How much below asking price?

joujou

Depending on layout etc, in my books a well integrated internal garage is better than an extenal one.

SG27

kilby_007 wrote: »

It has an external double brick garage. The 200k one has an integral garage. Then again, the 200k one also has a big garden. Man it's so difficult this property game. To get the offer right without offending anyone but without paying over the odds!

Who cares about offending anyone, we probably offended quite a few people before getting an offer accepted. To be honest though if someone gets offended by getting an offer on a house that's been on the market a year they have issues!

joujou

I think £10000 is well worth risking offending someone

pops5588

I think one thing you may have to get your head around before you go into the lions den of negotiation is you have to be prepared to walk away from the property. If the vendor won't accept anything less than the asking price (which may very well be the case if it has been on the market for that length of time) and you aren't prepared to pay the asking price then you may find it a very short and not-so-sweet experience.

If anyone catches a whiff of desperation or that you love the property, they will try to take you for as much as they can. You have to set a limit for yourselves and be prepared to stick to it, even if it means walking away from the house.

Good luck

kilby_007

Fair comments! Well, we'll start at 190 and see how it goes! Got a few properties to view in the next few days first. I'll let you know how we get on!

kilby_007

pops5588 wrote: »

I think one thing you may have to get your head around before you go into the lions den of negotiation is you have to be prepared to walk away from the property. If the vendor won't accept anything less than the asking price (which may very well be the case if it has been on the market for that length of time) and you aren't prepared to pay the asking price then you may find it a very short and not-so-sweet experience.

If anyone catches a whiff of desperation or that you love the property, they will try to take you for as much as they can. You have to set a limit for yourselves and be prepared to stick to it, even if it means walking away from the house.

Good luck

Thanks for that. I think we can put a bit of pressure on them by mentioning that we are negotiating on the other property at 200k (we aren't, but they don't know that!)

We'll also mention again we are first time buyers and can complete the sale straight away. I will point out that I know the house has been on the market for a year without sale.

ValHaller

kilby_007 wrote: »

The exact one we're looking at last sold in 2005 for 205k.

There will certainly be a psychological barrier to selling below that price.

Even if you pitch your first offer below that, you probably should expect not to have a meeting of minds until there is a margin above that price

kilby_007

ValHaller wrote: »

There will certainly be a psychological barrier to selling below that price.

Even if you pitch your first offer below that, you probably should expect not to have a meeting of minds until there is a margin above that price

Yeah I appreciate that. I have trended the average house prices in this area and since 2005 the prices are much unchanged. So really I don't think I should be paying more than 210k for this. But the advert says "offers over" so I get the feeling that the vendor probably doesn't want to negotiate much below their asking price.

I_have_spoken

TBH, offering less than was paid in 2005 rings alarm bells. Has the location gone to hell in the meantime?

joujou

Depends on the location - some places are still sinking and would be happy to get someone to part with more than 20% less than 2005 levels (Bolton and Northern Ireland - hello). Some places are well on their way to recovering.

For your area, always think whether you can get more for your money.