how much to offer?

renovate-plymouth

hello,
i was just wondering what the lowest you have ever offered on a house was in relation to the asking price? we are just getting started with the whole looking at houses thing (3 bed in plymouths nicer central areas many of which have been on the market since the summer)... if a house was marketed for say 190,000 but has been on the market for about six months, what would be your first bid?

thank you!

Mallotum_X

You would probably get a more balanced view on the Housing Board - http://forums.moneysavingexpert.com/forumdisplay.php?f=16

However I would check what similar houses have sold for, and use that as a comparison.

If its been up for 6 months, do you know if they have reduced it previously or what kind of interest they have had.

How stong a position are you in, if you are a cash buyer with no chain and able to move fast then that would probably be worth a few k off compared to someone in a chain.

Find out what simialar houses are asking/sold for and let that guide you. No harm in a low offer, especially if you can move fast.

purch

In 1992 I offered £ 160,000 for a 5 bed new build that had been originally marketed for £ 325,000

marlonthemagnificent

download mozilla search engine, then propertybee to see all the details

the rule with an offer shoudl be 'it's your not embarrassed by it, then it is too high'

FTBFun

marlonthemagnificent wrote: »

the rule with an offer shoudl be 'it's your not embarrassed by it, then it is too high'

Utterly appalling advice (unsurprisingly).

OP, I suggest asking on the sensible forum.

abaxas

FTBFun wrote: »

Utterly appalling advice (unsurprisingly).

OP, I suggest asking on the sensible forum.

Standard advice that has been around for years. Offer less than you want to pay first.

marlonthemagnificent

FTBFun wrote: »

Utterly appalling advice (unsurprisingly).

OP, I suggest asking on the sensible forum.

time honoured and well proven advice

i got 15% off the last house i bought - and that was 2004

FTBFun

abaxas wrote: »

Standard advice that has been around for years. Offer less than you want to pay first.

That's not quite how it was put.

IveSeenTheLight

renovate-plymouth wrote: »

hello,
i was just wondering what the lowest you have ever offered on a house was in relation to the asking price? we are just getting started with the whole looking at houses thing (3 bed in plymouths nicer central areas many of which have been on the market since the summer)... if a house was marketed for say 190,000 but has been on the market for about six months, what would be your first bid?

thank you!

If it's been on the market for 6 months I would offer well below market price.

I recently completed on a property.
Waited a month before putting in an offer 12.5% below asking price which was rejected.
I left it another 6 weeks before I put in another offer. Viewings had started to increase so put in a final -7.5% offer and stated to withdraw notice if it wasn;t accepted, which it was.

Of course you have to know your local market and how similar properties have faired recently and if possible be able to compare the condition between those recently sold and the property on the market.

[Deleted User]

1980 £10k offer £11k asking price...and we got it,sold in 1983 for £18k on the day it went up for sale for full asking price

justjohn

Find out what the other houses close by sell for

Look too see what strategy the EA is using to sell other house's he has on his books.

One of our local EA's drops 10k after a while depending on interest. Then drops 5k+ after another period. All depends on how desperate the seller is or how eager they are to sell.

As for how much to offer we have just offered 110,000 on a 170,000 house. However it was knocked back.