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Cheeky or Reasonable Offer for House in Current Environment?
Comments
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RogueRecruit wrote: »I'm thinking of offering ~10% lower than asking price (£176k), but don't want to be rude or make the vendor feel like I'm taking the mick.
10% lower is a reasonable starting point. Puts the ball in the vendors court. Be prepared to move higher though. As unlikely your opening offer will be accepted.0 -
If it's been on the market for 4 months, it's almost certainly overpriced - unless it's very recently been reduced in which case it might now be correctly priced.(My username is not related to my real name)0
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What the property was bought for 8 years ago is irrelevant, what % below the asking price is also irrelevant.
What is of greatest importance is how the price compares to other similar properties in the local area.
Despite what may be the common belief, especially on here, there are a few reasonable EAs around. A conversation with the EA to establish what the vendor is expecting, and to understand what is motivating them to sell, will not hurt.
Landlords get more disdain on here than EA`s IMO.0 -
peterhjohnson wrote: »If it's been on the market for 4 months, it's almost certainly overpriced - unless it's very recently been reduced in which case it might now be correctly priced.
I don`t think the housing market prices property with that level of precision, it is even debatable if the stock market does? As a rule of thumb at the moment it is probably best to assume that most property is overpriced IMO.0 -
Find some comparables in the local area, in terms of size, number of bedrooms, and as close in area as you can.
Average out the price
offer at least 10% lower than this average,
you can always go up in price, harder to go down.0 -
If it has been used as offices you may need to get planning permission to return it to residential use.0
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Thanks to everyone for their advice. I offered 10% below, after some back and forth we met in the middle at £185k plus some perks for me, which was within what I considered a fair price.0
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Good luck with the rest of the process.0
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