Putting in offers under when housing buying

[Scotslasslivinginfrance]

Having never bought before in England just wondering what the norm is and if it's okay to offer under the asking price and if so is there a usual percentage under that you would offer?

Also who gives the buyer advice as the EA is working for the seller so clearly not neutral?

Yes you must always remember the agent works for the seller. That being so, I find they still can’t help revealing things that can help with deciding what to offer (the sellers have already found a house; getting divorced whatever - they may accept a more offer for expediency). But I would usually go about 10% under the asking. Obviously if it’s a hot market and things are going quick you offer nearer or at the asking. You can also look online at Rightmove or Zoopla which tell you what similar properties nearby have sold for. People can put whatever price they want on a house. It is only worth what someone will actually pay for it. Always get a survey and anything major you can renegotiate.

Most people would try putting in an offer first, just in case the house is overpriced. If you really, really fall in love with the house you could try offering the full asking price but say it's subject to the vendor taking it off the market immediately and not showing anyone else round.

And yes, the EA is working for the vendor, not you.

Sorry my reply should have read a lower offer no a ‘more offer’

Thanks that's helpful to know, whenever we have bought before our solicitor has always advised us what would be a strong offer, based on the current market and size of property, so I'm just feeling a little uninformed at present and not sure the best way to approach house buying.

Also just wondering do you put the offer in yourself to the EA or is that done by a solicitor?

Just put in the offer yourself to the estate agent. It’s just a quick phone call so you definitely don’t need to pay someone to do it for you. Remember to tell them any useful info eg no chain, we already have a mortgage in principal.

It's fairly common to put an offer a little under, especially if it appears to be overpriced compared to others in the area. 10% would be fairly standard.

What irritates me (which is more my issue than anything else) is when a house is priced reasonably and someone puts in a lowball offer say 20-25% under just to take a chance. It's a huge waste of everyone's time.

We've always put out offers in to the estate agents ourselves.

We are in a good position I think, we don't need to sell, our finances are all in place. So hopefully that would be appealing to a seller and and could offset their feelings if we offer under!

If it's a house you really, really love then offer what you can afford. Our current home went to best and final, we offered our absolute max and over the asking price but got the house. Found out afterwards that there had been a number of other offers in excess too and ours was the highest by just £500.

Me and DH have put in some downright cheeky offers with a view to negotiating, a couple of times they’ve been accepted and we’ve bagged a bargain.

Some people get offended and it sours negotiations so you have to pick your audience.

Always be prepared to walk away with property is my advice.

We are currently looking and what I find confusing is that there can be huge differences in pricing for properties that are very similar sizes and my lack of property knowledge means I'm not sure which is an accurate price! It's good that a couple of people have mentioned 10% under as a good starting point as, that would make me feel less cheeky and more like that's an assertive move as we are in a good position!

This purchase is not a forever home, just needs to work for us for the next few years, so we are unlikely to get caught up emotionally in paying over the odds.