Could I offer bellow 10% of the asking price

lookstraightahead

Smi1er wrote: »

A few years back we saw a flat and decided our final offer would be 5.9% below asking price.

I put in a very very cheeky offer of 13% below asking price whilst selling the agent the advantage of selling to us (no chain, ready to go etc etc). The flat was a recent conversion and had a tenant in place as the seller got bored with the market.

We ended up paying 11.75% below asking:j

If you don't try, you don't get

Well done! I don't think it's cheeky at all. No vendor or estate agent in their right mind is going to value the property at exactly what they think it's worth (or are told it's worth). Estate agents value properties to win business but within a vaguely realistic range.

Pennywise

Personally, I think 10% under asking price is pretty reasonable and standard, especially if you're not in a chain and have finance in place.

It always cracks me up on LLL when Kirsty starts talking about making a "cheeky" offer of £5k less than asking price on a £500k property and then acts surprised when it's accepted.

My current house (bought 25 years ago) was up at £120k and I got it for £97.5k after my first offer of £97k was rejected! That was a 18.75% reduction. But I had to wait a few weeks before they caved in. They needed to move because they were relocating for work and time was running out. I was in an ideal position of being a cash buyer able to complete within 5 weeks. (which we did).

SeasideSally

Where we are, vendors seem to expect about 10k less than asking price on a property up to 350k, though I think 5k is more the norm on properties up to 200k. It's the same in the town where our flat's located; we accepted an offer for £10k less there, and that seemed to be the norm. It doesn't seem to have anything to do with percentages; it's this fixed 'no more than 10k' thing.

What is or isn't acceptable seems to be very area/property/time of year/street specific.

EachPenny

Pennywise wrote: »

My current house (bought 25 years ago) was up at £120k and I got it for £97.5k after my first offer of £97k was rejected!

It was a slightly different market back then.

A purchase I made around that time started with an offer that was rejected (identical offer made by someone else within the space of a few minutes). 24 hours later they pulled out so I offered again at 3% less than first time... the vendor bit my hand off all the way up to the elbow.

It all comes down to the circumstances... and the fact the OP's potential vendor has been hanging around with no reduction for a long time suggests there is something unusual about their circumstances.

theartfullodger

You can offer whatever you want. I offered 30% off on one property. Had the rudest and strongest rejection ever from agent. 1 week later I repeated my offer, same price. Accepted.



You've nothing to lose, see what happens.

TamsinC

Offer what you want - the vendors will accept what they want - but I suggest you don't 'bellow' but ask .

lookstraightahead

theartfullodger wrote: »

You can offer whatever you want. I offered 30% off on one property. Had the rudest and strongest rejection ever from agent. 1 week later I repeated my offer, same price. Accepted.



You've nothing to lose, see what happens.

I had a very similar experience. The property was all fur coat and no knickers (all dressed up inside but still only a small terrace). The agent asked if I was serious and I said yes, as the asking price was laughable. About 6 weeks later vendor accepted but I had moved on by then.

missile

Offer what the house is worth to you.

When I have sold property I have advertised it at a realistic price. I believe this tends to get more interest and attract genuine offers.

If it were me and you offered 10% less, I would reject your offer, mark you as a timewaster likely to withdraw or gazump at a later date and refuse any further offers. :j

lookstraightahead

missile wrote: »

Offer what the house is worth to you.

When I have sold property I have advertised it at a realistic price. I believe this tends to get more interest and attract genuine offers.

If it were me and you offered 10% less, I would reject your offer, mark you as a timewaster likely to withdraw or gazump at a later date and refuse any further offers. :j

Yep that's always the risk I suppose. You need to know as a buyer that you are happy to walk away and find somewhere else. I suppose there's also a risk of refusing further offers too, especially as a 90% offer isn't usually seen as time wasting by the buyer. Probably more the other way around where the asking price is seen as completely over valued (as is often the case when valuation reports come back)

Zero_Sum

My 1st house had been on market for long time & empty.
I offered 25% under, got it for 16% under.