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Property/DIY

Almost 96% of asking price.. Fair???

72 replies

HappyGirlNow · 14/10/2012 21:42

Just that.. We're putting an offer in on a house tomorrow. The full asking price would really stretch our budget. So we're going in at just under 96%. This seems fair to me in today's market. Or is it too much as a starting offer? What do you all think? Oh and we're ready to go, not in a chain, we have deposit and mortgage approved..

Thanks.

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HappyGirlNow · 14/10/2012 21:45

Oh, and asking price is value of property..

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DialMforMummy · 14/10/2012 21:57

I'd go for lower but then again, I am all for cheeky offers. How long has the property been on the market for?

AKissIsNotAContract · 14/10/2012 21:58

I'd go lower, especially for your initial offer as they will probably ask you to increase it.

AKissIsNotAContract · 14/10/2012 21:59

In fact if you are not in a chain and are ready to proceed I'd make a cheeky offer initially.

HappyGirlNow · 14/10/2012 22:02

Thanks akiss, we just don't want to piss them off as we really want house and would rather not play games but don't want to pay over the odds either.. It's only been on market a week and had some interest but from a couple who still have to sell their home! But I think initial interest has maybe given them a false idea of what to expect?

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bureni · 14/10/2012 22:07

I would break your arm if I was the seller.

ArbitraryUsername · 14/10/2012 22:07

Go in lower. They'll assume you're going to offer more in a second offer. Or you may be lucky and they'll accept your lower offer.

We completely discounted a house we viewed that was on for £300k because we thought they'd never consider offers as low as we'd have wanted to pay. It sold in August for just under £250k. We wouldn't have paid that much; but it still goes to show how far you can stretch an offer before it's 'cheeky'.

HappyGirlNow · 14/10/2012 22:18

Thanks all I think the only thing that's worrying me is that she has had a bit of interest very early and she may be a bit over-confident about what she can expect. Really want house and would prefer not to play games, would rather just said what we can afford and she agreed to accept - realise that may be naive!

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AKissIsNotAContract · 14/10/2012 22:27

having interest is not the same as having an offer. You are in a strong position so can make a cheeky offer.

HappyGirlNow · 14/10/2012 22:36

Thanks all - what % would you suggest?

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AKissIsNotAContract · 14/10/2012 22:38

It depends on the cost of the house but I'd probably go for 80-85%

aufaniae · 14/10/2012 22:44

We said no to our first offer as we were over confident at the beginning.

Three weeks later, and no whiff of another offer we went back to them and they were still interested thankfully!

HappyGirlNow · 14/10/2012 22:48

Thanks akiss and aufinae. I've a feeling that's what would happen with a cheeky offer and I want house so much would find it hard to hold my nerve!

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UsingAPsuedonym · 14/10/2012 23:51

Wow at 80 -85 percent. We've had some estate agents valuations (first time we've sold). Our house is worth 175 to180 so I assumed we'd put on for 180 and get 175 . Should I not expect that. Amazed at difference above too - we can afford 230or240 so had only looked up to 250 . I'd love it not to be so confusing!!

Vix07 · 15/10/2012 00:06

Apparently the average accepted discount to asking price is around 6% in a buoyant housing market but at one point recently was more like 19%!!

Remember if they do say no initially you can always go back with a higher offer, so it's worth trying for a better price. Good luck!

HappyGirlNow · 15/10/2012 07:59

Thanks all I also wish it could be less confusing! I can't be arsed with game playing but also don't want to pay over the odds, just a fair amount in today's market.. I'm still undecided as what to offer.. I'm calling estate agent at 9am - wish me luck!

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wendybird77 · 15/10/2012 08:02

We bought ours for 18% off asking (though the asking was delusional). But it had been on the market for a while and they already had another house, we are chain-free. It totally depends on your local market and the sellers position. We made low offers on others which were rejected, most of which have not sold or have come back on the market. Depends on how much sellers want to sell!

Graciescotland · 15/10/2012 08:02

Good luck!

TroubleAndFyfe · 15/10/2012 08:23

We went in at 95% and said, we're not playing games, this is what we can afford and don't want to go back and forth increasing offers. They came back and asked for 96%, straight away, no waiting around. We were really happy with this as really wanted the house! Good luck!

aufaniae · 15/10/2012 08:29

Don't go in with your final offer.

There's not harm in making a lower offer. Buyers expect to say no to the first offer IMO.

aufaniae · 15/10/2012 08:31

UsingAPsuedonym in one way, you're in a good position, you may be able to get a bargain at £250K because of the stamp duty ceiling there. Properties get a bit stuck at £250K IMO (like ours for example).

AnitaBlake · 15/10/2012 08:34

Ask for a second growing, speak to the vendors directly about their expectations. Try to be honest about what you can afford. Ask them for a phone number and if you can agree a price between you, tell them you will be making an offer of what you have agreed on x date and they should expect a phone call. Call them on that date, repeat your agreed price and tell them you will make an offer now. Call estate agent and make offer (they will tell you its too low and that vendors won't agree) wait for response.

Keep the vendors in the loop. We did this and both parties ended up arguing against the estate agent, but we got a price we were both happy with. Estate agents are the ones who play games, not buyers or sellers (with a few exceptions). The vendors got what they were expecting, and we paid what we were happy with. The estate agents were 'most surprised' when our first offer was accepted!

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HappyGirlNow · 15/10/2012 08:36

troubleandfyfe that's exactly what we were (are?) wanting to do.. House is worth asking, if it wasn't I'd be more inclined towards a cheeky offer.. Shit, decisions!!

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Leftwingharpie · 15/10/2012 08:39

We just paid less than 90% of the asking price on ours. Go in lower.

HappyGirlNow · 15/10/2012 10:50

They've rejected I asked estate agent what they wanted and she said they're adamant they want full asking price and she's not sure they'd accept anything less at all. Another party has put in a 'note of interest' but, as far as I can make out, they have a house to sell.. I just said 'fine, thanks for letting me know' to the estate agent..

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