First and final offer

Running_Horse

Agree with Mr Shadow.

I don't like the to-ing and fro-ing of offers and counter offers, but that is the system we have.

Be sure you know what you are doing before acting differently.

martinthebandit

TheMoon wrote: »

What do you think, is that a good idea? Basically, we like a house, it is up for 159K and we are willing to pay 150K for it. Rather than playing the game and offering 146, then up-ing to 148 and then offering 150K, we were thinking to offer 150K as our first and final offer. Do you think it is better to 'play the bidding game' or just go straight it with the offer? thnx

If the asking price is 159 they will realistically be expecting to get something around 145 for it.

So no way would I offer 150 first, I would be going in at something like 140 and then see what happens, you can always up your bid but it is much harder to reduce it

TheMoon

This is the third house I am putting an offer in for. Other two were also 159K. On the first one we left it on 148K and walked away (3 months ago) - first offer was 142K, then 146K. On the second one, we offered 148K and the EA told us that they already got an offer in for much more (close to the asking price - who pays asking price these days?!), so the second house is now sold to someone else. I feel like offering 140K is just a waste of time if I can't even get it down to 150K... But I do agree that it might be a better idea to go with several offers after all.

missile

TheMoon wrote: »

- who pays asking price these days

It is a buyers market nevertheless some properties sell OVER asking :j

It depends on where you are buying, how much you want it and perhaps most importly who else wants the property.

poppysarah

How long has it been on market?
How many viewings have they had?
Do they need to sell soon?
What did they buy it for?

danilou21

martinthebandit wrote: »

If the asking price is 159 they will realistically be expecting to get something around 145 for it.

So no way would I offer 150 first, I would be going in at something like 140 and then see what happens, you can always up your bid but it is much harder to reduce it

My house is for sale at 159 and I would not accept any less than 155-
A 14 grand difference is a huge amount on a house of this price.

OP - be prepared for the vendor to laugh at you.

Yorkie1

@danilou: a 14 grand difference is less than 10% off the advertised price. You are expecting 97.5% of the advertised price. Of course it depends on your area and local selling rate, but you may find that your expectations are a little high.

hcb42

it also depends on whether s/he priced it appropriately at the time.

Yorkie1

Very true.

danilou21

Yes, our house is priced fairly, all other similar properties are 20-30000 higher than ours. We have already lowered the price twice and know how much our prospective buyer accepted. Round here the usual 'knock-down' would be about five grand.