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How much can I reasonably expect to knock off of a £150k property without insulting the vendor?

I am a first time buyer and totally baffled by the whole house buying situation. I have been told I can get a mortgage for £130 - £135k but all the houses I like are offered for £140 - £150k. Is it insulting for me to make an offer on the houses I like and is it realistic of me to expect to get one of these or am I being naive? Thanks

Asked on Oct 11 2010, House Prices in Basingstoke | Report content

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  • It is realistic to knock up to 10% off the price of a property. You are not being naive, most people will knock the price down a little on a house they want. You can only pay what you can afford and most sellers are being more realistic at the moment about what they can expect to receive on their properties. Being in a good position to buy will help you, you are not in a chain situation as you are a first time buyer. Just make sure you have your finances in order and can move fairly quickly and then you might find you are in a stronger position than some. Best of luck.

    Answered on Oct 12 2010, Report content
  • Not all, all house values are simple subject to market forces and sellers situations, so there are know hard or fast rules. A property is worth what you are prepared to pay for it. Given the current market it is not unusual for property to be selling 10-15% below asking price, and for a seller to find a first time buyer in a good position is valuable. Must people if they are moving up the ladder will find what they are looking will also come down somewhat so it is all relative. Good luck

    Answered on Oct 14 2010, Report content
  • There's no insult offering a low price. You offer it to the agent, not the seller. They don't care. They just put the price to the seller and they say yes or no. You'll have to be flexible, the more properties you shortlist, the higher the chance of a discount. Why not offer 20%-25% off? Someone might say yes, and if they don't you've lost nothing except time. To give you an example, I am a BTL buyer, and I get my stock by offering up to 25% below asking price on, say, 50 properties every month. One or two accept, which is all I wanted.

    Answered on Oct 15 2010, Report content

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