Reasonable Offer below asking price
Is it acceptable to make an offer15% below the asking price of a £330,000 property?
Asked on Jun 24 2013,
House Prices in Bradford |
When it comes to making an offer below the asking price, it is completely up to you how much you put up. However, if you go too low you will risk offending the seller and not being able to up your offer and negotiate on the price.
According to Which?, you should always make sure that if you are going to go below the asking price, that you take two steps. First of all, carefully consider what the home means to you and do not just go below the asking price because you want a bargain.
Next, you should always be able to justify offering less than the asking price. Examples include if it needs a lot of work, or if similar homes nearby have sold at the lower price lately.
Answered on Jun 27 2013,
You can submit any sort of offer you would like. Remember an estate agent is required by law to put any offer forward to the seller and this must be confirmed in writing. However, as referenced by the previous respondent, most vendors do have an "insult threshold". Whether your offer is acceptable or not will often depend upon your own position. Are you actually in a position to proceed, finance in place etc.? Also the motivation of the seller will also have an impact. It's a good idea to do your research in respect of other house sales prices. Web sites like NetHousePrices will show you the official sales price of other houses in the area.
Hope that helps - Thomas Morris Estate Agents
Web reference: http://www.nethouseprices.com/
Answered on Jun 29 2013,
15% is a normal amount and they can always reject it and you can go up from there.
Answered on Oct 14 2013,
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