Negotiations on property

[Zapzep]

I have been to see a property which I like but I feel that it’s overpriced. Can I credibly offer 15% less than the asking price.

You can, you can list your reasonings and the seller can either reject or accept it

I'd offer in writing and explain why, and why you're a credible or desirable buyer. I'd acknowledge that it might not be accepted and state that it was a genuine offer and would not be increased. Once rejected id ask the EA to keep me in mind if the seller doesn't sell or decides to reduce in the future.

How long has it been on the market for @Zapzep ?

Definitely worth trying if you think it's overpriced by that amount. If you pay more than your comfortable with in a falling market your likley to regret it. It's sensible, not cheeky. It may or may not lead to further negotiations. I don't think it's unreasonable at all but maybe if you post a link people can try to establish if it's overpriced or not.

@Twiglets1 nearly two months

It is a 2 bedroom Dorma style property. The last property that sold of a similar type in the same road was a 3 bedroom last December for £20,000 less.

You can, by explaining why you have decided on the amount you are offering and, as others have said, by showing that you are a serious buyer. Don’t say that you think it’s overpriced (nothing like telling someone they’re greedy or delusional to get their backs up) but do explain why it is worth that amount to you.

Less than 2 months isn’t that long @Zapzep

Long enough to be open to a reduction but probably not long enough for a15% reduction. Nevertheless if it is all you can afford or all you want to pay, it’s worth making an offer. I think you have to prepare yourself for the fact it will very likely be rejected, however.

But at least the EA will be aware you are potentially interested if the price comes down in future.

Should I wait a while before offering?

Also the estate agent seems to be considering that the property is a bungalow and has priced it close to the price of a bungalow in that area but it is not really a bungalow as it has stairs and upstairs bedrooms

Many years ago we didn’t buy a house that we really liked because we thought it was worth (to us) 20% less than the asking price, and so we never offered and bought another house instead. A year or so later it finally sold for less than we would have offered. Should we have offered? I don’t know, but my feeling is that you’ve nothing to lose by offering now. Just keep the relationship good and the offer on the table, even if it is initially rejected.

@Twiglets1 what is the maximum reduction I could ask for?

If you don’t mind saying, what price is it currently on at?

@Twiglets1 it’s at the lower end of the market, I missed out on a two bedroom in the same area but a different design over the summer that was on for £30,000 less, price’s are all over the place in this area.

I can’t give a suggested figure without knowing the price but if you start at either 15% under or somewhere between 10- 15% reduction then that is a reasonable starting offer.

I agree with @NewFriendlyLadybird that you have nothing to lose by offering now even if the offer gets rejected.

I have made the offer how long should I wait for them to respond and what do I do if they don’t respond?

I'd give the sellers until Monday to mull it over and then contact the Estate Agent if you haven't heard back.

The EA has to (legally) submit your offer to the seller. They will then pester the seller until they receive a response, which will be fed back to you.

As above - give the EA a call on Monday afternoon if you don't hear before then.

yep. Just say why... needs work, cost of reno etc.

do not call them. follow up email only after one week. they are legally obliged to send your offer to the vendor.