Negotiating price on house purchase

absolute0

I'm interested in putting an offer in on a property advertised at £205,000. What would be a realistic first offer price? I've read somewhere that it is recommended to offer 10% less than asking price.

Cheers

Dave

margaret_3

absolute0 wrote:

I'm interested in putting an offer in on a property advertised at £205,000. What would be a realistic first offer price? I've read somewhere that it is recommended to offer 10% less than asking price.

Cheers

Dave

It really depends on the valuation. Even if it's advertised at £205,000, you building society surveyor may value it at £175,000. That's when you should consider making an offer based on YOUR valuation, not the seller's.
Margaret

somemortgageanswers

Margeret - are you suggesting absolute0 pay for a valuation survey before putting an offer in? - I know this is the case in Scotland but not England & Wales.

Dave - my advice is that it is a buyers market at the moment - certainly try 10% as this equates to £20,500 off.

BUT - make a case for yourself - are you in a postion to proceed quickly?, do you have a mortgage agreed in principle?, can you get the survey done within 7 days etc etc.

By law - agents have to put all offers forward to the owner and confirm the offer and response in writing - try and make the agents job easier by selling you as a good buyer.

Remember - the agent is acting on behalf of the seller - but they will just be as keen to get the deal tied up as much as you are

At the end of the day - the seller can only say no - so what do you have to lose? :j

KD

absolute0 wrote:

I'm interested in putting an offer in on a property advertised at £205,000. What would be a realistic first offer price? I've read somewhere that it is recommended to offer 10% less than asking price.

Cheers

Dave

I picked up the following website from another thread and would recommend it. https://www.nethouseprices.com

You can look at the exact prices houses in your local area have sold for over the past few months and does both Scotland and England. The info is based on the land registrary, It would give you a good idea of what your local property market is doing right now, perhaps be a bit of a guage.

HTH