Putting an offer in?

dannyjebb

Quite new to this house buying malarkey, we have an agreement in principle set up for a mortgage, went viewing a house last night we both like, I've read on here to offer lower than the asking price.... read somewhere 15% is a good starting point? Is there a guide to this or is it just bartering? The house is for sale at 190k and was bought for 184k in 2008, I'm guessing they bought right before the crash, but even so it seems a good price slightly lower than others in the area. Sorry if this is a stupid question! I'm guessing ultimately it depends how urgent they want to sell, if you aren't in a rush then I wouldn't Accept 15% less than the price it's valued at!

Thanks

Guest101

You assume it's been valued, that £190k is a best guess really.


Either way you offer what you're happy with.


15% may alienate the vendors

Bluebirdman_of_Alcathays

Percentages are nonsense. Just before April, everything in Bristol was going for 10-15% over. If you'd offered 15% under you'd have been laughed away. Just offer what it's worth to you.

ST1991

Bluebirdman_of_Alcathays wrote: »

Percentages are nonsense. Just before April, everything in Bristol was going for 10-15% over. If you'd offered 15% under you'd have been laughed away. Just offer what it's worth to you.

And still is...! One of my friends has offered on around 8 properties (with none accepted), she went over £20K on one of them and was still 'outbid'...

House prices make no sense sometimes...

Hoploz

There is no rule. Even comparing previous prices is not relevant. All that's relevant is whether this property is better than other comparables you've viewed (presumably it is, which is why you're thinking of offering). If there are other similar properties which have gone up for sale and gone sold stic quickly it indicates they were priced appropriately for the current market. That's all you can go on really.

That, and the seller's position. If they have found an onward purchase they are keen to secure they may accept a little less than if they don't live in the property and aren't in a chain.

You have to offer what it's worth to you. If you need to buy quickly, if it's the first thing that suits after 6 months looking, it's worth more to you than if you aren't in a hurry and similar properties are ten a penny.

Some people spend months and months putting in low offers on properties they aren't that fussed about, hoping one seller will be desperate enough to bite. Other buyers know what they want, pounce as soon as they spot it and are willing to pay a little extra for their perfect place.

ultimatedingbat

We offered about 5% less than asking price which we were advised was a safe bet around our area. Anything above 10% less would seem cheeky i think.

rr68163

I would do abit of research quick. Use mouseprice and see what similar house with recent sales sold for. I would also check on RM and Zoopla. If property sales in the area are slowing down or being reduced.

Based on the above and condition on the property would help me decide what price I would go in at.

Also was it a open day viewing. Was there quite a few people viewing it?

However I don't know where this property is but 15 percent sounds like to much. I would think either guide price or 3-5 percent lower. -

Good luck.

Slinky

We had an offer rejected 4% below asking price (460 against 475) as cash buyers. House is still up for sale 3 months later.


We only got 2% off the one we're buying but it and the previous one are one-off properties. Our vendor had a higher offer but from people unable to proceed and they preferred us to the other people (vendor will be our new neighbour).


It very much depends on the style of property, how many similar there are around and the laws of supply & demand.

Okydoky25

I was offer £162 on my house valued at £185k. I decline and to be honest was insulted.
I accepted an acceptable offer a week later and then this 1st buyer came back with £1k above what I had accepted. It was still a no. He could have offered over asking at that point and I still would have said no.

I would not have trusted him to not lower his offer at a later date.

Surrey_EA

Asking prices are not set in a uniform fashion, and therefore can vary from wildly optimistic, to quite reasonable.

As such there is no point having a "offer x% lower than asking price" rule. Sometimes paying the asking price would be quite a good deal, other times getting 20% off the asking price would still mean paying too much. You've got to do a lot of research, have a look around what else is available, and see what other similar properties have sold for recently.