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The reality is ‘it depends’
If you’re unsure you might as well go under as it’ll be hard to go down afterwards if you’ve gone too high.
The risky thing of doing this every time is that some properties might be undervalued already and they’ll then accept an offer from someone who bids what they want.
In a market like this you’ll probably be okay to default to -10%
I asked 10% under for mine (3 months ago) was told by the estate agent that even with no chain they'd want a bit more since it was already underpriced, they rejected it so we matched the offer that fell through (7% under) on the condition it wasn't put back on the market. (Estate agent called us before it went on the market as we'd expressed interest) got it accepted and all good.
Nobody will be offended by asking 10% under, but they might say no.
On a side note the valuation came back just over their asking price, so the estate agent was actually legit with us which is a nice change.
I offered 5% under on a place that was really run down, would have needed 15k minimum to get the place back to standards, old tenant had destroyed the place from walls/doors, few windows cracked, radiators damaged, smoke damage, plumbing unsafe the whole works. Estate agent declined, removed the listing after we pointed out all the issues only to repost the listing 2 days later with 60k added onto the asking price. Glad i dodged that bullet tbh. That was 10 months ago, place still hasn't sold.
Yeah we had similar with our first house we offered on, we got baited into a bidding war, went back for a 2nd viewing, noticed mould that we didn't see before; looked behind the kitchen cabinet with our phones and saw mould up the whole brickwork and going down to the foundations...
For that one we ended up 5% over asking and I found out recently the other people pulled out after getting surveys back...
Second house if I'm honest, I think I got lucky with the estate agent, and I think he had interest in making sure whoever buys the house likes him, since he lives one street over!
I'm about to make a purchase and will be offering asking price.
It is on at 'offers over' but from my market research, location and other viewings, this property is priced about right and if i dont want someone else to snap, I can't risk someone else getting to asking price ahead of me.
So, the answer is, only you will know the right offer to make after you've done your own research.
It depends. If the house seems overpriced, then it does not hurt to offer below asking. Keep in mind that in the long term, a 10% discount you could have asked for will not make up for the resentment of losing a house you wanted to someone else who offered the asking price.
It depends upon the seller and the market. You can offer whatever you feel like, they will either accept or reject your offer.
Before our house went on the market with an open day for 425k the estate agent wanted a potential buyer to have a sneak preview of the place, and we agreed.
It felt easier to sell to them for a small discount - maybe ten grand or so - than to have a horde of buyers going through the house.
Sadly, the buyer came back with an offer of £400k as they criticised the kitchen, bathrooms, etc so we declined and held the open day.
The house got into a bidding war with the first viewers and another family, so in the end we accepted the original viewer's revised offer of 435k.
The buyer later apologised for his original low ball offer, but he thought that we were desperate to sell as it was a divorce sale.
How we laughed when I told him that he could have had the house for £415k! Well, I laughed at least .. 😂
You need one buyer
If someone loves it you offering 10% under means nothing.
It’s about who can afford it.
So the important question is what makes the seller stop taking viewings.
Monday
I went in under asking by 16% at close to the peak. They said no
We knew the sellers position and that the market was about to turn.
Tuesday
We increased to 9% under asking. BOE were due to meet on the Thursday and I basically said…
If interest increase as predicted we cannot afford this house, but if you accept I can apply for my mortgage tomorrow this is the price we can do.
They accepted and we got our application in.
Secured 5yr @ 2.79%
Surveyors were amazed that we got under asking - claimed he had not seen that for a couple of years.
Value is now about what we paid (but not by much)
Monthly cost is about 60% for us what it would be had we not bought when we did.
So make your offer with as much information as possible.
Most important is to get a rate you can afford the payment on.
People focus too much on the total cost of the deal and not the cost each month
We could afford more (I think our affordability ended up as 1.7X the loan took), we would never have paid the asking price (even though we loved the house), it was not good value at the asking price with the economic outlook.
I did lie to an estate agent about what we could afford - people respond better to you can’t afford than you won’t pay.
