Foolish to offer the asking price?

hazyjo

I would nearly always go in under - even if only a couple of grand. If people get the asking price quickly, they will always think they should have put it on for more - and some do just that! Obviously markets vary and parts of London would prob get loads of offers above the asking price! Judge the location and the interest/number of viewers (if known).


Saying that, I saved a house on RM the other day as it was a bargain price and had an open day (over 25 people booked in) and I knew it would go for at least the asking price - it sold before even getting to the open day. With that one, where I knew it'd be snapped up, I would have prob gone offered at least the asking price.


Jx

smile88egc

I would wait until after their viewing before you offer if it were me, you don't want to look desperate! Although if second viewers seem keen then the EA may well get in touch with them after, to tell them there's been an offer.

Really interested to see what you think of the place now and if you end up making an offer. Good luck!

groovy_chick

When I bought my first property, I had narrowed it down and had my heart set on a certain location. As soon as I saw what I wanted come on the market, I got in to view it first and took a letter with me offering the full asking price - that I handed over to the Estate Agent once I had looked around.

The vendor happily accepted and took it off the market straight away.

It worked for me :j

egoode

There's nothing wrong with offering the asking price particularly if you think that's a fair price for the property. I actually missed out on a property in London where I initially offered the asking price but so did someone else and unfortunately I didn't increase my offer by as much as the other party. I looked up the sold price later on and the difference was about £2k and I probably would have paid that for the place. However I did eventually find a beautiful flat a few weeks later that I love even more and I managed to buy that one

ElsieMonkey

If you know there's viewers after you, I'd say don't offer on the spot. The estate agent WILL tell the other viewers that an offer has already been made, and that could panic others into doing the same. Before you know it, you're in a bidding war (if you choose to take part, that is). I've been on a few viewings recently where the estate agent told me the property has already had an offer from someone who viewed before me. One I was seriously considering offering on myself, but decided to not call the estate agent straight away since I knew there were more viewers that day, and waited instead until Monday morning (by then I had decided it wasn't for me, as it happens). Anyway, the house is still available!

Point is, don't fall for all the hype. Take into consideration market conditions when you offer, but only offer what the property is worth to YOU. Trying to second guess what others are bidding/doing/thinking is fruitless 'cos there's so many variables, you'll do your head in. You don't need to play any games. If the market is really hot as you say it is, and it's the right house for you, and you know from research that properties are going for the asking price (providing the price asked is fair - again need to do your research), offer asking price if it feels right. If it's a long term family home you're looking for, it's not always about getting a bargain. But, I wouldn't offer on a Saturday morning say, if others are viewing after me. Call first thing next morning. The estate agent will call around all viewers to find out if anyone wants to offer too anyway, by then some who may have been carried away in a bidding war on the viewing day (if you had put in a early bid), will have thought more rationally with some space and time and you may be up against less competition.

I do think sellers appreciate those who don't want to play games though. I know as a seller I do. I want a reliable buyer. Not someone playing games with me and trying to "win". Both parties in the process, the buyer and seller, should come out of the negotiation process feeling happy/satisfied, not like one has won and the other lost.

Docinho

Thanks for all the feedback everyone, its really good to hear objectivity when my own brain is going from pillar to post!

I saw the property today, i loved it and wore my heart on my sleeve a little when offering (as well as highlighting all the practical benefits like having my aip/ big deposit yadda yadda)

Did the trick, offer accepted!

Wooooo!

Now let's get to work!

ElsieMonkey

Docinho wrote: »

Thanks for all the feedback everyone, its really good to hear objectivity when my own brain is going from pillar to post!

I saw the property today, i loved it and wore my heart on my sleeve a little when offering (as well as highlighting all the practical benefits like having my aip/ big deposit yadda yadda)

Did the trick, offer accepted!

Wooooo!

Now let's get to work!

Congratulations! Sounds like both you and the seller are left happy and that's what it's about I think - like I said, it's not all about bargains and investments. :T Hard work starts now, keeping the process moving. Good luck!

GaggingOrder

Congrats! Well done. Fingers crossed for a smooth process from here for you!

alchemist.1

ElsieMonkey wrote: »

Congratulations! Sounds like both you and the seller are left happy and that's what it's about I think - like I said, it's not all about bargains and investments. :T Hard work starts now, keeping the process moving. Good luck!

It might still be a bargain in six months time.

F1001

I literally feel you! I have been in the same situations and have I hope finally found my favourite one of all the hundreds I have viewed and offered on...
I initially offered slightly less than the asking price (I emailed the agent at 9am on Monday after a Saturday viewing) - with my offer, I made it clear I was a chain-free buyer with finances in place, attached the DIP from my lender (in fact mine was an actual offer letter because the previous sale had fallen though), added my broker details, and my solicitor details and told them they were already instructed to act for me. I also made a trip that evening to the agent's shop (yes, the look on their faces to see someone walk in these days!) and showed them my proof of deposit funds. I said I was prepared to exchange asap and work to seller's timelines. Agent loved it so was already on my side when it came to discussing with the seller. But my downfall was that I probably came across too desperate...
I ended up getting a call back from the agent (as expected) saying someone offered higher than the asking price and could I increase my offer. The agent told me what figure I needed to offer to clinch the sale, I called back after 30mins and gave in... I offered 5% over the asking price!
Why..... ultimately it was a rare property that ticked all my (hard to tick) boxes - and I could see it as my "forever home" and very re-sellable. So I can stomach (and thankfully afford) the extra I am paying for it.
Good luck!!!