Put an offer on a house

[meghatronic]

All things being equal, I'd say 5% under asking is being pretty generous in the current market.

Indeed. Personally, I always start at 20% and expect to drop a lot

 

[Deleted member 66701]

People would really offer 10, 15 , 20% below asking price?!

Yup.

My place was on the market £190k, realistic market value £180k so I offered -20% - so £152k. Eventually settled on -9% so £173k - £17k off and £7k less than actual market value or -4%.

Don't worry about insulting someone with an offer - it's business - you're not trying to become thier best fiend or marry them!

 

[Haircut]

I was curious to find out what houses sold for on the same street, apparently the place next door sold for 7% less (in august) than what we offered. Then again I don't know the condition of the property next door, and the one we offered on did invest about 30k in the property apparently. Meh it's all an education

I'd be interested to know what the average % drop is.

Hometrack say the average is 92% of asking price at the minute.
http://www.hometrack.co.uk/commentary-and-analysis/house-price-survey/20110127.cfm

 

[Bes]

I was curious to find out what houses sold for on the same street, apparently the place next door sold for 7% less (in august) than what we offered. Then again I don't know the condition of the property next door, and the one we offered on did invest about 30k in the property apparently. Meh it's all an education

I'd be interested to know what the average % drop is.

OMG

You realise house prices have gone DOWN 2.2% YOY?

From the information you are giving us, and assuming the house next door is the same size, similar condition (Ignore the 30K spent), you are overpaying for sure. The £30K he invested likely does not mean squat.

I wouldn't be so flippant about it 'being an education'. See if you can find out more about the property next door.

 

[PaulStat]

^ calm down I haven't bought it yet. I simply meant it is an education as it makes me consider my options

 

[Bes]

^ calm down I haven't bought it yet

Yes but you're about to.

 

[VoG]

People would really offer 10, 15 , 20% below asking price?! You're talking about knocking off anywhere up to £45k with the place we're looking at with those %'s

of course, you allways make the first offer a cheeky one fully expecting to get knocked back. 85% asking price as a first offer leaves an aweful lot of wiggle room, 95% asking price as a first offer leaves you pretty much no where to go cept the full asking price.

 

[EdwardTeach]

5% was very generous they may now think you are a pushover. If you want to go back, raise the offer by a piddling amount e.g £500- it will force them to consider again.

 

[Bes]

5% was very generous they may now think you are a pushover. If you want to go back, raise the offer by a piddling amount e.g £500- it will force them to consider again.

That's probably what I would do from here. Depends on a lot of factors, but based on the information we have, sounds like a good tactic.

 

[cm1179]

withdraw your offer, see what happens

 

[aln]

I'm considering putting an offer on a flat, nice modern place however its towards the outside of town and as such it has fairly crap internet connectivity! Most places show it as only being able to get 0.5mbit on ADSL. Is it sad to not buy a place becasue of internet connection?? haha

Yes. But I'm with you on this one.