I’m with 5plusn8 on this, it’s about low offers and bluffing IMO
The agent doesn’t really care about the price, and will just want a sale. The difference in their commission for an extra £10,000 is tiny in comparison to the commission they lose if the sale doesn’t go through.
Don’t give much away when you view the property, as if they realize you’re in love with it then you’ll be paying more. View other properties with the same agent to emphasise that you have other options. Try and find out why the owner is selling and how desperate they are..
If your first offer is accepted, then you’ve bid too high.. you can always bid higher, but it’s pretty difficult to agree a new lower price once you’ve already reached an agreement..
Money sounds smaller when talking in 1000’s, so don’t fall into the trap of “It’s only 5 extra..” £5,000 is a huge amount..
Look at the property’s previous sale and current listing history.. see how long it’s been on the market and how much the price has dropped since day 1.. also some agents list different prices on different websites, worth checking them all.. someone near me overpaid by 25k on a property that had been on the market for 2 years as they’d agreed based upon the price on the most expensive listing..
Use common sense.. the agent I last dealt with said “They will accept your offer, but it would be a really nice gesture if you could maybe pay an extra grand”. Which I surprisingly didn’t feel like paying.
Edit: Don’t be afraid to ask them outright.. “I don’t want to mess you around at all – What’s the lowest you’ll realistically accept for the property?” Worst case scenario is they tell you the asking price, but you’ll be surprised how many people will give you a price substantially under, which you might be able to negotiate down further if you bid close to it..
Just my 2 cents, feel free to disregard..