What % under the asking price did you buy your house for?

Katie__3-2

3% less, but it was (and has been since) the lowest priced house in the area in the past year, it was up for 'cheap' as it was a repo.

hildosaver

I bought my house three years ago. At the peak the houses in the area had been priced around 180k, I bought for 132k thinking I would be ok. The houses are now selling for 95-100k and I'm in negative equity.

property.advert

dj_ad1200 wrote: »

...
Anyway just checked the ad for the flat on the internet and its come down by a WHOPPING 25% so now I can afford a 15% mortgage and its only 1.4 times our income unlike before it was closer to 2.5 times.

I think we are in with a chance now. So im off to put an offer in once I get another agreement in principle.

If their opening gambit was to reduce the price by 25%, you are fairly certain they will go lower. I might think about 33% to 40% as a discount, based almost exclusively on the 25% already offered without any pressure.

progressive_uk

House in Oxfordshire; 3 bedrooms; Vacant possession due to job move.

Originally seen on the market at 205K (June 08), viewed at 190K (August 08). After viewing told the estate agent I was prepared to make an offer at 150K but didn't make on the grounds that I didn't want to waste the vendor's time. Crash happened, price dropped to 170K and was contacted by the EA asking if I would still make the offer at 150K, so I did.

Bounced around in negotiation for a few days and settled at 156K in March 09

ukcarper

hildosaver wrote: »

I bought my house three years ago. At the peak the houses in the area had been priced around 180k, I bought for 132k thinking I would be ok. The houses are now selling for 95-100k and I'm in negative equity.

I think you have been unlucky the average house price in general are higher than they were in 2009. It's down than 10% in the North East and North West.

phoebe1989seb

We've had good and bad luck with the houses we've bought. The house we sold for just under £600k in Nov 2007 (Hampshire) we had paid £117,500 for ten years previously (asking price £125k) But the next house we bought (Essex - without a mortgage) and which we'd got for £280k against an asking price of £325k, then spent a further £40k on renovating we sold for only £260k last year

The house we bought last May (Wiltshire - cash purchase again) was on for £265k and we paid £250k. It was virtually derelict apart from a new thatch and was considered unmortgageable when we took it on. We've so far spent around £50k extending, adding a bathroom and rewiring etc and have recently had it valued at £325k - although we don't intend selling - but believe it will be worth £375k when we've completed the work.......

ukcarper

phoebe1989seb wrote: »

We've had good and bad luck with the houses we've bought. The house we sold for just under £600k in Nov 2007 (Hampshire) we had paid £117,500 for ten years previously (asking price £125k) But the next house we bought (Essex - without a mortgage) and which we'd got for £280k against an asking price of £325k, then spent a further £40k on renovating we sold for only £260k last year

The house we bought last May (Wiltshire - cash purchase again) was on for £265k and we paid £250k. It was virtually derelict apart from a new thatch and was considered unmortgageable when we took it on. We've so far spent around £50k extending, adding a bathroom and rewiring etc and have recently had it valued at £325k - although we don't intend selling - but believe it will be worth £375k when we've completed the work.......

Couldn’t have picked a much worse time to buy in Essex but them how much less would you have got for house in Hampshire at some other time, if you are downsizing I suppose the peak of market is best time to do it.

phoebe1989seb

ukcarper wrote: »

Couldn’t have picked a much worse time to buy in Essex but them how much less would you have got for house in Hampshire at some other time, if you are downsizing I suppose the peak of market is best time to do it.

Very true - at least with regards to Essex - but the house we sold in Hants was recently been put back on the market at £650k with no further work carried out. Within a week it appeared to have sold - so it will be interesting to see what it went for........

Pennywise2012

I know of a couple who bought their house at 40% off the asking price! The estate agent encouraged them to look around it and make a cheeky offer. They didn't even want to look, as it was priced way outside their budget, but ES said, "Just go and look, you'll see why I'm telling you to..."

When they got to the viewing, it was being sold by a couple who had split up a year earlier, but neither one would move out as they hated the other one so much. The entire house was sectioned into 'his' and 'hers', like in the film War Of The Roses. One of them was cooking in the bedroom cos the other one wouldn't let them into the kitchen. Luckily there was a toilet each!

The viewing was awful, with the couple screaming at each other from their respective sides of the house, but the property was lovely. The viewing couple made the cheeky offer, and it was accepted!

Apart from a small hitch on moving day when the woman of the warring couple decided she wasn't going to move out after all, and had to be forcibly removed by the police, it was the best deal they ever did

mothershipton

Mrs_justjohn wrote: »

We got a house (not our home) for £114K and the asking price was £170K

If my maths is correct that is a whopping 33% Off!!!! (Never actually worked that out before...LOL)

It went on the market for £169,995 and we offered £110k within 2 weeks of it going on the market. We knew it would be a hard property to sell, we also knew it was very dated and a lot of peeps wouldn't see beyond that, we also knew that the owner had died and the person who had inheritated the house was also the executor of the will and thought the whole process of selling the house was a drag!

We also knew that the offer would be refused but we left it on the table!

We watched the price drop from £170K to offers over £150K after 3 months, and then drop again to overs offer £135K after another couple of months. When it had been on the market for 6 months we approached the estate agent again to 'remind' them of our offer that was on the table, as we knew that at 6 months they ( the owner) would have to start paying community tax so it would be costing them money.

They responded by dropping the price again to fixed price of £135K.

At this stage we played our ace and said that we were cash buyers and there were various things on the home report that could make getting a mortgage on the property problematic and that we could complete within one month and would require no survey.

At this stage they tried to push us up to £125K and we said NO..!!!!

One month later we contacted the estate agent again and said that we wanted our offer taken off the table as we had seen another house that we wanted to offer on (We hadn't really though!!). Within an hour they came back and said we could have it for £115K, we even then had the cheek to knock them down by £1k to £114K as we said we needed that to cover our legal fee's.....LOL

It was a long haul...but we got there in the end and we were always prepared to lose the house - some you win and some you lose and on this occassion we won :-)

This was not intended to be a family home for us. We are going to do it up and use it as a holiday let therefore it was more important to get it for the right price - it was a decision ruled by the head and not the heart which often makes it easier when negotiating :-)

Well done you, such patience. I hope you have a successfull holiday let