OIRO - How low can you go?!

glasgowdan

spunko2010 wrote: »

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.

I reckon it depends how many viewings they've had. If they've hardly had any, in 4 weeks, they'll be starting to feel a bit twitchy. Good desirable properties usually sell within 4 weeks anyway so they may not have had much interest yet. Any good fair-priced homes in the area I've been looking at are selling within 1-2 weeks max.

If it were me selling I'd use the first offer as a start for negotiations rather than accept it. But I wouldn't flat reject - I'd counter (unless it was a new property with a bit of interest, in which case the closing date usually seems to draw out the best prices).

lor42x

Had a chat with the EA this morning to try and gauge what the 'region' is they're hoping for... They didn't give much away just said 'close' so we're still none the wiser! They've had several viewings but no offers.

I've done some digging on properties in the area currently under offer and most are between £200-220k, main difference being they are semis and the property we're looking at is detached and has been extended at ground floor level.

We're going back for 2nd viewing next week to give us time to think and see if it still feels like the one. If it is the one, My initial feeling would be to start negotiations at £230k - have experienced very differing views on this so far from it'd offend them through to go for it!

indianabones

lor42x wrote: »

Had a chat with the EA this morning to try and gauge what the 'region' is they're hoping for... They didn't give much away just said 'close' so we're still none the wiser! They've had several viewings but no offers.

I've done some digging on properties in the area currently under offer and most are between £200-220k, main difference being they are semis and the property we're looking at is detached and has been extended at ground floor level.

We're going back for 2nd viewing next week to give us time to think and see if it still feels like the one. If it is the one, My initial feeling would be to start negotiations at £230k - have experienced very differing views on this so far from it'd offend them through to go for it!

The average property in the UK sells for 92% of the asking price. It is experienced buyers who are able to level the this otherwise it'd be closer to 100%.

1. You checked the local house prices and you said yourself 200-220.
2. The asking price is 245.
3. The house has been extended.

Based on this your first offer should be approx 215k. If you want to throw your money away at the expense of "offending" the vendors then please go ahead.

But if you want a fair deal then you shouldn't even touch 230k for a final offer, if it means you lose the house surely you can find another?

theartfullodger

House (this was 2000) on sale at offers above £40k. I offered £28k: Got the most unpleasant response ever from estate agent about how I was etc etc etc...

I thanked them kindly & politely. A week later repeated my offer of £28k via. my solicitor. It went through at that price.

It is entirely up to you what you offer.

It is entirely up to vendor what he accepts, or doesn't.

WeAreGhosts

spunko2010 wrote: »

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.

I bought on first offer after the first viewing. House was listed on the 2nd and was SSTC on the 6th. It can happen
Now I think about it, every offer I've put in (bar one with a new build) has been after first viewing.

ajp1309

You should know your market well, put in an offer you are comfortable with and think its worth. We had been looking for 3 years lost out on a few however we are just in the process of buying.

The property board went up on our property we viewed it within a week of this. It actually hadnt hit the open market (ie no rightmove or even on the estate agents website and had already had an offer). We put in a cheeky offer 10% less than asking price ended up getting it at 7.75% less than asking as we were in a really good position for the vendors. This was after our first viewing as we knew we wanted it.

wantonnoodle

spunko2010 wrote: »

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.

To be honest, in the market around here, if you wanted a second viewing on something halfway decent, you'd stand no chance. Most of the properties round here go SSTC within a week of coming on the market, and EAs seem to need a couple of days notice minimum to arrange viewings, so it would be near impossible to view twice before offering.

lor42x

We put an offer in yesterday which has been turned down. Feedback was owners are looking for the asking price - not entirely sure why they've put OIRO if not open to said offers!

Back to the search we go