Seen a house I like, but it's slightly over budget.
How far under the asking do you reckon is too far, should I put an offer in?
just do it, we bought with a pretty cheaky offer and trying to sell now would take pretty much anything to get it moved?
anyone want a flat in chippenham? offers over 50p?
PS dont get attached, if they say no then its still overbudget and you cant afford it....
unless you could just spend that bit more.....
If you don't feel embraced offering, then its not low enough.
Just bought a place and got 10% off
Just gave my buyer 3.5% off, his first offer was 6% under.
there is no magical % its all about demand if its been on the market for ages and there are plenty like it then of course you should put an offer in
and dont put it in at your max budget either ...... leave your self a little room to go upwards
if they are desperate to sell they will.
house next door to me is up for 188k, they've told me if somebody offered them 180k they'd throw in the furniture and accept on the spot.
If you don't feel embraced offering, then its not low enough.
Embraced? What, you want a hug as well?
🙂
yet in glasgow and aberdeen GOOD houses are going over the asking regularly .
as i said no magical figure.
yet in glasgow and aberdeen GOOD houses are going over the asking regularly
scotland is different
yet in glasgow and aberdeen GOOD houses are going over the asking regularly .
Isn't the Scottish system quite different to what we have here south of the border? (somewhat fairer, IIRC)
and in what way is that ? the sealed bid system ?
dont know anyone in the last year who bought their house using that (including my self)
Lower than you think.
A friend had an offer on his place recently, asking price was £350k
Someone offered him £250k less 10% because the neighbours had been staring at her when she visited and she did not like the look of them.
What she forgot to say was, she had parked on the neighbours drive when she came round to view 😉
yet in glasgow and aberdeen GOOD houses are going over the asking regularly .
isn't it a totally different procedure in Scotland though with all that offers over £xxx etc?
yet in glasgow and aberdeen GOOD houses are going over the asking regularly .
Guess that's partly to do with the traditional Scottish 'offers over' system.
As far as i know* there isn't much in Englandshire that'll go for over the asking price... I'd be cheeky!
*total disclaimer - I know nuffink!
EDIT - Beaten to it 🙄
there is no magical % its all about demand if its been on the market for ages and there are plenty like it then of course you should put an offer in
No, I know. I'm just curious what people's experiences are, having recently sold but not bought since the tail of the housing 'boom' several years ago.
and dont put it in at your max budget either ...... leave your self a little room to go upwards
Goes without saying. 😉
What she forgot to say was, she had parked on the neighbours drive when she came round to view
Wonderful. 😆
Have a look at the figures on Hometrack. It varies by area but at the moment houses seem to be going for about 93% of asking price, so if you don't start at 15-20% below asking price you're probably not really trying.
If you don't know the seller I wouldn't worry about taking the mickey.
The days of over-inflated prices are well and truly over (for the foreseeable anyway).
If you're a first time-buyer or aren't part of a chain then offer even less.
Saying that, I do know of two house sales going through at the moment, both of which are exchange of contracts at 10% off asking price.
So starting at 15-20%?
... or aren't part of a chain...
That's us.
We bought in May, house was on for £225k then reduced to £200k after a year with no viewings (I think it's worth £190k ish). We offered £140k, they said no, we offered £150k and said we would complete in 28 days. They said let us think, 2 days later accepted. We were moved in within 3 weeks. Previously offered £150k on an £180k house (it was our first choice) and they said no way, £180k is all they will accept. Go low, nothing to lose.
very area and circumstance dependent
We just bought our first - there were 6 offers by noon on the day it came on the market and we paid asking.
Offers over system in Scotland, so different from below. Offer a figure you're comfortable with, worst they can do is say no. Best, they accept it or counter offer. What have you got to lose?
I must add further to my cheeky bid listed above, when the house sale was published on Zoopla one nosey neighbour thanked us for 'devaluing the road & bringing the price of the road down'. 🙂
We once offered 15% under on a house that had been on the market 18 months and three different estate agents.
She turned us down.
Six years on, her house is still on the market and she's still not dropped the asking price.
Make an offer. They either take it or they don't.
Everywhere is different, and it also depends why they are selling - and whether an offer of £x covers their outstandings.
We sold in June; asked for £249,950. Had an offer on day 1 of the asking price. Sold.