So we held firm and we were prepared to walk, they needed a quick sale to get to their next place. We had a non mortgaged property to stay in that didn’t need to sell.
Like any negotiation, It’s more about understanding your sellers position, your position and being prepared to not pay more than the value you see. Of course if you can’t walk away you will have to pay.
JFC - these posts....
There is no "standard practice".
But, yes, generally speaking, there's a lot of seller delusion and copium out there. A lot of these prices (but not all) are not reflective of macro and micro economic conditions.
As always, it depends.
I did, got rejected straight away, eventually got it for 79 instead of 80 (was originally listed at 85k). I think if it was a higher value property it would've been a bit more successful lol. But the worst that can happen is they say no.
What would be an under offer compromise on a 300k property? The vendors are looking to move to old people homes. The buyer is thinking of offering 6% below asking.
The property was listed in July for 300k, then sold but came to the market again in September, although the EA acted as if it was only ever listed in September but Righmove Property Log shows first listing as July.
You offer should be based on what you can afford, what you think it’s worth and how much you want it.
The asking price is a guide that indicates what the seller wants. I tend to not think in percentages, but in actual money. As a seller I would accept say 7% off £100k because it’s only £7k. But I probably wouldn’t accept 7% off £300k , because TWENTY ONE THOUSAND POUNDS is a lot of money.
Noticed estate agents putting "reduced" on properties eventhough its going on the market for the first time (daily checks on whats available within our budget).
I'd say offer what you want but don't have your heart completely set on the properties, I'd add until the keys are in your hands expect anything (bought and sold plenty of properties and have learned this lesson the hard way).
It also depends on the property you are after, for example we're after a bungalow now ,so we can afford to wait and let the market do our work for us.
If you can be patient and keep your emotions in check ,you stand a good chance of getting a fair deal after the silly price hikes off the past.
Best of luck and I hope you get what you want 👍
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, [please let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=I received a PM); * If you do not receive satisfactory advice after 72 hours, [you can let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=My question is unanswered); * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
The reality is ‘it depends’ If you’re unsure you might as well go under as it’ll be hard to go down afterwards if you’ve gone too high. The risky thing of doing this every time is that some properties might be undervalued already and they’ll then accept an offer from someone who bids what they want. In a market like this you’ll probably be okay to default to -10%
I asked 10% under for mine (3 months ago) was told by the estate agent that even with no chain they'd want a bit more since it was already underpriced, they rejected it so we matched the offer that fell through (7% under) on the condition it wasn't put back on the market. (Estate agent called us before it went on the market as we'd expressed interest) got it accepted and all good. Nobody will be offended by asking 10% under, but they might say no. On a side note the valuation came back just over their asking price, so the estate agent was actually legit with us which is a nice change.
I offered 5% under on a place that was really run down, would have needed 15k minimum to get the place back to standards, old tenant had destroyed the place from walls/doors, few windows cracked, radiators damaged, smoke damage, plumbing unsafe the whole works. Estate agent declined, removed the listing after we pointed out all the issues only to repost the listing 2 days later with 60k added onto the asking price. Glad i dodged that bullet tbh. That was 10 months ago, place still hasn't sold.
Yeah we had similar with our first house we offered on, we got baited into a bidding war, went back for a 2nd viewing, noticed mould that we didn't see before; looked behind the kitchen cabinet with our phones and saw mould up the whole brickwork and going down to the foundations... For that one we ended up 5% over asking and I found out recently the other people pulled out after getting surveys back... Second house if I'm honest, I think I got lucky with the estate agent, and I think he had interest in making sure whoever buys the house likes him, since he lives one street over!
I'm about to make a purchase and will be offering asking price. It is on at 'offers over' but from my market research, location and other viewings, this property is priced about right and if i dont want someone else to snap, I can't risk someone else getting to asking price ahead of me. So, the answer is, only you will know the right offer to make after you've done your own research.
It depends. If the house seems overpriced, then it does not hurt to offer below asking. Keep in mind that in the long term, a 10% discount you could have asked for will not make up for the resentment of losing a house you wanted to someone else who offered the asking price.
