Lack of negotiation but still want the house...

robatwork

toellandback said: I'd also heard that 5-10% below asking price is a good place to start negotiations, so didn't think we were being too cheeky 

There really isn't a rule. In some market conditions - notably London a few years ago - people offer the asking on first viewing and then get outbid with people offering over the asking.   In slow moving markets on a doer-upper someone may bite your hand off for a 20% lower offer. So the rule is "it depends".

Mostly it depends on the mindset of the seller. If they've just listed or dropped the price, they are quite reasonable to wait for some interest and some close to asking offers. If it's sat for a year at the same price then most reasonable sellers will accept an offer.

There's also the 2 unknowns. The mystery "other bidder" who may well be real, and are also regularly figments of a lying (puffing) EA's imagination. Then there's the unreasonable seller.

You can know things in the first paragraph but not the second, so nobody here can possibly tell you what offer is acceptable.

Mani_London

I believe if the seller was in a hurry they would have come back by now or you can wait till Friday with a risk someone can outbid you. But if you liked the house and can increase the offer then go for it. I believe you wont be hearing from seller and you have to approach EA first. 

retepetsir

You have 2 AIP's for 325k, which surely is the mortgage value only, yet only want to effectively mortgage up to 225k with a gifted deposit? Or have I got that wrong? If it's your dream home then make a final offer and sit it out. 

It's in the South East, did you really think you'd get 5-10% off the asking price in the current market? The houses around here (Sussex) are either selling close to, at, or above asking. 

toellandback

@retepetsir it's not in the south-east, nor did I say it's my dream home.