[i]Isn't the Scottish system quite different to what we have here south of the border? (somewhat fairer, IIRC) [/i]
It puts the advantage on the seller, if that's fairer?
I must add further to my cheeky bid listed above, when the house sale was published on Zoopla one nosey neighbour thanked us for 'devaluing the road & bringing the price of the road down'.
😆
Make an offer. They either take it or they don't.
I know others like that. It's almost like they feel they should, but don't *really* want to.
It puts the advantage on the seller, if that's fairer?
I'll be honest, I was trying to sell when I first read about it. From the little I read about it and that point of view, yes, it did seem fairer as it left me less at the mercy of buyers. Realistically I would need to know more about how it *actually* works to give a more educated answer.
King-ocelot - that's outrageous. Fair play to you but seriously worrying for anyone in that road given the availability of info. on the net and all. I'm assuming it wasn't vastly over priced to start with? I've regularly seen offers under the asking but not by that much. There are still some who regularly seek an extra few thousand off the day before completion..... hate that with a vengeance.
Completely depends on area. Down in 'this London' a mate just turned down an offer 1% below asking in the first week on the market - they're holding out for asking price. Another viewed a house where there were 50 viewings on the Saturday (unusual place - in need of *complete* refurbishment) but again, would be surprised if it doesn't go for above asking.
An odd market - very little stuff for sale apparently.
We sold in June; asked for £249,950. Had an offer on day 1 of the asking price. Sold.
Don't you wonder if you could have got a bit more for it? (and yes I do get the stamp duty issue, but hey that's £49.99 you just threw away 😉 )
Its a business transaction, you should just make an offer, at worse they can turn it down.
I'm always cheeky with my offers, but I work in sales and negotiate deals of all sizes. You shouldn't worry about offending them.
Been viewing a few lately and musing on the same subject.
As others have suggested, I think it depends on how fairly the property is priced to begin with and how keen the owners are to sell. And also what position you are in.
We've seen some that I reckon we'd easily get 20% or more off, others which seem priced about right and I think will sell quickly.
From the seller's POV - when selling my place I certainly wouldn't be offended by low offers through the estate agent, but I'm unlikely to respond well to potential buyers trying to "play hardball" in person while they're viewing.
Just because offers over in scotland doesnt mean you cant offer below.....pending area as above chap in that there londons seeing.
I missed out on a gaff in cove in feb this year that went to sealed bids . Up for 215 i bid 217 and it went for over 300k.
a mate missed out last week on a gaff in mingavie that was up for offers over 260 with 276 and it went for 306 - it didnt even get to sealed bids !
Of course dont confuse value with price......
We paid 5k over asking for our current house because to us with what we had been looking at previous it represented good value to us. In an area we wanted to live with the outdoor space we wanted.
2 houses with similar lay out up the street have seen what the couple sold for and have one up for sale at similar prices - but without any garages ( i have 2 ) and without the rear extension. One doesnt even have a drive way !
The only bite that the one with the drive has had is from my mate tryin to knock 25k off to build a double garage in the backie !
This might be of use to some;
[url= http://houseprices.landregistry.gov.uk/ ]Land Registry[/url]
Official version of stuff third parties provide and it's free. No registration etc.
deepreddave - Member
King-ocelot - that's outrageous. Fair play to you but seriously worrying for anyone in that road given the availability of info. on the net and all. I'm assuming it wasn't vastly over priced to start with? I've regularly seen offers under the asking but not by that much. There are still some who regularly seek an extra few thousand off the day before completion..... hate that with a vengeance.
The others in the road sell for around the £190-£200k mark. Ours is the only one left in the road with a downstairs bathroom. It was on with 2 agents both who told us this was the reason the house had not sold. I've just got plans drawn up to add a bathroom upstairs.
As others have said depends on area abd situation. I would always make a cheeky offer. The seller can only dismiss it.
The house we are buying went on the market last August at £175,000. We saw it in June at £160,000 and offered £140,000
We settled at £148,00 but then the Valuer knocked off £3500 for a non existent damp problem so we met them halfway.
My advice is to be as cheeky as you can, it's a game your playing and can potentially save you thousands in interest!
