Making an offer on a house

LittleMonkey_2

Hi,
I wondered if anyone knew the best way to start making an offer on a new house.

We're on the search for a new flat (not the best time to move but we've no choice!),
when we've found a place we like and acan afford, what the best way to make an offer? Go £5000 under? £10,000?

any ideas?
thanks.

dolce_vita

LittleMonkey wrote: »

Hi,
I wondered if anyone knew the best way to start making an offer on a new house.

We're on the search for a new flat (not the best time to move but we've no choice!),
when we've found a place we like and acan afford, what the best way to make an offer? Go £5000 under? £10,000?

any ideas?
thanks.

thanked by mistake.

Offer at least 20% below asking price and take it from there.

emmamc252

i am in a similar position to you and have asked for advice on making offers. we got told to put in low offers and have done so on 3 properties, all rejected and all the ea's have kind of said to us that relly we are being unrealistic if we think people are prepared to drop more than 10percent, if it was a repossession or someone who really needed to sell then they said possibly but its not the norm. i live in the northwest so its not like london where property is a different story. i posted about it earlier so check out that coz we had some usefull replies. i would say speak to the agent. say that you are first time buyers and that really this property is a bit out of your budget but you really like it so your going to have to reassess your finances etc so you want to know the position of the seller and if they are likely to be open to lower offers given your situation. the ea is obviiously going to try to pursude you to put in the highest offer you can but if you make it clear that wether you put in a n offer or not is dependent on what they say, they may be a bit more straight with you. sure other people will disagree with this but i think that peoples expectations are so varied with the situation at the minute that it really helps to have some insight into what the particular buyer expects. its a mindfield!!!! good luck!!!!

shazkhan111

knock off 3-5% of the value and sit on it...they will accept

Zammo

Go for at least 20%.

Magentasue

I don't think it's as easy as deducting a percentage. It depends on what sort of property, how desirable it is, how competitively priced it is and how desperate the vendors are to move. The price we negotiated for the property we're buying (fingers crossed) is 22% less than the price is started at when it was first listed but it was overpriced and the vendors are keen to sell. We looked at other properties and made offers that were within £5,000 of the asking price but they were rejected.

Most of all it depends on where the property is and what's happening there. The town we're looking in seems to be a reasonably stable market. My daily rightmove check suggests that most of the over priced properties has dropped as have a couple of others but most are still out there at starting price. Every week a couple sell (who know's how much they accept) and a couple more come on at around the same prices.

Zammo

The market conditions are also ripe for a bit of gazundering if you have the stomach for it.

Generali

Offer what you think the place is worth - the asking price means nothing!

gps_2

Zammo wrote: »

The market conditions are also ripe for a bit of gazundering if you have the stomach for it.

i don't think gazundering should be done, unless something is found by the survey, otherwise how can the seller trust you?
same for gazumping too.

if someone did this to me i would sell with somone else. you should be honest with your offer to buy in the first place.

Taffyscot

What about Scotland? They want offer over the asking price how much over the asking price or just offer them the asking price? Should be less now with the market the way it is yes? taffy

poppy10_2

Flats are getting pwned these days, go for at least 20% under, especially if it's a new-build.