How much would you offer?

Thrugelmir

Motherofcelticdragons said:

We sent the email with the justified low offer, got declined. 

No need to waste time justifying an offer. Keep it simple. 

alb1

A question like this is incredibly difficult to answer because the way the market is varied between area and price bracket. The houses I have been looking at often sell to the first viewer over asking.

Preshusdynamite89

moneysavinghero said:

Houses are flying off the shelves in Oadby because of the outstanding school

What makes you think 10% or even 5% less than asking is going to get you the property?

You need to be thinking more towards 5% or 10% over asking than under if you really want the house.

Hi I am aware that if I really wanted the house it would make sense to offer more but my question was simply asking advice as to what would be reasonable to offer. I never said I was in love with the property and that I really wanted it

lookstraightahead

breaking_free said:

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.

We've just bought 10% under asking price as we were in a position to buy without a chain. I suppose I'm the same age as these 'parents' you are imagining telling their children what to do.
What is clear is that valuations are all over the place, so maybe those you rejected have dodged a bullet - sounds like they walked away anyway.

lookstraightahead

musehead said:

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.

That's what I do. There's always somewhere else. 

Skiddaw1

I really like the garden OP... hope you get it...

Mahsroh

lookstraightahead said:

breaking_free said:

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.

We've just bought 10% under asking price as we were in a position to buy without a chain. I suppose I'm the same age as these 'parents' you are imagining telling their children what to do.
What is clear is that valuations are all over the place, so maybe those you rejected have dodged a bullet - sounds like they walked away anyway.

Valuations are definitely all over the place and there is no right or wrong answer. 

We viewed one house that was offers over £365k and we went to the viewing with me very much of the view beforehand that it was worth £350k. Changed my mind during the viewing due to the high standard of finish but I wouldn't have gone higher than £360k, not because I was simply trying to offer less for the sake of it, but because that's the most I thought the house was worth. Ended up not offering as the buyers of our house had pulled out on the same day. 

Conversely we viewed another that was on at £375k and we walked out after the viewing and I turned straight to my wife and said "that's a £400k house" - we didn't offer on it as it wasn't quite right for us and £400k was the very top end of our budget, but definitely priced to attract interest, and I suspect it did sell for in excess of £400k (currently still under offer). 

The house we did offer on was on for offers in the region of £380k - £390k and we went straight in with an offer of £380k. I was adamant that was our best and final but i'll admit I did get suckered in by the EA who came back with a counter offer and we ultimately agreed at £385k.   

Crashy_Time

Preshusdynamite89 said:

moneysavinghero said:

Houses are flying off the shelves in Oadby because of the outstanding school

What makes you think 10% or even 5% less than asking is going to get you the property?

You need to be thinking more towards 5% or 10% over asking than under if you really want the house.

Hi I am aware that if I really wanted the house it would make sense to offer more but my question was simply asking advice as to what would be reasonable to offer. I never said I was in love with the property and that I really wanted it

It is overpriced, don`t fall in love with it, any bad news on Covid, mortgage rate rises or the return of stamp duty will put pressure on these overpriced properties IMO.

Crashy_Time

https://www.rightmove.co.uk/properties/91759343#/
Is this a better one? There is absolutely tons of supply in the area, can`t see the silly prices lasting long TBH.

Mickygg

Thrugelmir said:

Motherofcelticdragons said:

We sent the email with the justified low offer, got declined. 

No need to waste time justifying an offer. Keep it simple. 

Totally agree. When I sell I couldnt care a less about the reasons for people offering less.