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    • shopaholicno1
    • By shopaholicno1 7th Mar 18, 4:39 PM
    • 129Posts
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    shopaholicno1
    How much below asking price do people tend to go?
    • #1
    • 7th Mar 18, 4:39 PM
    How much below asking price do people tend to go? 7th Mar 18 at 4:39 PM
    Viewing a house in the morning. If we like it as much as we hope, we are thinking of putting an offer in.
    It's been on the market 9 months, and I'd like to knock some off but without offending the vendors with a cheeky amount. Is there a general percent below the asking price people tend to offer?

    Also, we are chain free and have our mortgage offer in principle-do these help in terms of negotiations? Given we are chain free.
Page 1
    • dunroving
    • By dunroving 7th Mar 18, 4:52 PM
    • 1,170 Posts
    • 821 Thanks
    dunroving
    • #2
    • 7th Mar 18, 4:52 PM
    • #2
    • 7th Mar 18, 4:52 PM
    If you are in a strong position and the house has been on the market, I think you could definitely offer 10% below, or even more. If they turn it down, it's not as if it will be snapped up while you consider your next move.
    (Nearly) dunroving
    • Margot123
    • By Margot123 7th Mar 18, 5:09 PM
    • 807 Posts
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    Margot123
    • #3
    • 7th Mar 18, 5:09 PM
    • #3
    • 7th Mar 18, 5:09 PM
    Offer what you think it's worth to you.
    That may be the full asking, 10% over, 40% below.
    Only you can decide.

    Don't be afraid to have a friendly chat with the vendor about money; build a rapport with them.
    I have always found they are better negotiators than estate agents.
    • PasturesNew
    • By PasturesNew 7th Mar 18, 5:19 PM
    • 62,515 Posts
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    PasturesNew
    • #4
    • 7th Mar 18, 5:19 PM
    • #4
    • 7th Mar 18, 5:19 PM
    It all depends on so many variables, nobody can say.

    I know that in my area, for houses for sale at £230-320k, when they've sold and appear on "sold prices" they tended to be £5k less than the asking price....
    • davidmcn
    • By davidmcn 7th Mar 18, 5:31 PM
    • 7,678 Posts
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    davidmcn
    • #5
    • 7th Mar 18, 5:31 PM
    • #5
    • 7th Mar 18, 5:31 PM
    Would you like to "knock some off" because that's what you've been told people do, or because you've made some objective assessment of what the property is actually worth, or because you need to in order to afford it? There's no point knocking 5% off if it's overpriced by 15%. Has the price been reduced since they started marketing it?
    • Surrey_EA
    • By Surrey_EA 7th Mar 18, 5:32 PM
    • 1,503 Posts
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    Surrey_EA
    • #6
    • 7th Mar 18, 5:32 PM
    • #6
    • 7th Mar 18, 5:32 PM

    Don't be afraid to have a friendly chat with the vendor about money; build a rapport with them.
    I have always found they are better negotiators than estate agents.
    Originally posted by Margot123
    If that were true surely you'd want to be negotiating with the estate agent??!

    The seller may not want to talk money, that's why they're paying an estate agent, such a tactic may backfire.
    • gardner1
    • By gardner1 7th Mar 18, 5:41 PM
    • 2,457 Posts
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    gardner1
    • #7
    • 7th Mar 18, 5:41 PM
    • #7
    • 7th Mar 18, 5:41 PM
    Viewing a house in the morning. If we like it as much as we hope, we are thinking of putting an offer in.
    It's been on the market 9 months, and I'd like to knock some off but without offending the vendors with a cheeky amount. Is there a general percent below the asking price people tend to offer?

    Also, we are chain free and have our mortgage offer in principle-do these help in terms of negotiations? Given we are chain free.
    Originally posted by shopaholicno1
    well if its been on for 9 months its probably overpriced/dodgy area or looks like a tip on photos.....so i would go in low as others have said its not going to go in a hurry
    • Cakeguts
    • By Cakeguts 7th Mar 18, 6:26 PM
    • 4,368 Posts
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    Cakeguts
    • #8
    • 7th Mar 18, 6:26 PM
    • #8
    • 7th Mar 18, 6:26 PM
    Offer what it is worth to you. Be prepared for the vendors to want full asking price which is why it hasn't sold or it is already overpriced and they won't bring the price down. There is no set amount for offering you just offer what you feel you want to pay for it.
    • PokerPlayer111
    • By PokerPlayer111 7th Mar 18, 6:45 PM
    • 248 Posts
    • 85 Thanks
    PokerPlayer111
    • #9
    • 7th Mar 18, 6:45 PM
    • #9
    • 7th Mar 18, 6:45 PM
    Been on the market for 9 months ? oh please make sure you offer 10% off minimum. You have to think of resale and the market has now well and truly seen this property if its been on 9 months and not sold.

    You cant offer asking price not a chance in hell unless its recently been reduced.
    • PokerPlayer111
    • By PokerPlayer111 7th Mar 18, 6:49 PM
    • 248 Posts
    • 85 Thanks
    PokerPlayer111
    If when you went and saw it you think its worth the asking price you cant offer the asking price anyway due to it being on 9 months and not sold, unless you like giving away free money. If you dont care about money go right ahead.

