What to offer

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xb_deai

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With the "R" word surfacing yesterday what % less than asking price would be advised?
 
I would also add it depends on the vendor.

We have under bid slightly on 2 houses and missed out because the vendors want closer to or over their asking price. However, both houses were overpriced to begin with.

We have learnt that the house which are valued correctly are shifting so again it depends on the existing price and whether you are confident that you can get it at the price you want without risking others outbidding you.
 
knew it was long as a piece of string answer but where to start? First time buyer so dont know if there are rules of thumb on this
 
If the Estate Agent doesn't pretend to be shocked or disgusted, then you know your first offer is too high.
 
There are no rules and you will get tons of advice, unfortunately the best advice I think is to go with your gut feeling and stay (well) within your budget.
 
MrMan said:
There are no rules and you will get tons of advice, unfortunately the best advice I think is to go with your gut feeling and stay (well) within your budget.
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And remember it is far, far easier to revise a bid up than to revise it down.
 
I still can't fathom why people think they sould bid a certain percentage below an asking price - if people aren't looking at the asking price but a percentage below the asking price then other people will just raise their asking price allowing for the fact that the bidders are going to go in below the asking price.

So at the end of the day you are really making asking prices irrelevant - estate agents should just say well what are you willing to pay for it and go YES or NO - no point even giving a guide as this would then be taken as an asking price and the bidder would just bid below it anyway - I really think that this is a major factor in house sales slowing down so rapidly - people are just pulling the p*** with offers because someone told them they can get 25% off.


I've tried to put this point across before with no luck .... and having just read over this again, I don't think I'm going to have much luck here either.
 
browser said:
I still can't fathom why people think they sould bid a certain percentage below an asking price - if people aren't looking at the asking price but a percentage below the asking price then other people will just raise their asking price allowing for the fact that the bidders are going to go in below the asking price.

So at the end of the day you are really making asking prices irrelevant - estate agents should just say well what are you willing to pay for it and go YES or NO - no point even giving a guide as this would then be taken as an asking price and the bidder would just bid below it anyway - I really think that this is a major factor in house sales slowing down so rapidly - people are just pulling the p*** with offers because someone told them they can get 25% off.

I've tried to put this point across before with no luck .... and having just read over this again, I don't think I'm going to have much luck here either.
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Well we didnt insult the vendor by going that low. We went in at 5% lower because other houses in the area that needed a lot less work than theirs were priced at that level.

I see where you are coming from but it has to be said that there are a few vendors out there who are taking the absolute pi£$ with their asking prices.They still think they are back in 2006 and no matter what advise they are given they go ahead and put their property on the market way over what its actually worth.

We have stumbled across a few incidencies in the past few months and now those same vendors are lowering their prices and generating more interest because their asking prices are a lot more realistic.

As I pointed out houses that are priced competitively are still shifting.
 
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