How much to go below asking price?

topcat007

Mickygg wrote: »

Offer what it's worth or what you are prepared to pay.

There is no x% below.

Come to view my house and offer a set % like 20% below I would tell EA I'm not interested in dealing with that person from now on.

This is one of the things i would want to avoid , getting it so wrong i offend someone

bazzyb

topcat007 wrote: »

This is one of the things i would want to avoid , getting it so wrong i offend someone

Don't be concerned about it, just offer what you think the property is worth.

padington

topcat007 wrote: »

How much do people put in offers under asking price roughly in % terms ?

Just wondering how much people put in on first offers

Around Ally pally area, North London right now, if you love the property and want to secure it you really need to offer 98% and saying that, if you're not paying cash, you can expect to get knocked back on 100% offers. People with mortgages are treated like lepars around here.

No one will mind you offering 90% it just won't happen and the risk is someone else will be positioning themselves as a more accommodating and agreeable buyer.

It does depend on the area however.

inatdeepend

topcat007 wrote: »

This is one of the things i would want to avoid , getting it so wrong i offend someone

I really wouldn't worry about it - from my experience of trying to buy somewhere it seems the market is littered with delusional sellers who can't get past the fact I couldn't give a f**k about their emotional attachment to their house.

See it for what it is - a business transaction.

soapstar88

To give you an idea I am personally going to put in a first offer of 280k this week on a property asking for 350k. Which my solicitor agrees is over priced by around 30k.

Hoploz

If I felt a house was overpriced by 20% or more, I would not offer at all.

1. I would probably prefer to buy something better at the top end of my price range, rather than a house less good.

2. If it is that far over priced the asking price will end up falling as nobody else will buy,by which time they will be more desperate or keen to sell. If on the other hand It did go under offer it would mean someone was prepared to pay more than I was ... and a house is worth what someone will pay, so that must mean it was worth the extra after all, just not to me.

Hoploz

Basically, there are no rules. Some houses go below asking price, some go above them.

It is very unlikely someone will accept an offer at a huge amount below AP as until they reduce the price they will not be in a mindset to reduce by that much at that stage.

martin1959

There are several things to remember about making an offer....


1. Justify why you are making the offer


For example:
Name another property locally that is better value
Highlight faults in the property
Explain why you are such a good purchaser ie cash buyer, first time buyer with no chain and ready to proceed,
Agree to exchange and complete within a certain period


2. Make the vendor want to sell YOU the property as opposed to one of the other buyers


People who have lived in their property for many years get emotionally attached to the property. Its were all their memories are. Do not walk round during the viewing saying out loud how you are going to rip this out, get rid of the hideous kitchen, or pave over where their pets are buried! Do mention how well you think the purple and orange wallpaper suits the room...... If the vendor likes you, it will be harder for them to pull out at a later stage, and they may just accept your offer over someone elses.


3. One of the best pieces of advise I was ever given......You cannot ski uphill.......If the property is up for £200k and you offer £195k and they accept, you cannot go back and try £190k!!! Start low, with good humour, and expect your first offer to be rejected. They will likely make a counter offer and so the game begins.....

Mickygg

soapstar88 wrote: »

To give you an idea I am personally going to put in a first offer of 280k this week on a property asking for 350k. Which my solicitor agrees is over priced by around 30k.

I'm intrigued......how would your solicitor know? Were you able to get them to view the property?

Mickygg

inatdeepend wrote: »

I really wouldn't worry about it - from my experience of trying to buy somewhere it seems the market is littered with delusional sellers who can't get past the fact I couldn't give a f**k about their emotional attachment to their house.

See it for what it is - a business transaction.

But it's not a business transaction, it's a personal one involving your future home, unless buying for a btl obviously.

The OP obviously does not have your view (fortunately) and doesn't want to get the sellers backs up by offering too low, which I understand, as this can then give the seller the stance of only accepting a higher offer than maybe they would if someone offered a more genuine offer.

But you have highlighted there are so many people with different views selling, so OP you really don't know.

Above all I'll say again, offer what it's worth to you and what you'd be prepared to pay.