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Best way to make an offer on a house?

I'm new to house buying. What is the best way to make an offer on a house? How much below the asking price should I go?

Asked on May 24 2011, House Prices in Market Harborough | Report content

Answers (4)

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  • There is no hard and fast rule to this but what I would say is do your homework look on websites that give information on previous house sales in the road, then if the property you feel is on the market at the right price then as a rule offer 12% below and negotiate from there, don’t tell the estate agent you are prepared to go up on your offer as they work for the seller and not you so they will try and get more money out of you. Just tell them if the offer is refused to come back to you and let you know as you have another property in mind you might go for. Also they will ask for proof of funds so let them know who your mortgage is with and if they ask you to see their mortgage advisor say yes as if they think they will get the mortgage business out of you and sell you a house you are more likely to get a lower offer accepted, then you can turn round and say you want to stick to the original broker etc.

    Answered on May 25 2011, Report content
  • It depends on how desperate you are for this property and whether there are any other similar properties in the area. Its a bit like playing poker! If you've set your heart on a particular house and you know that there is other interest on it then you should offer the full asking price in order to secure it. If the property has been marketed for a long period of time then you will be in a good negotiating position to make an offer of say 10% below the asking price. I've attached a useful guide for your information.

    Web reference:

    Answered on May 25 2011, Report content
  • Yes! 10% is fair and the general rule of thumb. If a property has been to the market for a while, it won't hurt to be cheeky and go a lot lower. Especially in the current market.

    Answered on Feb 27 2013, Report content
  • It depends on the property you are bidding on. If the home needs TLC(Tender Loving Care) it is not unusual to see a "lowball" offer. Now is the time to be aggressive. There is no rule of thumb. Submit all offers, do not be shy. You may be surprised.

    Answered on Oct 23 2014, Report content

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