90% of Asking Price Offers

BlueVeranda

TheJP said:

arthurdick said:

RHemmings said:

TheJP said:

BellaBlondykeTheThird said:

Offer on multiple matching properties every lower than 90% you might strike it lucky with a desperate seller.

My best deal was 26% off back in 2009. No reason as to why those sort of deals (new build) won't be applicable now as the housing market seems to be in the same state.

Not sure i would trust experience from a 'best deal' from 14 years ago. The housing market has changed so much since 2009!

Yeah sure make as many offers 10% below as you want but as you've already said the EA is starting to view you as a tyre kicker. Yeah the house is nice but not worth £xxx i think its 10% lower 'kicks tyre'. 

The key is the area you are searching, what are the comparable properties in the last 3-6 months this will be your guide. You have another thread in the forum about renovation which again leads me to think you are looking at properties at your ceiling that with the 10% reduction you can make good based on your preference.

As others have said by all means be free to offer what you like but the market owes you nothing in this climate, especially if you want a turn key house which by the sounds of it that's what you are after.

The more insight you have on local data the better position you'll be in based on your finances.

I'm not sure who this is aimed at, because you quoted @BellaBlondykeTheThird, but the description seems to fit me. Does @BellaBlondykeTheThird have a thread on renovations as well? 

In case was me, then I'll clarify. I have a budget now, and I should receive some more money in a few months. And then have a higher budget. The 'needs renovation' properties are those for sale at a sizeable margin under my current (cash) budget. Not the ones where I can afford them in several months time, but can only afford right now with a 90% offer. These are not the same properties, and all of the properties where I would consider a 90% offer are in great condition and don't need renovation.  Currently, I'm looking at properties in a range from well below my current budget, to ones that I could only buy later on if I spend more than I want to, but would stretch to if a 90% offer was accepted. I don't believe that there's anything unusual in a buyer considering a range of properties; even buyers who have only one budget rather than two numbers as I have. 

There are no estate agents who consider me a tyre kicker that I'm aware of. What I described earlier on was an estate agent describing the kinds of buyer offers that annoy them. One was tyre kickers (though not called that), and another was buyers who make an offer, and then when it's accepted withdraw it. I haven't done either of these. 

I don't expect that the market 'owes [me] something'. I'm not sure where that came from. 

Hi, I am in exactly the same boat as you, I have been viewing properties over my budget how it stands now because sometime round around spring, I should be getting a share of the sale of my late mum's flat. That should take my budget up to around £50000 -£60000 higher but in the meantime I have been making a few offers on the flats over my budget averaging between 5%- 10% lower than asking price.  There have been 2-3 that accepted, 5-10 counter- offered to around 3% and a few outright flat no chance.  On the ones that accepted, my missus had second-thoughts so we didn't follow up.(estate agents were not happy). We have time on our side because we are living rent free in my mums flat.  It is scary being off the property ladder but at the moment, things seem to be going in our favour but for how long I don't know.

This is an example of a 'tyre kicker'.

2-3 offers accepted and pulled out of each one, basing their budget on money that should arrive in 4-6 months time.

Offer when your ready.

Or, at least give it time to have all your second and third thoughts before putting offers in, perhaps.

arthurdick

TheJP said:

arthurdick said:

RHemmings said:

TheJP said:

BellaBlondykeTheThird said:

Offer on multiple matching properties every lower than 90% you might strike it lucky with a desperate seller.

My best deal was 26% off back in 2009. No reason as to why those sort of deals (new build) won't be applicable now as the housing market seems to be in the same state.

Not sure i would trust experience from a 'best deal' from 14 years ago. The housing market has changed so much since 2009!

Yeah sure make as many offers 10% below as you want but as you've already said the EA is starting to view you as a tyre kicker. Yeah the house is nice but not worth £xxx i think its 10% lower 'kicks tyre'. 

The key is the area you are searching, what are the comparable properties in the last 3-6 months this will be your guide. You have another thread in the forum about renovation which again leads me to think you are looking at properties at your ceiling that with the 10% reduction you can make good based on your preference.

As others have said by all means be free to offer what you like but the market owes you nothing in this climate, especially if you want a turn key house which by the sounds of it that's what you are after.

