How much under should I offer?
Discussion
Been looking to move house and seen one that we really like. Its up at £185k but has recently been dropped by £5k and the brochure before it was reduced to that said it had been reduced aswell.
Sounds like they are pretty keen to sell but how much under would it not be too cheeky to offer?
Sounds like they are pretty keen to sell but how much under would it not be too cheeky to offer?
Everyone says 'if it doesn't embarass you' etc... The good ones by us are going for asking or around 5% under. Some are even going to final bid with 4 or 5 people chasing it. The cack is sitting forever though, and rightly so.
Try and get the best feel you can for an acceptable price and, yes, go in low but be prepared to up the offer depending on how much you want it. I've walked away from a couple recently because the offers went above what I thought the place was worth to me.
Try and get the best feel you can for an acceptable price and, yes, go in low but be prepared to up the offer depending on how much you want it. I've walked away from a couple recently because the offers went above what I thought the place was worth to me.
It's all a gamble really and depends on loads of stuff.
One thing, even if you buy a house for the same value yours is going for, say £300k, moving is going to cost itro £15k in just the fees so a buyer knocking £10k off the advertised price is now costing you an addition £25k to move to a house of the same value. Put like this you can see why some people would just choose to stay where they are, reject the offer and not put themselves in an additional £25k worth of debt if they are unable get that £10k off the purchase of their next move.
There is no right or wrong answer you'll know if your offer is too low and you'll have to pitch higher if you get that chance. It often depends how quickly you can move so your position to move plays a part in how seriously your offer is taken. All I can now say is if you really want the place and you want to secure the deal just offer what is an acceptable amount in relation to what you can realistically afford rather than have someone place a better offer while you end up losing out on something you really wanted for the sake of saving a few bob.
good luck.
One thing, even if you buy a house for the same value yours is going for, say £300k, moving is going to cost itro £15k in just the fees so a buyer knocking £10k off the advertised price is now costing you an addition £25k to move to a house of the same value. Put like this you can see why some people would just choose to stay where they are, reject the offer and not put themselves in an additional £25k worth of debt if they are unable get that £10k off the purchase of their next move.
There is no right or wrong answer you'll know if your offer is too low and you'll have to pitch higher if you get that chance. It often depends how quickly you can move so your position to move plays a part in how seriously your offer is taken. All I can now say is if you really want the place and you want to secure the deal just offer what is an acceptable amount in relation to what you can realistically afford rather than have someone place a better offer while you end up losing out on something you really wanted for the sake of saving a few bob.
good luck.
Edited by RV8 on Saturday 26th June 14:57
Wow, can't believe all the good advice on here. Thanks a lot everyone.
The agents for their house say the vendors are splitting up so there is no onward chain. Its been on the market since Feb this year and previous to that it was rented.
The house is in need of some work but nothing major. It'll need a new kitchen in a few years maybe and it's not to our taste anyway.
I've heard through guys at work that the boiler fitted is not particularly reliable and needs parts changing on it virtually every year to make sure its working safely. This wouldn't be too much of a big thing because I install boilers for a living, I just don't repair them.
The house would need decorating top to bottom and all the flooring is cheap laminate which looks well past its best so all that will have to come up too.
Just for your info the house is a 4 bed detached with a detached single garage (for a toy later on me thinks!) and there is a conservatory too.
Our house will be on the market by next week and is a 3 be semi with a conservatory.
I have only ever bought the house we live in now as it was our first house so I've never sold one too and the thought of it all terifies me a little.
The agents for their house say the vendors are splitting up so there is no onward chain. Its been on the market since Feb this year and previous to that it was rented.
The house is in need of some work but nothing major. It'll need a new kitchen in a few years maybe and it's not to our taste anyway.
I've heard through guys at work that the boiler fitted is not particularly reliable and needs parts changing on it virtually every year to make sure its working safely. This wouldn't be too much of a big thing because I install boilers for a living, I just don't repair them.
The house would need decorating top to bottom and all the flooring is cheap laminate which looks well past its best so all that will have to come up too.
Just for your info the house is a 4 bed detached with a detached single garage (for a toy later on me thinks!) and there is a conservatory too.
Our house will be on the market by next week and is a 3 be semi with a conservatory.
I have only ever bought the house we live in now as it was our first house so I've never sold one too and the thought of it all terifies me a little.
Nolar Dog said:
Slashmb said:
Our house will be on the market by next week and is a 3 be semi with a conservatory.
So unless yours is a)very desirable or b)cheap then you're not really in the position to be lowballing.Edited by Nolar Dog on Saturday 26th June 12:21
I'll wait until we have a buyer for ours first before I go any further with offers or even looking at houses. I guess we shouldn't have looked before ours was sold but as we have not had a house to sell before I was a little unsure of how it works. We also wanted to see what we could get for our money too to see if it was worth moving up the property ladder.
Sounds like you might be able to get a deal on that house, but really you are not in a position at the moment, if you were sitting in a rented house with finances in place any of your offers are going to be taken more seriously. Personally I wouldn't even think about specific properties until I had got my existing house off my hands
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