mikeyb10supra Posted July 11, 2011 Share Posted July 11, 2011 Has anyone purchased recently and if so, what percentage figure did you get off the asking price?? I have sold my place and in a good position to proceed quickly with a purchase as I have no chain. Just had an offer refused on a place im looking at which also has no onward chain. I went in 13k below what they were asking. Not sure how to proceed now, whether to wait it out and make them sweat, but potenitally risk losing the place, or go back with an increased offer of 3k and state that I am at the top end of my budget now?? I am at risk of appearing to keen if I go back to quickly In this current market, I am not sure how to play things Mike Quote Link to comment Share on other sites More sharing options...
Geo Posted July 11, 2011 Share Posted July 11, 2011 Tricky one dude, with property the way it is just now, most people will take a hit on the asking price IMO. If they are desperate to sell that is? You could go back in a day or 2 and say i'll give you another 3k? see what they say? If they refuse that, then say ok no problem i'll look else where. They might go ah **** and get back to you saying ok they will take it, more of a gamble than anything. Quote Link to comment Share on other sites More sharing options...
mikeyb10supra Posted July 11, 2011 Author Share Posted July 11, 2011 Tricky one dude, with property the way it is just now, most people will take a hit on the asking price IMO. If they are desperate to sell that is? You could go back in a day or 2 and say i'll give you another 3k? see what they say? If they refuse that, then say ok no problem i'll look else where. They might go ah **** and get back to you saying ok they will take it, more of a gamble than anything. I can push 3k and then a little more but thats it. My next offer will be an increase of 3k and then maybe a further 2k but thats it as I need to claw back some that I lost on my one. The estate agent knows I am making offers on others in the area too that are on with different agents, so it within their interest to push a sale or risk me going with another property with a different agent. Ahhhhhhhh I can see what they mean now when they say buying a house can be one of the most stresful things you can do Quote Link to comment Share on other sites More sharing options...
gavin.starr Posted July 11, 2011 Share Posted July 11, 2011 I put an offer of 150k on a property for sale at 165k and got it in the end for 153k and we let them sweat on it for a bit,as we told them that 150 was our absolute max from the start and they said they wouldnt take anything less than 155. Gav Quote Link to comment Share on other sites More sharing options...
Geo Posted July 11, 2011 Share Posted July 11, 2011 Got to be cheeky in buying houses just now, with the way the market is, dont be afraid to be a stingy git..... and offer way less.... You never know how strapped for cash people are these days. Quote Link to comment Share on other sites More sharing options...
gavin.starr Posted July 11, 2011 Share Posted July 11, 2011 A bloke at work got a house last year that was on the market at 195k for 155k. so you just never know. Quote Link to comment Share on other sites More sharing options...
Guest ugp Posted July 11, 2011 Share Posted July 11, 2011 How does the price of the house compare with others on the same street / area? I've bought a few recently and offered between 10-15k less, but they had been on the market for a while. How much interest is there in the property? Although your are in a good position to move quickly, they are also (having no onward chain etc). Quote Link to comment Share on other sites More sharing options...
Scoboblio Posted July 11, 2011 Share Posted July 11, 2011 IMO there are too many variables to give you a sure answer, e.g how long have the sellers been waiting for a sale, how desperate are they to move, is the house under / over priced to start with, how much do they need the money etc etc. The same goes for your situation really, would you be heartbroken if you lose out on this particular house or would you just move on and look for another one? We bought our house about six months ago, had an offer rejected and went straight back in with another one £2k higher which was accepted... wasn't exactly a tough negotiation on our part but we fell in love with the place when we saw it, so we felt it was worth the higher offer. Quote Link to comment Share on other sites More sharing options...
