making an offer

A question about : making an offer

does anyone have any thoughts on what level % below the asking price is acceptable ? I am sure there are many of you who have offered well below the asking price and got some properties at a snip, I am considering making an offer of 250k and the asking price is 275k any thoughts?

Best answers:

• I think there's a post a few lines below this one entitled 'What Should One Offer' which covers this?
  Seems to be some good advice in there which I'm going to use when I meet my potential vendor this week...
• yep, found the thread
• dont forget to let us all know how you get on...
• estate agent laughed it off and I have my doubts it ever went to the vendor
• Ok, you want to offer Ј250K. But what's your POSITION?
  Can you buy immediately or do you need to sell?
  Do you have a buyer?
  Is that buyer a first time or cash buyer, or do they need to sell?
  Why on earth would the seller accept a low offer from someone on the end of a great long chain?
  So, low offers are perhaps the preserve of the cash buyers?
• and so say all of us. think before you make an offer and yes estate agents do put all offers forward but they may have a higher offer on the table.
• One thing to make you aware of is that over 250k the stamp duty goes up to 3% from 1% which should be taken into account when purchasing.
  Tell the agent that you cant afford the stamp duty above that and to make sure the seller knows, as they may struggle to sell at that price as people are more wary of property just over the 250 mark
• did all the hard sell, i.e. my house was sold and could prove I have the funds to proceed, didn't want to pay the stamp duty, the agent basicalyy said "they have already turned down a higher offer so they aren't going to accept your offer now baring that in mind do you want to increase your offer?" I said no
  never heard anything back and I feel certain the offer never went forward.
• There used to be a loophole on stamp duty - no idea if it has been closed. Probably. People were selling the house for Ј1 under the stamp duty limit but then charging, say, Ј50,000 for fixtures and fittings.
  Anyone know if this is still possible?
• is the home now sold? if not knock the door and speak to the owner or arrange another viewing and speak to them direct, if you are totally proceedable then you need to let the owners know.
  Good luck.
• I think you have to be very brave to be putting in offers in the current market. Unless of course you are moving down and cashing in.
  If the person didn't accept 250k it must be a very exceptional property if they didn't accept an offer of 10% below then I would conclude that they aren't that interested in selling. There is quite alot on the market currently, I would look around, I would think that getting 10% off is the minimum you want. My parents recently got their house valued at 250k and were told to expect offers to come in about 220k....
  If you can wait to move, I would wait.
• I would certainly not let that house go without another go! The agent ought to have put the offer forward regardlesss of whether a higher offer had been refused - the other people may have been in a worse selling position and if the other offer was made a while ago it might not still be there at the same level.
  I am trying to sell my house - reduced it from Ј370k to Ј360k in July and considering reducing again now, but considering its about Ј40k more than last years suggested value, I'd still be happy with a relatively low offer - we've all read the press reports about what's happening to the property market, but we have to move, we've been trying for over 18 months and have had two sales fall through so far. I'm not sure how low we'd go, but it would certainly depend on the buyer's position (we still have a buyer in the wings, but they can't sell theirs now). Basically if someone came along without anything to sell, we'd bite their hand off, so 10%'ish off might not be out of the question.
  I would look to offer 5-10% off the asking price of a property now anyway, especially in the light of a very flat market, but would only do so when we're in a strong buying position - hence our decision to rent for a while first.
  Good luck and don't leave the estate agent in control of things!
• You know you could try emailing all the local estate agents with a pic and description.
  Say that you will double their fee if they can put a suitable buyer forward who completes.
  This (double) fee is still much less that the amounts you are talking about knocking off the house.
  Be proactive! Hammer those estate agents!
  Do or Die! House price crash! Maybe.
• On the subject of making an offer. I have just made an offer on a house which was accepted without my wife seeing the property. She subsequently doesn't like the house. Would I be able to pull out of the deal. I am a first time buyer and clueless on house purchasing. Help!! ???
• A house purchase isn't legally binding until you exchange contracts. An offer is not binding on you at all - you can walk away when you like and so can your vendor.