| House negotiation. 20:19 - Apr 3 with 6779 views | redrickstuhaart |
on for 389. Reduced to that figure in feb (dont know what from).
Previously with a different agent (who are known locally as the premium agent and tend to over price...)
Part of me thinks that an offer of 375 might be insulting if they have already taken the psychological hit of a reduction. Another part of me thinks if I mroe reasonably go in at 380 - it looks like an invitation by me to meet at 385. Which is barely worth haggling over at all.
What do we reckon? |  | | |  |
| House negotiation. on 20:23 - Apr 3 with 3936 views | DJR |
Depends how much you want the house, and how long you intend to stay.
In the long term, the odd five thousand here or there doesn't really make much difference.
At least that is the line have taken when it comes to house purchases, but of course, if you can't afford that bit extra, it's a different ball game. [Post edited 3 Apr 20:27]
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| House negotiation. on 20:23 - Apr 3 with 3937 views | bluelagos |
If house was reduced its cos they couldn't get higher amount. So it was overpriced.
So don't feel bad at offering 375 if priced at 389. To be honest I'd go 10% less with opening offer irrespective of history.
Worse case they say no and you can offer a higher amount. |  |
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| House negotiation. on 20:23 - Apr 3 with 3939 views | Steve_M |
That it was reduced in February and still not sold says no harm in starting at £375k. Don't think any seller is getting quite what they want at the moment.
It's quite easy to overthink this, especially if you really like the property. I've been doing a bit of that lately so it's a lot easier when you sum it up as you have. |  |
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| House negotiation. on 20:28 - Apr 3 with 3891 views | Zx1988 |
Download the Property Log extension for Chrome:
https://chromewebstore.google.com/detail/property-log/jccihedpilhidcbkconacnalpp
This will show the entire pricing history for the property beneath its listing on Rightmove, which will help you get some context and decide on the best move.
It's clearly festering somewhat, so there are two main possibilities:
A) Vendors are holding out for an unreasonable sum
B) It's catastrophically overpriced, the vendors are keen to sell, but the list price is high enough to put people off | |
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| House negotiation. on 20:28 - Apr 3 with 3894 views | redrickstuhaart |
| House negotiation. on 20:23 - Apr 3 by Steve_M |
That it was reduced in February and still not sold says no harm in starting at £375k. Don't think any seller is getting quite what they want at the moment.
It's quite easy to overthink this, especially if you really like the property. I've been doing a bit of that lately so it's a lot easier when you sum it up as you have. |
I recall last time we sold, we got sufficiently annoyed with a lowballing bidder that we declined any further interest from him. Certainly worth keeping the sellers on board unless you literally have the cash waiting to instantly go. | | | |
| House negotiation. on 20:30 - Apr 3 with 3872 views | bsw72 |
Is everything else in place, ie you’ve sold your house or even better got cash?
If you’re in a position to move quickly I would go in at £370 with them knowing that, especially as we are heading into choppy financial waters. I wouldn’t worry about “offending”.
It’s not always about the amount but how quickly things need to happen for the seller. |  | | |
| House negotiation. on 20:43 - Apr 3 with 3779 views | redrickstuhaart |
| House negotiation. on 20:30 - Apr 3 by bsw72 |
Is everything else in place, ie you’ve sold your house or even better got cash?
If you’re in a position to move quickly I would go in at £370 with them knowing that, especially as we are heading into choppy financial waters. I wouldn’t worry about “offending”.
It’s not always about the amount but how quickly things need to happen for the seller. |
Evening bsw- we know each other of old.
I am being removed from the mortgage on my current house (paperwork pending but all agreed) and as soon as that happens, I can get my own solo mortgage to buy with. So effectively no chain- but not a cash buyer per se. | | | |
| House negotiation. on 20:51 - Apr 3 with 3727 views | Swansea_Blue |
For 389 quid I’m thinking it’s in Burnley.
Depends on so many variables it’s impossible to advise. They may have a hard lowest price, they may not. They may be in a hurry, or not. Try and gauge if there’s any other interest. If not, as Lagos says, you’ve got nothing to lose with low offer.
Estates agents get a bad reputation, but a good one is worth their weight in gold. They’re working for the seller but also need a sale. If they’re any good they should be able to mediate to reach a point everyone’s happy with. |  |
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| House negotiation. on 21:05 - Apr 3 with 3670 views | BloomBlue |
331, every house I've ever put an offer in for I've always gone in with 15% reduction on my initial offer. |  | | |
| House negotiation. on 21:08 - Apr 3 with 3643 views | redrickstuhaart |
| House negotiation. on 21:05 - Apr 3 by BloomBlue |
331, every house I've ever put an offer in for I've always gone in with 15% reduction on my initial offer. |
You would have lost out on my last house sale on principle. | | | |
| House negotiation. on 21:19 - Apr 3 with 3588 views | Steve_M |
| House negotiation. on 20:28 - Apr 3 by redrickstuhaart |
I recall last time we sold, we got sufficiently annoyed with a lowballing bidder that we declined any further interest from him. Certainly worth keeping the sellers on board unless you literally have the cash waiting to instantly go. |
True, not sure £14k below the asking price is too low though. | |
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| House negotiation. on 21:20 - Apr 3 with 3580 views | _clive_baker_ |
I think I’m right in saying the average house sells for 93% of the asking price. I wouldn’t say 375 is a p1ss take at all, I’d say in this market there’s almost zero chance it would be seen as an insult. |  | | |
| House negotiation. on 21:22 - Apr 3 with 3567 views | BloomBlue |
| House negotiation. on 21:08 - Apr 3 by redrickstuhaart |
You would have lost out on my last house sale on principle. |
I lost out on a few with that approach, but I also bought some with that approach.
