Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • fatboyslick
    • By fatboyslick 10th Jul 18, 8:59 PM
    • 55Posts
    • 20Thanks
    fatboyslick
    How much should you offer below the asking price?
    • #1
    • 10th Jul 18, 8:59 PM
    How much should you offer below the asking price? 10th Jul 18 at 8:59 PM
    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
Page 1
    • Cakeguts
    • By Cakeguts 10th Jul 18, 9:19 PM
    • 5,239 Posts
    • 7,959 Thanks
    Cakeguts
    • #2
    • 10th Jul 18, 9:19 PM
    • #2
    • 10th Jul 18, 9:19 PM
    Just offer what it is worth to you.
    • takman
    • By takman 10th Jul 18, 9:28 PM
    • 3,786 Posts
    • 3,442 Thanks
    takman
    • #3
    • 10th Jul 18, 9:28 PM
    • #3
    • 10th Jul 18, 9:28 PM
    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
    Originally posted by fatboyslick
    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
    • By AnotherJoe 10th Jul 18, 9:30 PM
    • 11,572 Posts
    • 13,407 Thanks
    AnotherJoe
    • #4
    • 10th Jul 18, 9:30 PM
    • #4
    • 10th Jul 18, 9:30 PM
    Well, it varies and depends on factors, and you should offer between 10% less to 10% over, dependent upon those factors.
    • Carrot007
    • By Carrot007 10th Jul 18, 9:31 PM
    • 1,735 Posts
    • 1,488 Thanks
    Carrot007
    • #5
    • 10th Jul 18, 9:31 PM
    • #5
    • 10th Jul 18, 9:31 PM
    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
    • By todayisagreatday 10th Jul 18, 9:47 PM
    • 173 Posts
    • 125 Thanks
    todayisagreatday
    • #6
    • 10th Jul 18, 9:47 PM
    • #6
    • 10th Jul 18, 9:47 PM
    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
    • By fatboyslick 10th Jul 18, 10:25 PM
    • 55 Posts
    • 20 Thanks
    fatboyslick
    • #7
    • 10th Jul 18, 10:25 PM
    • #7
    • 10th Jul 18, 10:25 PM
    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
    • By Carrot007 10th Jul 18, 10:35 PM
    • 1,735 Posts
    • 1,488 Thanks
    Carrot007
    • #8
    • 10th Jul 18, 10:35 PM
    • #8
    • 10th Jul 18, 10:35 PM
    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
    Originally posted by fatboyslick

    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
    • By Crashy Time 11th Jul 18, 12:46 AM
    • 6,859 Posts
    • 2,519 Thanks
    Crashy Time
    • #9
    • 11th Jul 18, 12:46 AM
    • #9
    • 11th Jul 18, 12:46 AM
    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
    Originally posted by fatboyslick

    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
    • By lookstraightahead 11th Jul 18, 7:17 AM
    • 585 Posts
    • 539 Thanks
    lookstraightahead
    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.
    Last edited by lookstraightahead; 11-07-2018 at 7:20 AM.
    • PasturesNew
    • By PasturesNew 11th Jul 18, 7:31 AM
    • 65,004 Posts
    • 381,491 Thanks
    PasturesNew
    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".
    • Davesnave
    • By Davesnave 11th Jul 18, 7:38 AM
    • 26,706 Posts
    • 96,186 Thanks
    Davesnave
    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.
    Originally posted by lookstraightahead
    However, it also depends whether you're buying for cash and how long you intend to stay there, or indeed, on the planet.


    I might nowadays pay over the odds for a property with some unique selling point I had an emotional affinity with. This happens so rarely that it would be worth it from my POV.



    If someone can afford it, why not?
    A garden is never so good as it will be next year....
    • Nick_C
    • By Nick_C 11th Jul 18, 7:40 AM
    • 4,453 Posts
    • 6,416 Thanks
    Nick_C
    I'm assuming you are not buying in Scotland, where they expect offers above the asking price!
    • lozrob01
    • By lozrob01 11th Jul 18, 7:56 AM
    • 3 Posts
    • 4 Thanks
    lozrob01
    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
    Originally posted by fatboyslick
    I was a first time buyer and my house was on the market for £425k. My first offer was £400k and after 2 more increases I was pushed over ask and ended up getting an offer accepted at £430,500. Don't forget, you can increase your offer if needed but coming down doesn't do much for the vendor!

