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  • FIRST POST
    • DonPatch
    • By DonPatch 14th Apr 18, 9:57 PM
    • 49Posts
    • 23Thanks
    DonPatch
    Offer Asking Price?
    • #1
    • 14th Apr 18, 9:57 PM
    Offer Asking Price? 14th Apr 18 at 9:57 PM
    Hi

    I live in a greater London borough and have been hunting for a while. I am currently in a chain where for the last six months my vendors vendor can't find a house to move to and are in no hurry. I don't really know if it will ever happen. A new house has come a couple of roads away to me and I really like it. Would I be silly to put in an asking price offer in the current marketplace?

    I say current market place as it's reported prices are going down but I've looked for a while and it's strange because alot of houses are being reduced and alot of houses are getting snapped up quickly at prices way above last year, so it's very hard to judge what type this property will be. So don't know whether to go for it and have potentially paid more than needed or wait and see and perhaps lose the property. I really don't want to lose it.

    The house is at the top of my house hunting budget I set but on viewing equires some work which could be done over time. I can borrow more I just hadn't wanted to as I wasn't comfortable doing that.

    Any thoughts on how to approach offering?

    Thanks in advance
Page 1
    • Thrugelmir
    • By Thrugelmir 14th Apr 18, 10:00 PM
    • 61,350 Posts
    • 54,602 Thanks
    Thrugelmir
    • #2
    • 14th Apr 18, 10:00 PM
    • #2
    • 14th Apr 18, 10:00 PM
    Offer lower than asking and negotiate upwards.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • DonPatch
    • By DonPatch 14th Apr 18, 10:08 PM
    • 49 Posts
    • 23 Thanks
    DonPatch
    • #3
    • 14th Apr 18, 10:08 PM
    • #3
    • 14th Apr 18, 10:08 PM
    How much lower? It's £475. Would £460 be considered a good start as I want to look serious and not annoying them?
    • Jaywood89
    • By Jaywood89 14th Apr 18, 10:20 PM
    • 160 Posts
    • 74 Thanks
    Jaywood89
    • #4
    • 14th Apr 18, 10:20 PM
    • #4
    • 14th Apr 18, 10:20 PM
    You need to consider certain factors first

    Everyoneís circumstances are different here so I can only offer advice from someone who has house hunted for a year, with a large cash deposit and chain free in a West Midlands market. I asked these questions to myself when offered
    1.is the house marked at a fair price to begin with? If so donít go in too low. It was very middle of the road price wise but I knew there was wiggle room. Also there were more modernised versions of the house up for 50k more and this house needs 50k of work I reasoned I wonít pay someone else for the pleasure of doing the all the work myself.

    2. What position are you in as a buyer, are you chain free? A quick sale at 15k under can be appealing

    3. How long has it been up for? If itís been up for a while then Iíd again lookin between 15-20k below asking

    I went in at 25 under asking which was rejected I came back at who under. We settled in 15 under asking in the end, but my vendors were selling due to divorce so a quick sale was worth the loss to them.

    Just remember nothing ventured nothing gained!
    • Thrugelmir
    • By Thrugelmir 14th Apr 18, 10:22 PM
    • 61,350 Posts
    • 54,602 Thanks
    Thrugelmir
    • #5
    • 14th Apr 18, 10:22 PM
    • #5
    • 14th Apr 18, 10:22 PM
    £15k sounds large. 3% doesn't. £460k sounds a more than reasonable opening gambit. No one is going to get annoyed. The EA is there to facilitate an agreement between parties.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • DonPatch
    • By DonPatch 14th Apr 18, 10:26 PM
    • 49 Posts
    • 23 Thanks
    DonPatch
    • #6
    • 14th Apr 18, 10:26 PM
    • #6
    • 14th Apr 18, 10:26 PM
    Ok great, thank you both.

    It's been on a week. It's had at least one offer and there were some viewings already.

    I will begin with £460 and see where it leads.
    • Slithery
    • By Slithery 14th Apr 18, 10:57 PM
    • 1,064 Posts
    • 1,735 Thanks
    Slithery
    • #7
    • 14th Apr 18, 10:57 PM
    • #7
    • 14th Apr 18, 10:57 PM
    Incredible.

    Where can you get a property for £460? I'll snap one of those up straight away

    Or did you mean £460k?
    • Mickygg
    • By Mickygg 15th Apr 18, 8:07 AM
    • 1,430 Posts
    • 1,177 Thanks
    Mickygg
    • #8
    • 15th Apr 18, 8:07 AM
    • #8
    • 15th Apr 18, 8:07 AM
    Incredible.

    Where can you get a property for £460? I'll snap one of those up straight away

    Or did you mean £460k?
    Originally posted by Slithery
    Don't you think it's obvious what the OP means?
    • Mickygg
    • By Mickygg 15th Apr 18, 8:11 AM
    • 1,430 Posts
    • 1,177 Thanks
    Mickygg
    • #9
    • 15th Apr 18, 8:11 AM
    • #9
    • 15th Apr 18, 8:11 AM
    I have a different view. Having lost houses for a few k if I find a house I like I go in at a price I'm happy with then may go up a bit if I really want the house. You go in at £460k, someone goes in in the meantime at £475k and gets the house, how would you feel.

    This exact scenario happened to me and I was gutted as I was trying to play the game and would of happily slapped asking price down but I lost the opportunity.

    It's a hard one it really is ax you could offer asking and the vendor then may want more as its your first offer.

    Good luck with what you decide.
    • DonPatch
    • By DonPatch 15th Apr 18, 12:56 PM
    • 49 Posts
    • 23 Thanks
    DonPatch
    After speaking to the vendor today and hearing of the other offer amounts I decided I would offer asking and if accepted I would want the property taken off the market.

    So now I am waiting to here if it's accepted. Wish me luck!!
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