Low offer

sirmosh

A house is worth what someone will pay for it, if it's less than you are willing to accept then you can of course decline their offer.

The coming months will show whether anyone is willing to pay your asking price.

plunt

i'm in the middle of a purchase and it went down to bids, the property had numerous bids. ended up getting it for around 5.5% higher than the asking price. got it valued and the valuation came back saying it should actually be 5.5% to 15% higher than the asking price. So i feel happy

Point being a property is only worth as much as someone is willing to pay, but also asking prices saying nothing about a property value. its more of a starting point, whether it be up or down!

davetrousers

shegar wrote: »

As the saying goes, "if you dont ask you dont get", I would have offered you £138.000, then hopefully settle at about £141.000.....Never pay the asking price for anything and always haggle , well I do...........

Now going in with an initial offer of £149,862.00 under the asking price and being prepared to up this by another £3 is a bold statement.

Zither

Have to agree with some of the sentiment in this thread - I don't think their offer of £7k below asking price is that cheeky in the scheme of things.

I suppose for the most part that the housing market is dictated by the

desire to buy;
the need to sell;
other market forces

If they really want to buy then they they'll up their offer. If you don't really need to sell then don't accept their offer. Both of these points need to be put in the context of risk and market forces - it could be that the market might fall by 10% over the next 6-12 months and, at that point, £140k might be considered a really good offer. If the markets rise by 10% then you made the right gamble!

Hope all goes well

Cassandra_W

tilly4597 wrote: »

I expected a couple of grand but not £7500. I know everyone says it but its a good price. I have had a tenant in it for a couple of years and the selling price is what I was going to sell if for then. Its not officially on the market but the estate agent/letting agent rang to say they had a couple who were desperate to view as its the house they want. So I took a chance in upsetting my tenant to let these view. The tenant wants to buy it but it could be another 6 months before she is in a position to be able to. The tenant already agreed to purchase it for £148k so I think for the sake of a few grand I will wait for her.

Then later you say you hope you can agree on £147,500 with the people who viewed it.

Here's my take on it.

I sincerely hope your tenant gives you notice. The people who viewed it go buy another house and you are stuck with a rental void.

You are treating your current tenant like dirt and don't deserve her.

tilly4597

Thanks for all replies. The tenant cannot buy it due to their own circumstances. I have now agreed a sale at £500 less than the asking price, survey done and all ok and searches due back soon. The property is leasehold, ground rent is £3 per year but for the past 8 years no one has collected it (I used to give it to next door as he was the one cited to pay it to) since he died no one has bothered and I have never received a bill/demand for it. I don't even know who I am supposed to pay it to. The solicitor is seeing what he can find out for me. But could this pose a problem or could I take out some indemnity insurance if I cannot find who to pay it to.

marsman802

Interesting points on this trail.

I got a discount on my asking price when I purchased 3yrs ago but now every home is selling above asking price (London inflation kicking in) as bidding wars are all the rage.

That old saying "a house is only worth what someone will pay for it"....an asking price is just that, an asking price.

dannim12345

Hi tilly4597, if its a house with a long lease, it shouldn't be a problem and you can probably get an indemnity policy to cover this. If the lease is getting short, it could pose a problem.

Kirstyb1987

Their original offer is not cheeky at all...I offered £65,000 on a £75,000 house (originally up for £82,995) and got it!!!!!


I would never ever offer full asking price or even close on my first offer!

Kirstyb1987

p.s my sister and husband have just been cited with a bill for £300+ bill for unpaid ground rent so you may be asked to pay it! Apparently your responsibility to find out who collects it!