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Original poster

How much under the asking price did you offer (and it was accepted)?

22 replies

Boobz · 21/06/2016 11:21

Just that really. We have put an offer in of £1.18m on a £1.25m house and were wondering if we were miles away... he's not in any hurry to move as it's been tenanted, so I think it will be rejected...

OP posts:

StepAwayFromTheThesaurus · 21/06/2016 11:33

There isn't a magic figure boobz. It depends on the house and how much interest there is and how much the seller needs to sell, as well as how realistic they are or how optimistic they thought the asking price was, and so on.

We're paying asking price for the house we're buying. Our buyers are paying more than the asking price.

Bragadocia · 21/06/2016 11:41

I live in an area of Exeter where almost everything goes for a bit above asking price, and has done for a couple of years. It took us losing a couple of best and final, closed bid situations before we caught on.

We sold in Streatham 4 years ago, at about 5% under asking, but I gather things around there are quite different now - I mention it as I was showing DH your thread about that lovely house a few weeks ago; he is still very attached to the area.

Good luck with your offer!

Glittershoes22 · 21/06/2016 11:55

It depends on the house, area, interest and vendors disposition. We made a lot of cheeky offers on properties of a similar value usually £50-150k under. One vendor was desperate to move had already bought next property and house had been on market for 7 months, they agreed to accept once we had a buyer and in the few weeks it took us to find a buyer they got an asking price offer. The other house we loved but the land next to it was potentially going to have a 10,000 housing estate built on it, we thought therefore the house was vastly overpriced and made an offer accordingly. The vendor refused and held his nerve and its since been sold. If you are making a cheeky offer don't get vested in the property as there is more likelihood of losing it if a better offer comes along or vendor thinks they can get more.

The property we are buying we paid asking price for it had been on the market a couple of weeks and had had loads of offers on it.

Good luck!

namechangedtoday15 · 21/06/2016 11:55

Our neighbour's house have just gone for 7% above asking price. At present, nearly every property locally is going for more than the asking price.

MrsIcandothis · 21/06/2016 11:58

We are paying about 2% below the asking price. But this is only because the vendors likes us (she thinks we need nurturing and keeps making us tea!) and is happy to sell her beautiful house to us at just under the asking price. It really all depends on the area and the house. I am always amazed to read stories of people paying 10% less than the asking price. That will never happen around where we are moving to!

HighHopes16 · 21/06/2016 12:06

We paid 5% under the asking price, offered 7.5% first which was declined.

The vendors will have a figure in their mind.

Original poster

Boobz · 21/06/2016 12:08

Bragadocia - which road were you on in Streatham?

Yes I know it's a how long is a piece of string question - but am just super excited about everything that I am starting lots of threads to keep me entertained

I am sure it will be rejected... but was wondering if anyone had done a cheeky offer and got it anyway...

We got an asking price offer today on our place - so it's all starting to look like a bit more of a reality...

OP posts:

whois · 21/06/2016 12:11

Um, 2% under. But I think that is a fiar price for the house, area and condition.

maryso · 21/06/2016 13:24

Minus 33% and plus 20% of asking price. Both central London, the former was successful the latter not. The latter was asking a third of the former, both above 1m, pre-2014 SDLT.

Competition is usually higher for places under 1m, especially unusual ones. It's just supply and demand... and if you can't tell what something is worth and have 1m+ in your pockets, employ someone who does. They'll be more than worth their 3%.

Iwasbornin1993 · 21/06/2016 13:31

We offered 5.5% under as our initial offer, but the vendors ended up accepting our second offer of 3% under. We were more than happy with this as we had been expecting to pay full asking price as is common in our area. The house was in perfect condition too, they were just really keen to sell, so we were quite lucky.

Freespirit99 · 22/06/2016 06:14

We are in the process of purchasing a house which was up for 485,000, but we are buying at 450,000, 6-7% reduction? We were the only people to make an offer.

OrangesandLemonsNow · 22/06/2016 06:26

Around here at the moment it all asking price.

I do know of one that went for 10% below but they wanted a quick sail.

Rhubardandcustard · 22/06/2016 06:43

12.5% under but that was 5 years ago. Got rejected but I held firm and 2 weeks later they changed their mind and accepted. I was in strong position, no chain & mortgage sorted and theirs was private sale, empty property and had been on market for 3 months.

exWifebeginsat40 · 22/06/2016 07:13

4.5% over asking price here. the house is perfect and we're cash buyers no chain. we decided as soon as we walked in that we wanted it - it had already had an offer made on it so we went for it and got it. SO excited.

KittyKrap · 22/06/2016 07:21

We offered the full amount. Houses in this area of the town sell within 6/8 weeks, we needed to sell my old house and didn't want to lose his one. It's a comfort when I'm sitting in my south facing garden thinking - yes!!!

My old house went 12% under but a roof had fallen in..

Pufflemum · 22/06/2016 07:22

In the last month we have had an offer of £1.625 accepted on a £1.75 house. We have exchanged on the purchase.

What helped us was that we had nothing to sell and could be flexible on dates to suit the vendor. We also invested a lot of time with the vendors so that they became keen to sell to us as they want to see a naive family live in their house rather than other viewers who all talked about significant,y changing the house (we love it as it is). More difficult for you with a Landlord. Good luck.

Pufflemum · 22/06/2016 07:23

Naice not naive!!

Savagebeauty · 22/06/2016 07:35

Our vendor came straight in with asking price of £1.45 million...she loved the house and offered straight after first viewing.
Another couple had previously offered £1.2 million which we laughed at. Interestingly they came back with 1.4 after 2 days.

Original poster

Boobz · 22/06/2016 09:25

He said no to £1.18, so we have upped the offer to £1.19k, which is still 60k under the asking price but the EA is confident this will get it for us now.

We will accept the offer on our house if he accepts the £1.19 offer on his...

It's all go! SO EXCITED.

OP posts:

Original poster

Boobz · 22/06/2016 09:26

Thanks for all of your replies - very helpful to put in perspective.

I just hope the offer on our house is solid... it only went on the market at the weekend so I don't know if I am being hasty accepting the first offer... (but then it IS the asking price so what more could I ask for?)

OP posts:

StepAwayFromTheThesaurus · 22/06/2016 10:40

The first offer is very often the best (unless the offers all come in at the same time in a bidding war).

AvonCallingBarksdale · 22/06/2016 19:45

We sold for 20K under asking (tbf, our asking price was high!) and have had offer accepted at 15K under.

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