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What percentage off asking price would you offer?

(63 Posts)
WideWebWitch Sun 19-Aug-07 08:43:33

Please. We're thinking of making an offer which is 11.4% less than asking price. Reasonable or not? If they don't accept we'll walk away so it's fine but just wondering what people think is reasonable in this property buying climate. TIA.

gscrym Sun 19-Aug-07 08:45:02

Good luck with it. I'm in Scotland so we have to offer over the asking price.

aDad Sun 19-Aug-07 08:46:58

That sounds very low

I would think it very unlikely they accept unless they have been trying to sell for ages with no luck, and even then...

norkmaiden Sun 19-Aug-07 08:48:44

well do you really want it? And could you afford more? If so, I'd say add a bit, I think more than 10% under would be something most sellers wouldn't go to - unless you think they're desperate and will take a cheeky offer? People do get bargains this way (not me though )

littlerach Sun 19-Aug-07 08:53:19

I think that is fine.
If nobody else has made an offer, and they really want to sell, they may well accept it.

If you cn up the offer at a later date, then you can always come back with a better offer anyway.

And if you really want it, there's no harm in trying.

littlerach Sun 19-Aug-07 08:53:56

And if I remmeber, you are a first time buyer?
So in a good position. Better than someoane who needs to sell theirs.

CantSleepWontSleep Sun 19-Aug-07 08:54:20

When we bought we offered 4% less than the asking price, and got turned down flat. I think buying for about 98% is the norm, although there will obviously be exceptions. How long has it been on the market, as that could make a difference?

WideWebWitch Sun 19-Aug-07 08:56:59

My rationale is:

It was flooded recently which doesn't bother me but makes me think I ought to get a nice discount

no parking

small garden

Has been on a while but not for ever

They want to move to another country

we are proceedable, could move reasonably fast as ftbs

No-one knows what will happen with house prices/stock market, blah blah

WideWebWitch Sun 19-Aug-07 08:58:20

And I am prepared to walk away, it wouldn't be the end of the world if they turned us down. In fact, it would give us more time to save more cash and have a larger deposit potentially.

Won't even contact agent for a week.

littlerach Sun 19-Aug-07 08:58:38

Have a go!
They can only say no.

CantSleepWontSleep Sun 19-Aug-07 08:59:28

The parking and small garden will already be built into the price, but the flooding and their desire to emigrate could give you some leverage.

aDad Sun 19-Aug-07 09:03:41

agree with CSWS

I still think if they were prepared to accept an offer that much lower, they would have priced their house nearer that figure.

But you are in a strong position as you dont mind being knocked back, so you may as well try if you really aren't prepared to go higher.

WideWebWitch Sun 19-Aug-07 09:05:51

Thanks everyone. I'm going to leave it a week as part of my 'we're not that interested' strategy and if it goes in that time, it goes. Worth a try I think, maybe they'll decide we're a bird in the hand...

WideWebWitch Sun 19-Aug-07 09:06:46

Apologies for coming out with middle aged expressions like 'bird in the hand' - that happens a lot recently

PeterDuck Sun 19-Aug-07 09:11:15

Message withdrawn

noddyholder Sun 19-Aug-07 09:13:53

I would try as prices are stalling amd interest rates are on the way up so you have nothing to lose.

PeterDuck Sun 19-Aug-07 09:19:19

Message withdrawn

WideWebWitch Sun 19-Aug-07 09:20:39

We're in home counties, seeing some houses in the paper with "NEW PRICE" on them, i.e. reduced. Some places have been in the local paper for months (I look every week!).

noddyholder Sun 19-Aug-07 09:28:52

We have sold and are moving into a rented flat in 2 weeks time adn then plan to look for a house.Three houses we viewed recently have been sent to us again at about 10% reduction so there are changes albeit very slow.

SueW Sun 19-Aug-07 09:40:08

First flat we bought we offered 62k or 62.5k. It was on for 75k, recently reduced from 85k having been bought for 120k. We couldn't afford to go to more than 67k and that's what we got it for with guaranteed 4 week completion (I had to otherwise would lose cheap mortgage). Same possie as you - we were ready to move and owner was abroad. Albert Bridge Road, Battersea, 1993. Unbelievable now, that price!

House on our road here has just been reduced from 695k to 650k after 6 months on market and only one serious buyer - cos agents have no idea what the market will stand at the moment.

I think you are in a strong position and perhaps you could sweeten it with a quick completion?

annifrangapanni Sun 19-Aug-07 09:47:50

I am new so what I am about to post may seem a little errrrrkkkk.

I am an Estate Agent. ( I know this how not to win friends and influence people).

In answer to your op it depends
1.on the area and the asking price of the house. Check on right move to see if other houses in the area are of a similar price/higher / lower. As a general rule of thumb the cheaper the house the less room for movement.
2.Ask the EA if there have been any price reductions on it. If so when.
3.If the house has been flooded check with the insurance companies that it is insurable before putting any money on the table.

Get to know your EA, keep in contact view the properties they call you about. Look like a serious buyer and they will help you. If they call you about a place say you will view it there and then and then you can cancel and rebook if it really is not convenient. Do that and then they will call you when the new properties come on the market. That way you get a true bargin. hth

WideWebWitch Sun 19-Aug-07 10:59:58

Thanks SueW (omg at London prices in 93!) and anni, good point, v good point re insurance. Welcome to mn!

Sheherazadethegoat Sun 19-Aug-07 11:02:31

we did it. seller pissed around for ages and was a pita but we got the house. and we are in scotland.

Blu Sun 19-Aug-07 11:05:03

We sold and bought at about 5% below asking price. (London prices).

southutsire Mon 20-Aug-07 14:13:54

Just to add another experience, we are looking in SE London/NW Kent borders at the moment and estate agents keep hinting that sellers will go down an awful lot. We saw one on for £400k and as we looked round it with a lack of enthusiasm but without saying anything, the estate agent said 'I think they'd take 350 though.' Admittedly she was particularly useless and didn't even attempt to show off the property's better aspects.

Here's an interesting website where you can do a postcode search and see prices that have dropped in your area - there are quite a few that have been cut more than 20%:

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