How much below asking price can you go without the vendors thinking you are taking the piss??

[tiredemma]

????

Is there a percentage that you can go to realistically in this day and age? I keep hearing its a 'buyers market'- does that mean you can be slightly ridiculous with an offer?

We're in one of the few places round the country where prices have held, sold our house in 6 days for 5% above asking price. However all the places we've looked at have also gone above asking - even when said asking price looks blimming ridiculous to start with. We priced lowish to get interest and it seemed to work, tbh we wouldn't have sold for less than asking.

I think the my problem is that as a seller you want full price, but as a buyer you need a bargain.

It also depends on demand. We have been on the market for just over a month and had 17 viewings, 3 couples have put theirs on the market as a result and one asked us to wait for them (sorry, but no). We have had an "offer" at £2000 less than the asking price which I was amazed about, but she has to sell hers.

On the other hand, when and if we are in a good position I fully intend to bargain up. The house we have seen is £250k, but DH says he will start at £225. I think it's a bit low, but they can only say no, can't they? And as my Nan says "you don't have to live with'em." So if you do get a bit , who cares? Except your mortgage provider!

Our previous place (albeit 18 months ago) was on the market for £225,000. We laughed in the face of the estate agent who came to us with an offer of £200,000 (we felt THAT was taking the piss). In the end we accepted £215,000 which was okay, not great, but certainly not piss-taking

Just put mine on the market for 150k.

Would be happy if we got 140k for it.

My problem as a buyer is I can only pay what I think the bank thinks it's worth, not the estate agents or the seller.

A place we went to see recently was really nice and the only thing wrong was the price. I told the estate agent it was overpriced and she said she'd sold a similar one round the corner for a bit more. She neglected to mention though, that this was 3 years ago!

I realise it's not the same for all areas, but where we are I think looking on property bee would be enlightening for some sellers (and estate agents too come to think of it).

For example:

Thursday, January 20, 2011 6:06:14 PM

* Price changed: £129,995 Guide Price £125,000  

Wednesday, January 19, 2011 3:36:05 PM

* Price changed: from '£140,000' to '£129,995' 

Monday, October 04, 2010 12:10:14 PM

* Price changed: from '£145,000' to '£140,000' 

Saturday, September 04, 2010 6:59:14 PM

* Price changed: Offers in Region of £150,000 £145,000  

Friday, May 14, 2010 3:56:56 PM

* Brief Description changed: This semi detached house with four bedrooms benefits from: double glazing, gas central heating, lounge / dining room, kitchen, bathroom, garage, front and rear gardens. Situated close to the Town Centre. Viewing highly recommended!  
* Price changed: £157,000 Offers in Region of £150,000  

Tuesday, April 21, 2009 10:27:17 PM

* Brief Description changed: This semi detached house with four bedrooms benefits from: double glazing, gas central heating, lounge / dining room, kitchen, bathroom, garage, front and rear gardens. Viewing highly recommended!  

Friday, February 06, 2009 10:34:55 AM

* Brief Description changed: (( REDUCED )) This semi detached house with four bedrooms benefits from: double glazing, gas central heating, lounge / dining room, kitchen, bathroom, garage, front and rear gardens. Viewing highly recommended!  
* Price changed: from '£159,950' to '£157,000' 

Sunday, December 14, 2008 3:24:00 PM

* Subtitle changed: 4 bedroom semi-detached house  

Saturday, September 06, 2008 2:47:14 PM

* Initial entry found

I've just put in a very cheeky offer for a penthouse flat, am I embarassed - no way !

Admittedly it is a buy to let not our dream home but I always start really low and go from there. As long as the estate agent has proof you are serious - mortgage in place etc. then you can negotiate.

2 of the houses we are interested in are "no chain" (and one of them has just been reducd by 2.5k)

Would that make you even more "cheeky" when putting an offer in???

Becaroooo, it sort of depends. We have also seen 2 with no chain, the first was an elderley gent who had died. To be honest it was about 15k over price for the area. However, the agent said they were hanging out for the full price and there was no room for negotiation, presumably because it was his relatives and it would be split. In the other property the vendors had built their own house and needed their current home to sell in order to finish off. If we had gone ahead I would have made a cheeky offer because they really wanted rid.

