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To offer 10% lower than asking price?

(64 Posts)
Ansumpasty Thu 19-Oct-17 14:45:19

Quick question!
Fallen in love with a house that's up for £249,950.
What would be the standard first offer...I've read online it's 'expected' to offer 10% lower?
AIBU or does that seem insulting? Thanks!

BeyondThePage Thu 19-Oct-17 14:49:30

It depends - do you really, really, really want it?

10% lower is TWENTY FIVE THOUSAND POUNDS less - if I was selling I would not only tell you to take a hike, I would not take any subsequent raised offer seriously. But that is me - obviously. Others may be more accommodating.

I'd probably offer £242k as a start.

user1499786242 Thu 19-Oct-17 14:49:33

We fell in love with a house and absolutely had to have it
So we offered full asking price
Didn't want to muck around as I would have been devastated if we lost the house
We went to the viewing intending to put in a lower offer... but we just couldn't risk it

Move in on Monday 😁😁😁😁😁😁😁

Ansumpasty Thu 19-Oct-17 14:57:10

Congratulations, user!
I ageee, it does seem very insulting.

Maybe 233,000?

araiwa Thu 19-Oct-17 15:00:33

You should be embarassed by your first offer

gamerwidow Thu 19-Oct-17 15:02:29

Is the house fairly priced? If so I would just offer the asking price rather than messing about if I was in love with it.
You can take a gamble if you want but I’d only do it with a house I was OK with rather than in love with.

WitchesHatRim Thu 19-Oct-17 15:06:42

Your second offer is still to low imo.

AtHomeDadGlos Thu 19-Oct-17 15:08:22

No reason why offering £25k under the asking price is an insult if it is unrealistically priced in the first place. All depends on your reasoning and evidence you can use to justify.

For instance if you’re a cash buyer or chain free then you’re in a good position. If other similar properties have sold at the lower price recently then that’s another argument to be made.

Ultimately there’s no rule of thumb that 10% is standard.

I would just say that just because you might want a roof extension or a conservatory etc doesn’t mean they have to reduce the price.

MrTrebus Thu 19-Oct-17 15:10:51

Wow £233k seriously? How offensive. Does it seem fairly priced? Is it for sale at a similar price to other similar houses around that have sold recently? Our house was up for £255k and we offered £247k which was rejected then £250k final offer due to stamp duty and it was accepted. They've already priced the house below the next stamp duty threshold so if youre going to offer a lot less you should be able to justify why otherwise it just seems like a cheeky offer.

As the seller i would probably keep rejecting your offers til you got right near my asking price because I'd be so offended at £233k and because you'd then increased the offer once or maybe twice - Think carefully before you offer so low because then when you perhaps keep increasing your offer, the seller will know you really love and want the house and get you right up near their asking price Anyway!

ThroughThickAndThin01 Thu 19-Oct-17 15:12:02

How long has it been on for?

I'd probably go in at £237,000 and expect to go up quite a lot.

Unless it's been on the market for 6 months +.

Gladys123 Thu 19-Oct-17 15:14:01

How 'll g has it been on the market? We got 60k off a 560k asking price because it had been on a few months. You don't ask you don't get. And you don't have to justify your offer hmm its your money!

MrsTerryPratchett Thu 19-Oct-17 15:16:13

You need to do your homework. What has sold near there? How long on the market? Any issues with the house, location or anything else?

Do remember it's REAL money. To you and the seller. That often gets forgotten in the bargaining.

Ansumpasty Thu 19-Oct-17 15:16:29

Very true.
A house was sold recently in the next road (very similar house) for 235,000. That had a bigger extension, too.
I do think it's reasonable as it has extension/conservatory already put on and nothing that needs immediately updating, etc.

We are first time buyers with no chain as buying cash.

Woobeedoo Thu 19-Oct-17 15:17:45

If I were selling and someone offered such a low price I wouldn't take them seriously with any future offers.

