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Offer Advise
RHallowes
Posts: 1 Newbie
I am a first time buyer and not sure on the protocol on how much to offer on the property. I have seen a house that I love for 375k. Is offering 370k too low for the initial offer?
Thanks
Thanks
0
Comments
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If you feel it is worth the price and you like the house, go for it. If I was the seller I would not be offended by someone offering just £5k less than the asking price.
We are buying a house at the moment and we offered £10k less than the asking price. The sellers rejected it at first and then (after thinking it over for a few weeks) they decided to come back to us and accept our offer because we were in a good position to proceed with no chain.0 -
Honestly I'd go lower than that unless you suspect there will be other competitive offers/bidders and/or the property is very fairly priced.0
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Perhaps something like:
If the price is fair considering how much similar properties in the area, you really, really want it, dont want to risk a bidding war, and are ready to start arranging the sale now then dont mess about. Go in at the asking price on the condition it is taken off the market immediately.
If you seriously like it and would be prepared to pay the full price if really necessary, bid about 5% below the asking price. They will probably reply with a suggestion of somewhere between your price and theirs, You then offer to split the difference, They accept - job done.
If you are looking for a bargain on a reasonable house try 10% below but be prepared for a straight refusal.
If you fancy a punt on the off chance it is seriously overpriced try 15% below and when they refuse say you will keep the offer on the table. Then look elsewhere. You may get a phone call in 6 months time.
The aim should be to get agreement in a few days. Dont bid very low and then make small increases.0 -
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I would never go in that high!0
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