Back to square 1 - Finding another buyer

geoffky

5% from asking price....you will look back on that with the upmost regret..

AMO

It's a difficult market. The least desirable the house and house type in less desirable areas can command huge price drops. In good areas, people won't budge.

However, you should still start off low and nudge up as you don't know their personal circumstances and they may be desperate to sell.

We sold our 3-bed semi for £15K less than the asking price. The house we're buying which is over £300K we only were able to negotiate a discount of around £10K. Other less desirable houses in the area, we could easily get £25K off, partially to do with the stamp duty brackets.

But it can be argued that some people over inflate the price of their house - maybe us too. The estate agents tend to start high to get the owners to go with them and then get the prices to drop. Some house owners insist on the price going very high when it goes on the market.

So either way, unless you can see that others are likely to find the house desirable, bid low and then raise. But some houses just go at almost full price (they tend to be ones that also don't need anything doing to them like the one we've bought).

DRP

Soot2006 wrote: »

This is why it's called a buyer's market ...

Did you come back to the offer with a counter offer or just reject it outright?

we rejected it outright

geoffky wrote: »

5% from asking price....you will look back on that with the upmost regret..

maybe.

But we have now just rejected 2 offers of ~3% below asking. :rotfl:

Houses in this area hold/increase their price very well (even in current conditions). Given we will be purchasing above the 3% duty threshold, we need every penny. :money: