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Original poster

Did you pay the full asking price ?

34 replies

Missisdoyle · 06/07/2014 16:31

We are looking at putting in an offer for a house, which does not require anything doing,just cosmetic remodernisation & a new oven, but that's it. I t think it is worth the asking price, but DH (being a curmudgeonly miser )wants to offer less (£5 k). I think this could jeopardise our chances. What does one do in such circumstances ?

OP posts:
juneybean · 06/07/2014 16:35

There's always a deal to be done. I'd go in lower and work up...

SwedishEdith · 06/07/2014 16:37

It's always worth a go - nothing to lose and won't jeopardise your chances. They just say No and you offer more

FiloPasty · 06/07/2014 16:37

Depends where you live, London no chance at the moment. Also depends on the price of the property

HenI5 · 06/07/2014 16:57

My DH is of the mind that there's always a deal to be done, unfortunately with our house there wasn't and we did have to pay full asking price. This was in 2000.
We're both so glad he broke his own rule though as we've always loved where we live.

poppet131 · 06/07/2014 19:14

The market is definitely cooling (well, in South-East London anyway). Houses aren't selling after open days and prices are being reduced - the peak of the market was back in March/April. Offer what you think it's worth and good luck!

Teaandtoast1 · 06/07/2014 19:26

This reply has been deleted

Message withdrawn at poster's request.

ConcreteElephant · 06/07/2014 19:42

We paid more than asking. This time last year, great location, house needed lots of work, very little coming onto the market.

It was worth it though. We'll be here for 15-20 years hopefully, we're coming to the end of the works and I can't wait to just enjoy the house, turn it into our home. Also the same budget now wouldn't get us this many bedrooms anymore - prices round here (Herts) have gone silly.

Eastwickwitch · 06/07/2014 20:10

We ended up paying over the asking price following a bidding war. We knocked quite a bit off after a horrendous survey though.
I suppose it depends long it's been on the market & whether the vendors are hoping to move quickly. Have they had any other offers?
It would be awful to lose a house for the sake of 5K

McBear · 06/07/2014 20:15

We were given a mortgage of x amount only meaning the house had to be x amount. Financial advisor said not to look at houses of that amount but up to 10k more... So no.

Original poster
Missisdoyle · 06/07/2014 20:30

The house has just come on the market. It's in Ramsbottom & it is exactly what we require in terms of bedrooms, location, size etc.It is a good price for the location & as it's a rural, pretty town, property is snapped up fast.

OP posts:
MoonlightandRoses · 06/07/2014 20:33

Similar to Concrete - we ended up paying about 10% over asking (and had factored up to 20% over being possible), but started off at around 2% under with our initial offer. Never any harm in starting off with a, realistic, low figure.

Hope the bidding goes your way if you do decide to offer.

NoArmaniNoPunani · 06/07/2014 20:38

We paid 97% of the asking price. The asking price was a bargain

justabigdisco · 06/07/2014 20:55

Oh hi mississdoyle. If you could link to the house I can probably help you out (I have my eye on the market here). Houses are going for 'close to asking' according to our estate agent. Absolutely nothing like the South here.

MissMysticFalls · 07/07/2014 07:46

We offered the asking price, but the vendors had already dropped it to the stamp duty threshold and put it as fixed price. We had a figure in mind (250k) but were prepared to go higher for something special. We saw one place that was on for 265k but it was overpriced in our view (needed work and was on for more than nicer neighbouring houses had sold for) so we would have offered 250k or nothing for it. I think it depends on whether you can make a case for why you're offering below and how attractive a buyer you are.

So technically we broke the rules. We offered asking price the next morning and made it very clear during the viewing how much we loved it and what lovely buyers we'd be (renting, big deposit, not fussy about dates).

kronenborg · 07/07/2014 08:40

if you really want this house, feel it is fairly priced, can afford asking price, and have concerns that you may lose out to someone else, then yes, offer asking price, but request that the property comes off the market immediately; no more viewings, no marketing of any sort (including internet).

you say the house has just come on the market - this is a very different situation from a house that has been sitting around for a while. if you want it now, you will probably have to pay a premium.

which would be worse; "overpaying" by £5k, or losing the house you really want?

ContentedSidewinder · 07/07/2014 10:10

I totally agree with kronenborg are you willing to lose a house for £5k? and not even £5k over the asking price?

You can always go in at £5k under but if it has just come on the market as a vendor I would be thinking, well, I'll hold on and see if anyone else is interested and you could lose out.

If you want it, make it known you want it and start offering!

HollyBen · 07/07/2014 10:39

A friend recently offered £10k over asking price ( and valuation) just 3 days after a house went on the market. They asked for another £10k!!! They declined. House it still on the market with no sign of closing date being set ( in Scotland). We bought the same style house on the same estate for under valuation just over a year ago.The market round here is definitey bouyant around here.

I guess it depends what the extra £5k means to you, how much you want it and the sellers position - not very helpfulShock

MrsCosmopilite · 07/07/2014 10:51

We offered £20k under the asking price. Buyer had been let down and was keen to sell but this was too low for her.
We then came back with an offer £17k under, and settled on £15k under.
FWIW, the asking price was well over - it's just that we're in a reasonably affluent area so I don't blame them for trying it on. What we ended up paying is pretty much the going rate for property in this area.

lawlie · 07/07/2014 11:50

I agree with whoever said the market is cooling, certainly in North London anyway. The property we liked knocked 25k off it's initial asking price, and we got it for just a tad under the asking price. I think it will depend on the market conditions in your local area!

Gemma77 · 07/07/2014 15:29

We had a couple of offers at asking price when we sold our house (South East) in February. Our house was only up for sale a couple of days though.

For the house we are buying (if we ever get there!!) was up for sale for a couple of months, partly because it is a higher house price bracket and the next stamp duty level. We put an offer in of 10k less than asking price and eventually our offer of 8K less was accepted.

I think it really depends on what the market is like where you are, how long the house has been up for sale and whether or not you will be fighting off other potential buyers!

impatienceisavirtue · 07/07/2014 16:44

We paid 20k less than the asking price - but it took some doing! The sellers were very unpleasant people and made the whole thing difficult from the word go.

Isitmylibrarybook · 07/07/2014 18:30

This reply has been deleted

Message withdrawn at poster's request.

PossumPoo · 07/07/2014 19:32

We paid 5% under asking price and I always think we got a bargain Smile

I think that's the main thing, being happy with what YOU paid and more importantly what you can afford to pay.

DontPutMeDownForCardio · 07/07/2014 19:50

We offered asking price on the house we are buying. After viewing perhaps 25-30 houses with our own buyer kicking their heels , we knew we weren't going to find better than the one we are buying. We didn't want to risk the second viewings culminating in an offer so we offered asking on the basis that it came off the market straight away, no more viewings. Would do the same again. Ending up with a house we love was more important than saving £5k.

SummerSazz · 07/07/2014 19:58

We offered asking price as we were in a ba position (2 houses to sell), the market was on the up and they had already had 5 viewings with more booked. So we offered asking price and for it to come off the market straight away.

So I would say it depends on your local market, whether it is competitively priced already and your situation.

We knew we would not sell ever so a few k on hundreds of thousands wasn't really worth it. We kept the buyers happy over the 6 months it took to c