Depends how desperate you are to buy it and they are to sell it - my folks have just [s]wasted a chunk of my future inheritance[/s] bought a bungalow in our village and their opening offer was only 3% below the asking price - the bungalow has been empty for a year, needs about £10k of work, and my folks are effectively cash buyers with no chain.
Joking about my inheritance aside, I went nuts at them for not going in at 10%-15% below the asking price to test the reaction. They just gave me that pitying look that only your parents can give you.
It's not like I spend most of my working day talking to estate agents and letting agents 🙄
We've just been to look at a house tonight, they're asking £200k but property bee tells me it's been on the market for almost 18 months. Plus it hardly had any furniture in it, they said they'd sold it all ready for the move.
We both really liked it so I think I'll make them a cheeky offer, start around £170k I think which embarrasses me a bit but the first offer should do, yes?
Plus it's not got a garage which is a bit of a disappointment but there's plenty of room to build suitable storage/workshop. Big timber one maybe.
It has three showers and three toilets! Who needs that much flushing water?
Estate Agent told us most places we're going for 5-8% below asking price.
Had offer accepted on property we are looking at at 5% under having originally offered 8% under.
Accepted an offer of 5% under on ours too so seems about right.
1st property we looked at fell through as survey showed major issues with the roof and he vendor refused to budge on price. Lost a 400k sale arguing over about 5 or 6k which amuses me as I drive past it daily on the way to work with a for sale board still outside the empty house.
Estate agents would tell you anything to get a sale to go through in any way shape or form. Scummers the lot of them.
I think it depends on how long it's been on the market, the condition and the price compared to other similar proerties (with relavent + / - for condition) that have [u]recently[/u] sold. I managed to sell our house for asking price, however there's a lot more demand than supply, and houses like this are restricted to about 3 streets within easy walk of town, so I knew I could hold out. As it happened it sold within 3 days... The house I bought I managed to get 15% knocked off due to the length of time it'd been on the market, the condition and the fact I had buyers lined up for mine within 3 days.
This isn't an 'aren't I great' post, just trying to give an indication of what made the difference to my purchases.
Just remember, the worst possible thing that can happen if you put in a cheeky offer is being told no, and even then it's not always no, just a game to see if you'd pay more.
After a chat with the bank here in Oz over valuations etc. It was agreed the fair market value was whatever offer was accepted. If a house is worth more then someone will offer more.
If your the only one interested then what you will pay is what it's worth.
Weather they sell or not is up to them.
[i]however there's a lot more demand than supply, [/i]
Eh? No, I'm sorry, that's the wrong way round. Right now there's massive supply, no demand.
One bit of slightly unconventional advice, don't be scared of just making the offer you want to pay and sticking to it.
It may just be a personal thing, but I view the "offer low and be prepared to increase a little" as a more difficult game to win. It's a bit like playing poker, but with the seller represented by a profesional. So you choose to play bridge instead 😉
Not sure how the english system works but why not just offer what you want? If they say no then perhaps you can make a higher bid? I recently sold my flat for a stupidly low price (I hated where I stayed and had two break ins to my flat, mainly my bikes stolen, wthin a few months) but made sure that the purchase of my new house reflected that. If they had said no I would have gone elsewhere, its a buyers market.
We're looking to buy at the minute & have just started viewing a few properties. Our max price is probable £250,000 to avoid stamp duty (the bank will give us a bigger mortgage but we probably don't have the extra £8k for duty).
We've been looking at stuff upto £285,000 in the hope no chain is in our favour & they may be tempted...fingers crossed we tempt someone.
It's a bit like playing poker, but with the seller represented by a profesional.
It can seem that way, but the estate agent is primarily interested in getting a sale - not necessarily maximising the amount.
Samurai, nope, not in the middle of Bath, if you want a 4 bed house within 5mins walk to the city centre with a garden (although small) for under £375k. There's litrally a queue to buy. I was aiming to sell last May, 16 viewings and 7 offers in 36 hours. This time I accepted an offer of asking price in 3 days.
Samurai, nope, not in the middle of Bath, if you want a 4 bed house within 5mins walk to the city centre with a garden (although small) for under £375k. There's litrally a queue to buy. I was aiming to sell last May, 16 viewings and 7 offers in 36 hours. This time I accepted an offer of asking price in 3 days.
That seems to be quite a rarity on the whole though, certainly in my experience of moving and from one area and looking to buy in another.