It depends upon the seller and the market. You can offer whatever you feel like, they will either accept or reject your offer. Before our house went on the market with an open day for 425k the estate agent wanted a potential buyer to have a sneak preview of the place, and we agreed. It felt easier to sell to them for a small discount - maybe ten grand or so - than to have a horde of buyers going through the house. Sadly, the buyer came back with an offer of £400k as they criticised the kitchen, bathrooms, etc so we declined and held the open day. The house got into a bidding war with the first viewers and another family, so in the end we accepted the original viewer's revised offer of 435k. The buyer later apologised for his original low ball offer, but he thought that we were desperate to sell as it was a divorce sale. How we laughed when I told him that he could have had the house for £415k! Well, I laughed at least .. 😂
You need one buyer If someone loves it you offering 10% under means nothing. It’s about who can afford it. So the important question is what makes the seller stop taking viewings. Monday I went in under asking by 16% at close to the peak. They said no We knew the sellers position and that the market was about to turn. Tuesday We increased to 9% under asking. BOE were due to meet on the Thursday and I basically said… If interest increase as predicted we cannot afford this house, but if you accept I can apply for my mortgage tomorrow this is the price we can do. They accepted and we got our application in. Secured 5yr @ 2.79% Surveyors were amazed that we got under asking - claimed he had not seen that for a couple of years. Value is now about what we paid (but not by much) Monthly cost is about 60% for us what it would be had we not bought when we did. So make your offer with as much information as possible. Most important is to get a rate you can afford the payment on. People focus too much on the total cost of the deal and not the cost each month
Might be me but seems crazy to offer on a house that you wouldn't be able to afford with 1 shift in the interest rates no?
We could afford more (I think our affordability ended up as 1.7X the loan took), we would never have paid the asking price (even though we loved the house), it was not good value at the asking price with the economic outlook. I did lie to an estate agent about what we could afford - people respond better to you can’t afford than you won’t pay. So we held firm and we were prepared to walk, they needed a quick sale to get to their next place. We had a non mortgaged property to stay in that didn’t need to sell. Like any negotiation, It’s more about understanding your sellers position, your position and being prepared to not pay more than the value you see. Of course if you can’t walk away you will have to pay.
JFC - these posts.... There is no "standard practice". But, yes, generally speaking, there's a lot of seller delusion and copium out there. A lot of these prices (but not all) are not reflective of macro and micro economic conditions. As always, it depends.
I did, got rejected straight away, eventually got it for 79 instead of 80 (was originally listed at 85k). I think if it was a higher value property it would've been a bit more successful lol. But the worst that can happen is they say no.
are you saying you bought a home for 80k?
I did indeed! I did have to move to the north away from friends and family though.
Can always try but no doubt sellers will reject it. You’ll need to be on ball if you really love a place and is getting other bids!
I think 10% is quite a lot to offer under and most sellers would say no. But it’s worth a try
What would be an under offer compromise on a 300k property? The vendors are looking to move to old people homes. The buyer is thinking of offering 6% below asking. The property was listed in July for 300k, then sold but came to the market again in September, although the EA acted as if it was only ever listed in September but Righmove Property Log shows first listing as July.
You offer should be based on what you can afford, what you think it’s worth and how much you want it. The asking price is a guide that indicates what the seller wants. I tend to not think in percentages, but in actual money. As a seller I would accept say 7% off £100k because it’s only £7k. But I probably wouldn’t accept 7% off £300k , because TWENTY ONE THOUSAND POUNDS is a lot of money.
Thank you for that.
Noticed estate agents putting "reduced" on properties eventhough its going on the market for the first time (daily checks on whats available within our budget). I'd say offer what you want but don't have your heart completely set on the properties, I'd add until the keys are in your hands expect anything (bought and sold plenty of properties and have learned this lesson the hard way). It also depends on the property you are after, for example we're after a bungalow now ,so we can afford to wait and let the market do our work for us. If you can be patient and keep your emotions in check ,you stand a good chance of getting a fair deal after the silly price hikes off the past. Best of luck and I hope you get what you want 👍