'Cheeky offer' success stories?

FlareStar

@giantkatie
(sorry not sure how to copy your message)

I thinks so too :rotfl:!!

movilogo

In current market you can offer 10% below asking price.
When your offer get rejected, sit tight. Once EAs figure out you have taken in love with a property, you have lost your negotiation power.

AliceBanned

movilogo wrote: »

In current market you can offer 10% below asking price.
When your offer get rejected, sit tight. Once EAs figure out you have taken in love with a property, you have lost your negotiation power.

Would this include those listed as 'offers over'? I have just started looking at it is hard to gauge what this really means. EA has said they will accept less so is this often the case? In which case 'offers over' is meaningless.


I'm not yet in a position to negotiate as about to put mine on the market but have started viewing and prices seem all over the place, very varying opinions from surveyors and EAs (just on borders of Greater London).

AlexMac

Depends on the local market, the supply/demand locally, how keen the seller is to move, etc, etc.

I've paid asking price once (in about 2001, for a unique property, in a hot market, with a competing buyer),

...but since then I've tended to go in at about 10% under asking price, and settled at 4-5% under, on two London purchases in 2011 and 2012

- my current home; buying for £720K against an asking price of £750, although the price had been reduced because it had been let for a few years, was very tired, and had been on sale for many months in a flat markey
- a BTL; buying for £152.5k against an ask of £160k, but they were very keen to sell and I made it clear I wouldn't mess about trying to reduce the price even though the boiler was on its last legs

Similarly, I got an even better deal - 8% under on a cheap holiday flat in 2014 - but that was being sold, again in rough condition, as a result of an admission to a care home. And again, I made it clear I'd not haggle post-acceptance. (I must be jinxed as I've had to replace the boiler in every one of the last half dozen properties I've bought, so I now just factor an assumed £1.5k-£3k for that into my offer!)

"Offers over" seems pointless unless it's a sellers' market. Worse still is the idea some Agents have of quoting a range (I bought one such in 2007 - I just offered 10% under the lowest figure and settled at about 6% under; but it was a wreck)

So avearging that lot out, I'd say go in 8-10% under and budge up to about 4%... but work out what your ceiling is and be pleased if you get something you really want, however much it costs

AliceBanned

That's really helpful AlexMac, thanks.


I have never put an offer in on a property before because my first flat was non-negotiable (shared ownership). For a flat at 'offers over' £240k (Hertforshire, half an hour by train to central London) the EA has suggested they will take £225k. I think it's sensible to offer a realistic amount as the vendor may pull out later on if they get a better offer. And I suppose what I genuinely feel is reasonable and am willing to pay.


I'm surprised at how low some of the prices are here (and south east in general) compared to two years ago but there are a lot of new builds where I live, and still Help to Buy available. I am wondering when Help to Buy ends whether the market will change again. I'm actually keen on a few new builds off plan as they are in such a good location (waterside) but they seem about £100k above the cost of other two beds and in this market it is hard to work out whether that is still a good investment long term, or just house builder rip off.

jimbog

movilogo wrote: »

In current market you can offer 10% below asking price.
When your offer get rejected, sit tight. Once EAs figure out you have taken in love with a property, you have lost your negotiation power.

Try that in Sheffield and unfortunately you’ll have a long wait

MaiseMeal

couriervanman wrote: »

Back in 2001 we got a house for £48k.....asking price was £60k

House must be worth so much now :O