell, personally I would have thought an offer 2k less than their asking price from someone in a very good position for a quick sale would have been snapped up.

I'm amazed that the 2k under offer wasn't accepted - but then there are a lot of sellers out there who have totally unreasonable expectations of the market. There are also those who aren't desperate to sell and are just on a "fishing expedition" in the hope that someone will pay full price.

I completed on my purchase 3 months ago (time has flown!) and the sellers made a loss on the deal. They had bought at the peak in 2007 but had to sell quickly due to a messy divorce. Just this week a house went on the market a few doors down - looking at the details on Right Move, it is smaller (no conservatory), is in worse condition (ancient kitchen) and yet the asking price is almost £10k more than I paid whereas in the current market it has to be worth at least £5k less.

missile

Redcedar wrote: »

Thanks

This is what i am worried about, putting them off so they don't want to make a deal.

We are prepared to walk away as we still have our home and are not under pressure to move on as not selling.

If it were me, I would offer 105,995 and make it a condition that the offer is accepted by Monday @ 09.00 or it will be withdrawn. "This is the house we want, but there are others etc...."