How much less do you offer below a guide price.

Toptom1

Seen a house for 140k but can only go to about 130k. Is there a general rule of how much less to offer like 10%? I believe the owner bought the house for 120k in 2011. So is the offer realistic or taking the mic?

rosie383

No problem with offering whatever you can afford and what you think it is worth.

Loopy28

Agree with the above, offer what you can afford and what it is worth to you, they can only say yes or no.

My experience of offering on two properties with a guide price was that the vendors actually wanted more than the guide price. Not sure if I was just unlucky.

If there is one thing I learnt through searching for houses, you can never second guess what a vendor wants. Some price 10% higher than they want, some price lower to try and create a bidding war. Some price realistically. Some vendors are more motivated that others to move etc. Of course it also depends on demand in your area too and how long it has been on the market.

Good luck.

G_M

If you can only afford 130, can I suggest you don't offer more than that.....?

AlexLK

Offer as little as you can get away with. Start with an offer of circa £122,500 which gives you some room for negotiation. Never bid your highest price first.

Toptom1

I can afford 140 which would be my limit but 130 was my realistic limit. Wont be offering more than that.

sniggings

£10k under is fine, make it known it's your best offer tho, or they will think you can go higher.

£10k less from a first time buyer, is more likely to be accepted than someone in a chain,so it's all depended on the situation.

Thrugelmir

Toptom1 wrote: »

I believe the owner bought the house for 120k in 2011.

That's irrelevant to the price you are willing to offer.

Toptom1

What does guide price actualy mean

LandyAndy

It's a guide to the required price.;)

It is exactly the same as 'price'

rosie383

In our area some properties come on the market at a high price, don't sell, then the EA changes it to a guide price. For example, £180k, no sale. EA rings vendor and suggests to change it to a guide price of £170-180k to generate more interest. Then they try to force a sale at the lower end of the guide price. Perhaps this is not something that they all get up to but unfortunately they do where we are. One agent in particular goes in with high valuations and gets the work. Then have to push vendors to accept a lower price anyway. This has had the effect of pushing prices up in the area which is frustrating when you are wanting to buy.