Remember the figure Estate Agents place on a property is a guide, a property is only worth what someone will pay for it. Start low and negotiate | | | |
| House negotiation. on 21:29 - Apr 3 with 3498 views | WD19 |
I’ll offer them 350 if you like. See what they say…… |  | | |
| House negotiation. on 21:37 - Apr 3 with 3464 views | Stadiumofdark |
I think £375k is a good starting point, and certainly not insulting. £374k or £376k feels more thought through though...
More important to work out what you'd actually pay for it, and stick to it. I work in mortgages, so see lots of sales data from across the UK. As others have said - just depends on their circumstances and how motivated they are to getting a deal done. We're seeing some sell for asking within 5 days, whilst others sit around for a few months. They've missed the SDLT deadline, so dont give away too easily
Sounds like you're in strong position either way. |  | | |
| House negotiation. on 21:42 - Apr 3 with 3449 views | sohamblue74 |
Start at 369k.
If they decline then wait 1 week and go to 375k.
If they decline again then wait 2 weeks and go to 378k.
Reckon you will get it for under 380k. Good luck. | | | |
| House negotiation. on 21:42 - Apr 3 with 3448 views | redrickstuhaart |
| House negotiation. on 21:37 - Apr 3 by Stadiumofdark |
I think £375k is a good starting point, and certainly not insulting. £374k or £376k feels more thought through though...
More important to work out what you'd actually pay for it, and stick to it. I work in mortgages, so see lots of sales data from across the UK. As others have said - just depends on their circumstances and how motivated they are to getting a deal done. We're seeing some sell for asking within 5 days, whilst others sit around for a few months. They've missed the SDLT deadline, so dont give away too easily
Sounds like you're in strong position either way. |
Realistically, Ive not spotted anything else that works for me as well- so whilst its a little bit stretchy on a high ltv mtg, id probably pay the lot if necessary :-)
The SDLT hurts- but I agree creates a bit more leverage with the rush to beat it over. | | | |
| House negotiation. on 00:20 - Apr 4 with 3161 views | Ryorry |
| House negotiation. on 21:42 - Apr 3 by sohamblue74 |
Start at 369k.
If they decline then wait 1 week and go to 375k.
If they decline again then wait 2 weeks and go to 378k.
Reckon you will get it for under 380k. Good luck. |
Dunno what happened there, post posted before I'd written 2 letters of it!
Was going to say that if the OP waited 3 weeks, another buyer could have nipped in to secure it in that time.
If I really wanted a particular property, I'd go in with a decent, realistic price, ensure the seller knew I was serious, & wouldn't mess em about. I'd also want to meet them personally at least once, at a viewing perhaps, just to ascertain if they seemed decent sorts not likely to mess me about. [Post edited 4 Apr 0:27]
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| House negotiation. on 00:38 - Apr 4 with 3098 views | Joey_Joe_Joe_Junior |
Why is it insulting? Are you trying to get yourself the best deal or not offend the seller? Any offer shows interest, if they reduced the price it indicates that they are struggling.
What do you think the lowest they'd take? I would start with that then offer 10k under!
The Idea they would never listen to you again because you are not meeting their value is crazy. Throw out a figure and see what they come back with. [Post edited 4 Apr 0:39]
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| House negotiation. on 02:32 - Apr 4 with 2999 views | IPS_wich |
I've always worked on the basis that an offer more than 10% below asking price is taking the pi$$ and I would never sell to them on principle; between 7%-10% under I'm not going to agree to but will willingly negotiate in good faith; 6% or less then my aim is to try and meet halfway. Unless the market is super hot then no one should reasonably expect the asking price. An offer of 375 when it's on at 389 is a very very reasonable offer.
We just agreed to sell for $2.45m (Aussie dollars) when it was at an asking price of $2.6m. It was a protracted negotiation but they can settle in 4 weeks and we're in a hurry so it worked for us. The other people interested offered $2.2m and we told them to do one.
Worth clarifying that cost of living and wages in Australia is much higher than UK - which is why the numbers are a lot higher. | | | |
| House negotiation. on 05:04 - Apr 4 with 2913 views | Benters |
In true Alan Partridge fashion offer them £388,try the bog out and see if you can swing a large cat by it’s tail in the living room. |  |
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| House negotiation. on 09:21 - Apr 4 with 2710 views | mattrolow |
They're highly unlikely to accept your first offer, because they know you'll go higher.
So, if you want to pay £380k then I would start at £375k and negotiate. If you start at £380k they, I imagine, will reject as your first offer and you'll end up at £385k.
I've literally just bought doing the same. On for £365k, probably would have paid it. Went in at £345k and ended up agreeing at £353,500. Knew they had found somewhere they wanted to move to and ended up saying it's all I could go to on my mortgage and gave them basically an ultimatum. They offered less on the property they wanted, got accepted and so they accepted our lower offer.
It's all a game, but ultimately they want to sell and the market isn't flying at the moment so you've got a strong hand. | | | |
| House negotiation. on 17:53 - Apr 4 with 2434 views | EJP |
| House negotiation. on 05:04 - Apr 4 by Benters |
In true Alan Partridge fashion offer them £388,try the bog out and see if you can swing a large cat by it’s tail in the living room. |
But only if the dining room table is an extender. |  | | |
| House negotiation. on 17:54 - Apr 4 with 2418 views | Benters |
| House negotiation. on 17:53 - Apr 4 by EJP |
But only if the dining room table is an extender. |
This. | |
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| House negotiation. on 22:34 - Apr 4 with 2232 views | redrickstuhaart |
| House negotiation. on 17:54 - Apr 4 by Benters |
This. |
For what its worth, I have spent the day procrastinating.
But I think I think I will put the offer in tomorrow morning.
The SDLT is the absolute killer. :-( | | | |
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