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On a house? I know there are a few folk on here who are involved in development etc so hoping for some advice. Me and the wife have viewed a property twice now and really want it, that said we need them to come down on asking price as it's more than we'd like to pay and it still requires some rooms tiling/carpeted.
My question is how much lower could we offer? It's a small development of about 15 houses and it's the last one available and hasn't sold in the few months it's been up for sale. I don't know how it works but would I be right in thinking that the firm will have made their profit now from the development and with them off site and heading into winter that them accepting an offer lower is a higher possibility? When I say lower, we're considering offering 15% - 20% lower of asking price.
I know essentially "offer what you can" is logic to follow, but I'd like to go into potential negotiations with some advice from folk who know the industry. We had our house valued yesterday also by the same folk selling this house and they calling tomorrow to see what we want to do.
Hi, as a property developer myself can I offer my twopenneth worth, its worth a bid at 15-20% lower than the asking price but be prepared to be rejected. I tend to offer max 90% of asking price but that's on houses up to £100k, It may be the last one on the development but builders can be greedy. I would stress or offer to the builders that you complete within 28 days as an incentive to them, that way they will be blinded by pound signs hopefully, and completing is possible in 28 days if you have a decent solicitor. What is the asking price btw, easier to gauge how "cheeky" or not it is ?
you are my ipswich !!
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How much to offer... on 13:59 - Sep 6 with 6254 views
20% !!! They'll tell you to do one, I should think. 15% might just keep them talking to you, as a starting point. Ultimately I'd expect to pay 90% + of the asking prise, unless it is ridiculously over priced.
Depends on the starting point of course - 20% of £500,000 is £100,000 - they aint gonna knock that much off unless theres something seriously afoot. 20% of £100,000 is "only" £20,000 - thats a different ball game.
I'm not in the industry but went through the mill of buying for 15 months in 2012/13 (plus other times in previous decades) & had range of experiences varying from horrendous to brill!
Gut feeling is hugely important - go with it, esp if you've been looking around the area for quite a while and therefore have a feel for prices in the area. As far as % off goes, that would at least partly depend on the price itself, but 20% sounds too big a whack to expect generally. 10% just about, but that would also depend on your situation - are you a cash buyer? mortgage agreed in principle if not? are you in a chain or ready to move immediately?
I have just sold a house. It's amazing how low people come in with offers. I was lucky in that I was not buying so was in no rush.
I think I accepted an offer 1% below the asking price so I was lucky I suppose. But depending on the value of the house you could be asking them to knock a huge amount of cash off. As it's a development and the last house hasn't sold I reckon you will get it for £10,000 less than the asking price.
Too low offers just waste everybody's time.
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How much to offer... on 15:33 - Sep 6 with 6067 views
How much to offer... on 15:28 - Sep 6 by Heathlander
I have just sold a house. It's amazing how low people come in with offers. I was lucky in that I was not buying so was in no rush.
I think I accepted an offer 1% below the asking price so I was lucky I suppose. But depending on the value of the house you could be asking them to knock a huge amount of cash off. As it's a development and the last house hasn't sold I reckon you will get it for £10,000 less than the asking price.
Too low offers just waste everybody's time.
We should adopt the Scottish model of house buying/selling.
The way it tends to work out is that almost all of your profit is when you sell the last couple of houses/ flats/ units
All the bills have been paid, the land, services, section 106 stuff is all settled....the last one or two are your final pot of gold at the end of a long and arduous path
So, some folks do hang out for a high price on the final couple of units. There might not be much pressure for them to sell....maybe no one is screaming at them for payment.
Or maybe, just maybe they are desperate for cash, banks and other creditors putting the squeeze on if they haven't made the profit they hoped
Classic negotiating tactic....tell them how much you love the place, how much you would love to buy it, but it's just a sliver above what you can afford....you can always increase your offer, very hard to lower it
Good luck
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How much to offer... on 15:43 - Sep 6 with 6039 views
How much to offer... on 14:11 - Sep 6 by factual_blue
I believe Sprucemoose would suggest making an offer just shy of £16.
Economies of scale old chap. I would open with 15,000.99
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Thanks all, plenty to ponder over, it would appear it could go either way. I should have added that two others on the plot sold recently, one of which apparently for just £10k less than asking...BUT...with that agreement they agreed to finishing tiling / carpeting the place.
As for our house, we have a fair bit of equity in it and one like ours but terraced sold earlier in year for very close to what we've been told to put ours up for we've also had folk enquiring about properties in the area so I think it would sell pretty quickly which might be a bonus to the sellers.
Thanks all, plenty to ponder over, it would appear it could go either way. I should have added that two others on the plot sold recently, one of which apparently for just £10k less than asking...BUT...with that agreement they agreed to finishing tiling / carpeting the place.
As for our house, we have a fair bit of equity in it and one like ours but terraced sold earlier in year for very close to what we've been told to put ours up for we've also had folk enquiring about properties in the area so I think it would sell pretty quickly which might be a bonus to the sellers.
I always find it strange that people want top dollar for their house but then want to slash thousands off the one they are buying.
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How much to offer... on 16:21 - Sep 6 with 5914 views
I'm in the process of selling one currently. Don't be afraid of making a low offer, you never know, you can always raise it. Your situation, sold your house, house under offer, cash buyer etc. may influence the seller's decision.
Good luck
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How much to offer... on 16:46 - Sep 6 with 5853 views
Thanks all, plenty to ponder over, it would appear it could go either way. I should have added that two others on the plot sold recently, one of which apparently for just £10k less than asking...BUT...with that agreement they agreed to finishing tiling / carpeting the place.
As for our house, we have a fair bit of equity in it and one like ours but terraced sold earlier in year for very close to what we've been told to put ours up for we've also had folk enquiring about properties in the area so I think it would sell pretty quickly which might be a bonus to the sellers.
If you haven't yet put your house on the market you may be seen as a time waster and just be told what the asking price is. You don't have much of a position to negotiate from as you can't offer anything really.
Offer low to start with, and then you can see how desperate they are and go from there.
If it is been hanging round for months chances are they will just want shot of it so play a bit of hardball.
Cheers Joe...I was thinking you'd pop up.
I've just been hunting about and noticed that a few of the others on the development of the same size but different style sold for around £55k-£65k less than what this one is presently up for. Definitely think we will throw in a low offer, the worse can do is knock it back...you don't get if you don't ask.
Thanks all, plenty to ponder over, it would appear it could go either way. I should have added that two others on the plot sold recently, one of which apparently for just £10k less than asking...BUT...with that agreement they agreed to finishing tiling / carpeting the place.
As for our house, we have a fair bit of equity in it and one like ours but terraced sold earlier in year for very close to what we've been told to put ours up for we've also had folk enquiring about properties in the area so I think it would sell pretty quickly which might be a bonus to the sellers.
You haven't had an offer on yours yet? You aren't in a position to even offer to a developer let alone haggle over price.
Get a buyer in the bag and only then start talking turkey.
If it is a home that you can see yourself living in for 5 or more years don't fanny around trying to save a few grand. Your house will go up in value and you will make that money back. Don't regret not getting your 'dream house' for the cost of a second hand car.
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