Offer under asking price

[Deleted User]

Patr100 said:

youth_leader said:

A house is only worth what someone will pay, so offer what you can afford without stretching yourself too far.  The vendor will counter offer if interested. 

They might, but they might after your first offer then also immediately simply ask for your "best and final offer" so be prepared for that.
 

That wording is just to trick you into going higher. If they reject it and you offer more, the agent has a legal obligation to pass it on and the buyer will surely consider it.

mi-key

[Deleted User] said:

Patr100 said:

youth_leader said:

A house is only worth what someone will pay, so offer what you can afford without stretching yourself too far.  The vendor will counter offer if interested. 

They might, but they might after your first offer then also immediately simply ask for your "best and final offer" so be prepared for that.
 

That wording is just to trick you into going higher. If they reject it and you offer more, the agent has a legal obligation to pass it on and the buyer will surely consider it.

True. but does depend if they are saying the same thing to other buyers who have made an offer as well...

jenni_fer

Sounds like you are going to offer a sensible price, given your ability to re-complete their chain again. BUT bare in mind that they will have a minimum figure they need in order to still be able to afford the onward purchase, given the figures quoted here though hopefully it'll all work out.

The first property we tried to buy this time around we were in your exact position and had a slightly below asking offer accepted, they were definitely attracted to us by the comparatively strong position and short chain as they had been burned by the previous buyer pulling out.

Of course, that's exactly what they did to us the week before exchange but that's a whole other story....

Readyto

Last year I offered 100k below asking price and sadly I lost on that house  

linda.b_4

Hi. Thanks for everyone’s input.  A bit of a development is that another house has just come onto the market. Hubby prefers the overall size and layout. We can’t get a viewing on that one until Wednesday so will hold off offering until we’ve viewed this other house. More expensive but in a nicer area and bigger. Only potential problem is that vendor hasn’t found a property to buy so will probably end up in a chain.

mi-key

Readyto said:

Last year I offered 100k below asking price and sadly I lost on that house  

I wonder why Well unless you are talking about something in the millions !

lookstraightahead

I've never paid asking price for a house, and in fact always been accepted at about 10% below. I've only ever offered on properties where the vendor is happy to move out to break the chain (as I do when I sell) or has already 'sold'. Of course this can change and people can lie, but everyone has always kept their word. I've bought and sold 7 times I think. No one has ever been offended or thrown their toys out of the pram as that's just spiting themselves and it's an ego thing, which most adults can rise above.

As you are experiencing op, there's always something else too, so it's no big deal if you have to move on to something else. If someone gets offended it's their issue, so long as you are happy to just say 'bye' and move away from that nonsense. 

Sarah1Mitty2

mi-key said:

Readyto said:

Last year I offered 100k below asking price and sadly I lost on that house  

I wonder why Well unless you are talking about something in the millions !

Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.

mi-key

Sarah1Mitty2 said:

mi-key said:

Readyto said:

Last year I offered 100k below asking price and sadly I lost on that house  

I wonder why Well unless you are talking about something in the millions !

Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.

Once again missing the point that there is a big difference between a seller deciding to reduce a £500K house by £100K then accepting an offer for £400K, and a seller listing a house for £400K in the first place - they aren't going to accept an offer of £100K off that 

Sarah1Mitty2

mi-key said:

Sarah1Mitty2 said:

mi-key said:

Readyto said:

Last year I offered 100k below asking price and sadly I lost on that house  

I wonder why Well unless you are talking about something in the millions !

Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.

Once again missing the point that there is a big difference between a seller deciding to reduce a £500K house by £100K then accepting an offer for £400K, and a seller listing a house for £400K in the first place - they aren't going to accept an offer of £100K off that 

You can`t predict what individuals will do, people accept what they are offered eventually if they absolutely have to sell for whatever reason. The OP is at a very good point in the market for making low offers, but there will be much better opportunities in the future as we return to normal in my opinion.