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What to offer on property?

Two very similar houses I am interested in are priced in two different ways. One is offers over, the other has the same asking price, but doesn't state offers over. Am I right in thinking that the one which doesn't state offers over will allow me to negotiate the price down, and the one with offers over means just that? Can you offer under, even though it states offers above? How much can you usually negotiate the price down on a property percentage wise? Many thanks for any helpful advice.

Asked on Sep 3 2012, House Prices in Kilwinning | Report content

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  • We have only viewed one property which stated offers over. The estate agent said they might be open to offers under. So in some cases the vendor just wants close to that price, you have nothing to lose by making an offer and seeing if it is accepted. Property with an asking/start price usually means there is room for negotiation. Check sold prices for very similar properties in the area and gauge whether the asking price is realistic. Usually people come in at 10% below asking price and working from there, but there is no set rule. A property is worth what it is worth to you, and worth what it is to the vendor. If you don’t offer, you will never know. I know when we come to place an offer on a property, we will come in a little lower, especially if similar properties have been selling for less than the advertised price. But then if the perfect property came along, you either pay or lose out to someone else. I would say that most people are willing to negotiate as it is not a seller’s market. Being in a good position to proceed will also help with getting the best deal for yourself. Best of luck with your offer and getting it accepted.

    Answered on Sep 3 2012, Report content
  • Hi, You can offer whatever you believe the property is to be worth and the estate agent by law must submit this to the seller. Offers over is usually an indication that the seller will not sell under that guide price however it may be a consideration if there property has been on the market for a long period of time or if there circumstances change.

    Answered on Sep 25 2013, Report content

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