Foolish to offer the asking price?

Tygermoth

@iantojones

Nope, with Fairylights on this one. Sometimes its not worth losing the house to dance around the asking price.

That 5K or 10K isn't going to mean much when you get pushed aside and you miss out on something you know fits you perfectly.

(also i bet FL knew her market and that it was worth the asking price)

SevenOfNine

If the house lives up to your expectations when you've viewed it then I wouldn't hesitate to offer the asking price, & hope to secure it, rather than risk losing it to someone who offers a bit more.

If you do decide to offer the asking price, check if they will still be showing others the property in the hope of getting more dosh, they should take it off the market really.

It's a bit of a lottery, like Zeebs90 it could pay off to offer less, though that clearly didn't pan out, so they were very lucky.

AnotherJoe

iantojones40 wrote: »

Gutted for you. It must be a pretty horrible feeling thinking that if you hadn't been so giddy and naive and instead made an initial offer of maybe 5% below asking you could have quite likely had it accepted and now be sat in your dream home with a four or five figure sum sat in your bank account.

Depends where you are. Round here, a 5% below asking on a reasonably priced house would have you laughed out of the EAs office and in the meantime someone else offered FA and had it taken off.

lush_walrus

If houses in your area are fast moving it probably will go for the asking price. However, no harm in going a small amount lower first, you can always go up if turned down. Do you know the vendors position? A lot of price negotiations comes down to that. In my experience there is a pattern, those getting divorced are generally tricky both might want out of the relationship but often one wants to keep hold of the house and makes things awkward. Of course if the vendor has found somewhere they like or are being relocated for work they will be wanting to sell quick and may consider lower offers. Those who are stretching themselves to the next level may want to sell fast but actually genuinely can not afford to move fact.

My advice find out if anyone else is lined up to see it too, if not offer quickly and a little lower. If others are viewing it ask the estate agent the position they are in, if the same as you and you really want it you could go to asking price. If not, and the vendor is keen to go, try a little lower you can always go up if there is no one in the direct line of offering.

lush_walrus

iantojones40 wrote: »

Gutted for you. It must be a pretty horrible feeling thinking that if you hadn't been so giddy and naive and instead made an initial offer of maybe 5% below asking you could have quite likely had it accepted and now be sat in your dream home with a four or five figure sum sat in your bank account.

I am sure you are equally waiting for the crash. These kind of 'helpful' comments tend to come from those who view the world as overpriced unless it is their own property.

Well done Fairylights, you sound like you have found the right house for you.

ellie27

I am in Glasgow and most houses in my area do not sell fast, nor do they go to closing date.

First thing is how long has it been on the market. If its been on the market over a month then I do not think you should go in at full asking price, no matter how much you love it. Go below and work up from there.

If its just on the market a few days and I know I want it then I would go straight in at asking price.

Keep us posted

Docinho

Wow thanks for all the replies! I've been off the internet for a day but its lovely to have so much support and practical advice.

My next quandery is when to offer. I know there is another viewing a few hours after my own (I'm in there first). Do I put in an offer pronto? Though the EA is likely to tell the other viewers this which could spook them and ignite a bidding contest.

Or do I wait and offer whilst I know the other viewing is in progress? Just to avoid the EA hyping up the place.

Or likely option is I'm over thinking things and need a beer...

fairy_lights

iantojones40 wrote: »

Gutted for you. It must be a pretty horrible feeling thinking that if you hadn't been so giddy and naive and instead made an initial offer of maybe 5% below asking you could have quite likely had it accepted and now be sat in your dream home with a four or five figure sum sat in your bank account.

Nope. We could have offered 5% below the asking price, but then it wouldn't have been taken off the market and one of the other 2 people who were doing second viewings that day might have snapped it up. By the time we found something else property prices would have risen and we wouldn't have saved anything.
Perhaps we could have got it for a few grand less but I honestly don't care. I bought a home I love and will be living in for years to come, and what's a few grand in the scheme of things really?


Thanks for your positivity though.

GaggingOrder

Docinho wrote: »

Or likely option is I'm over thinking things and need a beer...

Probably this one. :beer:

But IF you see it and want to make an offer, it might be difficult to stop a same-day viewer going in anyway so it might be better to wait, and give yourself time to think through your game plan.

ellie27

You are first to see it and know there is another viewer after you, this viewing will go ahead no matter if you offer or not.

I would not make an offer there and then. If it was the seller who was doing the viewing I would tell them their house is nice, that you have a young family who would love the garden etc.. If its just the agent I would simply say I will be in touch.

Ask the agent if there have been any offers on the house yet, ask them what the seller's onward plans are eg have they found a place to move to/are they looking to rent etc The agent might not answer but at least ask.

Then offer later that day if you are 100% sure, or have a 2nd viewing a few days later. If you have been watching the market you will know if its likely it will be sold within the first week or not.