How many offers are "normal"?

bylromarha

First is generally accepted to be a punt, yes?

Do people generally reject the second offer in hope of a third, or is it presumed that you take the second as you know a third won't arrive.

Wondering if we should hold something back on the second - we're offering to an elderly couple (who seem quite old in mindset too) on a house that's been on the market since April with no price reductions. Wondering if they're holding out for full asking price or if they've just never had the right person through the door - house is a little quirky on the edge of a known dodgy area.

The guy doesn't seem keen to sell (he walked us round the medium sized garden for about 20 minutes showing us all the work he'd recently done and kept saying "the intention here is...")

Thy bought for £225k in 2009, up for sale @ £230k - we're going to offer max £219k as that's where it's sitting for us compared to slightly smaller houses, but in nicer areas.

So reveal our max on 2nd offer, or put a lower 2nd offer in, leave buyer to stew for a few days and come back in with 3rd? Houses are shifting pretty quick round here, so the fact its been on so long has raised alarm bells.

Hate the game of house buying poker!

[Deleted User]

Check the actual sale prices of comparable sold properties in the area.

Around where we are looking to buy, prices are up considerably since 2009, then again we haven't viewed any properties that have been on the market as long as the one you are looking it.

They might not be in a position to accept less for it than they paid, especially if they have improved the property in any way since taking it on in 2009.

DRP

I'd always allow myself room for 3 offers...

poppysarah

bylromarha wrote: »

First is generally accepted to be a punt, yes?


Hate the game of house buying poker!

Well put your cards on the table.

Say: It's nice but I think it's worth X so that's my best and final/only offer.

You could justify it by knowing what other properties in the area in similar conditions have gone for.

Some people have hugely insane expectations when it comes to price as they believe the guesstimate the EA gave them is the price they'll get.

Don't bump up offers.
There are more and more houses coming on the market every day.

poppysarah

Domino9 wrote: »

They might not be in a position to accept less for it than they paid, especially if they have improved the property in any way since taking it on in 2009.

That isn't the buyers problem!

Don't ever get into the mindset of thinking that.

PasturesNew

There is no normal. Some people offer the max they have as a first offer as they don't want to mess about and/or have no more money at all but like the house.

Others play games to get it as cheap as possible.

suze012

As someone else says they moved into the house in 2009. Who knows how much equity they have already before they moved into it, so don't base any decisions on that.


I have taken a 24% cut in our house price than what we paid for it in 2007, only because we were lucky enough to have a big deposit in the first place, so don't second guess... you never know!

Dukesy

There is no 'norm'.

We sold our old house by accepting the first offer we got. We conducted the viewing and made it very clear that we had it priced sensibly, and that we would not be accepting anything less than the asking price. We wanted a certain return out of it in order to cover the deposit and the more urgent renovation costs on our new house. Buyer offered full asking price and, of course, we accepted. We had, though, set a very realistic price rather than going with the slightly inflated price suggested by the EA, as we were sure that a more sensibly priced property would be more attractive to buyers than an overpriced one.

One our current house, which had been advertised at £125,000, we offered £92,000 and the vendor came back saying they wanted £95,000, which we agreed to. It was an inheritance and they were desperate to get rid.

It just totally depends upon the situation.

bylromarha

Thanks all for the tips - and the conclusion that there is no normal!

We've already done the research, which is how we reached our £219k max.

Off to see one in an hour - it came on the market Thursday, very good offer been put in this morning. That's how fast they're moving round here, which is why the alarm bells are going over the length of time the other house has sat on the market - and no price reductions at all in the time its been on.

Thanks again.

bylromarha

I'm sure no one is wondering, but today has been a whirlwind.

Viewing on 30/11 was a lovely house, but not as nice as the other. The pressure of the offer on it meant we offered on the first house, asking for a quick decision as we wanted to buy the other house.

Marketted at 229 950. Went in at 217,500. Buyer wanted 220 minimum. Agent explained that we were going to offer on another house - buyer said she wasn't going to muck about over £2500 and accepted our offer. Not sure how much of this was agent bigging himself up or telling vendor to accept as they weren't going to get a better offer, but I don't care! I'm sure we'll often wonder if we should have started lower as she may of accepted, but we're confident in our research that it's a fair price.

So only took 1 offer in the end. Not a bad result. So begins the long process of purchase...

Guapa1

Congrats!
:beer: