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  • FIRST POST
    • shopaholicno1
    • By shopaholicno1 7th Mar 18, 4:39 PM
    • 129Posts
    • 474Thanks
    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 2
    • dunroving
    • By dunroving 8th Mar 18, 8:42 AM
    • 1,259 Posts
    • 873 Thanks
    dunroving
    Why do you hope you're wrong about prices being static?

    Are you planning to sell your house and live in a tent?
    Originally posted by Gwendo40
    No. And you are making some very lazy assumptions.
    (Nearly) dunroving
    • N1ckS
    • By N1ckS 8th Mar 18, 8:54 AM
    • 54 Posts
    • 22 Thanks
    N1ckS
    I stick by the rule that if you're not embarrassed by your first offer it's too high! Also, make sure the estate agent doesn't know you only have one house on your mind and especially not that you have your heart set on it!

    In fact there's no harm in putting a cheeky offer in on your 2nd/3rd favourite house. You might even get a counter-offer that can help you in negotiations for the house you're really after.
    • the_quick
    • By the_quick 8th Mar 18, 9:24 AM
    • 66 Posts
    • 38 Thanks
    the_quick
    Isn't that part of negotiation?

    Offer what you want to pay for it, check sale prices around and guide yourself on that. Your offer might be not accepted than you can offer more. especially it has been on the market for 9 month - either seller are not in the hurry to sell or there is something wrong with the house and people are not offering.
    For me I want to pay as little as possible, what I save I can put towards house improvements. This is house buying, serious decision and serious money involved - and hopefully you will not have to do it again in near future.
    • JayZed
    • By JayZed 8th Mar 18, 1:15 PM
    • 712 Posts
    • 595 Thanks
    JayZed
    As others have said, it all depends on the difference between the asking price and your perceived value of the house. We're in London, and are selling our flat for almost 5% below our asking price (having rejected an offer at almost 10% below).

    We had originally planned to buy a house for which our accepted offer was 9% below the original asking price, but the chain collapsed - and I never thought we were getting a bargain. We're now buying another house for 6% below the asking price (which had only been on the market for a couple of weeks). The original asking price was the same for both houses, but I feel that we're getting a better deal on the one we're buying at 6% below asking than we would have done on the one at 9% below asking - it's a bigger house, with a much bigger garden, in a better neighbourhood, and I've seen similar houses on the same street go for considerably more.
    • steph2901
    • By steph2901 8th Mar 18, 1:35 PM
    • 309 Posts
    • 204 Thanks
    steph2901
    I've had an offer accepted for £2000 below the asking price, we were the first viewers and it had just gone up for sale.

    When I sold my house, I accepted £3000 below the asking price because I was selling the house I owned with my ex and just wanted to get rid of it, even though it had only been on the market 3 weeks.
    • wantonnoodle
    • By wantonnoodle 8th Mar 18, 1:52 PM
    • 251 Posts
    • 171 Thanks
    wantonnoodle
    The house we bought had been on the market 4 months or so when we offered. We offered just after it had been reduced for a second time (first was from £269k to £265k, then to OIEO £250k. Initially we offered £240k but that was rejected out of hand by the vendor. We then offered £250k which was also initially rejected (vendor wanted nearer £260k). We refused to increase the offer, as even a penny more would have increased our SDLT liability, so we told the agent we were leaving the offer on the table until the end of the month (about 10 days or so).

    A week later, the EA called and told us the vendor had accepted the offer. Clearly there hadn't been any more bites after the reduction to £250k, so leaving the offer on the table gave the vendor chance to think it over.
    • pinklady21
    • By pinklady21 8th Mar 18, 3:11 PM
    • 604 Posts
    • 422 Thanks
    pinklady21
    Offering a reduced price can be worth a try, there is the risk of insulting the seller and they then refuse to deal with you again. You need to talk to them and find out what their expectations are and their circumstances.
    Do they have somewhere else lined up? If not, then they might be prepared to stay put a bit longer and not prepared to budge on price, and are happy to wait until someone pays them what they believe the house is worth.
    • Crashy Time
    • By Crashy Time 10th Mar 18, 11:40 AM
    • 6,124 Posts
    • 2,359 Thanks
    Crashy Time
    I wouldn`t worry about "Insulting" sellers now, you hold all the cards if they really want/need to sell, just have fun with it, put in low offers and see how people react.
    • betsie
    • By betsie 10th Mar 18, 11:53 AM
    • 423 Posts
    • 416 Thanks
    betsie
    Unless you really want that specific house always offer lower than asking, the longer it!!!8217;s been on the market the lower I would go.
    The worse that can happen is they say no.
    • buggy_boy
    • By buggy_boy 10th Mar 18, 1:43 PM
    • 455 Posts
    • 315 Thanks
    buggy_boy
    Unless you really want that specific house always offer lower than asking, the longer it!!!8217;s been on the market the lower I would go.
    The worse that can happen is they say no.
    Originally posted by betsie
    Totally agree with this, ignore Crashy time... My tactic has always been take someone with you, (preferably a parent)in front of the agent say you really like it but it will be a stretch, ask the person with you, if you made an offer would they be willing to lend you £10k to put in an offer that wont offend (around 10% below asking)try to look at it objectively, find things that will need doing.

    That way it makes it look like thats all you can afford so if they turn it down you might walk away... You can always then up your offer a bit saying you can borrow a bit more from your parents but your really pushing it..

    If its been on the market for 9 months it could be good or it could be bad, if they actually want to sell then it could be good, try to see if the house as been reduced in that time (propertybee). They could be kite flyers... It really depends on how much you can afford and how much you want the house.
    • elonii
    • By elonii 10th Mar 18, 3:12 PM
    • 52 Posts
    • 57 Thanks
    elonii
    We offered 15% below asking price on the house we bought 6 months ago. We were clear to the estate agent that we weren't taking the piddle, and that we also weren't knocking off money for kitchens, bathrooms, carpets etc as that was reflected in price. It was other things like roofing, heating, rewire windows, work to the grounds etc which we felt wasn't reflected in valuation. We said we felt it'd cost £x thousand pounds to fix the place up to modern standards, gave a rough breakdown of our reasoning, and then said we would ask the vendor to help us bear half the cost. Pretty please, sugar, cherries, love your house, want to make it our forever home etc.

    We eventually agreed 10% below asking price, and enjoyed a sale full of goodwill. I'm sitting writing this at the beautiful oak desk they left me in the study. I've since found out our canny elderly vendor was very much aware how much money needed spending on the place - so we were never in danger of offending so long as we justified it to him.
    • Crashy Time
    • By Crashy Time 10th Mar 18, 10:02 PM
    • 6,124 Posts
    • 2,359 Thanks
    Crashy Time
    Unless you really want that specific house always offer lower than asking, the longer it!!!8217;s been on the market the lower I would go.
    The worse that can happen is they say no.
    Originally posted by betsie

    Good advice.
    • Crashy Time
    • By Crashy Time 11th Mar 18, 8:34 PM
    • 6,124 Posts
    • 2,359 Thanks
    Crashy Time
    Totally agree with this, ignore Crashy time... My tactic has always been take someone with you, (preferably a parent)in front of the agent say you really like it but it will be a stretch, ask the person with you, if you made an offer would they be willing to lend you £10k to put in an offer that wont offend (around 10% below asking)try to look at it objectively, find things that will need doing.

    That way it makes it look like thats all you can afford so if they turn it down you might walk away... You can always then up your offer a bit saying you can borrow a bit more from your parents but your really pushing it..

    If its been on the market for 9 months it could be good or it could be bad, if they actually want to sell then it could be good, try to see if the house as been reduced in that time (propertybee). They could be kite flyers... It really depends on how much you can afford and how much you want the house.
    Originally posted by buggy_boy

    Good advice, your knowledge comes from trawling property forums from about `96 I believe?
    • buggy_boy
    • By buggy_boy 11th Mar 18, 10:15 PM
    • 455 Posts
    • 315 Thanks
    buggy_boy
    Good advice, your knowledge comes from trawling property forums from about `96 I believe?
    Originally posted by Crashy Time
    Yep I mean in 96 I was 13, im guessing you were a lot older, im now a millionaire looking to retire before 40 and ur still renting a bedsit in Glasgow bitter that you pay to rent to someone like me when you could have bought but you took your own advice not too...

    The reason I contest your agenda is I found housepricecrash years ago and almost go suckered in, thankfully people around me talked me out of it and ive made hundreds of thousands of pounds because of that decision... People on here might actually take notice of the housepricecrash rubbish you peddle so you need to be challenged...
    • lookstraightahead
    • By lookstraightahead 11th Mar 18, 11:12 PM
    • 244 Posts
    • 263 Thanks
    lookstraightahead
    I think go with what you think it is worth with the promise to yourself that you are happy to walk away if necessary. I do not think a low bid is a problem - the vendors do not worry about the buyers feeling insulted when they reject offers.

    Keep level headed and be realistic (whatever that means to you).
    • Crashy Time
    • By Crashy Time 12th Mar 18, 11:42 AM
    • 6,124 Posts
    • 2,359 Thanks
    Crashy Time
    Yep I mean in 96 I was 13, im guessing you were a lot older, im now a millionaire looking to retire before 40 and ur still renting a bedsit in Glasgow bitter that you pay to rent to someone like me when you could have bought but you took your own advice not too...

    The reason I contest your agenda is I found housepricecrash years ago and almost go suckered in, thankfully people around me talked me out of it and ive made hundreds of thousands of pounds because of that decision... People on here might actually take notice of the housepricecrash rubbish you peddle so you need to be challenged...
    Originally posted by buggy_boy

    Will that free you up to spend more time on property discussion forums, or will you do something else?
    • Crashy Time
    • By Crashy Time 12th Mar 18, 11:45 AM
    • 6,124 Posts
    • 2,359 Thanks
    Crashy Time
    I think go with what you think it is worth with the promise to yourself that you are happy to walk away if necessary. I do not think a low bid is a problem - the vendors do not worry about the buyers feeling insulted when they reject offers.

    Keep level headed and be realistic (whatever that means to you).
    Originally posted by lookstraightahead

    So true, and some posts on here mocking "Cheeky offers" back that up. many would be sellers are going to kick themselves in future for knocking back decent offers IMO. The media seem to be revelling in crash talk now.....


    https://www.theguardian.com/money/2018/mar/12/london-property-prices-plunge-as-brexit-effect-deepens
    • buggy_boy
    • By buggy_boy 12th Mar 18, 9:17 PM
    • 455 Posts
    • 315 Thanks
    buggy_boy
    Will that free you up to spend more time on property discussion forums, or will you do something else?
    Originally posted by Crashy Time

    Only you could try to turn being millionaire and retiring before 40 as something bad... But as you ask im going to go back to college to retrain as a sparky (Something ive fancied for a while and a trade I can always use). Im then going to use my skills to do jobs for free for charities and do dog walking for a local rescue centre... I mean you having to work till your how old paying rent because you missed you chance to buy sounds wonderful... Ive said why im on here, why are you on here?
    • mistertea
    • By mistertea 13th Mar 18, 1:04 PM
    • 17 Posts
    • 26 Thanks
    mistertea
    In 2012 we offered a best and final £370K on a three bed semi with another bidder competing. We lost out as the other party offered full asking price £375K. We were deflated at the time but a few months later had a full asking price £410K offer accepted on a 3 bed detached bungalow, bigger plot, loads of potential. There had been another party offering on the bungalow and on the day we completed I was told by the EA that they had missed out by offering £408K.

    My wife says it was meant to be, I maintain that I went with my gut on both offers and am now grateful that I did.
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