PLEASE READ BEFORE POSTING

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.

How much should you offer below the asking price?

Options
fatboyslick
fatboyslick Posts: 68 Forumite
First Post First Anniversary Combo Breaker
in House buying, renting & selling
I’m sure it varies and depends on factors, but what is a polite % to knock off an asking price? Is it 5%? 10%?

What should I look out for in order to justify knocking the price down
«13

Comments

  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    First Anniversary Name Dropper First Post
    Options
    Just offer what it is worth to you.
  • takman
    takman Posts: 3,876 Forumite
    Combo Breaker First Post
    Options
    fatboyslick wrote: »
    I’m sure it varies and depends on factors, but what is a polite % to knock off an asking price? Is it 5%? 10%?

    What should I look out for in order to justify knocking the price down

    Definetly don't consider being polite when your spending hundreds of thousands of pounds on a house.

    The asking price is simply a price decided between an estate agent and a seller and doesn't mean it's what the house is worth, it's simply what they want. The best thing you can do is look at prices of sold houses in the area and the condition of the house then determine what it's worth to you and make that offer.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    Well, it varies and depends on factors, and you should offer between 10% less to 10% over, dependent upon those factors.
  • Carrot007
    Carrot007 Posts: 4,534 Forumite
    First Anniversary Name Dropper First Post
    Options
    Some people will not take anything less than 10% above the asking price. Some may knock off 30%. You don't know who you are dealing with and how they will take it. Some will feel insulted and you will be out of the game. Some will not. Take your chances as you wish. No one knows. Especially with the lack of information given!
  • todayisagreatday
    todayisagreatday Posts: 260 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    We got around 16% off the asking price. Initially offer was around 13% lower but following surveys was able to negotiate further. Nothing that we didn't expect but used it to negotiate further. This was a private sale though. Knowledge is power if you know the position of the seller and are in a good position yourselves.
  • fatboyslick
    fatboyslick Posts: 68 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Thanks
    Good advice so far
    Did try and buy a house about 8 years ago and got burnt...the survey came in lower than our agreed price but the seller wouldn’t budge
  • Carrot007
    Carrot007 Posts: 4,534 Forumite
    First Anniversary Name Dropper First Post
    Options
    fatboyslick wrote: »
    Thanks
    Good advice so far
    Did try and buy a house about 8 years ago and got burnt...the survey came in lower than our agreed price but the seller wouldn’t budge


    It happens. Here is the story of my last purchase.


    Asked 180K. offered 17XK (cant remember exactly!). Refused. (I considered house overpriced a little but perfect for me in other ways).


    Offered 180K.


    The changed to offers above.


    Talked to EA, Offered 183K at suggested. Accepted.


    Valuation says 170K, which seemed reasonable to me but having delt with them I knew they would not accept.


    Offered 175K. Accepted and done.


    You can pay more than the valuation if you have the money and really want the place. it's all up to you.


    In other offers I have had asking prices refused (no wording on info), also asking for stupid bidding wars. Refused prices I will ask once whats they want. Bidding wars I will reduce my price a little and it's up to them!


    But it really depends on how muc hyou want it I guess. I made a rare exception on this place paying 5k over because I really like the palce!
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    Options
    fatboyslick wrote: »
    Thanks
    Good advice so far
    Did try and buy a house about 8 years ago and got burnt...the survey came in lower than our agreed price but the seller wouldn’t budge


    Market is massively different now though, many people are going to have to take what they can get if they ever want to move.
  • lookstraightahead
    lookstraightahead Posts: 5,540 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    edited 11 July 2018 at 7:20AM
    Options
    You are in a position to offer whatever you like. In my village houses are outrageously overpriced at the moment to the point of hysteria, and they sit rotting on the market. They sell for way under the original asking price as literally no one can afford it. Best to do your homework and see what sells and for how much, then place a reasonable offer. Be careful with the 'what it's worth to you' as people's emotions are tied up in this and really it's worth what the valuation comes back as.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    A tale of two houses next door to each other, for sale at the same time through the same agent; both completed in the same week:

    House 1: On at £202k, mid terrace
    House 2: On at £215k, end terrace.

    House 1 seller wanted more money at the last minute - the buyers had to up their offer and it sold for £205k.

    House 2 buyer offered at £210k and it sold for that much.

    There is no rule .... no "normal".
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards