How much would you offer?

musehead

Preshusdynamite89 said:

Sorry guys I'm unable to post a link. Will have to therefore rephrase my question. When making an offer on a guide price what would you start with if the property is on for £325,000?

It depends entirely on the property and what it's worth to you.

Personally I wouldn't bother playing games like offering less than I think it's worth and expecting to be pushed up. I would just offer what it's worth to me and look elsewhere if my offer is not accepted.

Sunsaru

If its the one linked, that is lush.
First question is what can you afford? If you can afford full whack then I wouldn't stray too far lower if you want to go that way.
Me personally, I would offer asking and be done with it.

Ramouth

It looks like a lovely house and would likely sell for over asking price where we are but I don’t know your area.  My thinking is that you work out what the property is worth to you and make an offer you are comfortable with.  If you offer 10% under and find out it was sold to the first person who offered the asking price would you kick yourself?

RelievedSheff

I have never understood this silly games with trying to go backwards and forwards and haggling.

If you really want that house go in with what is your best and final offer.

You say the area is popular so I really wouldn't expect the sale price to be less than the asking price.

RelievedSheff

m4x1ne said:

moneysavinghero said:

This one?
https://www.rightmove.co.uk/properties/107120933#/

This is such a nice house! I want it

Shows how different we all are. It does nothing for me

purplebutterfly

We offered what we felt a house was worth to us (less than asking) and the buyer rejected the offer and told us to come back with a better one.  We said that was our best offer.  Two weeks later the EA phoned and told us that they had been offered full asking price and did we want to increase our offer.  We said no and walked away.

Two months later we offered on a house we loved but couldn't afford the full price.  We were pretty certain we would be rejected outright but had to at least try because we loved the house. 

After dealing with the vendor directly, we met in the middle and the final sale price is slightly more than we wanted to pay and less than the vendor wanted to sell for.   The house had been on the market 6 months and nothing round here goes to "offers over".

To us this house is worth it but the previous one wasn't.  All you can do is offer a price you are happy to pay and walk away if they want more than that.

breaking_free

RelievedSheff said:

I have never understood this silly games with trying to go backwards and forwards and haggling.

If you really want that house go in with what is your best and final offer.

You say the area is popular so I really wouldn't expect the sale price to be less than the asking price.

I'm with relieved shelf on this one. I sold my place last year and the first people to view (young, first time buyers) offered 15K under asking. When I turned that down they came back with 10K under asking and wouldn't budge from that. I can only speculate that both sets of parents were telling them "Never offer asking. You will always be able to knock money off". Needless to say, when I got two asking price offers I went with one of those! Most areas have experienced a surge in sales, with properties going well over asking, so why would vendors in those areas entertain offers under? Price negotiation is not a one-strategy-fits-all process.

Thrugelmir

Starting at £30k+ under asking price is suggesting that you aren't a serious buyer. 

GarretC

If you're viewing a property that you know has a lot of interest (10-15 viewers on first open day), should you go straight to BAFO (£15k above asking) straight off the bat, or start by offering asking and wait for the call for BAFO the next day?
Or does it even matter?

Motherofcelticdragons

When we put in a lower offer, we justified it. So, there was a similar house but with slightly more sq footage on for less money; it also had a proper conservatory vs the lean to ours has. We compared that, and then also flagged one 50k less on the same road which was 'stylistically more aligned to ours' (ie we liked their design! ha!) but acknowledged that we decided against it due to a downstairs bathroom. We then flagged the positives- in rental on 4 weeks notice, and no chain, and how much we loved it- as well as agreement in principle.

Basically, do your research: has it been on long, what other prices have similar gone for, highlight your personal advantages (this property is chain free so suspect that's also appealling to people, and will push up the price).

We sent the email with the justified low offer, got declined. Spent the day trying to figure out what we would be happy to pay and replied with a very enthusiastic email about how much we loved the house, and could see us raising a family there etc. Sent on a saturday via EA, so they could spend some time debating it. The accepted.

Weve still not actually PURCHASED (waiting to confirm exchange dates) but in terms of getting to accepted off, I think that was a relatively sound approach. 

Oh! Also, worth noting, the vendor showed us around so we were able to find out that due to long ownership and house value more than doubling from when she purchased, she was not looking to need a mortgage (or just a small one). We estimated that she would then be a bit more flexible around price if we could move quickly.