How much did you get off the asking price?

pinkteapot

spunko2010 wrote: »

Very nice, can you share how they did it?

Bit of luck really...

It was a small-ish development. Originally up for £250k off-plan. By the time my friend viewed it was nearly completed and being marketed for £200-210k. The builder was near their financial year-end and my friend got it for £168k on the proviso that he completed before the year-end and took it without carpets.

The builder had 9 empty at that point. A BTL landlord bought most of the others. :eek: Probably paid even less than £168k per house.

bribri_2

It would be useful to have an information on areas where these houses are being discussed.

I have been talking to agents in North London and properties seem to go for at or near asking price or people will just wait or rent them out. e.g. a house is on for 350K and had offers from 330-340 but they will not sell unless get to at least 346.

So not found any bargains yet - perhaps they are already priced realistically but some are just hanging around for months

phoebe1989seb

We sold our house in March 2011 (after two weeks on market, priced to sell ) and we were looking to buy somewhere in the south, having moved from Hampshire to Essex three years previously. We looked at a large 6 bed repo that was in need of total renovation (and needing in excess of £100k spending on it) but decided the area was not very nice (Eastbourne btw) so didn't make an offer. It had lots of interest on the open day we viewed and it eventually sold for £60k over the asking price........

Elton

I think it depends how long the property has been on the market and whether or not it has already been discounted. I ended up getting about 5% off the asking price when I bought our new house in November. However the property had been on the market for approx 1 year and the asking price had been reduced a couple of times. The original asking price was more like 20% more than the price I ended up paying.

The PropertyBee plugin for Firefox is a great tool for finding out how much the vendor has already reduced the asking price by.

Welsh_Totster

We bought the house we are in now 2 years ago and we paid £158k, it was on at £163k but priced realistically (a year prior to that the house was on the market at a fiver shy of £190k). We were looking at similar houses in the same area that were on for £175-190k some of which 2 years on are still up for sale. We knew that house was priced realistically so didnt expect to get masses of cash off the asking price, we were happy with what we paid.

Louise.H

Our house - 3 bed terrace in Yeovil, was put on the market in April last year at 115,000, they dropped the price to 105,000 in August and we had a offer accepted for 95,000. The owner had said he'd accept 95 so I offered 85, then 90 and finally had the 95 accepted. I was in the fortunate position of being a first time cash buyer though and the house is probate so it can take a while for paperwork to be done .

Seconding Elton on property bee; its very useful for seeing the length in time the property has been for sale and if the price has changed and previous sales fallen through.

uk_american

Even though I have a flat instead of a house, maybe a useful data point for some. It's a 1 bed flat in Chelmsford, Essex in a central, downtown location with a private roof terrace.

Oct 2006 - New build, the couple paid £159,500, the going rate for 1 bedrms in the building.

Summer 2008 - they listed for sale at 159k, they wanted a house, dog and babies.

They gradually dropped the price during the following months.

Feb 2009 - It was down to 145k and 240+ days on the market.

I offered 140,500 as a cash buyer and no chain. They accepted and we exchanged June 2009.

Subsequent 1 beds in the building have sold between 135 - 150 since then, and I absolutely love the flat and location, so well pleased at the end of the day.

davilown

pinkteapot wrote: »

It depends entirely on how realistic the asking price of an individual property is. You need to compare any given property to recent sales in the area.

We paid £231k for a house that was marketed at £233k (August 2010), because other similar houses were being marketed at £275k and selling for £240-250k. The sellers wanted a quick sale and priced accordingly.

We were similar, though we offered asking - right house, right time at the right price. Identical houses without the extensive work were up for £285k. The vendors had found their new house and realistically priced to sell