How much under asking is acceptable to offer?

RoisinDubh_2

ShinyYellowBoots said:

OP, I remember one of your earlier posts so I know that we were both searching in similar areas and with a similar budget. I've just completed on a two bed that was listed at offers over £310k. My opening offer was around £290k and we ended up agreeing on £300k, so your planned offer doesn't seem unreasonable to me. Good luck! 

It's been rejected and I've offered a bit more but not going to go any higher... I've got bad vibes from the EA and feel like there's a bit of a game of silly beggars going on. If this doesn't get accepted I'll move on. 

Congrats on your purchase! Two bed for 300K seems like an absolute bargain...whereabouts is it?

ShinyYellowBoots

It's in South Norwood, so a wee bit further than I think you were considering but really well connected via Norwood Junction (London Overground, Southern and fast to central rail stations on Thameslink). Definitely worth a look! 

lookstraightahead

As we hopefully start getting back to normal, I think we will look back at our behaviour over the last number of months and it will feel out of context. From toilet roll hoarding to zoom working to house hysteria. 

People will have to return to the office. Furlough will stop. Living expenses will return.

house buying will not be on top of everyone's agenda and they certainly won't have the time to faff about with sealed bids and over confident sellers thinking they are sitting on money trees.

The market will change soon I believe to some type of normal.

I think you're overthinking much too early and possibly buying too early. But it's a long process either way and can go wrong at any point. Offer what you want to pay, and walk away if you're messed around by people pretending it's such a buoyant market. I don't think it is.

hackneylou

No point asking the EA for advice. They aren't neutral as work for the vendor. 

Every situation is different depending on your area. We got over 10% knocked off our current houses but at other times have had to pay very close to the asking price. The best idea is to offer what you think it is worth and stress you are in a strong position to move quickly. They can always come back and ask if you can increase your offer.   

hackneylou

Sorry just got to the end of the thread and realised you have offered a bit more - good luck with getting it accepted but if not, plenty more properties will come to market over the next few months.  

RoisinDubh_2

I've offered a bit more but various things are making me think twice (HA corporate vendor, not good reviews online from leaseholders etc.) It seems like a leasehold flat might feel like living in rented accommodation  

I don't feel stressed, as I have a nice rented flat to live in for now, so trying to stay calm and rational. I had a bit of a panic that prices were rising again...I think they definitely are, but there's not a lot I can do about it now really and I'm trying to see it as the time spent looking and viewing properties was time well spent as I now have a much clearer idea of what I want. 

Crashy_Time

hackneylou said:

Sorry just got to the end of the thread and realised you have offered a bit more - good luck with getting it accepted but if not, plenty more properties will come to market over the next few months.  

Exactly, let the SD nonsense subside a bit first.