What percentage off asking price would you offer?

[WideWebWitch]

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]

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

[aDad]

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]

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]

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]

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

[CantSleepWontSleep]

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]

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]

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]

Have a go!
They can only say no.

[CantSleepWontSleep]

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]

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]

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]

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

[noddyholder]

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

[WideWebWitch]

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]

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]

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]

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]

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

[Sheherazadethegoat]

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

[Blu]

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

[southutsire]

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%: www.propertysnake.co.uk/

[WideWebWitch]

Thanks all and southutsire (ooh I can hear the rest of the shipping forecast now, n utsire, s utsire, chipping, dogger, byte, is that right?)

Going to offer tomorrow, will let you knwo what happens.