Cheeky offer?

youth_leader

Good for you, congratulations.  I hope the survey doesn't bring anything up.  

ReadySteadyPop

youth_leader said:

As a vendor @Fogster17 it would make me I question whether you could afford my house if you offered £20K under the asking price before any survey.  How could you justify it?  

Market conditions?

jimbog

4500_Donavan said:

Thanks everyone. Just to close this off, starting offer was £337k, ended with £345k accepted. Feel comfortable with this.

Well done!

peterhjohnson

I think it's "rude" to put a grossly inflated price on a house. I once offered 16% below an, er, ambitious price and unkind words were said. Several weeks later, they changed their mind and accepted my original offer. 

ReadySteadyPop

peterhjohnson said:

I think it's "rude" to put a grossly inflated price on a house. I once offered 16% below an, er, ambitious price and unkind words were said. Several weeks later, they changed their mind and accepted my original offer. 

Common story, especially now.

Smalltownhypocrite

Up to 10% is normal.

Many houses are priced with a 10% buffer to allow for price drops or offers under unless the house is marketed low to attract lots of interest and bidding wars or quick sale.

The house we bought had just hit the market at the top end of our budget and we offered 8% under asking (10k under) or we wouldn't have money to do the necessary works to make it 'habitable' otherwise. We expected they might say no but they snapped up our offer straight away, later reduced it by an extra 2% (so 10% off asking) due to a easily fixed structural issue found in the survey (2% was half the cost to fix it and we paid the other half).

ReadySteadyPop

Smalltownhypocrite said:

Up to 10% is normal.

Many houses are priced with a 10% buffer to allow for price drops or offers under unless the house is marketed low to attract lots of interest and bidding wars or quick sale.

The house we bought had just hit the market at the top end of our budget and we offered 8% under asking (10k under) or we wouldn't have money to do the necessary works to make it 'habitable' otherwise. We expected they might say no but they snapped up our offer straight away, later reduced it by an extra 2% (so 10% off asking) due to a easily fixed structural issue found in the survey (2% was half the cost to fix it and we paid the other half).

Depending on the property you might get away with a bigger discount now

.https://www.propertyreporter.co.uk/new-build-sales-fall-62-as-mortgage-market-changes-improve-access-for-buyers.html

ReadySteadyPop

4500_Donavan said:

Thanks everyone. Just to close this off, starting offer was £337k, ended with £345k accepted. Feel comfortable with this.

So 10k under their asking price, well done, let us know how the sale goes.

Herzlos

ReadySteadyPop said:

Smalltownhypocrite said:

Up to 10% is normal.

Many houses are priced with a 10% buffer to allow for price drops or offers under unless the house is marketed low to attract lots of interest and bidding wars or quick sale.

The house we bought had just hit the market at the top end of our budget and we offered 8% under asking (10k under) or we wouldn't have money to do the necessary works to make it 'habitable' otherwise. We expected they might say no but they snapped up our offer straight away, later reduced it by an extra 2% (so 10% off asking) due to a easily fixed structural issue found in the survey (2% was half the cost to fix it and we paid the other half).

Depending on the property you might get away with a bigger discount now

.https://www.propertyreporter.co.uk/new-build-sales-fall-62-as-mortgage-market-changes-improve-access-for-buyers.html

I'm curious, what point do you think that article is making?

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Smalltownhypocrite said:

Up to 10% is normal.

Many houses are priced with a 10% buffer to allow for price drops or offers under unless the house is marketed low to attract lots of interest and bidding wars or quick sale.

The house we bought had just hit the market at the top end of our budget and we offered 8% under asking (10k under) or we wouldn't have money to do the necessary works to make it 'habitable' otherwise. We expected they might say no but they snapped up our offer straight away, later reduced it by an extra 2% (so 10% off asking) due to a easily fixed structural issue found in the survey (2% was half the cost to fix it and we paid the other half).

Depending on the property you might get away with a bigger discount now

.https://www.propertyreporter.co.uk/new-build-sales-fall-62-as-mortgage-market-changes-improve-access-for-buyers.html

I'm curious, what point do you think that article is making?

If something is too expensive it won`t sell.