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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think that 10% below asking price for a house is reasonable?

50 replies

Flossyfloof · 08/04/2012 12:06

I have seen a lovely house, and would like to put in an offer. I would be paying cash, which puts me in a good position. Do you think going in at 10 or even 15% below the asking price is sensible?

OP posts:
Beamur · 08/04/2012 12:08

You might as well try - you've nothing to lose by asking. If they refuse you can always negotiate upwards to a price you're willing to go to.
I'd rather not have my first offer accepted - makes me think I could have got it cheaper!

maybenow · 08/04/2012 12:09

depends on the asking price compared to other stuff - 10% under might be reasonable, but not if it's clearly had loads knocked off already...

on the other hand, if it's on at a high value compared to other similar properties then maybe even more than 10% lower is ok...

Original poster
Flossyfloof · 08/04/2012 12:09

Yes, that would be a real bugger, wouldn't it??! Thanks, Beamur. I am off for a closer look right now. It is if I am honest a bit more than I can afford, hence the question!

OP posts:
iliketea · 08/04/2012 12:10

you can offer it, the sellers may accept or not. Nothing wrong with offering though. We offered 10% below on our house, sellers refused initially, but we couldn't up our offer, so we left it. 2 months later, estate agent phoned us and said sellers would now accept our offer we still wanted to buy as they'd had no others. And now we live in it!

DPrince · 08/04/2012 12:10

Always worth a try. If its declined (and you want to/can) go higher. Not many people will refuse further offers from you just because you have started low.

marriedinwhite · 08/04/2012 12:12

Depends: how long has it been on the market? Has it been reduced already? What is the position of the sellers? Have there been any other offers? Is it an enviable property that will sell quickly in any market? Are you buying it as a home or an investment? How much do you want it? Is it worth the asking price? How much would others be prepared to pay for it?

catsareevil · 08/04/2012 12:13

It depends on what the house is actually worth to you (and other people buying at the same time in the same area).

LoopyLoeufdePaques · 08/04/2012 12:13

We offered, and had accepted 33% below. Go for it.

Tiggles · 08/04/2012 12:18

Depends how on long it has b meen on the market. After 3 years we accepted 20% off the asking price (about 60% off original price when we put it on just before the housing crash ) we were just desperate to get rid of it. In fairness they did say they would complete within 4 weeks, after 8 when they stillweren't ready to complete we pulled out.

mayorquimby · 08/04/2012 12:23

I'd offer lower.

Dawndonna · 08/04/2012 12:30

As everyone says, it all depends on so many things. Offer, they can only tell you where to get off. My last house somebody offered 10% below asking. I told them to sod off, but I was in a good position and accepted an offer just below asking price.

OldGreyWiffleTest · 08/04/2012 13:58

Find out what the price was in 2007 and aim for near that. If you are not embarrassed by your offer then you are offering too much!

JarethTheGoblinKing · 08/04/2012 14:04

Depends on the value of the house too! I'd offer 10% off a £200k house, but not a £500k one, for example.

A lot of houses are being marketed at over their perceived value, with the expectation that 5-10% will be knocked off for an offer. But as an example, my parents house is on the market for what it's actually worth (and much lower than the estate agent wanted to list it at) because that's what they want for it.

Still - never hurts to ask!

RedHelenB · 08/04/2012 14:27

Offer what you feel you want to pay for it. So, you may have got it cheaper if they accept that but if you've got the house you want to live in does it really matter?

only4tonight · 08/04/2012 14:29

Be prepared for them to say no though. In the last month we offered 208 on a place up for 215 and was turned down. 225 on something that had been on the market at 240 for 6 months with no reductions and was told they would not accept less than 240 and 1 we are still waiting on with an offer less than 5 percent below asking and they are taking an age to think about it.

Both the houses that we were turned down for are still on the market.

exoticfruits · 08/04/2012 14:31

Offer whatever you like. The vendors are free to accept or not.

Heswall · 08/04/2012 14:33

House is only worth what somebody is willing to pay, equally it's only for sale at a price the vendor is willing to accept and they have the house and you don't.
It's a minefield !!!!

CecilyP · 08/04/2012 14:34

Offer what you want to pay. If your offer is too low, they will just say no. If a house is unusual in any way, estate agents often have little idea how to value it. It only finds its value when people start to offer.

Northernlurker · 08/04/2012 14:34

If I was offering now I would start at 20% below and be happy with 8-10% off.

Heswall · 08/04/2012 14:36

For that reason though Northern lurker I'd be putting my house on the market for 20% more than I want and be happy with 8-10% off it's all so bloddy ridiculous can we not have a pricing system where by people put the house on for what they want and buyers take it or leave it ?
It's all so daft IMO

only4tonight · 08/04/2012 14:56

its a bit difficult. We quickly realised that if our place was not selling at a certain price we had to drop it. We also took less than we wanted for it but figured a buyer in the hand was worth more than a few thousand to us.

Property Bee is a god send. It shows you how long a property has been on the market and any price changes. I mean I can see properties that have been on the market since 2010 and have not sold, have not decorated and have not changed their price. It appears no one has though to tell them their expectations may be a little unrealistic.

If you havent sold your house after 6 months you need to change something. Sometimes its decorating or building work. More often than not it is the price!

only4tonight · 08/04/2012 15:00

Though if someone offered 20% off of my house when it had only just gone on the market I would have told them in no uncertain terms to shove it!!! I would also have been wary about proceeding if they had upped their offer as I would see them as flighty and likely to let us down. Tis the reason we went with the buyers we did. we had 2 offers within 500 of each other on the same day but the investor won out because he was more straightforward.

smartiesrule · 08/04/2012 15:00

I've just bought a house. My first offer of 15% below was rejected, but I bargained him down to 10% below. I always feel you have to get an offer rejected first, otherwise you've gone in too high. I was a cash buyer also, so I know you are in a fantastic position. Good luck.

MrsCampbellBlack · 08/04/2012 15:01

We got 20% off a year ago which was a six figure amount.

Took the vendors 3 months to decide to accept though Smile

DialMforMummy · 08/04/2012 15:40

I would go below 10% especially if you are buying cash. If you don't ask, you don't get. It's part of the "game".

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