    I'd be wondering why i think its worth the asking price when everyone else in the world doesn't.
    Last edited by PokerPlayer111; 07-03-2018 at 9:34 PM.
    • JoJo1978
    • By JoJo1978 7th Mar 18, 6:54 PM
    • 345 Posts
    • 425 Thanks
    JoJo1978
    Try to find out of it has had other offers on it. Just because it hasn't been taken off the market doesn't mean that people haven't offered. Also try to find out the vendors situation, if they're in no hurry/need a minimum price etc. your chances of a lowball offer being accepted are lower despite your strong position.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Part-time gigger and charity volunteer 2018
    • Margot123
    • By Margot123 7th Mar 18, 7:20 PM
    • 807 Posts
    • 819 Thanks
    Margot123
    If that were true surely you'd want to be negotiating with the estate agent??!

    The seller may not want to talk money, that's why they're paying an estate agent, such a tactic may backfire.
    Originally posted by Surrey_EA
    Now then, you would say that as you are an estate agent yourself.

    I'm basing what I've said on experience of negotiating with both. In my 32 years of buying and selling, I have found it better to negotiate directly with the vendor.
    • ThemeOne
    • By ThemeOne 7th Mar 18, 7:30 PM
    • 1,217 Posts
    • 1,029 Thanks
    ThemeOne
    I wouldn't worry about offending the sellers - they may or may not be offended or pleased by any offer, but there's no way of second guessing that.

    As it's been on the market for so long, you may find that you, in common with previous viewers, don't like it as much as you hope!
    • betsie
    • By betsie 7th Mar 18, 8:04 PM
    • 409 Posts
    • 398 Thanks
    betsie
    We just offered on a house which had been on the market for 5 Mths with no offers. Hadn't reduced price in this time and were really bigging it up when we viewed. Offered 10% below, finally agreed on 9% below asking. We are in north kent.
    • glasgowdan
    • By glasgowdan 7th Mar 18, 8:58 PM
    • 2,885 Posts
    • 3,234 Thanks
    glasgowdan
    Lots of sellers don't want to talk money face to face, so I wouldn't try it as you'll likely make things awkward for them.

    There's no rule amount below asking to offer.

    In my area the question is "how much above asking will secure me the house?" https://www.kirkintilloch-herald.co.uk/news/house-prices-soar-1-4701634
    • dunroving
    • By dunroving 7th Mar 18, 10:38 PM
    • 1,170 Posts
    • 821 Thanks
    dunroving
    That article is interesting, but I live in East Dunbartonshire and as far as I can tell, house prices have been pretty static. I hope I'm wrong as I'm just about to sell my house!
    (Nearly) dunroving
    • Surrey_EA
    • By Surrey_EA 7th Mar 18, 11:07 PM
    • 1,503 Posts
    • 1,930 Thanks
    Surrey_EA
    Now then, you would say that as you are an estate agent yourself.
    Originally posted by Margot123
    That is perhaps possible.

    I have found it better to negotiate directly with the vendor.
    Originally posted by Margot123
    It might be better as a buyer, but it may not be better for a seller.
    I'm basing what I've said on experience of negotiating with both. In my 32 years of buying and selling, I have found it better to negotiate directly with the vendor.
    Originally posted by Margot123
    Given your 32 years of buying and selling, at what stage does one cease to be classified as a first time buyer?
    I am a first time buyer
    Originally posted by Margot123
    http://forums.moneysavingexpert.com/showthread.php?t=5746722
    • Robby1988
    • By Robby1988 7th Mar 18, 11:19 PM
    • 40 Posts
    • 14 Thanks
    Robby1988
    I remember when my parents split up and sold the family home, it was structurally sound but tired and as a result was on the market for about 6 months. They were quite stubborn on the price for a while, but In the end after a few months of nothing much happening this one couple made a cheeky offer of 40k under the asking price & they just decided 'sod it' and accepted because it was getting to the point where they couldn't afford to keep it anymore.

    That couple got an absolute bargain on a house in a desirable area. so it just goes to show it's worth being cheeky sometimes. Worst any vendor can do is say no & then you never see them again.

    With our house though we offered the asking price simply because of how in demand the houses in the area were (typical 1 month or less turn around) and how much we liked it, so we didn't want to muck about knowing that there would be plenty of other interested parties.
    • Gwendo40
    • By Gwendo40 8th Mar 18, 6:43 AM
    • 104 Posts
    • 99 Thanks
    Gwendo40
    That article is interesting, but I live in East Dunbartonshire and as far as I can tell, house prices have been pretty static. I hope I'm wrong as I'm just about to sell my house!
    Originally posted by dunroving

    Why do you hope you're wrong about prices being static?

    Are you planning to sell your house and live in a tent?
    • Davesnave
    • By Davesnave 8th Mar 18, 8:35 AM
    • 25,061 Posts
    • 92,623 Thanks
    Davesnave

    I'm basing what I've said on experience of negotiating with both. In my 32 years of buying and selling, I have found it better to negotiate directly with the vendor.
    Originally posted by Margot123
    That's my experience too, but I think that it's possibly because people may be more likely to buy/sell to those they can speak with comfortably.

    Certainly, if our last seller had relied entirely on their own agent and solicitor, they wouldn't have had a sale.
    'It's a terrible thing to wait until you're ready…..Generally speaking, now is as good a time as any.' Hugh Lawrie.
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