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Home / Buy and Sell / Investment / Can you offer less than asking price on a house?
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Can you offer less than asking price on a house?

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0 2022-12-22T13:08:49+00:00
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Hey pal,

I saw a gorgeous penthouse last week. Within five minutes of viewing the property, I wanted to make a buying offer. Upon speaking to the seller, I realised that the asking price is out of my budget. I turned to a friend and asked can you offer less than asking price on a house? He replied with a resounding ‘yes’. Happily, I made a lower offer to the seller. I will share tips on the same below.

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The asking price of any property can be negotiated. One needs to make sure the offer price is not much lower than the asking price. As it might cause the seller to consider another buyer’s offer. 

 

One needs to consider the status of the real estate market, how long the property has been on the market and the current condition of the property. If there are properties available in the buyer's market, then the buyer will have more negotiating power. If the demand for property is high and the supply (number of properties in the market) is low. Then more negotiating power lies with the seller. 

There are no set rules about how much less than the asking price should be offered. I would recommend you offer 5% to 10% below the asking price. You can compare the condition of the house with neighbouring properties. If the house has been on the market for more than six months and requires pricey repairs, you can make an offer 20% or more below the asking price. 

I hope my explanation of can you offer less than asking price on a house, helps you out.

Read more:

How to make an offer on an overpriced home Why is buying a house so stressful how long to wait before reducing house price How do interest rates affect house prices

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