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06-09-2011, 05:36 AM
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How to make a sensible offer
When a property is advertised with a guide price spread of say £170,000 to £185,000 what should the initial offer be? My instincts say I should start at least 5% below the lower guide price leaving room for negotiation, but am I likely to antagonise the Vendor bearing in mind this would make the offer £22,500 less than the higher asking price. Your views would be appreciated. Thank you.
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06-09-2011, 10:20 AM
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Re: How to make a sensible offer
You will not antagonise the vendor - and if you do, who cares if it potentially saves you 5k-10k? Its how the house buying process goes & the estate agents take the comments from the vendor too. You will probably not have to see the vendor again at all either.
I used to be in an agents and there were many people like yourself that didnt want to hurt anyones feelings. The worst they can say is 'no, try again'.
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07-09-2011, 09:55 AM
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Re: How to make a sensible offer
The price is the price!
All thses "offers" do is make vendors put a higher price to begin with KNOWING buyers will "offer" less. If it was me you would antagonise me, in fact if the offer was insulting you wouldnt get my home at any price!
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07-09-2011, 10:13 AM
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Re: How to make a sensible offer
But then that is the house buying process itself isnt it? The agents put a price on it of say £200k with the expectation of realising around £185k for the vendor. Although then you do have some agents well over valuing the house in order to get the property on the books. I still stand by the worst that can be said is 'no, try again'
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07-09-2011, 04:54 PM
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Re: How to make a sensible offer
No problem, glad to be of assistance. And if you need any advice of raising of the finance then please check out my website.
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07-09-2011, 04:59 PM
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Re: How to make a sensible offer
Thanks for your comment New Homes Expert, but the Vendor or EA should not show a spread if they do not expect negotiation. That's why I asked the question "what should my initial offer be".
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08-09-2011, 07:34 PM
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Re: How to make a sensible offer
It really is no different to buying a second hand car! And most people would expect to haggle in such a situation. Unless it's a raging seller's market, can you imagine how many offers a typical vendor gets per day? Or per week? Or per month? Or even per year?! it could only be a handful, so nobody trying to sell something worth hundreds of thousands of pounds would sniff at any offer. Your concerns regarding an offer should really be based more around what you think other people will be offering. Chances are your's isn't too far off it.
Definitely offer below the minimum they asking. Good luck!
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