How low can we go? Making a low bid.

[RDW1989]

We are looking to buy our first home. We've seen a house that is on the market for £215k, however it's been on the market since September. A sale was agreed before Christmas but fell through, and the estate agent says they agreed £197k.

We like the house, but it's not perfect. I think the main reason it's been on so long is the decor- it's very darkly decorated, cluttered and overpowering (think big, jazzy prints). We'd want to knock down 2 walls to make it more open, which may cost a bit extra and take some time. The added benefit for them is that we're first time buyers with deposit to hand and mortgage in principle. They're selling due to a divorce and there's no chain as they'll be renting, so I wonder whether they just want a quick sale.

We've been thinking about making a very low offer, to see if they'll eventually negotiate to an even lower price than £197. We'd like to get it for around £185 if possible. We don't really have anything to loose- there's no rush for us in terms of securing somewhere.

What's the lowest you'd go?

Well, what you're considering is only c. 14% off asking, so not that low.
The previous sale agreed price was about 8% under asking, however, so it might be that the vendors might find a further 6% off a bit hard to swallow, no matter how desperate they are to sell, and try to hold out for something close to original SA.

If you really want the house, perhaps, in this case, go in around 10% under?

If you're not too bothered, then go with the 185k and be prepared for them to say no but possibly seek to negotiate you closer to the 10% mark. Might still get it for closer to 190k than 193k given you're no chain etc.,

I think trying to second guess the vendors is a waste of time (speaking from recent bitter experience). Offer slightly under what you think it's worth, move a bit with negotiations and then walk away if it gets beyond your assessment of its value. If you want to play a more complex negotiation game you need to have a lot more info about comparable houses, cost of renovations, survey results etc.

No harm in going in low - they can only say no and you can always up your offer.

Personally I think the sort of decor and clutter you describe should be any canny buyer's dream - they put off so many people who can't see beyond the superficial. More fool them.

Your first offer should cause offence. If it doesn't your first offer was too high. My father used to say this and I used to cringe, but he did the negotiating for the house I'm in now! my politeness wasn't getting me far.

i'd offer 180.

they'll say no. but it'll make your next offer sound better.

We offered 190 on a 225
house and eventually settled on 210. But it has fallen through.
We have now had an offer
Of 225 accepted on a house up for 240. We originally went in at 220.

Do it, they'll just say no.... But then wait a few days before putting in another incase they change their mind x

First offer is ambitious offer but framed
Second should be obscure and final
Third- only if they lead or it knocks your'final' second offer
So in your case I'd go
£180k based on the work we'd want to do
£184750 is most we can afford
Anticipating them coming back at 190 min I'd go for 'if they contribute towards stamp duty'
Etc

First offer is ambitious offer but framed
Second should be obscure and final
Third- only if they lead or it knocks your'final' second offer
So in your case I'd go
£180k based on the work we'd want to do
£184750 is most we can afford
Anticipating them coming back at 190 min I'd go for 'if they contribute towards stamp duty'
Etc

You need to work out the true value of the house fully done (look at zoopla for similar properties if unsure). Then subtract the cost of doing the work. Then take a little bit more off for the effort involved in doing/arranging the work.

I would try maybe 187.500, its not a round figure.
They'll try and push you up to say 193, then you could settle somewhere in between. It depends if you would be happy at about 190

Can you see I've done this before/
Several times actually.
They have been messed about and will take your hand off for a reasonable price.