Making an Offer on a property

Linton

How much do you want the property?  Would you be upset if the house sold at the asking price but not to you?

In my view...

If you would be prepared to pay the asking price if necessary, offer no less than 5% below and then hopefully you split the difference.

If you are wanting a cheap deal wait 2-3 months at least and if the house is still on the market you could reasonably offer 10% below.

In either case you need to make an offer the seller would consider reasonable as what could happen is that your offer is rejected out of hand and someone else makes an offer somewhat above yours but at a level you would have been prepared to pay.

Alfrescodave

Friends of ours, who are FTB's, automatically offer 10% less than the asking price and are surprised when none of their offers have been accepted.

As others have said, "it all depends"

Exodi

This question doesn't really make sense.

Behind each transaction is an individual with their own personal objectives. Maybe one seller inherited the house and wants the cash immediately so doesn't care so much about what the house sells for, whereas another seller already has another property in mind and wouldn't be able to afford it by dropping the price.

This is then influenced by a myriad of other factors, like how long has the house been on the market (a house that's only just been listed is unlikely to tolerate a discount, compared to one that's been up for months), or how the price compares to comparable properties in the area (e.g. if it is 10% more expensive than a similar house nearby, you can use this as justification for your offer, whereas if it's cheaper than any other similar property by a country mile, then it might be offensive to ask for more money off).

Then it's up to the sellers personalities. There are plenty of sellers who are totally out to lunch on what they think their property is worth. Some might be more realistic.

You can't really tell this stuff in advance (except the other factors I mentioned), so there's no blanket rule. Offer what it is worth to you.

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? 

I don`t follow Zoopla, best just to follow trends and DYOR. I think the trend now will definitely be lower offers from FTB.

https://www.plymouthherald.co.uk/news/cost-of-living/santander-pulls-market-beating-5-9967238