Making an Offer on a property

tonylony33

Hi, first time buyer.

What successful tactics have been used when offering on a property to bring down cost, is starting 10% below asking to much?

Will a seller be motivated to negotiate typically or only selling at asking

DE_612183

too many variables to know - depends of market in the area, has the seller had many other viewing / offers.

Also does the seller need to sell - are they moving on? relocating?

Try and get as much info from the agent about the seller - but just remember that they are working for the seller not you.

Don't insult the buyer with an offer either.

Have a look on sold price info to see what similar properties have sold for - don't just look at similar properties still for sale.

TheJP

tonylony33 said:

Hi, first time buyer.

What successful tactics have been used when offering on a property to bring down cost, is starting 10% below asking to much?

Will a seller be motivated to negotiate typically or only selling at asking

As an FTB just plucking out a 10% below asking shows your lack of experience or reasoning. You need to do your research on the area and comparable houses to see if the asking price is market value. The seller may entertain a certain % below asking but that depends on the interest from other potential buyers. 

Albermarle

tonylony33 said:

Hi, first time buyer.

What successful tactics have been used when offering on a property to bring down cost, is starting 10% below asking to much?

Will a seller be motivated to negotiate typically or only selling at asking

As every house and seller will be different, then the answer is 'it depends'

Hoenir

Now much interest is there in the property?  You may well not be the only party. 

RelievedSheff

It depends how much you want the house and how disappointed you would be if you last it through haggling or potentially upsetting the seller with low ball offers.

On both of our purchases so far we have offered the asking price and got the deal done at the first time of asking. We really don't see the point in wasting time trying to eek out a few quid here and there which over the term of a mortgage are essentially worthless.

That said both of the properties were well priced to begin with and we had been watching the local markets for a while to gauge price points so had a good idea of what the properties were worth at that point in time.

ReadySteadyPop

tonylony33 said:

Hi, first time buyer.

What successful tactics have been used when offering on a property to bring down cost, is starting 10% below asking to much?

Will a seller be motivated to negotiate typically or only selling at asking

Depends on the seller,10% wouldn`t be enough though in my opinion in this market. Are you using price apps to track prices in your area? Focussing on sellers who are doing a lot of price cuts and maybe don`t have many (or even any) other offers could bag you a bigger discount, maybe 20%.

RHemmings

ReadySteadyPop said:

tonylony33 said:

Hi, first time buyer.

What successful tactics have been used when offering on a property to bring down cost, is starting 10% below asking to much?

Will a seller be motivated to negotiate typically or only selling at asking

Depends on the seller,10% wouldn`t be enough though in my opinion in this market. Are you using price apps to track prices in your area? Focussing on sellers who are doing a lot of price cuts and maybe don`t have many (or even any) other offers could bag you a bigger discount, maybe 20%.

Can you point out some recently sold houses on Zoopla, where the actual sale price was 20% less than the asking price? 

Mr.Generous

There must be a price crash coming soon. If I keep saying it sooner or later surely I'll get it right!! And why stop at 20%?? Offer 30% below to show 'em you know the market!!

OP This is a joke comment for those who know Crashy and his latest account that has already advised you.

I offer what I think a place is worth to me, but I've never paid over asking price. Done a few deals when property developing and you get what you pay for. the housing market is so vast if something is cheap someone else comes along with a higher bid. You can do Ok and get lucky, but what a place sells for is what it was worth.

Tabieth

I’d research what similar properties in the area have gone for as a starting point. That will give you an idea of the local market. And how long that property has been on the market. After that it’s more subjective. How much do you love the property? How much (if anything) needs doing to it. How long do you anticipate you’ll be living there? What’s your budget related to the asking price? 

I’ve just bought a terrace house that was on the market for £210. I offered £200, we agreed on £205, I am happy with that price. The mortgage is significantly lower than the rent I was paying. I’ve re plastered and added a new kitchen and, while think I’ve added value, more importantly, I’ve got a home that I love and I’m happy with. It’s possible I could have got it for £200 but 5k is neither here nor there in the grand scheme of things. And I see this as buying a home rather than an investment. 

ReadySteadyPop

RHemmings said:

ReadySteadyPop said:

tonylony33 said:

Hi, first time buyer.

What successful tactics have been used when offering on a property to bring down cost, is starting 10% below asking to much?

Will a seller be motivated to negotiate typically or only selling at asking

Depends on the seller,10% wouldn`t be enough though in my opinion in this market. Are you using price apps to track prices in your area? Focussing on sellers who are doing a lot of price cuts and maybe don`t have many (or even any) other offers could bag you a bigger discount, maybe 20%.

Can you point out some recently sold houses on Zoopla, where the actual sale price was 20% less than the asking price? 

PropertyLog is better, you are seeing the price cuts in real time.