Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

What to offer on 330k house?

33 replies

CoshPunt · 15/02/2017 23:50

Another one of those "what to offer" threads..

House is a one off on its street - ex military houses and a self build 20 years ago. Very large/spacious and incomparable to the other ones on the street, which sell for a lot less (they are semi detached and terraced smaller houses, this is a large detached 4 bed).

Been on the market since May 2016 at 350, dropped to 330 in November. Apparently has 2 people interested in it that are trying to sell their homes to buy it, 1 of which did and they accepted an offer 'close to asking' but the sale fell through with their purchaser, hence they are now trying to sell again.

House is pretty much immaculate and doesn't really need anything doing to it.

WIBU to offer 295?

OP posts:
RNBrie · 15/02/2017 23:54

Are you in a good position? Under offer or in rented? If so, offer 295 but expect it to be rejected or counter offered. If they have previously accepted something close to asking then they'll expect to get that again.

Original poster
CoshPunt · 16/02/2017 00:03

We've sold ours and are approaching exchange, little to no chain underneath us (landlord/developer is purchasing ours).

OP posts:
RTKangaMummy · 16/02/2017 00:03

Perhaps go to 297can you do £296.600

RTKangaMummy · 16/02/2017 00:05

Silly iPad

Go for a weird number cos it might sound better iyswim

lubeybooby · 16/02/2017 00:11

I think yabu to go that low

I thought offering 1 to 2% under was the guideline... so def no less than 320k

adriennewillfly · 16/02/2017 00:21

Useful link: www.zoopla.co.uk/press/releases/average-discount-on-property-asking-prices-is/

There's no real guideline, just be cheeky, and don't worry too much about causing offence.

Splooter · 16/02/2017 08:44

Offer what the house is worth to you. If you think 295 is right - do it. You may have to revise your offer up but you'll not be able to revise down. Go for it.

user1484830599 · 16/02/2017 09:43

Lubeybooby 1-2%, where on earth have you heard that? A house is only worth what someone will pay. I would never, ever pay anywhere near asking price for a house, the price is ALWAYS negotiable.

So much depends on what else has sold locally, what is on the market currently and how fast houses are moving within that market. It is really irrelevant what anyone thinks o/p as only you know how much you want the house, and would be prepared to pay. Without seeing the house itself it is just a numbers game.

If it has been on the market for 8-9 months I would even think about going lower than 295. Just remember that you can only go up, you can't go down. It also isn't a valuation, merely an asking price. How keen are they to sell? as that may influence their decision.

user1484830599 · 16/02/2017 09:44

adriennewillfly that is a very useful link, thanks for posting.

whatsthecomingoverthehill · 16/02/2017 10:04

Hold on, isn't that Zoopla info for reductions in the asking price it is advertised for? So not the difference between asking price and selling price.

Bluntness100 · 16/02/2017 10:08

Offer what you think it's worth and can afford. The worst that can happen is they say no. And you can't predict that. You would probably get an idea of what they would accept by the agent if they reject your first offer.

YippieKayakOtherBuckets · 16/02/2017 11:43

Bear in mind too that if it is by far the best house on the street then that will inevitably cap its maximum value.

Lilmisskittykat · 16/02/2017 12:19

Can you find out what they paid for it originally? That often helps with working out a sensible offer.

If they have had near asking I'd imagine they would hold out for similar.

35k reduction is a lot of money unless they only paid 100k for it... if you see what I mean.

I think if you can justify a reduction too with the estate agent that helps.. i.e. New kitchen needed etc. Else you might be viewed as doing a Phil and Kirsty and time waster ..

Badders123 · 16/02/2017 12:22

As it needs nothing doing to it you haven't got much scope for reductions tbh (unless the survey uncovers anything....)
I'd go in at 305k with a view to having to go to 310k

Equimum · 16/02/2017 12:27

Erm, maybe it depends on area, but in the part of the SE where we are, people are only considering very close offers. We have accepted at £5k under, which is 98% of the asking price. We have had a offer rejected at £4K under the asking price on a £500k as it's not been on the market very long. We have now seen a house we prefer and know that we cannot even think about starting more than £15k below asking price and expect to have to go to somewhere between 5-10k less if we're going to a realistic chance. Listening to friends, anything more than £15k lower than asking price on a £300-500k property is seen as an insult. This is probably regionally specific though. Good luck.

