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Original poster

Viewing when asking price is out of budget

13 replies

Needmorecoffeeortea · 07/07/2019 23:37

Is it better to view and just offer? Or talk to the EA to say it’s out of budget but would the seller be likely to consider offers? I don’t want to waste people’s time!

OP posts:

BobTheFishermansWife · 07/07/2019 23:41

There is no harm in going to look, and there's no harm asking if the vendor will accept offers.
You don't need to declare it out of budget, a house is only worth what you're willing to pay.

JoJoSM2 · 07/07/2019 23:58

I'd go and view if you think that your max budget is likely to be accepted. For example, you're 5% short of the asking price in a slow market.

hadthesnip2 · 08/07/2019 00:24

Depends how much out of budget it is. Most people put in offers somewhere around 5%-10% lower than the asking price. Any lower & they'll think you are taking the proverbial. I'm currently in the process of moving & my budget is a max of £350k - I've set the filters on rightmove up to £375k.

Also bear in mind that EA's often want to know about your circumstances (eg are you selling & are you on the market yet or ftb ?) before lining up a viewing & this may include a check on your finances & if you have a mortgage agreement in place.

Blobby10 · 08/07/2019 08:41

Agree with hadthesnip2. I'm also moving - budget £350k so looking at up to £375k. Having checked the recently sold prices on Rightmove, round here they are going for roughly 10% below asking although Land Registry hasn't been updated for May/June yet so this may have changed slightly.

Speak to the selling agent for an honest opinion!

ChicCroissant · 08/07/2019 08:54

I would check with the EA first, I used to find it really annoying if a viewer who couldn't afford it came round tbh. If they will accept offers in your range, fine - otherwise the other risk is that you like it but can't afford it, which is possibly worse!

Good luck with the house hunting, OP.

Fettfrett · 08/07/2019 09:28

We did this, the house had been on the market for 6 months and I rang the EA and said we wanted to view but couldn't go to asking price, would the seller be receptive to offers? EA immediately said yes so I think they had already been discussing a price reduction, we viewed and had an offer accepted by the end of the day.

GOODCAT · 08/07/2019 09:44

We viewed a house that was on at £325k, £30k over budget. It had been on a while. Offered our budget and got it.

Estate agent was keen because they were also selling ours and just wanted a deal done.

ohblahdee · 08/07/2019 10:17

We are in the same boat. Viewing a house (coastal village) that's been priced 50k over in the vendor/EA's hope some DFL (Down From London) buyer will snap it up.

Its on the market for £100k over what they bought it for in 2017! I mean can prices go up that much? its a 3 bed bungalow with one bathroom for Petes sake!

It's been on a while though and apparently they now have a house they want to offer on so I'm hoping we might get lucky. Would rather know we definitely couldn't have it than wonder what if...

Original poster

Needmorecoffeeortea · 08/07/2019 18:29

Thanks for the replies. Worth a go then. The house is on for 15% more than my budget so will mention to the EA.

OP posts:

ChicCroissant · 08/07/2019 19:47

I'd ask if they would be open to offers, but perhaps not give out too much detail on your budget if you can possibly avoid it OP (unless that particular EA already knows the price band you are looking in).

Everafter1 · 08/07/2019 23:23

I would speak to the EA. I enquired about a house but ecided not to arrange a viewing as it was at the max end of the budget. I had just sold and knew what it was like to have time wasted.

The EA called back to say that the owners would be willing to sell for less.

I personally wouldn't view if I knew it was definitely not going to be in the running.
It's worth while speaking to the EA then you know where you stand. Good luck!

Original poster

Needmorecoffeeortea · 09/07/2019 23:28

I’ve booked a viewing. The house is on for £350 but has been on for several months in an area that usually moves quickly. I think it’s worth more like £290-320. They paid £330 in 2012 but prices here have dropped and this was a new build at that time. The whole thing makes me feel sick! We have accepted an offer less than we paid for ours in 2011 due to the way house prices have gone. But still I can’t imagine offering low.

OP posts:

Imicola · 10/07/2019 07:44

We viewed and asked the sellers about their situation (they were moving abroad and property had been on the market a while) but didn't mention to them or agents that it was out of budget. When we had an offer in our place, we made a final and best offer, which was just below the stamp duty threshold to the next band up - made it clear we could not go above this. They accepted. But I guess it depends how far above your budget and how much interest there is.

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