    I am glad I offered considerably less than the ask figure initially as it gave me room to come up in the negotiation.
    • kittie
    • By kittie 11th Jul 18, 8:07 AM
    • 12,446 Posts
    • 78,967 Thanks
    kittie
    initial and quick offer was 15%, it didn`t help that I was the first viewer. A genuine cash buyer. Refused, as expected. I went up late afternoon, in 2 hops and ended up 6% less than asking, which was actially less than I was initially wanting it for. Good result for both of us, no chain, only vendor and me and both of us are commited.
    • bertiewhite
    • By bertiewhite 11th Jul 18, 8:46 AM
    • 1,354 Posts
    • 1,543 Thanks
    bertiewhite
    Market is massively different now though, many people are going to have to take what they can get if they ever want to move.
    Originally posted by Crashy Time
    You obviously don't live where I live then
    • moneyistooshorttomention
    • By moneyistooshorttomention 11th Jul 18, 9:13 AM
    • 17,164 Posts
    • 47,460 Thanks
    moneyistooshorttomention
    However, it also depends whether you're buying for cash and how long you intend to stay there, or indeed, on the planet.


    I might nowadays pay over the odds for a property with some unique selling point I had an emotional affinity with. This happens so rarely that it would be worth it from my POV.



    If someone can afford it, why not?
    Originally posted by Davesnave
    I would tend to this viewpoint - because I'm now anticipating a "shorter stay on the planet" as Dave put it (being in my 60's) and wouldnt want to move again if I could help it.

    So what I offered would boil down to whether:
    - I couldnt really afford what I wanted and was being optimistic as to whether I might manage to get it for less than what I had figured out was a fair price (which may or may not match the asking price). Part of that would mean ruling out any house for sure that I'd have to knock more than 10% off or I literally couldnt manage it

    - Or I could afford what I wanted and it was down to whether I was prepared to be "ripped off" if need be to get a house I particularly wanted. To me that would mean a house in a very restricted area of a city AND a pretty particular style AND I wouldn't have to do much to it (ie it was modern enough in the first place and the kitchen and bathroom were already my taste - not hard, as my standard is pretty much guaranteed to range somewhere between 5 years ago and 10 years in the future and is pretty "standard" taste).

    For a "once in a lifetime" house/location combination I would pay whatever it took - IF I had the money (and that's the big "if"). It would be one of the rare occasions in my life where I "got competitive" to make sure and certain I was the one that got whatever-it-is.

    Yep - I'm with Dave on the (my own) USP front. It would be so nice if a house gave the chance to make few (if any) compromises/trade-offs.
    Last edited by moneyistooshorttomention; 11-07-2018 at 9:19 AM.
    Never doubt that a small group of people can change the world. It's the only thing that ever has.

    Extinction Rebellion
    • robatwork
    • By robatwork 11th Jul 18, 9:38 AM
    • 4,697 Posts
    • 5,269 Thanks
    robatwork
    3.1415926%
    • hazyjo
    • By hazyjo 11th Jul 18, 10:23 AM
    • 11,096 Posts
    • 14,636 Thanks
    hazyjo
    My last house I got for somewhere between 8-9% off. My current house I got for around 2% less. Another I was offering on wouldn't even go to just over 1% under!


    Different areas, different market, different sellers. You can't really predict, only form your own evidence and try. Some will always want more for their property than others. They wait for that one person to fall in love with it.
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes; Thai cooking stuff; Jo Brand talk; Slime Factory; Flawless tickets; Comedy night tickets
    • AnotherJoe
    • By AnotherJoe 11th Jul 18, 11:07 AM
    • 11,572 Posts
    • 13,407 Thanks
    AnotherJoe
    Market is massively different now though, many people are going to have to take what they can get if they ever want to move.
    Originally posted by Crashy Time

    Thats interesting. So then , according to you there must have been a time when sellers were able to command their price , or it wouldn't have been different to now, when they cant (according to you)


    Because I dont ever remember you posting anything except that prices are "now" at a peak or falling.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,930Posts Today

8,509Users online

Martin's Twitter
  • How do you rate your energy provider's recent service? Please vote in the latest MSE site poll? https://t.co/nkYxGbiXqe

  • RT @Gillsnatter: "The phrase I hate is: it's only money. Money is one of the biggest causes of divorce it's one of the biggest causes of me?

  • RT @TrevorNeal: Thanks Martin! It didn?t go unnoticed. Good to meet you too. We?re more likely to Swing Our Pensions these days..! #MartinL?

  • Follow Martin