Original poster
CoshPunt · 16/02/2017 12:34

Paid 125 in 2000. We're in East Anglia.

The only thing to note is it appears there is planning permission going through to extend a housing development nearby with further houses which will come up fairly close to the house, and potentially cut out some of the field views. I'm guessing this is what's pushed them to sell.

OP posts:
user1484830599 · 16/02/2017 12:55

Nothing is considered an insult in terms of house buying! At the end of the day it is a business transaction, nothing more, nothing less.

There is a saying that if you aren't embarassed to put in your first offer then it is too high.

TurquoiseDress · 16/02/2017 13:43

I totally disagree with the 1-2% under asking price comment- who the hell came up with that?! probably the estate agents

It all depends how much you think it is worth to you and how much you are prepared to pay for it.

We had our offer accepted on around 9% below the asking price and had initially gone it with a price of about 13% below.

Although the git of a vendor decided to ditch us for another buyer who wold pay more- so I suppose that's the risk you take if buying in England.

Not scared of insulting anybody or causing embarrassment!

Here in SE London, most vendors have made an absolute fortune in terms of price they originally paid, say, 10 years ago and the asking price now.
But yet they are still greedy for more!

Notyetthere · 16/02/2017 13:54

A house that has been on the market that long would not be commanding close to asking prices.

The other thing to consider is that this is the most expensive house on the road. You don't want to pay so much that you exceed the ceiling price for the road. We bought a similar house in that it was about £25k over what other houses had sold for on our road but we were planning on staying here for over 10 yrs and ideally never move as I hate moving so it was worth it for us; other houses have since sold for more but that is to do with the market rising so now our offer is on par with the rest of the road.

Your offer of £292k is fine. They might reject it but then you know how much you want it.

Lilmisskittykat · 16/02/2017 14:35

The future development is your in road then maybe for a lower offer if the property will loosing its visual amenity

RockyBird · 16/02/2017 15:27

I currently have a property on the market, 4 bed, 3 bath, 2 public, driveway and garage in a good area of town right next to an outstanding school. It's on for £380k and I'd consider any offers over £355k

RockyBird · 16/02/2017 15:29

My property has been refurbished with new gas heating, electrics, glazing, kitchen and bathrooms. It's also freshly decorated and carpeted.

Dowser · 16/02/2017 22:12

How much do you want it?

If you really really want it I'd decide on a price I want to pay.
For example they've dropped from £350 to £330

I'd be thinking I'm already getting £20k off

I'd go for £315 k in the hope I'd get it for £320k
You have to give them wiggle room

I really wanted a cottage . It was £34k and exactly what I wanted.

I offered £34-500 and got it. If I really want something I'll pay the asking price.
When buying our villa in Florida idiot man ( exh) offered a stupid price which we had to up considerably.
He should have let me deal with it.
We got it but at $20,000 more that his stupid offer and not much below advertised price.

This was for a property that we didn't have to buy as much as a teaspoon for!

Magstermay · 17/02/2017 07:29

We bought 3 years ago in SE, it was on for £330 and we got it for £290.

It really just depends what you're prepared to pay. We were tied by the valuation by our lenders as couldn't afford to top it up. We had previously offered £295 then increased to £305.

What they are prepared to accept will depend on lots of different factors.

RTKangaMummy · 17/02/2017 09:55

How much of the view will be gone if houses are built there?

How much would you like the house if right up to your boundary is a housing estate?

What about traffic?

GP clinic, schools, vets, dentists or hospitals - I know some parts of EA are rural if you are buying in a village that has those facilities but how will having a large housing estate change the way of life and chances of getting appointments or getting into your chosen school

Look at the plans for housing estate and think about it might increase again in future if there is space

It would be a good idea to think about how much you want this house then try to work out a price on that basis

If the new houses are going right up to boundary or will spoil the view then put in a low offer as that could be the reason they are selling or why it has it been on market for a while