The more insight you have on local data the better position you'll be in based on your finances.

I'm not sure who this is aimed at, because you quoted @BellaBlondykeTheThird, but the description seems to fit me. Does @BellaBlondykeTheThird have a thread on renovations as well? 

In case was me, then I'll clarify. I have a budget now, and I should receive some more money in a few months. And then have a higher budget. The 'needs renovation' properties are those for sale at a sizeable margin under my current (cash) budget. Not the ones where I can afford them in several months time, but can only afford right now with a 90% offer. These are not the same properties, and all of the properties where I would consider a 90% offer are in great condition and don't need renovation.  Currently, I'm looking at properties in a range from well below my current budget, to ones that I could only buy later on if I spend more than I want to, but would stretch to if a 90% offer was accepted. I don't believe that there's anything unusual in a buyer considering a range of properties; even buyers who have only one budget rather than two numbers as I have. 

There are no estate agents who consider me a tyre kicker that I'm aware of. What I described earlier on was an estate agent describing the kinds of buyer offers that annoy them. One was tyre kickers (though not called that), and another was buyers who make an offer, and then when it's accepted withdraw it. I haven't done either of these. 

I don't expect that the market 'owes [me] something'. I'm not sure where that came from. 

Hi, I am in exactly the same boat as you, I have been viewing properties over my budget how it stands now because sometime round around spring, I should be getting a share of the sale of my late mum's flat. That should take my budget up to around £50000 -£60000 higher but in the meantime I have been making a few offers on the flats over my budget averaging between 5%- 10% lower than asking price.  There have been 2-3 that accepted, 5-10 counter- offered to around 3% and a few outright flat no chance.  On the ones that accepted, my missus had second-thoughts so we didn't follow up.(estate agents were not happy). We have time on our side because we are living rent free in my mums flat.  It is scary being off the property ladder but at the moment, things seem to be going in our favour but for how long I don't know.

This is an example of a 'tyre kicker'.

2-3 offers accepted and pulled out of each one, basing their budget on money that should arrive in 4-6 months time.

Offer when your ready.

I would agree with most of that mate apart from offering based on future budget, the offers were based on our present budget with a range up to 10% over and hoping we would get something before we sell where we are.  
It was not me that  had the idea of pulling out but the missus, we both absolutely loved the places we offered on but it turns out it was only me.   If we do not find somewhere before we sell this place, we will be offering based on whatever future budget we have and we will still be looking up to 10% over, as quite a lot of people do in a market like this, hoping we will strike lucky somewhere or find somewhere within our budget that she will like.  Don't get me wrong, I am totally peed off with her doing what she did.  Going by your "offer when you're ready" comment, we were ready and if the missus had agreed, we would have been in one of those now.  I have told her that time is running out and we have to take one of whatever future place we offer on.  On reflection it turns out that she wasn't ready.    I kick the tyres and want to buy the motor, she likes that look of the tyres but the exhaust fumes put her off.  

peterhjohnson

RHemmings said:

peterhjohnson said:

Yes! I once offered 81% of the asking price on a house that I felt was overpriced. I eventually bought it at that "discount"

Thank you. If possible, I'd like to know more about what happened between your offer, and the final acceptance. E.g. how long, and whether there were any waiting gaps. 

It was about 40 years ago but I recall that it was something like:

1. 1st offer rejected
2. Agent reduced sticker price by about 10% almost immediately
3. I advised agent that I was still interested - at my price (which was just under the Stamp Duty threshold at the time)
4. Several weeks later final acceptance - at my price -  the agent asked rang me to ask if  I was still interested

It was quite crazy really - the market was very hot and I expected that someone would offer higher than me but  no one did!

TheJP

arthurdick said:

TheJP said:

arthurdick said:

RHemmings said:

TheJP said:

BellaBlondykeTheThird said:

Offer on multiple matching properties every lower than 90% you might strike it lucky with a desperate seller.

My best deal was 26% off back in 2009. No reason as to why those sort of deals (new build) won't be applicable now as the housing market seems to be in the same state.

Not sure i would trust experience from a 'best deal' from 14 years ago. The housing market has changed so much since 2009!