Just accepted 218 for a property on at 235. 2.5 years ago we offered 200 for a property at 250 and had it accepted. Depends on how badly they want to sell!

Just to add another perspective, be careful offering too low against the asking price. You may just think that it is just being a little cheeky offering say 220K on a 300K (about typical market value, for example) house, but the vendor may just dismiss you as a chancer and not take any further offer seriously.

All offers, by law, must be forwarded to the vendor. The boot is on the other foot now as far as buying a home. I don't think we will ever again (thankfully) see house price inflation like we did during the past 10 years or so.

Oh yes of course they must be forwarded. But when I got a silly offer and then that same couple eventually matched what someone else offered me, I took great pleasure in accepting the other offer because their first offer was pretty insulting. I spent a lot of time researching the market and recent sold prices before I put my place on the market and had a very good idea of what it was worth.

Vendors still retain ultimate control over who they sell to and it's always a good idea to remember that if you really want a particular property.

We've seen a house we like which is on for 360k.
I know its been on for ages, the current brochure says it was done july '10 but I'm not sure it hasn't been on longer (remember seeing it when we were trying to sell). the agent says they've already dropped the price but I don't know this for a fact.

It needs some work, has two kitchens and I think it's slightly overpriced anway because of this. As we are in rented now we can move as quickly or as slowly as they want.

What would you recomend I offer? less 30%? more? less?

you lot seem to know this stuff

less 30% seems a huge amount under and a bit ridiculous actually working it out

All those of you recommending cheeky offers, remember that there are plenty of vendors in the market at the moment who are close to negative equity, or who need every penny of equity they can keep to move house. So even if their houses have been on the market for ages, they are not automatically going to accept a cheeky offer, because they simply can't afford to.

I don't believe in the rapid price fall theory either. A gradual softening maybe.

Every house is different, every on-the-market valuation different, every vendor situation is different, every buyer is different. Make sure you're informed of precedented prices for similar properties in the area (easier now than ever was) and offer what you are prepared and can afford.
Percentages neither here nor there. Whatever people here think neither here nor there either!! Don't be led by the EA either. They want to get a deal but are professionals working in the interest of the vendor first and foremost.

I'm hoping to get on the property ladder very soon and have seen a house up at £94,950 (yep pretty cheap to begin with).
It could really do with 10k putting into it and the properties up the street haven't been going for over 100k since the market went down.
Do you think I'd be TOO cheeky putting in an offer of £81,000?
I think its only worth that right now....but...its over 10% below

Mouseprice has just informed me that a house we looked at in Jan, that was priced at 250K sold last week for 177K. Now THATS a drop...

Old thread, I know, but wonder if anyone has any thoughts on this now? I think it would be fine to make initial offers 20% below asking, just to gauge seller etc. and show interest... is this mad/wrong?

Depends where you are - is the market stagnant or falling where you want to buy? I am guessing you are thinking of offering -20% in London.

yes london, it's a good area because it has good schools.

oh, only just noticed it's old, but to be honest, probably still relevant.

I've noticed language of vendors has changed. Rather than an asking price or offers in the region of....I'm seeing more fixed price or offers over.

I always wonder if offers over £200 000 means that is there absolute minimum they will accept. Seems a bit daft because people will offer the minimum unless it's a really popular area and then you're likely to get gazumping.

We are in the south west and the house I moved into 3 years ago was valued at £250k. It is now worth £195k. That is how our area is going at the moment.

We had our house on the Market for £235 k , hoping for £210 k and accepted an offer of £208 k . This was from a cash buyer , who had first offered £200 k.
We live in Wales , prices are going down , but houses are still being over priced , by agents or owners , who knows ?

Interesting stuff. I've been following house prices in my area for a while now as will be selling and moving into a smaller property post divorce.( Agents coming round to do a market appraisal very soon)

It seems in this area that the larger more expensive houses are going for around the asking price but that the smaller ones are sometimes taking a big hit on the original asking price. Good news for me but I'm a bit mystified as to why this should be?

As a result of this thread I am most certainly now prepared to make embarrassing offers . Oh, and will try not to be offended by the same on mine