Price guide - how does one play this when it comes to offer?

sterl1ng

When there is a property where the price is say 150-170k how on earth do you put offer in without taking the mick?

Dan-Dan

Every situation is different i know, but when i put an offer on a property up at £189.995, of £165k (they paid 175k for it and have only been there since late 2011) the EA said he wouldn’t be passing the offer on and he thought it was embarrassing, as would his vendors!

LeafGreen

don't worry about taking the mick!

do make an honest assessment of the value of the property and base any potential offer on that. if you are in a strong position (eg no chain, mortgage agreed, able to move quickly etc) then mention that when making your offer.

if you want to try and get a place below market value, then just offer on that basis and don't worry about upsetting anyone.

sterl1ng

Gosh, I worry if I go too low the EAs won't take me seriously for future properties and altogether just take me off the list as I'm taking the mick. With such a huge price bracket I find it very confusing. In my situation this place is a grade II listed building but its only 1 bed on second flr (spectacular building though and on my ideal road!), they have an open day in weekend after this and guide price is 170-190, aimed at FTBs in particular.....is it becuase we are THAT inexperienced? Ironically that same grade II building has a 2 bed first flr property in it only 2mths back at 195 but owner took off market in end!

I would be shocked if someone forks out frull 190 for that 1 bedder!

Dan-Dan

I should say , we werent embarressed by it! , we know its the Estate Agents job to try to reel buyers in etc etc , but at the same time , its just about as much as what is it worth to you , than it is , what its worth to the vendors

cajef

Had a similar situation when I bought my present property, when I viewed it was empty and it needed a fair bit of work doing, after a bit of investigation I found the property had been rented out it was now part of a deceased estate and had been on the market for nearly twelve months.

I offered 15K below their low price, they came back with offer not accepted, told the estate agent that I was not prepared to offer any more, two weeks later he came back saying they would split the difference, told them that was fine hope they can find someone to split it with, another few weeks went by then he rang and said they would accept my original offer.

Dan-Dan

cajef wrote: »

I offered 15K below their low price, they came back with offer not accepted, told the estate agent that I was not prepared to offer any more, two weeks later he came back saying they would split the difference, told them that was fine hope they can find someone to split it with

Gave me a chuckle

lee111s

Offer what you feel it's worth. The worst that can happen is they'll reject it. You don't want to be kind and have them accept your first offer!

I got my house for 16k less than it was advertised for

sterl1ng

lee111s wrote: »

Offer what you feel it's worth. The worst that can happen is they'll reject it. You don't want to be kind and have them accept your first offer!

I got my house for 16k less than it was advertised for

Very nice! I know there's the 10% rule where you go below so if I like it then maybe I'll put offer in but it really will have to grab me if I offer as really want a 2 bedder

Dan-Dan

There is no 10% `rule` !

moneyistooshorttomention

sterl1ng wrote: »

Very nice! I know there's the 10% rule where you go below so if I like it then maybe I'll put offer in but it really will have to grab me if I offer as really want a 2 bedder

Dependant on what part of the country you are in there may - or may not - be a "10% rule"....:cool:

...and wanders off wondering if anyone trying a 10% off "thing" might find themselves falling foul of a "Smack them straight back across the face for that..." rule...