OIRO - How low can you go?!

lor42x

(Sorry if there's many threads discussing this, quick search hasn't pulled up anything recent.)

We viewed a property this evening that we really like and are thinking of putting an offer in. Asking price is OIRO £245k... It does need some work to tidy it up and we've seen other comparable houses in the area being marketed for around £20k less...

How cheeky can we be with an offer without just upsetting the sellers?!

AdrianC

Only the sellers can tell you that.

WeAreGhosts

I always go in low. My worst nightmare would be to have an offer accepted on the first go, cos then I'd always think I could have got it for less.

Also, if you don't ask, you don't get ....

hazyjo

Offer what you like, but without knowing where, how long it's been on the market, and the vendor's position, it's impossible for us to say.

The house I'm currently in was up for £300k and I paid £264k (3 years ago). East London. Vendor's mum who previously owned it had died, then he rented it out for a year or two (disaster), then a sale fell through, and it wasn't shifting as was totally empty and unloved. I got a bargain. The EAs tried to obstruct me buying it. I was bashing my head on a brick wall. In the end they gave up and decided to do business with me.

If you're looking at something in a popular area that's only been on a week, where the vendors expect something near the asking price to be able to sell, they're not likely to drop. If it's overpriced, they may still be deluded and think they can get more.

Jx

lor42x

Thanks for replies all!

It's been on the market for a month, however after a few questions I found out they tried to sell earlier this year. They'd accepted offers but couldn't find anything they wanted to buy so ended up losing their buyers... This time they've found a house & had an offer accepted so it's in their interest to sell.

jimpix12

You've done one viewing and are putting in an offer already?

I've seen properties go for over the asking price and way under bu about 20pc in some cases. It really depends how cool you play it... by the sounds of it so far not very! Let then sweat and do another viewing at least.

lor42x

No, just thinking about it to get a feel for what we might do next! The house ticks a lot of boxes for us & they don't come up often in the area it's in.

It's our first time selling & buying at the same time and having bought a new build first time round it all feels very alien ::o

glasgowdan

spunko2010 wrote: »

You've done one viewing and are putting in an offer already?

I've seen properties go for over the asking price and way under bu about 20pc in some cases. It really depends how cool you play it... by the sounds of it so far not very! Let then sweat and do another viewing at least.

I disagree... If the OP likes the house and there's a motivated seller there's no point in playing games. Make a decent offer, show them you're ready to buy etc. 20k under sounds like an OK start.

jimpix12

glasgowdan wrote: »

I disagree... If the OP likes the house and there's a motivated seller there's no point in playing games. Make a decent offer, show them you're ready to buy etc. 20k under sounds like an OK start.

Would a seller realistically take a low offer to someone who put in an offer on first viewing? I think that tactic would work if it's been on the market for some time but a month isn't that long, they are trying to gauge the market like everyone.

Anyway, worth a punt to try it. Just remember that most first offers are rejected.

robatwork

OIRO
Offers Over
all meaningless.

What have houses in the areas SOLD for (not marketed for) recently?

jimpix12

I'm seeing a lot of 'OIRO' listings lately, come to think of it.