Yeah sure make as many offers 10% below as you want but as you've already said the EA is starting to view you as a tyre kicker. Yeah the house is nice but not worth £xxx i think its 10% lower 'kicks tyre'. 

The key is the area you are searching, what are the comparable properties in the last 3-6 months this will be your guide. You have another thread in the forum about renovation which again leads me to think you are looking at properties at your ceiling that with the 10% reduction you can make good based on your preference.

As others have said by all means be free to offer what you like but the market owes you nothing in this climate, especially if you want a turn key house which by the sounds of it that's what you are after.

The more insight you have on local data the better position you'll be in based on your finances.

I'm not sure who this is aimed at, because you quoted @BellaBlondykeTheThird, but the description seems to fit me. Does @BellaBlondykeTheThird have a thread on renovations as well? 

In case was me, then I'll clarify. I have a budget now, and I should receive some more money in a few months. And then have a higher budget. The 'needs renovation' properties are those for sale at a sizeable margin under my current (cash) budget. Not the ones where I can afford them in several months time, but can only afford right now with a 90% offer. These are not the same properties, and all of the properties where I would consider a 90% offer are in great condition and don't need renovation.  Currently, I'm looking at properties in a range from well below my current budget, to ones that I could only buy later on if I spend more than I want to, but would stretch to if a 90% offer was accepted. I don't believe that there's anything unusual in a buyer considering a range of properties; even buyers who have only one budget rather than two numbers as I have. 

There are no estate agents who consider me a tyre kicker that I'm aware of. What I described earlier on was an estate agent describing the kinds of buyer offers that annoy them. One was tyre kickers (though not called that), and another was buyers who make an offer, and then when it's accepted withdraw it. I haven't done either of these. 

I don't expect that the market 'owes [me] something'. I'm not sure where that came from. 

Hi, I am in exactly the same boat as you, I have been viewing properties over my budget how it stands now because sometime round around spring, I should be getting a share of the sale of my late mum's flat. That should take my budget up to around £50000 -£60000 higher but in the meantime I have been making a few offers on the flats over my budget averaging between 5%- 10% lower than asking price.  There have been 2-3 that accepted, 5-10 counter- offered to around 3% and a few outright flat no chance.  On the ones that accepted, my missus had second-thoughts so we didn't follow up.(estate agents were not happy). We have time on our side because we are living rent free in my mums flat.  It is scary being off the property ladder but at the moment, things seem to be going in our favour but for how long I don't know.

This is an example of a 'tyre kicker'.

2-3 offers accepted and pulled out of each one, basing their budget on money that should arrive in 4-6 months time.

Offer when your ready.

I would agree with most of that mate apart from offering based on future budget, the offers were based on our present budget with a range up to 10% over and hoping we would get something before we sell where we are.  
It was not me that  had the idea of pulling out but the missus, we both absolutely loved the places we offered on but it turns out it was only me.   If we do not find somewhere before we sell this place, we will be offering based on whatever future budget we have and we will still be looking up to 10% over, as quite a lot of people do in a market like this, hoping we will strike lucky somewhere or find somewhere within our budget that she will like.  Don't get me wrong, I am totally peed off with her doing what she did.  Going by your "offer when you're ready" comment, we were ready and if the missus had agreed, we would have been in one of those now.  I have told her that time is running out and we have to take one of whatever future place we offer on.  On reflection it turns out that she wasn't ready.    I kick the tyres and want to buy the motor, she likes that look of the tyres but the exhaust fumes put her off.  

Sounds like you aren't ready to buy a property as neither of you can agree on what you want to buy. I would sort that out before making offers on 

RHemmings

I've been going through Zoopla, and seeing the difference between the saved listings and final sale prices for houses around my way. It seems that most sell for pretty close to the asking price in the saved for sale listings. 

A number of houses here have sold quite quickly. One that I enquired about that which had no internal photos on RightMove has just sold, and I'm told for 'well above the asking price'. 

I've moderated my first bid strategy, and will be going higher than 90% for a first bid. I think. Depends on the property of course, but I don't think the market here this month is really one for 90% offers on typically priced houses.