Offering on a property - negotiation etiquette?

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Looking for people who have more experience on this than me. We are desperate to sell and we have finally received an offer that is about 10% below asking price. Is that fairly normal? Would you assume that the offer is made with the assumption that we will pull them up to meet us in the middle, which would be acceptable or do people tend to not budge on their offering price? What are your experiences? Of course I know it depends on the property and the individual, I'm just looking to gauge opinions and experiences really.

Also, is it normal and in the estate agents interests to make sure you don't sell too cheaply. I presume they have commission targets too. I'm not sure if we have any estate agents on here but is the priority a quick sale or a sale at a decent sellers price? We will probably take the offer but the estate agents persuading us not to.
 


sambantam82 said:
Looking for people who have more experience on this than me. We are desperate to sell and we have finally received an offer that is about 10% below asking price. Is that fairly normal? Would you assume that the offer is made with the assumption that we will pull them up to meet us in the middle, which would be acceptable or do people tend to not budge on their offering price? What are your experiences? Of course I know it depends on the property and the individual, I'm just looking to gauge opinions and experiences really.

Also, is it normal and in the estate agents interests to make sure you don't sell too cheaply. I presume they have commission targets too. I'm not sure if we have any estate agents on here but is the priority a quick sale or a sale at a decent sellers price? We will probably take the offer but the estate agents persuading us not to.
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Don’t accept the first offer
 
It’s worth to the buyer what they are willing to pay. It’s worth to you what you are willing to accept. Whether that is 5% below asking price or another figure is up to you.
I’d say it’s normal to receive a low offer at first. You will know if they are serious if they counter your counter offer. Otherwise, they are just testing the water.
 
I'd imagine there may be a little room to negotiate, but perhaps they feel they need to spend cash to make it work for them. If desperate and you can afford your next step, I'd sell if it isn't too much of a loss.... Depends how long it has been up also.
 
sambantam82 said:
Looking for people who have more experience on this than me. We are desperate to sell and we have finally received an offer that is about 10% below asking price. Is that fairly normal? Would you assume that the offer is made with the assumption that we will pull them up to meet us in the middle, which would be acceptable or do people tend to not budge on their offering price? What are your experiences? Of course I know it depends on the property and the individual, I'm just looking to gauge opinions and experiences really.

Also, is it normal and in the estate agents interests to make sure you don't sell too cheaply. I presume they have commission targets too. I'm not sure if we have any estate agents on here but is the priority a quick sale or a sale at a decent sellers price? We will probably take the offer but the estate agents persuading us not to.
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I would always offer 10% under . I would expect to settle at about 7% with strong bargaining . All depends on the market though , in a seller's market the estate agent will want to hold out in a buyer's they will take the deal rather than having to drop the asking price later.
 
sambantam82 said:
Looking for people who have more experience on this than me. We are desperate to sell and we have finally received an offer that is about 10% below asking price. Is that fairly normal? Would you assume that the offer is made with the assumption that we will pull them up to meet us in the middle, which would be acceptable or do people tend to not budge on their offering price? What are your experiences? Of course I know it depends on the property and the individual, I'm just looking to gauge opinions and experiences really.

Also, is it normal and in the estate agents interests to make sure you don't sell too cheaply. I presume they have commission targets too. I'm not sure if we have any estate agents on here but is the priority a quick sale or a sale at a decent sellers price? We will probably take the offer but the estate agents persuading us not to.
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It depends on a lot of things. Are you desperate to sell is first thing I’d consider. What is the price range, if it’s a first time buyers price I’d hold out. And what kind of area is it in. Do property’s take long to sell generally. 10% is a big discount on anything never mind a private house sale
 
japs said:
I'd imagine there may be a little room to negotiate, but perhaps they feel they need to spend cash to make it work for them. If desperate and you can afford your next step, I'd sell if it isn't too much of a loss.... Depends how long it has been up also.
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Cheers. That's how we're feeling. Prepared to make a loss to get out. Don't know what we were thinking buying it although we hurried under pressure to buy quickly.
 
Offering 10% below asking is standard.

Telling them to fuck off with 90% of the asking price also standard.

They'll either make a higher offer or say 90% is final. It's just round and round with offers until they male one you accept or stop offering.

If you're desperate 90% of asking might be acceptable to you, but still worth pushing back on their first offer to flush out what they're willing to pay.
 
Glad I posted. Helpful advice and I avoided the customary 2nd post rinsing!
 
sambantam82 said:
Cheers. That's how we're feeling. Prepared to make a loss to get out. Don't know what we were thinking buying it although we hurried under pressure to buy quickly.
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We had similar and it was essentially the same as renting as lost a chunk due to the work done on the house.... But best move we ever made. We went back for another £3k I think and settled with £1k more. Estate agent should be able to give some indication I'd have thought.
 
Skandhaless said:
I would always offer 10% under . I would expect to settle at about 7% with strong bargaining . All depends on the market though , in a seller's market the estate agent will want to hold out in a buyer's they will take the deal rather than having to drop the asking price later.
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Always go lower. Been to some absolute messes and offered a lot less and it can offend.... But no harm done.
 
Offers below asking are normal in certain market conditions, not normal in others. I've bought and sold 6 houses in my time. Some of them I've offered way under and been accepted, some of them (selling) I've had offers way under but I wasn't desperate to held on, others (in a boom market) we've ended up going to final sealed bids and 20% more than the asking price within 3 days of going on sale. Longest I've had a house of mine on the market is 10 months (to be fair it was probably overpriced, and in a falling market) and the shortest is 1 day.

I don't know where you are or what the market is like where you are. Weigh up your desperation to sell - sometimes that's worth a discount - against what in your heart of hearts you think is a fair price. Do what's right for you. You'll know what that is if you trust your gut instinct.
 
Personally I’d always knock back the first offer. They will try again to get a further reduction when they have their survey done and say it’s going to cost this and that for them to do the work. Hold your nerve and say no way if they want it they’ll be prepared to pay it, why else would they have viewed a property at said price and made a offer. Everyone likes to think they’ve got a bargain.
 
I would say don’t get fixated on it being under the asking price. Are you happy to take that price to get it sold? How disappointed would you be to knock back the offer and then you lose the sale?
 
japs said:
Always go lower. Been to some absolute messes and offered a lot less and it can offend.... But no harm done.
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I'm talking about going in 10% below on something in good order and decently priced .if it was a mess it would be -10% - fix up costs by tradesmen ...then a bit for luck after survey. Always get a full survey, they will find something that you can negotiate ( but wouldn't really need to fix ) for 3x the survey cost .
 
True about taking survey reductionunto account. I'm sure a further knockdown is often requested after survey.
 
sambantam82 said:
Looking for people who have more experience on this than me. We are desperate to sell and we have finally received an offer that is about 10% below asking price. Is that fairly normal? Would you assume that the offer is made with the assumption that we will pull them up to meet us in the middle, which would be acceptable or do people tend to not budge on their offering price? What are your experiences? Of course I know it depends on the property and the individual, I'm just looking to gauge opinions and experiences really.

Also, is it normal and in the estate agents interests to make sure you don't sell too cheaply. I presume they have commission targets too. I'm not sure if we have any estate agents on here but is the priority a quick sale or a sale at a decent sellers price? We will probably take the offer but the estate agents persuading us not to.
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they do this
then they want more reductions after the survey like you'll get the benefit of it ffs

when we sold we said asking price or jog on

we didn't have to sell though and were pretty contemptuous of the buyers by that stage and the market was only going up, so eventually I said to the agent after they explained to me patronisingly that this was just what was always done that the only way the price was going was up if they didn't hurry up
 

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