How much can I shave off the asking price, when making an offer on a house, is 25% to much?

Question

I want to make an offer on a house that is on the market for £149,950, but I only want to pay maximum of £120,00 for it. Should I leave it alone or offer the £120,000.

Answer 1

Here are my two absolute rules for the first offer:

One, I want to know what the seller paid, when they paid it, and get an estimate of what they currently owe on it. This information is available from examination of the Land Records in most of the US, but may not be where you are. Taking that information, I calculate what I think is their "walk away price", meaning that if they accepted, they'd leave the closing table with nothing at all. You have to add the mortgage payoff to their expected closing costs, like realtor fees, transfer taxes, etc.

Two, I don't WANT the seller to accept my first offer. If they do, I know I offered too much.

You can offer the 120, and they either accept or counteroffer. If they counteroffer at say 140, and you say no, they cannot hold you to the 120. That offer has been rejected. If you're willing to pay 120, offer it (or less), and if they say "no", you're not out anything.

Answer 2

Offer 110. So there's room to work with. If you start out with your highest offer they'll never accept it. They'll certainly counter with something like 135. Good luck!

Answer 3

depends on the market in the area. research the other houses in the area and see what they are going for. a few thousand is normal.

Answer 4

you can always make the offer, you might not get it but it doesn't hurt to try, if you can't afford anymore than 120,000 than you can't afford anymore than that, you will either get it or you won't

Answer 5

make the offer you are comfortable with