'You make money when you buy, not when you sell. But most agents prefer an easy negotiation, knowing that sellers get offended when they receive low offers on their homes. Here’s how long it takes first home buyers to save a deposit…. Struggling chain Revolution Bars warns of plans to close... BUSINESS CLOSE: William Hill sees US takeover bid;... Kuwaitis eye a stake in Rolls-Royce as... MARKET REPORT: Gambling tycoon brothers Fred and Peter... Boohoo bosses face calls to quit as explosive report... Wizz Air to park up more planes over the winter as travel... SMALL CAP MOVERS: Coppa Club owner Various Eateries makes... DIRECTOR DEALS: Superdry founder Julian Dunkerton buys... ALEX BRUMMER: Boohoo sweat-shop scandal shows profits... 'So rich he can't afford to pay his taxes': Ineos boss... Sports Direct boss Mike Ashley spent nearly £2m on... TEMPLE BAR INVESTMENT TRUST: Picking unloved stocks in... West End landlord Shaftesbury scraps dividend as worries... PUNT OF THE WEEK: London Stock Exchange-listed Bluebird... Venezuelan president's bid to access £800m worth of gold... Will the Winter Economy Plan save jobs and how does the new scheme work? If you're offering the seller something he may not be able to find elsewhere with another buyer, you'd probably be justified in offering 85 percent of the asking price. Part of the Daily Mail, The Mail on Sunday & Metro Media Group, A sense of realism seems to be coming into the market. And of course, the vendor wants the most he can get for his property. Yet you now know that the asking price quoted by the selling agent will usually be more than the owner is willing to take for their home. If you are the only one, you are in a strong negotiating position and the seller is likely to accept a lower price. And remember that if you ultimately don’t buy the property, you will still have to pay for the valuation. She is the author of several novels including the bestselling "Comes the Rain" and "With Every Breath." Rishi Sunak slaps dividend ban on big companies: New jobs lifeline has strings attached to stop firms taking advantage, Rishi has much more to do: Britain's recovery needs a degree of certainty and confidence, says ALEX BRUMMER. If there are two or more parties making offers, the seller and their agent will be far tougher during negotiations and you may be sensible to offer the asking price. topics. Selling requires someone else to agree that what you have is lovely and have the wherewith-all to pay for it. Concerned about bidding wars or accepting a lower price than you want? We do not allow any commercial relationship to affect our editorial independence. Pryor said: 'A deal that is agreed "subject to contract" means either side can change their minds so both need to work quickly and efficiently to get to exchange of contracts to get the certainty of knowing that the deal is done. How much tax would you have to pay on a home or buy-to-let? ASKING PRICE IS JUST A STARTING POINT FOR THE NEGOTIATIONS, QUESTIONS TO ASK THE AGENT BEFORE YOU MAKE YOUR OFFER. So unless you use a buyers’ agent to help you negotiate, you are really going to have to rely on your own research to work out what the property is worth. The level of discounting from the asking price to achieve a sale is lowest in Manchester at 2.2 per cent, where market conditions have remained strong for the last two years. The seller may be ready to consider any serious offer. Another way to determine the market value of the home is to have a valuation done. State by State Update on the Australian Property Markets, This weekend's auction results - Strong clearance rates continue confirming our market strength, This month's Australian Housing Market Update | PROPERTY INSIDERS VIDEO, Know your rights when you have a fence war with your neighbours, Your complete guide to easements on property. How do you know when your offer is a lowball offer, then? If you have the time and want a professionally acquired figure, then a valuer may be the way to go.