Offering Under Asking Price

amihohu

Hi All,

We have seen a property online (not viewed yet) which is on for 295k, this is really 25k above our maximum price, however, it has been on the market for 5 months, but not had a price drop in that time (according to property bee anyway). We are trying to work out whether it's even worth us going to visit it. 10% off would make it 265k, which would give us 5k wriggle room in theory. I know a lot have said 10% off is a good starting point, but in practice, do people really accept those offers? The is a fairly large period property, with a large garden, but it does say it requires modernisation and some refurbishment. In the midlands area if that makes any difference! Thanks!

laura_louise

Go and visit it and have a look, it'll help you collect info and determine what it is worth to you and where you want to start in negotiations.

I'm in the Midlands and got (well, almost, awaiting exchange) my house for 8% below asking, after going in with a -10% offer. My seller was in a difficult position and needed to sell ASAP and house had been on the market for 6 months already.

G_M

Always worth a look.

If nothing else it will help you decide what kind of property you want/need and what prices are like. This will help with offers on other properties.

I saw a property last month at 400K. Knew the sellers were keen as they had a property tomove to. But also knew I'd want to make changes (knock a wall down, re-spec whole house). I offered £355K as I'm in no hurry.

Still waiting for a reply 5 weeks later :rotfl: !

LEJC

As others have said....there is no harm in looking,you need to see a property in the flesh rather than on line to get the real feel for it.


If you like it then there is no harm in a reduced offer...some vendors will take offers others wont.


On the last 2 properties we have bought one we managed to get at 20% lower than the asking price and the other one we had to offer asking price ....so there is no theory about what to offer other than a figure that the vendor finds acceptable!

Davesnave

LEJC wrote: »

As others have said....there is no harm in looking,you need to see a property in the flesh rather than on line to get the real feel for it.

And this is especially true of an older house, which the EA states, needs some refurbishment.

You may find that even if you can secure it within budget, there is more to do than you'd prefer to take on.

eddddy

What I would do in these circumstances is say to the EA:

I'm interested in this property, but the absolute maximum I can afford is £x - is it worth me even going to look?

(perhaps where £x is less than you can really afford.)

Then, if you decide to make a low offer, you can rebuff the agents protests by saying that you told the EA your limit was £x at the outset.


(And if you later want to offer less on another property, explain that you've reviewed your finances and probably overstreched yourself with the offer on the first property.)

martinsurrey

eddddy wrote: »

What I would do in these circumstances is say to the EA:

I'm interested in this property, but the absolute maximum I can afford is £x - is it worth me even going to look?

(perhaps where £x is less than you can really afford.)

Then, if you decide to make a low offer, you can rebuff the agents protests by saying that you told the EA your limit was £x at the outset.


(And if you later want to offer less on another property, explain that you've reviewed your finances and probably overstreched yourself with the offer on the first property.)

that will almost never work, as an EA will always hope that you fall in love and pay what they need

you'll get "well the vendor might be willing to negotiate" just to get you through the door.

go and look at it, you've got nothing to lose bar an hour of your time.

Pixie5740

Go and view the property, if you like it put in an offer. The vendor will either accept it or they won't. There's nowt as queer as folk so they might accept your offer or they might be deluded bampots holding out for more than the property is worth to any buyers out there.

Bossypants

Personally, I would go see the property as you would with any other, and, if you like it (and even if you don't, they might have something else you like on their books next week) try to build a rapport with the EA. Demonstrate that you are solid, reliable buyers by having all your documents in order, solicitors picked out, etc, and be friendly with the EA and effusive about the property (within reason). Then, if you do decide to make your offer under the asking price, the EA will remember you and may be willing to add some of that colour when conveying the offer to the seller, which can occasionally make a different in how they sway.

jimjames

Pixie5740 wrote: »

Go and view the property, if you like it put in an offer. The vendor will either accept it or they won't. There's nowt as queer as folk so they might accept your offer or they might be deluded bampots holding out for more than the property is worth to any buyers out there.

Totally agree.

We put an offer in on a property that was listed as offers over £190k. Final offer was £180k which we were told was too low.

Week later they came back and accepted. Not as big a gap but still shows you can get reduced price if vendor wants to sell.

amihohu

Thanks for all the replies everyone. Unfortunately it turns out they accepted an offer a week ago, but the agents haven't updated the website yet, argh!