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Original poster

Almost 96% of asking price.. Fair???

72 replies

HappyGirlNow · 14/10/2012 21:42

Just that.. We're putting an offer in on a house tomorrow. The full asking price would really stretch our budget. So we're going in at just under 96%. This seems fair to me in today's market. Or is it too much as a starting offer? What do you all think? Oh and we're ready to go, not in a chain, we have deposit and mortgage approved..

Thanks.

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Original poster
HappyGirlNow · 15/10/2012 10:54

What do I do now wise women?? Confused

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TroubleAndFyfe · 15/10/2012 11:04

Sad oh dear, poor you. Can you afford any more? I suppose you should wait it out and see if they're just bluffing but I'm no good at that. I'd have another look at my finances, see what I could beg or borrow and go in as high as possible (stating that I'd done all that). That way if they don't accept at least you know you've done all that you possibly can! Sad

FruitSaladIsNotPudding · 15/10/2012 11:05

Have you checked what other similar houses have sold for? And what they paid?

FruitSaladIsNotPudding · 15/10/2012 11:07

I wouldn't raise my offer if I were you unless I was certain the house was worth it - you don't want to end up making a loss. Unless you're planning to never move again, in which case it doesn't really matter.

purplehouse · 15/10/2012 11:13

Depends on the area. In some areas, houses go for their asking price or almost that. Do you live in one of these areas?

aufaniae · 15/10/2012 11:18

Like I said it's early on. If they don't get any other offers, yours will start to look very attractive! There may be a note of interest, but yours is the only serious offer on the table at the moment. The other buyers may or may not be able to afford it, they probably won't know themselves until their place has sold.

I reckon sellers expect to reject the first offer anyway. They may well be testing you to see if you up your offer.

Original poster
HappyGirlNow · 15/10/2012 13:27

House is valued at asking price but its at our limit. And I really feel 96% is a fair offer considering we're ready to go, no chain etc. We would go a bit higher but don't want them to think we'll continue going higher after that..

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Original poster
HappyGirlNow · 15/10/2012 13:50

Thanks all. I just thought maybe they'd counter offer with something in the middle but estate agent says they're adamant they want asking price.

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LaVitaBellissima · 15/10/2012 13:54

Just wait it out, lots of people assume that if you want the house, you'll immediately put in a higher offer.
Leave it a few days you may find that they are keen for a quick move and when you don't increase your offer they may come back to you with a counter offer of their own.

Good luck

BlueberryHill · 15/10/2012 13:58

Could you go on Zoopla and look at what other houses have gone for nearby? Take into account how the interior etc will be different and it will give you some guide. Agree with the others in offerring lower, you can increase it, leave it on the table if they don't agree. They may come back later. Watch lots of Location, Location, Location on More4.

Sorry if someone has already suggested this.

BlueberryHill · 15/10/2012 14:00

The estate agent is paid by the sellers to get as much as possible so he is going to say that, they may feel differently when presented with the offer. You've got the advantage of not being in a chain. When we sold our house that was important, we gave the buyer a bit more leeway on price.

AKissIsNotAContract · 15/10/2012 15:07

Don't offer more. Wait it out. Even if they get a full asking price offer from someone with a house to sell it'll be a few months before they can proceed. Keep looking at other houses, don't let the agent see that your heart is set on that one.

ArbitraryUsername · 15/10/2012 16:29

Just wait. We offered on a house a few months ago. They rejected it, saying that it was 'priced to sell' and that they wouldn't consider below the stamp duty threshold. The day that we exchanged on our new house, the EA came back to us asking if we were still interested, as the sellers had obviously realised that our offer was a very good one. I suspect those sellers are wishing they'd bitten our hands off now.

panicnotanymore · 15/10/2012 16:36

Nothing is going for the asking price in this market. You say the house has only been on a week.... give them a couple more weeks of waiting for a non-existent asking price offer and they'll be far more willing to talk. Don't pay over the odds, no one else is.

CuddyMum · 15/10/2012 16:41

I'd have bitten your arm off for a 96% offer! Do people still expect the full asking price in this day and age?

aufaniae · 15/10/2012 16:47

The sellers will have been fed a load of old flannel by the agent (we certainly were!).

They're still in the position where they believe the agent's rubbish about how valuable their home is, rather than the reality which is they'll be very lucky indeed to get an asking price offer!

YellowFlyingPineapple · 15/10/2012 16:50

Oh, I love an offer thread Grin

Ok, do nothing at all and under no circumstances increase your offer, tape your arms to your side if needs be [stern glare]

It would help if we had a bit more info, what asking price bracket are you in approximately and what are the details of the vendors onwards purchase?

frostyfingers · 15/10/2012 16:56

Sit tight and try not to get too stressed. As it's only been on a short while they are probably full of hope (and ea's waffle....) - it is highly likely that they will bite your hand off in a week or two. Also, even if it does goes under offer with another buyer keep an eye out because a lot of sales fall through - under offer does not mean sold - not until completion!

Good luck.

middleagedspread · 15/10/2012 17:00

The EA knows you're interested. Asked to be kept 'in the loop'. In a couple of weeks, when they've had loads of viewings from people with houses to sell. they'll likely come back to you.
Hold your nerve & keep looking at other properties.

YellowFlyingPineapple · 15/10/2012 17:11

Oh and view some other properties that are on with their Estate Agent in the price range that you have offered at, showing that you are looking at other things and not sat at home fretting about the rejected offer.

MyNeighbourIsHorrid · 15/10/2012 17:33

Where is the house? Round here, everything is going for MORE than asking price, it's a seller's market still. Location is everything

audrey01 · 15/10/2012 19:33

We narrowly missed on a house that we liked by offering 95% of the asking price! Like you, we were in a good position (recently sold the house, sizable deposit, mortgage approved, reay to move), and we thought this should count for something in the eyes of the vendor. Our offer made 3 days after the house came on the market wasn't rejected straight away, but the vendor wanted to be sure it was the best offer received, so we agonised through the following weekend knowing fully well there would be several viewings arranged by the estate agent. In the end, they came back saying that the vendor received another offer much higher than ours and if we'd like to match it. We said No thinking they were bluffing to get us to increase our offer an we didn't want to play the bidding war, but alas, it was all true as the house promptly went under offer by the other bidder. Naturally, we were disappointed, but one week later, the estate agent called to say that the sale fell through and whether we were still interested in the house before they put it back on the open market. So, it is now under offer again, but this time it's by us!

Original poster
HappyGirlNow · 15/10/2012 20:44

Hi all. I think we're going in with a better offer tomorrow. Unfortunately, there's next to nothing in the area we want, in our price range with the features we need. We had problems getting a mortgage (self-employed) and we've been stuck renting a flat for months - we're desperate for a house and love this one. My fiancée just wants us to move on in life and not risk losing this over just a few grand..

It does stick in my throat though as I know they're just playing games (at least estate agent is). I tried to be fair and not put in a stupid offer but clearly they're cocky at the moment. I do agree that if we sat back they'd soon lose their cockiness with probably no alternative offer on the table. But we're loathe to take that risk.

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Original poster
HappyGirlNow · 15/10/2012 20:54

Sorry YellowFlyingPineapple Blush - I've let you all down!!!!!!!!

House is not very expensive, £130k asking price, we offered £124,250.. But over £125k we need to pay stamp duty too..

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Springforward · 15/10/2012 21:17

We're about to exchange contracts on one at 92.5% of what we think was probably a very realistic asking price, compared to other stuff in that area. 96% is more than reasonable IMHO.