How much would you offer?

[AnnaCatherine73]

Hi all

We are spending the whole weekend viewing properties and was wondering, if we found a house that we would like to make an offer on, how near to the asking price would you go initially?

Obviously if is something we love then we'd go as near as possible but with today's climate I'm not sure if we should be going in initially lowever than I would have done previously, if that makes sense.

We are in a good position, as we have sold and are now living in rented so are able to move as quickly or as slowly as dictated by the vendor.

Thanks

AnnaCatherine

At least 10% down to protect from negative equity and more if its been on a while.Good luck

If I were you I would chance my luck in the current climate. People must be panicking a bit now, and might accept a lower offer.

May depend on how long the house has been on the market - if it is not long, the vendor may be looking to get closer to the asking price.

It also depends on the area. Where I used to live, you generally had to pay the asking price or within £5k. Other areas are different though.

Definitely don't offer more than 90 per cet of what they are asking. Otherwise you're likely to regret it in a few months time when the prices have dropped even further. Why burden yourself with a mortgage larger than you need to (or spend money that you don't have to).

We're in exactly the same position as you and if we make any offers they will initially be 15 per cent below asking price with a view to maybe paying ten per cent below asking if we really love the place.

I agree -- start negotiating at 10% below asking price. You can always go up.

Thanks so much - very helpful

I've just stumbled onto this site and think it is fab!

One thing though - not on topic - can anyone tell me what the abbreviations stand for i.e: DD, DH, etc?!

Thanks again!

dear - husband/daughter/son/partner etc
You get used to it!
Good luck!

Thanks Sorry just seen the acronym list - Doh!

I always, always ask what the 'story' is with the vendors. If they are relocating, for instance, or have found a house they want, they often want to move quickly and will accept cheekier offers.

If they are moving on but haven't found anywhere yet, then they're often willing to hang on for a good price. I'd still offer low though, because you can get a call from the estate agent in 3 months time once they have found somewhere and are desperate to sell quickly.

We are in the same position but have seen a house we love. We will aim around 10% below and hope!