Cheeky but realistic low offers on houses / cars
Discussion
Ok i’m trying to gauge what exactly defines a ‘cheeky’ low offer on a house / car, when you’re offering on something of high value when it’s been on the market for quite some time.
I’m thinking in terms of offers like 85 / 90 / 95 % of the asking price. Where do you think it should be in your experience ? and having a chance of being accepted.
I’m thinking in terms of offers like 85 / 90 / 95 % of the asking price. Where do you think it should be in your experience ? and having a chance of being accepted.
It's completely individual to each case. I found a house advertised privately for well over our budget, I messaged anyway because you never know and after a lot of conversing with the seller we are close to exchanging contracts at 15% off the original asking price. Other sellers won't take a penny off.
With used cars I've found that typically dealers won't bargain at all, their prices are take it or leave it. Buying or selling privately is a whole different matter and the price comes down to how much the parties want to buy/sell.
With used cars I've found that typically dealers won't bargain at all, their prices are take it or leave it. Buying or selling privately is a whole different matter and the price comes down to how much the parties want to buy/sell.
mikal83 said:
I had a "cheeky" offer on my house years ago. I told my agent not to accept any offers again from the potential buyer!
Well you're an idiot then. They were trying it on, but may have come back with an acceptable offer.They're buying a house, the biggest purchase of their life. There's always a chance you are desperate to sell so a chance that a stupid offer might just be accepted. They don't know you or your circumstances, nor really care if you live or die. Why should they. They are trying to get the best deal for themselves and their family. Good on them.
People take house buying and selling very personally. It's crackers. I always make a stupid low offer, and I have no issue with the same being done to me. Many years ago, when buying a flat, I made a stupid offer, and they came back saying "add £2500 and it's yours!" I would have paid about £40K more!!!!
GarageQueen said:
I suppose what I'm really asking is: what is the best negotiating strategy when offering on high value items that have been on the market for a long time?
If you're not embarrassed by your 1st offer then it's too high.BTW I either offer what I think I may get away with or if limited supply or only recently come to market what I feel it's worth.
From a negotiation point of view you want a "win win" situation.
TwigtheWonderkid said:
mikal83 said:
I had a "cheeky" offer on my house years ago. I told my agent not to accept any offers again from the potential buyer!
Well you're an idiot then. They were trying it on, but may have come back with an acceptable offer.They're buying a house, the biggest purchase of their life. There's always a chance you are desperate to sell so a chance that a stupid offer might just be accepted. They don't know you or your circumstances, nor really care if you live or die. Why should they. They are trying to get the best deal for themselves and their family. Good on them.
People take house buying and selling very personally. It's crackers. I always make a stupid low offer, and I have no issue with the same being done to me. Many years ago, when buying a flat, I made a stupid offer, and they came back saying "add £2500 and it's yours!" I would have paid about £40K more!!!!
Jimboka said:
TwigtheWonderkid said:
mikal83 said:
I had a "cheeky" offer on my house years ago. I told my agent not to accept any offers again from the potential buyer!
Well you're an idiot then. They were trying it on, but may have come back with an acceptable offer.They're buying a house, the biggest purchase of their life. There's always a chance you are desperate to sell so a chance that a stupid offer might just be accepted. They don't know you or your circumstances, nor really care if you live or die. Why should they. They are trying to get the best deal for themselves and their family. Good on them.
People take house buying and selling very personally. It's crackers. I always make a stupid low offer, and I have no issue with the same being done to me. Many years ago, when buying a flat, I made a stupid offer, and they came back saying "add £2500 and it's yours!" I would have paid about £40K more!!!!
The truth is your ego has been dented by their initial offer...how dare they make such a low offer on my wonderful house. I never let my ego get in the way of a financial transaction, that I feel is good for me.
It's not the principle...it's the money.
Previous sold prices will give you an indication of what houses in the area are really going for. I have a selection of three that I’m considering buying, and they are all 30-40k over what has sold in the same street in the last 6 months. Add to the fact that the ones I am considering are in a worse state of repair than the cheaper ones that sold.
I’ll probably go 40k below asking and see what happens - I don’t care if the sellers are offended. I am however willing to pay close or just above what has previously sold. All depends on how quickly the seller wants a sale or how delusional they are.
The average person in the UK is next to useless atbartering.
EDIT: Yes, I know the difference between batering and negotiating - punished by the pistonhead keyboard nazis for a brain fart. sigh.
I’ll probably go 40k below asking and see what happens - I don’t care if the sellers are offended. I am however willing to pay close or just above what has previously sold. All depends on how quickly the seller wants a sale or how delusional they are.
The average person in the UK is next to useless at
EDIT: Yes, I know the difference between batering and negotiating - punished by the pistonhead keyboard nazis for a brain fart. sigh.
Edited by devnull on Sunday 15th July 18:19
Timing is everything. And ultimately necessity. Coming out of the last recession I bought my current house for 20% below asking, to some that will make me a 
. I’d suggest that’s a little unfair, timing was on my side, and not the seller’s. Luck probably has more to do with it, zero sum game et al.
Give it a shot, make a low ball offer you never know and what’s to lose. If they laugh you out of the park then fair enough, but I’d wager they’ll be back in touch in a couple of days so leave a contact number
.
. I’d suggest that’s a little unfair, timing was on my side, and not the seller’s. Luck probably has more to do with it, zero sum game et al.Give it a shot, make a low ball offer you never know and what’s to lose. If they laugh you out of the park then fair enough, but I’d wager they’ll be back in touch in a couple of days so leave a contact number
.TwigtheWonderkid said:
mikal83 said:
I had a "cheeky" offer on my house years ago. I told my agent not to accept any offers again from the potential buyer!
Well you're an idiot then. They were trying it on, but may have come back with an acceptable offer.They're buying a house, the biggest purchase of their life. There's always a chance you are desperate to sell so a chance that a stupid offer might just be accepted. They don't know you or your circumstances, nor really care if you live or die. Why should they. They are trying to get the best deal for themselves and their family. Good on them.
People take house buying and selling very personally. It's crackers. I always make a stupid low offer, and I have no issue with the same being done to me. Many years ago, when buying a flat, I made a stupid offer, and they came back saying "add £2500 and it's yours!" I would have paid about £40K more!!!!
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