How much was your house and how much did you offer on it?

[Hawkinsfirefly99]

Thinking of offering 575 on a 649 house. Anyone else made an offer that much lower? House has been on since June.

Seems extremely low. Even if the price is way too high to start off with, a deluded vendor probably won’t entertain such a low offer.

Oh, we’re just buying for over the asking price. Again

I bought a flat this summer which was on at 40k, and my offer of £35k was accepted.

We’re clearly operating in very different markets though!

What is the average in your area for that type of house?

It depends on s few things, mostly how long it’s been on the market.

I offered the asking price on mine as it was on a bit lower than it should be anyway as they wanted to sell quickly, and I saw it before it even went on the website!

I think you're offer is an excellent starting point. Can you look up how much they brought the house for, and compare it to how much they're selling it for now.

Ours was on at £675 and we paid £600. Think they were desperate to sell up and move though

I think you're offer is an excellent starting point.

Really? How can you tell?! Without any details of the house, and only knowing they've put it on at £649k, it sounds crazy low to me.

Fine as an opening offer but expect them to say no.

We offered 475 on a house that was 500.

I think you might need to raise the offer a bit.

You've gone in offering approximately 88.5% of the asking price. It's a good starting point for negotiating. If you now negotiate and split the difference so that you end up paying 94% of the asking price I think that's a good deal for the vendor.

On at £25,000, accepted £23,500. This was many years ago:)

I don't understand how one can reach that conclusion without seeing the house. 100% of the asking price might well be a good and achievable deal for the vendor, or 98% or 102%, or whatever.

425. We offered 425 as I was 7 months pregnant and we really liked the house and wanted it a lot and felt it was a reasonable price, we didn't want to dick about for weeks. Current market I would go a lot lower.

The average for the type of house in the area varies greatly. It's an older semi detached 3 bed but a house round the corner which was a newer 4 bed detached went for 550. I think there is definitely grounds for an opening low offer.

When i spoke to the agent she said the owner's children had left home so they were looking to downsize which suggests they might not be in any huge rush to move.

375k offered 383k to secure and remove from the market before it went online.

You've gone in offering approximately 88.5% of the asking price. It's a good starting point for negotiating. If you now negotiate and split the difference so that you end up paying 94% of the asking price I think that's a good deal for the vendor

Lol. The vendor might not agree with you. 😂

I paid asking price op. There was another offer on the table and I wanted it off the market,

That's a big old drop. One of two things will happen.

Either they will think you're a time waster and tell you to get stuffed and not wish to deal with you, you'd be surprised at how many people stupidly take offence.

They will negotiate you up closer to asking.

If they say no, which is likely, ask The agent what they will accept.

Just to clarify we went 8k over asking this was in May. Would have paid more

Same as slightly, we offered 5k over asking as there was another party on their second viewing and it was worth it to us to secure the house.

My dream barn conversion, was on for £540,000 paid £545,000. Would have gone up another 5 - 10k if necessary.

I would be so insulted if someone offered that low on my property and personally I would probably assume that they weren't that interested. Having said that, if you have a good rationale as to why you are going in that low, that may be useful to communicate with the agents when you make your offer. I'm assuming as it's such a significantly low offer, that you have reasons for why so I would detail these e.g property requires x, y, z at the cost of (whatever) which would at least give the vendors an idea of why you have chosen to go in so low.

This was in July btw

When i spoke to the agent she said the owner's children had left home so they were looking to downsize which suggests they might not be in any huge rush to move

Then probably there is a number of issues. Firstly as you said. They likely have no rush. Secondly often people downsize to release equity. A low offer would impact that. Thirdly if they have lived there for years they may be seeing it with rose tinted glasses and be emotionally attached and think it's worth more than it is. And be happy to wait to get it.

hen i spoke to the agent she said the owner's children had left home so they were looking to downsize

I think this is estate agent speak for "they are divorcing and have to sell the house" lol

On at 235k we paid 237k, we wanted to house and so did another couple. Used the fact DP has a "naice" community job to win

We got our house for 62k under asking price- it is a big period property needing a lot of work with a niche market and had been on three years!

I just did the maths and the offer that was accepted post survey and a lot of haggling was indeed 94% ! Plus a round of drinks in the pub for another £25 or so, which we weren't going to quibbled over.