Buyers out there what percentage did you knock off the asking price when it was agree

apuleius

Info please on percentage successfully knocked off the asking price from buyers out there please! We are fully proceedable (current mortgage offer plus large deposit) and were flatly turned down for a 10% reduction.

dannyboycey

The figures wont mean much. Surely it's better to get 5% off a sensibly priced property than 10% off an outrageously over-priced one? So, without knowing the ins and outs of each transaction, the only worth of the figures will be anecdotal evidence of a falling market.

trudiha

Vendors aren't an amorphous mass, so it doesn't matter a jot what percentage reduction anyone else got. Some people can't or won't move on the price. In January I stood in the kitchen of a lovely house that I'd have loved to buy, with a lovely lady telling me that she'd reduced her house by £2k to get a quick sale. She didn't care a jot that the house three doors down was being marketed for £10k less, she'd made her reduction and she was sticking to it.

She has been good to her word, her house is still up for sale and she hasn't reduced it by a penny and having seen the steely determination in her eyes I reckon that by next January she still won't have reduced it by a penny (and it will still be up for sale). The house three doors down has been reduced by another £5k and that hasn't sold either.

I made an offer on another house at the end of February for just under 10% off the asking price. The EA seemed genuinely hurt and confused that I'd gone in so far off the mark (we'd been getting on really well up to that point). He asked why I was offering such a low amount and I told him that it was the same price that the house next door had sold for a year earlier. He put his head to one side and explained in quite an avuncular way that house prices in that part of Sussex went up by 10% every year and that if I was going to take notice of the nonsense I read in the newspapers that said anything else I was never going to get a house. The odd thing is I don't think that he was trying to blag me, that was what his firmly held conviction.

He is still trying to sell a repo for £17k more than an identical house on the next street.

jamtart6

ive seen 2 houses this week, almost idential, similar areas House 1 was £140k needs modernising, House 2was £145k and superb value as it was a lovely house with an extra room compared to the one which was £140k.

However as buyers we know we probably won't get House 2 for less than £140k as that'd be an utter bargain, yet as House 1 is in need of modernisation chances are we might get it for £132k ...

I think it depends on circumstances basically!

boinging_2

apuleius wrote: »

Info please on percentage successfully knocked off the asking price from buyers out there please! We are fully proceedable (current mortgage offer plus large deposit) and were flatly turned down for a 10% reduction.

Time is on your side. Just relax enjoy the sun and go back in 4 weeks with a further reduced offer...

PasturesNew

Looking at it from another perspective: They obviously want to hang onto it more than you want to buy it.

If they wanted to shift it, they'd negotiate (if they were allowed/able to do so).

If you wanted it, you'd pay whatever it took.

lauren1983

We went to look at a house. We decided it was a nice house but wasnt desperate as we are saving and there was others we were looking at.

It was up for £130k we offered £110K.They said no as we expected but 6 weeks later....the estate agent rang me and said as we were not in a chain ect then they would accept our £110 offer!!

That was monday! just deciding what to do now !!! hmmm

Merlinpixie

Up for £279.950, offered £272,500 which was accepted then yesterday got it down to £271,000 (seller bought house for £296,00 in Nov 07)

dubsey

This house was originally £225k, we watched it on rightmove and saw the price keep dropping and dropping. We viewed at a 'guide price of £180-£190k, but it did (and still does ) need lots of work. We had no chain as we were living with in-laws and offered £175k which was rejected (helped that they'd had another offer the same but they hadn't sold). Offered £180k and after dithering a bit they accepted.

They did try pulling a fast one a few weeks later by telling us that they'd found the house they wanted, but the vendor wouldn't drop their price so would we increase ours by a few thousand. EA said if we couldn't they would have to put this house back on the market. We said ok, can we view x, y and z properties this weekend then, two hours later EA called and said they will stick with £180k.

lisal0u

Hi,

We have just managed to get an offer of £90k accepted on a £105k house, so almost 15% reduction there!

It does need quite a lot of work doing and had been on the market a long time so we had a good bargaining chip!

Lisa

EdInvestor

You are only likely to get a large discount on second or third- level property - stuff that's tired, has defects, needs work, has been hanging around on the market for ages,is a repo, whatever.

This is actually always the case but often in boom times these properties never actually hit the market at all, but get snapped up before listing by EAs and their developer friends.Now, because the current market is stagnant and mortgages are rationed, more of these properties are getting listed and thus there is a wider choice for the bottom fisher bargain hunters.

However if you want quality property, you're likely to have to pay up in the normal way and it will waste everyone's time if you put in silly offers..