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How much under the asking price do I offer?

(24 Posts)
charltonchick Mon 24-Aug-09 08:38:51

I want to put a bid in on a flat today. It was on for £149,00 for months and didn't sell and has just been reduced to £135,000. To be honest that's a good price but money is tight and it's a repossession so I have no guilt about trying to fleece another couple.

How much do I offer? DH says £125,000 but I think I've been watching too much Kirstie and Phil as I'm tempted to offer £120,000 in the hopes that after a bit of to-ing and froo-ing we agree on £125,000. DH says that's a waste of time and that they'll just dismiss us as not being serious.

How does this work? Help!

rubyslippers Mon 24-Aug-09 08:41:18

£120k is a bit low but what do you have to lose?

what is the highest you are prepared to offer?

we went £10k under the asking price 18 months ago and it was accepted - things are even more different now

fruitstick Mon 24-Aug-09 08:44:48

I think 10% under the asking price is the standard starting point these days (even if they don't accept it) so starting at 120k and ending up at 125 seems about right. Buyers never accept your first offer.

I'm offering on a house today and am having exactly the same discussions with my DH. It seems Kirstie has a lot to answer for grin

Good luck!

charltonchick Mon 24-Aug-09 08:45:29

I wouldn't want to pay any more than £127,000 cos with the work that needs doing and fees that'll be £130,000. Am just worried that by going in at £125,000 the vendors will haggle upwards. But if they accepted I'd be happy

msrisotto Mon 24-Aug-09 09:09:00

No definately go for 120 - they can decline if they want to!

OH and I just bought a house advertised originally at 275, then to 259,950K. We started our offer at 240 and they came back saying how about 242,500 so we were v surprised and happy!

What have you got to lose?

toja555 Mon 24-Aug-09 09:17:03

If this is repossesion, usually the price they advertise is the minimum. My friend just bought a flat through repossesion, which was advertised at 120k and she bought at 131k (there was another buyer who increased the bid). Another house we saw advertised for 180k, this was also being repossesed and the EA would not sell at less than that. Have that in mind.. this is not a standard buy procedure.

fruitstick Mon 24-Aug-09 09:18:48

Ok, I have put my offer in. Asking price is £385k, they bought at £360k 12 months ago (v odd) so their asking price is cheeky to say the least.

I have offered £343k.

Fingers crossed

charltonchick Mon 24-Aug-09 09:26:33

Wow that's ballsy

Fingers crossed for you.

Meanwhile I'm still dithering and can't bring myself to pick up the phone.....

toja555 Mon 24-Aug-09 09:30:09

I bid several houses starting with 10% under asking price and was outbid all the time. Until I changed my tactics and offered 5% below, my offer was accepted ad 4% below asking price.

fruitstick Wed 26-Aug-09 22:04:36

charltonchick - how did you get on? We went up to £350k and they've still said no sad

HerHonesty Wed 26-Aug-09 22:13:45

did you really write "it's a repossession so I have no guilt about trying to fleece another couple"....

NoseyHelen Wed 26-Aug-09 22:26:20

I'm so glad someone else picked up on the line...

Rachmumoftwo Wed 26-Aug-09 22:30:11

I thought she meant she was dealing directly with the bank so wasn't directly putting someone in the position of having to accept less than they wanted to. Repossessions are sad but someone has to buy them so why not the OP?

NoseyHelen Wed 26-Aug-09 23:05:28

The way I see it, the owners are on financial difficulty. They will still be liable to repay the mortgage, minus what they get back from the house-sale. A low ofer may well put them in negative equity so they could continue with large debts and be homeless.

I'm not saying I would never do the same thing but I would feel guilty fleecing someone else.

NoseyHelen Wed 26-Aug-09 23:07:53

It's a shame I can't type...

1dilemma Wed 26-Aug-09 23:31:12

I did once read that if you are not embarrassed by your first offer you've bid too high.

(However please consider that I currently rent [grin[)

1dilemma Wed 26-Aug-09 23:31:36

grin

HerHonesty Thu 27-Aug-09 09:08:10

nosey helen... thats my point. yes someone has to buy a repossession but its sad that fleecing people in the property game is seen as normal/acceptable.

fruitstick Thu 27-Aug-09 09:20:38

I'm not sure that's what is being said. Fleecing is a strange choice of words but offering a price that you are prepared to pay is not 'fleecing' someone. If it is an unfair price then someone else will come along with a better one.

What do you suggest people do, pay the asking price because that would be kinder?

newpup Thu 27-Aug-09 10:24:04

Definately offer at a cheeky low price first - what have you got to lose?

We made a very cheeky offer to buy our house and negotiated £20 K off asking price!

My first thought was that the vendors will never accept less than the asking price, the house is totally gorgeaus BUT they did!!!!

Go for it!

HerHonesty Thu 27-Aug-09 14:59:50

my comment merely relates to the word "fleecing/" Off course she should offer the market price. But to be proud of fleecing someone who is potentially in a quite an awful situation is odd to say the lease.

Stigaloid Thu 27-Aug-09 15:13:53

Put in your lowest bid and see what happens They are keen to sell. Has been onmarket a long time.

We bought at peak of market (damn it) and i still put in a bid of £20,000 under the asking price and told them we weren't budging so either they sold or we looked elsewhere and they sold. (They made a bundle on the house from when they bought it to sold it, we have since lost about 10% of the house value - argh - damn market)

Always bid low and have a max bid you will not go over. You can always find another property.

charltonchick Thu 27-Aug-09 20:51:15

Been away from a PC for a while and it seems I have been judged in my absence - just to clarify that it's a repossession from a property developer so I have no problem in haggling with the building society over price.

Scottie22 Fri 28-Aug-09 20:50:41

Definately put in lower offer - market still has some way to fall despite what they want you to believe! Try www.housepricecrash.co.uk - makes very interesting reading and should double your resolve!!

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