If you really do love the house then offer the asking price or one or two thousand under and once they accept get them to take it off the market.

Ansumpasty Thu 19-Oct-17 15:18:00

It's only been up a few weeks and is a lovely area.

TonicAndTonic Thu 19-Oct-17 15:18:59

How long has the house been on the market? if its been for sale for a while, then yes I'd try an offer under the asking price. If they reject it though, and you then up your offer too readily, they'll know you really want the house and just keep rejecting until you still end up at the asking price.
But if it's only come on the market recently, they'll have pretty much zero incentive to accept anything less than the asking price!

Also depends on what benefits you bring to the table as a buyer. Are you a cash buyer, or perhaps you don't have a house to sell (so no chain). Things like that would work in your favour and may give you a bit of leverage on price.

TonicAndTonic Thu 19-Oct-17 15:19:23

Ooops massive x post with your updates OP!

PinkHeart5914 Thu 19-Oct-17 15:20:04

I’d offer 10% less, at the end of the day they can say no if they wish. Me and dh offered 10% less on our current home and they accepted it becuase we were cash buyers which is what the sellers wanted

These days offering less isn’t offensive it’s just the way the market works and nobody has to accept an offer if they don’t want.

Alicetherabbit Thu 19-Oct-17 15:23:43

We offered £40k less, which was 10%, and left the offer on the table. They accepted a week later.

Grumpyoldpersonwithcats Thu 19-Oct-17 15:24:06

Being 'insulted' by an offer is pointless. It's the seller's choice to accept, reject or make a counter offer.
Offers depend on local market conditions. When I bought my current house it was on at £300k, I offered £250k. The offer was rejected because they had another higher offer. I knew the seller had to move quickly so simply told them that if their offer fell through they could come back to us.
10 days later we were asked if still interested as their offer had indeed fallen through - we bought the house for £250k.
We are not in a period of high property inflation so just offer what you believe the house is worth to you. If someone is insulted by your offer then they need to get over themselves.

Coastalcommand Thu 19-Oct-17 15:24:24

Ours was on at the same price but we got it for £210,000. It had been empty and in the market for well over a year. Even the estate agent said it was overpriced and advised our offer.

newmumwithquestions Thu 19-Oct-17 15:27:22

We are first time buyers with no chain as buying cash.

This is important - if the sellers want tomorrow quickly they may go for you.
I'd go in 10% lower - you can always increase.

Saying that I offered full asking price on the one we're buying, but there were reasons.

BishBoshBashBop Thu 19-Oct-17 15:27:47

It's only been up a few weeks and is a lovely area.

Unless they need yo move quickly, in that case I very much doubt they would take a lower offer.

Doublechocolatetiffin Thu 19-Oct-17 15:29:17

I've bought two houses in my life and both we've got for around 10% less than the asking price. Both have been for a lot more than £250k (london!) so I do appreciate how it seems when you offer tens of thousands less than the asking.

However, it really does depend on the condition of the property, how long it's been on and the current market conditions. The market is pretty slow at the moment so I probably wouldn't be looking at a full asking price offer, especially being an excellent position as a first time buyer. Assuming the house are in similar condition I'd certainly be offering less than £235k, if that's what a larger house on the next road over sold for.

You really do have to do your research though and work out why you are valuing at less than the estate agents. If you can point to similar houses that have sold for less you can use those as a basis for your offer.

peachgreen Thu 19-Oct-17 15:29:29

We gave up making offers after getting into half a dozen agonising bidding wars and losing a couple of houses we really loved. In the end, we found a house we loved and offered the asking price if they’d take it off the market by the end of the day. We felt it was fairly priced compared to others in the area so were happy to go in at full price.

They accepted and we’re moving in today! We actually ended up getting £10k off after the survey but even if we hadn’t we would have been happy. We’re planning on staying here a long time and feel a house is worth what you’ll pay for it, if you know what I mean.

Good luck!

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