Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Woud you immediately offer the asking price in this market?

24 replies

Page62 · 25/04/2010 19:46

Hi,
DH and i saw a property we really liked this weekend and we are putting in an offer tomorrow. We are in two minds about what offer to put in -- if push came to shove, we would pay the offer price but clearly, would be delighted if we are able to get it 5-10% below. WWYD? Would you offer the asking price straight away so you don't run the risk of losing it to someone else OR do you put in 5% below the asking price and hope for the best?
Would be grateful for your advice. The estate agent told me they had rejected an offer previously because it was below the asking price but i wasn't sure how much below!

thanks

OP posts:
activate · 25/04/2010 19:47

10% below - you can always go up

traceybath · 25/04/2010 19:48

Guess it depends where you live/how things are selling.

Stuff moving very slowly round here so would definitely offer under the asking price. You can always up your offer if they refuse.

Original poster
Page62 · 25/04/2010 19:50

oh god, really? we know someone looked at the property that afternoon we saw it and we're so paranoid that if we go below and the other guy offered the asking price and then they'll just accept without coming back to us....
do you think we can say this (i.e. 5-10% below) and then caveat it with but if they get any other offers can you let us know or is that giving away our position too much? ie. that we would pay the asking price anyway?
arrrggghh

OP posts:
Original poster
Page62 · 25/04/2010 19:52

it's in kent -- it's 20 minutes from sevenoaks centre - don't really know how property is moving over there as we are relocating from london

OP posts:
Earlybird · 25/04/2010 19:58

How long has the house been on the market?

How quickly have comparable houses sold in that area?

How many similar houses are available in the same general area at the moment?

How long have you been looking?

PandaSam · 25/04/2010 19:59

If you put in offer the agent will always let you know if another offer is on the table (don't let them know how keen you are!)

When I found my flat I loved it so much that I put in the asking price offer with the caveat that they took it off the market straight away. I knew I was happy to pay the asking price and wouldn't have risked losing it to save 5%.

Have a look at how many other similar properties are on the market. If this is the only one you've seen that you like then other people are probably thinking the same. But if you like it for specific reasons and there are lots of other properties of the same size/price then I would put in a lower offer.

Good luck!

LynetteScavo · 25/04/2010 19:59

Things are moving around here...although owners are expecting offerers, and are pricing their houses greedily accordingly. I wouldn't expect an offer of 10%less than the ascing price to be accepted, but I would dare go in at 7% less, expecting to negotiate up to between 5%- 2.5% less than the asking price, depending on how the house is priced, and whether the price has been recently dropped.

mumof2222222222222222boys · 25/04/2010 19:59

So difficult to know. I imagine that they would come back and ask you if you are prepared to up offer. We offered 10% below asking price on a house recently, and they asked what are best offer would be. We upped price by £20k. And they accepted - still significantly under asking price, and house is lovely and doesn't need anything doing to it.

However, 2 other houses in same area that we offered on in recent months did not accept our offers. 1 v close to asking price but not accepted as they thought that as the house over teh road had gone for £100k more (in a v different state!) so they decided to withdraw it from the market. The other we offer just below asking, but then we actually offered asking price, and then she hiked price by £50k. We offered that too (mugs). She then withdrew from the market as realised she'd have to pay capital gains tax.

So who knows...best guide is what is happening in the area, but it is no guarantee!

littleoldme · 25/04/2010 20:06

We've just sold our house in 3 days. it was on for 215 and we accepted 212 as the buyers are chain free and have the cash ready. It depends what else you have to offer.

We offered a grand over for this house as we knew others were interested in it, over 10 years it hasn't made a difference to our finances and we've been very happy here.

You do need to be pruden, but if you are planning staying there long term does a small perventage of the price really matter that much if you have it available.

If you don't want to lose it offer the asking.

mintyfresh · 25/04/2010 20:09

What is your position? Are you in a chain? May make a difference as to how your offer is viewed by sellers....

Earlybird · 25/04/2010 20:09

Is it move-in ready, or does it need alot doing to it?

If move-in ready, would imagine less flexibility in price.

Original poster
Page62 · 25/04/2010 20:16

we are in a chain, but we've only put our house on the market on friday afternoon and we have 5 viewings booked. all similar properties to ours on our road or just off our road are under offer so i'm pretty confident our house will sell soon.
in the end, we do love the house, but 5% of the asking is still a good chunk of money that could go towards so many things -- oh the dilemma!!!

OP posts:
OrmRenewed · 25/04/2010 20:25

ROund here houses are taking forever to sell! Because most of them are over-priced. I wouldn't personally offer the asking price. But if you love it and you can afford, offer the asking price.

OrmRenewed · 25/04/2010 20:27

FWIW could you ask for guidance from the agent? The house we want is up for 220 - agent tells us they'd be prepared to accept 200 as they have found a place they want.

Original poster
Page62 · 25/04/2010 21:07

thanks for that advice. i think i will ask the agent where they are re offers -- we really want the house (i have mentally moved in the furniture!!!)

OP posts:
Original poster
Page62 · 26/04/2010 10:35

Please wish us luck i have put in an offer today at 6% below the asking price the agents are letting the owners know -- we'll see from there!

aaaah, so stressed!

OP posts:
mintyfresh · 26/04/2010 11:10

Good luck Page62 - they'd be mad not to accept in the current climate!

traceybath · 26/04/2010 11:11

Good luck!

toja555 · 26/04/2010 14:49

I put an offer of 10% below asking price on ideal property and lost it. A coincidence, that someone offered higher price the very same day. From now on I would always put what I feel the property is worth to me, instead of just following the rule?

OrmRenewed · 26/04/2010 14:50

Let us know!

Original poster
Page62 · 26/04/2010 16:56

Hi

the agent told me that the owners will only contemplate offers from c8% below the asking price. The offer they rejected last week was below that (don't know how much below).

We have offered just over 2% above that minimum as a starting point. the agent told us that we would be kept in touch with any other offers they might receive. that was this morning. I haven't heard back but i don't want to call them back as it might smack of desperation!

we do love the house and push comes to shove we'd probably offer the full asking price....but it feels silly not to try

aaaah, i am losing my nerve!!!!

OP posts:
Original poster
Page62 · 26/04/2010 20:04

arrrrgggghhhhhhh

agent called me to say they received a higher offer to the one i made. So DH and i are offering the asking price tomorrow and asking them to take it off the market -- wish us luck!!!

OP posts:
PandaSam · 26/04/2010 20:34

Ooh good luck...its so stressful isn't it!

Let us know how it goes

Original poster
Page62 · 28/04/2010 09:09

unfortunately, there seems to be 3 bidders for it -- we have the highest bid but the two others have completed their chain and we are still trying to sell our house.
i'm confident ours will sell, but it's just words isn't it so i'm not holding out hope that we will get it
i thought there's a bloody recession

OP posts:
New posts on this thread. Refresh page