Making an Offer - is this too cheeky?

[LondonSuperTrooper]

Just as the title says really. I saw a property and it ticks all boxes of what we are looking for. Do people still offer 10% of the sale price for their first offer? Property is on for £375K. Was thinking of offering £345k intially with a view of increasing it to a maximium of £355K. Is this too cheeky?

I know that the vendor has had several offers which she rejected. No idea of ther price region of the rejected offers though.

No, not cheeky at all. They don't have to accept if they are not happy with it, and going in at a lower offer means you can negotiate if they come back with a counter offer. Do you have any other points you can use to your advantage e.g. no chain, are you a cash buyer?

Thanks for your quick replies. I guess having my DH and I as buyers gives us an advantage as we are not in a chain and I do know that the 'vendor is very motivated' to sell.

The property was listed on the market in May 2012 at £399k and the price was reduced to £375k in late June. Zoopla estimates the property to be £387,519 and Mouseprice estimates it at £369,200.

Estate agent wants near the asking price (don't they all?!) and are confident that it will sell (which I know as well) as this is in the catchment of a fab primary and secondary school.

Our absolute maximum budget is £350k so going up to £355k will be stretching our budget.

Finally, i can't find the price that the owner paid for it. I'm guessing that she bought it as a new-build in 1980 and most sold price website do not go that far back?

Do people still offer 10% of the sale price for their first offer?

That would be bloody cheeky!!
Most people aim around an offer of 10% off the asking price!!

LOL @ tricot.

If only that can happen in Surrey......

I made an offer on a property for offers over £345K. I offered the asking price and someone else offered £5k over the asking price

And it was sold for £7.5k OVER the asking price!

Duh just re-read your message

It totally depends on your local prooerty market. In our area, asking price is the starting price. We just bought ours for 10% over asking.

I think the problem you will face OP is that the property was on at 399 - so the vendor may well be thinking she's already taken off all she will take off to go down to 375. She's wrong - 375 may be a more accurate representation of it's value but people aren't very logical about this. That said it's on been on at that price for 3 months and not sold - which suggests that there is still some way to go down on that price. Make your 345 offer and if it's rejected DO NOTHING for a bit. They will expect you to come back with a higher amount. Don't. Let them sweat then go up a bit. She may just be ready to jump at something. Remember she may have rejected higher offers but it's very bad for your morale to get offfers which are lowre - she'll be startuing to think she should have taken the first few offers and will get scared of missing the boat. Hopefully.

Growingweeble - I know exactly what you mean. Best of luck in your new home.

Northern - thanks for the advice. I will offer the £345k after the second viewing and will try to hold back from increasing my offer for a week or so. Problem is that I will be sweating it too

Offered £360,000 yesterday and it was rejected

as disappointing as it is, breathe a sigh of relief that you aren't having to find £10,000 more than your 'absolute max of £350'

Well we've 'found' the additional £10k. But yes, I must concentrate on the positive