Making an offer

Beachview_2

How low an offer do people usually offer? What % short of the asking price?

G_M

13.27%

or 13.93%

Mrs_ted

10% or 5% less. Check out rightmove and see what the sold house prices in that area were.

Old_Git

also consider what offer would put other purchasers from putting in an offer ,if you know the property will be popular

InMyDreams

Depends how reasonable/appropriate the asking price is. To decide that, do your research on local sold prices (not asking prices). Offer what you think it's worth (or maybe a bit less if you want to leave some negotiating room).

olias

G_M wrote: »

13.27%

or 13.93%

Come on, you're just taking the p155 now! The market may be flat, but I think anything over 13.123% off is asking a bit much......

Olias

SG27

I know people ask this question all time and its massively variable but people don't need to be so harsh. It can be very difficult for someone who had never done it before and they can be easily mislead by estate agents.



To answer the question it varies wildly depending on how realistic the asking price is. Look up comparable properties recent sold prices to get an idea of what they are selling for.

My main piece of advice though would be don't be afraid of making low offers the worst they can say is no. I made offers of more than 20% off properties that I thought were not worth near the asking price. The estate agents generally react badly but I was proved right as the one I offered lowest on never sold!

The house I bought was asking 235k I offered £206k first then £210k as my final (i could have and probably would have gone slightly higher) which was accepted.

motherofstudents

Some people price realistically and want a quick sale while others are in no particular hurry to sell so market the property at an ambitious level. As above, check sold prices on rightmove, zoopla or nethouseprices and see what similar houses have sold for. That should give you a reasonable idea.

When you have a figure in mind, offer below to give you some room to negotiate. When the EA comes back saying it has been refused just say you will think about it. Get back to them in the next day or two with your revised offer. Tell them if it is your best and final offer. If that is rejected then leave it for them to think about and book viewing on other houses with the same agent.

There is no hard and fast procedure. Everyone is different and their needs are different. Some will want to sell urgently and you may get a large amount off the asking price. Some will not budge. All you can do is play it by ear, offer what the house is worth to you. And, be prepared - have your solicitor in place, your mortgage in principle and be prepared to push things along when you have an offer accepted.

Errata

How much to offer depends on the location. My rellys house sold last year for a fair bit more than it was advertised for.

ch3101

Get yourself on Zoopla, get another window open on google streetview.

Correspond house prices from last year or so with similar ones.

Also, see if you can find the old listing for similar property sold in the street.

Beachview_2

I've just checked Zoopla but it doesn't seem to have been updated(for NI anyway) there are plenty of houses that have been sold near me in past years and they are not listed. Rightmove doesn't list sold prices for Northern Ireland.