Offering £25000 less?

[Qwertyguerty]

Quick question really. My budget for a house is £400000 but I'm tempted to look at higher price ones like £410000 but offering my top price.

This has led me into looking into the £425000 bracket in Rightmove

My question is, is it too cheeky to offer 400 when it's advertised as 425?

No harm asking

No. Buyers market.

You’re within 5% so I’d say not that cheeky but be prepared for a no.

It depends entirely on the sellers position and how marketable the property is. For example the house I live in went to fixed bids and we had to pay over the asking price. How secure is your position? If you are not in a chain this helps

I'm getting a mortgage in principal sorted next week so hopefully that gives me even more leverage. I am renting so chain free

My DH says it's too cheeky so he's not bothering to look at anything on rightmove above our actual budget

You can ask, they can say no

As long as you accept the risk of finding a 'dream home' but them rejecting the offer then it's ok.

There was a thread here recently where the Op couldn't understand why the seller wouldn't accept her offer - in her eyes it was sensible, it was market value - simply could not grasp that the sellers had no obligation to agree with her!

We looked at houses within our budget for long time and they kept going over budget. In the end we looked at house that originally was 100k over budget, price reduced 75k.

We made few low bids and our last bid and they were rejected was 25k under the new asking price, so 100k under what they hoped to get just few months ago. Our offer was accepted and we are happy homeowners!

you could start low and up your bid too.

We just sold our house. It ended up going on for £695k and we took £650 for it. Our house was quite unique though and difficult to value, so kind of depends what type of house you are looking at, also how desperate the vendor is to sell.

I don't think there's any point in offering low but I guess looking at houses over your budget could either be really frustration or lead you to spend more than you can really afford.

No harm in looking, no harm in offering..

I've never paid full asking price for a house in my life. I would have absolutely no qualms offering £400k on a house marketed at £425k in this market. But equally, they're free to turn down your offer. Go and have a look and see if you find the right place!

You can always ask! We offered 30K below asking price on a property and we got it! Lots of reasons why it may work, market at the time, length of time property has been on the market, your position are you a cash buyer or have no chain, how desperately the vendors want to move. There is always room for negotiation and if you don't ask.... Good Luck!

Within 10% cant be deemed cheeky ffs... unless it is obviously priced below others to sell quickly
Also depends on your market and what recent sales prices have been. Ignore the asking price and look at sold prices of similar homes within 1/2 mile in the last year

I would not offer full price at the moment round here. I would expect to get 10% given how slow the market is.

You aren't there to make friends. Of course they want more money, but a house is worth what somebody will pay. Until and unless someone offers more, it isn't worth it.

You could always look at house prices on Rightmove to see what other similar properties have sold for to see if you are way under the market value

What @Alexalee said! I'd expect to start at 10% under and work up from there, unless the house was clearly very keenly priced. For the record, the two places I've bought I got for about 8% under and for 5% under. The second was priced low, so I started at 5% under and made clear that it was my best and final offer as I couldn't afford a penny more (which was true! I still feel incredibly lucky to have got it!)

These are all great tips I hadn't thought of. Will def be comparing nearby similar property sold prices and do my homework

First time buyer so learning as I go!

We put in an offer of £740,000 the house is being marketed at 750-775, we like it and they want a quick sale.
We will find out if the offer is accepted on Monday, you can always put in an offer, if can be accepted or declined. Our house is on the market and I would take an offer.

Always offer below - no one lists at the price they expect to get. As previously said a lot is overpriced right now and just not shifting. Go in low and you can always raise your offer. Definitely take control though - there's always another house, and most sellers are motivated in this market. Good luck! Be brave and be cheeky!

I thought the guidance on offers was 10% at least below AP was fine.

Buying and selling houses involves negotiation. Therefore you have to negotiate and be prepared to essentially haggle - if your DH can't face that, you'll end up paying more than necessary.

Understand it as the asking price is just that.llan asking price. It's not a fixed price with zero movement.....in the vast majority of cases. Sellers expect they will have to take a lower offer unless the market is very hot. The question is how much lower. All kinds of things mean people will/won't go much lower - how desperate they are to sell, how long they've been on the market, if they believe their house is fairly priced or know the asking price is a bit cheeky, the position of the buyer.

You can guage some of this stuff by seeing how long the property has been on for and sometimes can find out bits from the estate agent, but you cannot really know if an offer will be accepted until you make it. So, generally you should expect to start a but lower than you will go to, hoping you might get lucky, but knowing you might have to raise the price a but if a lot. Annoying though to think you dint make an offer or start lower and could have had a better deal.

The only time not to start with a slightly cheeky offer is if you are desperate to have that particular property and know the market is hot for that kind of property in that area. Otherwise, always start with a rather low offer.

What's the worst thing that can happen.....they say 'no' and you either walk away or re-offer? So what! What's the best thing that can happen....they say yes and you get a better house than you'd imagined for what you can afford, or you get a house for less than you thought, saving you money for other stuff. It's worth it - all it requires is a phonecall.

You're free to offer any amount below that you feel like. The lower you go, the less likely you'll get a yes, but you never know. And crucially you can usually re-offer if it's a no. You can reoffer immediately during the same conversation with the estate agent where you get turned down if you want to.....and again and again if necessary and you want to. Remember you don't have to guage your offer exactly right and only make 1 offer. There's no shame is being turned down. Personally I'd feel a bit cross with myself if my first offer was instantly accepted, except in a very hot market.