How low is too low when putting in offer on a flat?

[Amillioncupsoftea]

We are going to view a place later. The asking price has dropped in the last few weeks, and when I rang they warned me it needs a new kitchen and bathroom.

That's fine, but wondering why it wasn't mentioned in the advert, you can't tell from the photos. If the flat structurally sound then it's not a deal breaker.

Of course I'm jumping the gun here, but property is moving incredibly fast where we are. If we did want to make an offer, how much lower would you go with an initial/ first offer?

I'm clearly getting carried away! But interested in general apart from this specific flat.

If you really want it and can afford it, offer the current asking price. The "offer 5% less" thing isn't really relevant now, and risks jeapordising your opportunity

If someone accepts my 1st offer, I'd be kicking myself for making it too high.

Follow the market price in your area, it's not insulting if you can back it up with some reasoning.

The estate agents my know the lowest figure the sellers will drop to and may not even pass on a lower offer than that. A friend of mine got very angry with her agents for ringing up with low offers from potential buyers.

On the other hand - my first property - i put in a sort of joke offer through the estate agent (a third less than asking price) and the seller agreed! Turns out the property was about to be repossessed ...

Talk to the agent after the viewing and try to get a feeling for how low you can go. The worst they can say is no and you just have to up it.

I put in an offer today on a flat... I went in at 40 k below asking and they accepted another offer. I thought the flat was a good price and I really wanted it, but listened to everyone else who told me I needed to try and get ' a deal '. Well.. great deal I got ! I got f all ! If you want it, don't go in too low, especially if the price is reasonable for the area / market !

@ThreeLittleDots

If you really want it and can afford it, offer the current asking price. The "offer 5% less" thing isn't really relevant now, and risks jeapordising your opportunity

Well, I don't know if we want it as not seen it yet!

But...it's been on the market nearly a year, and needs work doing to it, so I just cannot imagine offering the current asking price.

Thank you all, it's interesting reading people's thoughts on this.

@arghhhhhhhhhkkk

I put in an offer today on a flat... I went in at 40 k below asking and they accepted another offer. I thought the flat was a good price and I really wanted it, but listened to everyone else who told me I needed to try and get ' a deal '. Well.. great deal I got ! I got f all ! If you want it, don't go in too low, especially if the price is reasonable for the area / market !

Oh no, sorry this didn't work out.

I just offered 35k above on a house that was marked with a guide price. apparently that means they've priced it too low to reel people in and get everyone emotionally invested then go to best and finals. which is what they did. 11 offers over asking. didnt stand a chance.

But interested in general apart from this specific flat

This is what I was replying to, in general :)