It's a bit like playing poker, but with the seller represented by a profesional.
i don't think so. In the end he gets his commission when the house sells. Assuming a rate of 1.5%, every £1000 extra he negotiates the price up, makes another £15, of which I guess the agent would get only part anyway.
Is it really worth having to keep plugging the same old house to another load of buyers time after time for another £50 or 60 quid minus tax in his pocket, just because the seller wants to hang on for another few thousand. It's a big deal for them, getting that last few thousand, but for the agent - persuade them to sell now because what they've been offered is actually pretty fair for the area, bank the cash and move on to another. Far better to turn over a couple of houses at a few thou below the actual value but quickly, than one at or above market rate.
I think the only reason most people use an agent is because it's so terribly unbritish to haggle face to face, hence we pay a middle man to do it for us. I'd happily haggle direct, but if no-one else wants do you're still stuck using an agent anyway. The bigger issue therefore i think is that when we look for an agent, the temptation is to go for the one who values it the highest rather than honestly, and thus the haggling process exists.
In Scotcheggland, it's not always offers over but a mix of that and fixed price. When we bought where we live now, we got lucky in that the market had taken a huge drop for bigger stuff in the area we wanted to live (our place dropped by well over £100k from going on the market to us buying it) but we managed to sell our two flats within 6 and 5 days respectively from going to market and above the valuation. In both cases, we did the marketing ourselves. Home made signs, small advert in the GSPC website etc. The Home Report was great as it gave us a sense of the value to expect and we were happy with what we got.
With Home Reports, I definitely got the sense that the imbalance between the buyer and seller shifted so that the buyer has a much more informed idea of what to pay.
Having said that, we looked at a place in Hyndland where we made an offer and the chap selling claimed to have had two significantly higher offers. However, speaking to the Estate Agent negotiater, she was a bit taken aback by this and let slip that there had been no offers. We politely withdrew the offer and laughed at her client's chancer like behaviour. 😀
Offer what you think it is worth to you. There are no hard and fast rules to negotiating. You might just get lucky!
As for Estate Agents, they are more a hinderance than a help. I had the negotiator for our purchase tell me the couple we bought from were on holiday over the weekend when we made and offer and were uncontactable so could not make a decision. Oddly enough, I had spoken to them immediately before making the offer and they weren't on holiday. There's nothing like someone lying to you in order to get you to panic and up an offer that irritates me! 👿
Samurai, nope, not in the middle of Bath, if you want a 4 bed house within 5mins walk to the city centre with a garden (although small) for under £375k. There's litrally a queue to buy. I was aiming to sell last May, 16 viewings and 7 offers in 36 hours. This time I accepted an offer of asking price in 3 days.
That seems to be quite a rarity on the whole though, certainly in my experience of moving and from one area and looking to buy in another.
Yes, exactly that. That's why I've got far more off the new house than I would accept off mine. That's the point I was trying to make about areas and different properties having different expectations of discount
Edit - can't do mutiple quotes but I'm sure you get the idea!
^^^ Not as rare as you'd think. We've been looking for something resembling value for over a year now. The kind of places we're looking for (standard 3/4 bed family home) in our area (Hants/Berks/Surrey borders) are going for silly money still within days of coming to market, with multiple offers, and fairly often for over asking.
All very depressing, I've no idea where people are getting the money from but there seems to be a lot of it sloshing around.
The kind of places we're looking for (standard 3/4 bed family home) in our area (Hants/Berks/Surrey borders) are going for silly money still within days of coming to market, with multiple offers, and fairly often for over asking.
Interesting. I moved from Bucks/Herts/Beds border (Tring) last December, and things were pretty stagnant over stamp duty as that was exactly what we were looking for. Anything with three beds at stamp duty or under seemed to move pretty fast.
The bigger issue therefore i think is that when we look for an agent, the temptation is to go for the one who values it the highest rather than honestly, and thus the haggling process exists.
^^^ this. People get a couple of Estate Agents in and pick the one who'll sell it for the most money. But it doesn't, it sits on the market for a year because it's overpriced and then they flog it for a knock down price as they get desperate.
Cheeky bid, but also include reasons why it's a cheeky bid (without obviously saying it's cheeky 😀 ) - no chain involved, mortgage approved, needs work doing etc. etc.