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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Is it reasonable to offer £10k less than guide price?
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I once offered 27% below the guide price and that amount was eventually accepted.....
.....OK it wasn't my offer and it was 3 years later!0 -
The house that we are buying was up for £130k and the vendor reduced to £120k, we went in at £110k and have settled for that
It will depend on what your budget is, we knew we couldn't go over £120k so started lower to enable us room to work up to full asking price if need be.Debt free finally :j
First house purchase ... 2018 :j0 -
There are plenty of houses on the market where the seller (savvy or otherwise) has little or no room for manoeuvre, for all sorts of perfectly valid reasons.lookstraightahead wrote: »Anyone putting their house on the market should expect to negotiate. I think 10% less than asking price is a perfectly reasonable offer. Surely there isn't any savvy seller who puts their house on the market without room for maneuvre?0 -
lookstraightahead wrote: »Anyone putting their house on the market should expect to negotiate. I think 10% less than asking price is a perfectly reasonable offer. Surely there isn't any savvy seller who puts their house on the market without room for maneuvre?
I agree with this however there does seem to be a trend round my way of listing at "offers over x "
When I recently put an offer in at a shade below the offers over I was left in no doubt by the communication back that over meant more.
Ended up offering the price of x and even then the vendor tried to push up.
I don't like offers over simply because if a vendor wanted a higher price they should just list it at the higher price,having offers over just tries to manipulate everyone into a bidding war.
Sometimes it just isn't possible for either the vendor or the purchaser to agree and at that point its just best to walk away.
I guess it boils down to both the purchaser and the seller being able to get the best price,when your the seller you want that high and when your the purchaser you want that lower.
10% can be quite a lot to drop in some cases.in S 38 T 2 F 50
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quantumlobster wrote: »There are plenty of houses on the market where the seller (savvy or otherwise) has little or no room for manoeuvre, for all sorts of perfectly valid reasons.
Maybe then it's just me but my mindset is that no one should expect the starting price - I always assume negotiation is built in to an asking price - isn't that they way we buy and sell property? Maybe because it has been a sellers market for so long people have come to expect what their property has been valued at by an estate agent. But as a buyer I would rarely accept this estimate on its own.0 -
lookstraightahead wrote: »Maybe then it's just me but my mindset is that no one should expect the starting price - I always assume negotiation is built in to an asking price - isn't that they way we buy and sell property? Maybe because it has been a sellers market for so long people have come to expect what their property has been valued at by an estate agent. But as a buyer I would rarely accept this estimate on its own.
That's surely an it depends isn't it?
I got asking price for the flat I sold in London. I expected offers but I also expected the full asking price because it was reasonably priced (right on the stamp duty limit). Good estate agent with the right advice.0 -
lookstraightahead wrote: »Maybe then it's just me but my mindset is that no one should expect the starting price - I always assume negotiation is built in to an asking price - isn't that they way we buy and sell property? Maybe because it has been a sellers market for so long people have come to expect what their property has been valued at by an estate agent. But as a buyer I would rarely accept this estimate on its own.
The sellers market situation does have a lot to answer for!
as do the Ea's who operate unrealistic starting prices.
The whole culture of buying and selling seems to have changed even in the last 5 years.
You quite regularly get agents who offer vendors a choice of price when listing their property from the inflated to the optimistic to the realistic to the achievable.
Of course sellers opt for the valuations that are perhaps optimistic because the agent says its achievable. What then tends to happen is a series of reductions in that asking price as time goes by until the property reaches a more realistic figure.
By this point the seller is of the potential mindset that they have already lost many thousands on the sale and is therefore reluctant to go much lower.
In reality the seller has not lost anything except a paper valuation that was probably too high in the first place
so when a buyer comes along and offers below what was their lower original estimate they have 2 options either accept that they were overpriced in the first place or like some do insist the agent knew what the market was worth and hold out for their price no matter what!
I've bought 3 properties in the last 2 years and each have been a real cat and mouse game !!!8230;.it was so much easier when we bought our first home way back in the day,people seemed to have a better understanding what their price points were.
My neighbours have just reduced their asking price by £35k after they failed to get offers,they are firmly of the belief that they will get the new asking price,the reality is that theres probably another 10k to come off before the offers will start! but try telling them that!...people start to offer when the price is realistic its just a case of finding that realistic point.
maybe the introduction of sold prices online was the start of people trying to turn the act of buying and selling into a mathematical equation with a set formula....in S 38 T 2 F 50
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Yes. Flat I bought was listed as 174 and I didn't view it. Dropped to 164 and I viewed and offered 150, negotiates up to 156.500, which was inline with my expected value of the property pretty much as I had worked out it was worth around 155. Upstairs sold for 166 a year later which was slightly more ten I had anticipated so I think I actually got a better deal then I thought, not that that means much anyway.19/12/14: Spent 10 years of savings!!
:heart2: ..... to buy my first home. :heart2:
11K OP 31.03.19
Current goal: €151,000 deposit Ireland and counting, to buy Spring 2022 we hope!0 -
we are in the processes of buying a house that we have bought for £12k under the guide price.
It needs a new kitchen, and kitchen floor, carpets, decorating.
ITs all liveable (apart from the lack of carpets upstairs that are needed as we move in)
For us, the price we have paid was what we felt it was worth to us! we are FTB and pur budget was small to begin with, and we are helped that the seller is selling to retire so i think that made him more amenable.
However, i think you should take your chances, offer what you wish and work from there, the buyer will only say no and more than likely counter, and thats no a bad thing!0 -
lookstraightahead wrote: »I would never offer more than 90% of the asking price.
Even if the asking price for the property is very reasonable or even slightly undervalued?0
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