mikeyb10supra Posted July 11, 2011 Author Share Posted July 11, 2011 How does the price of the house compare with others on the same street / area? I've bought a few recently and offered between 10-15k less, but they had been on the market for a while. How much interest is there in the property? Although your are in a good position to move quickly, they are also (having no onward chain etc). There are 3 others in the area one for a similar price which I have also offered on. This one has been up a few months. The other one I offered on which is the one I was originally talking about has been on from the start of this month. Average sale price in the area is 194k my offer that was just refused was 7k under that and the propertys are all valued at 200k. You say they potentially are in a good position, but that hinges on them 1) getting a buyer 2) the buyer not having a chain. I am in a position to offer them both. IMO there are too many variables to give you a sure answer, e.g how long have the sellers been waiting for a sale, how desperate are they to move, is the house under / over priced to start with, how much do they need the money etc etc. The same goes for your situation really, would you be heartbroken if you lose out on this particular house or would you just move on and look for another one? We bought our house about six months ago, had an offer rejected and went straight back in with another one £2k higher which was accepted... wasn't exactly a tough negotiation on our part but we fell in love with the place when we saw it, so we felt it was worth the higher offer. I get where your coming from and sometimes there is no way of knowing this info so you kinda need to make inferences about a persons situation. I will go in with a higher offer but will wait a few days I think. Quote Link to comment Share on other sites More sharing options...
stevie_b Posted July 11, 2011 Share Posted July 11, 2011 I would let the seller sweat for a few days. Quote Link to comment Share on other sites More sharing options...
jagman Posted July 11, 2011 Share Posted July 11, 2011 You can check on what the house sold for previously and when it sold . You can check recent auction prices in the area for similar properties. I would offer between 20 % and 40% less than asking , depending on location maybe more , areas with high public sector employment , reduce the offer , areas with high student population or uni. offer less , check the large local employers are they likely to go pop or return to overseas . Check the property available in the area has this number increased rapidly ? Some areas such as Wales ( high public sector) or Northampton ( oversupply without local employment ) will drop faster and further . Rising costs for energy will hit larger properties or more remote ones . All in all best wait really , never wise to buy in a falling Market .. And fall it will Quote Link to comment Share on other sites More sharing options...
dandan Posted July 11, 2011 Share Posted July 11, 2011 Mike, We just sold a house similarly priced to the ones you are looking at and it went for 3.8% less than the asking price. This place was a lot better finished than others in the area, has much better frontage and parking etc but it was still priced for top end of the market. IMO it depends on the other places for sale nearby and how desperate people are to move. Also, we got offered the full asking price by someone the day after we accepted the first offer - we're not going to act on it unless the initial offer falls through as the current one has funds etc and all the wheels are in motion.... We're now looking for somewhere else and I'm hoping for about 9-10% off the asking price on them but have made no offers yet as it's early days looking for us. Certain properties (value and type and location) sell fast and get good money.....I'm hoping top find the opposite Quote Link to comment Share on other sites More sharing options...
Havard Posted July 11, 2011 Share Posted July 11, 2011 I would let the seller sweat for a few days. That ^^^^. You need to play the game. It's a while since we bought our place but we got it for 25% less than the asking price. I doubt we will ever find someone as desperate to sell again (who would also tell someone as opportunist as me that they are desperate to sell). We will be looking to move in the next 12 months and I would be setting myself a target of at least 10% off the asking price unless the absolutely perfect house came up for sale. I would stick to your guns and get the estate agent to put in a word or two to see if the current owner is looking like they will accept your offer. H. Quote Link to comment Share on other sites More sharing options...
jagman Posted July 11, 2011 Share Posted July 11, 2011 http://www.economist.com/node/18925999 this suggests houses in uk 28% overpriced - this is an average and I suspect nearer 40% would rebalance Quote Link to comment Share on other sites More sharing options...
jagman Posted July 11, 2011 Share Posted July 11, 2011 The current all time low interest rates , if only rise by 0.5% - then 2.4 million people cannot make their monthly repayments and bills . There will be no shortage of distressed sellers!! It's FUBAR .......Just make like a vulture and wait .... Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.