house offers in excess...been on for 2 years and just reduced! should i offer

(32 Posts)
mklanch Fri 07-Aug-20 22:29:11

there is a bungalow on the market with 2 acres of land. its in a village in norfolk and i love the land and i like the area. the problem i have is the house is pretty dated and would need a fair bit to bring it up to date.
our maximum budget is £350k and thats for a house that doesnt need work,
this house was originally on for £475k but they dropped it down to £400k offers in excess of.
its first got listed in 2018 and has been on with a few estate agents now.
would i be wasting my time and very rude to offer somewhere between £325k-£345?

OP’s posts: |
Rtmhwales Fri 07-Aug-20 22:36:32

Why would you be rude? You're offering, they can choose to accept or reject that offer.

Also not sure if it's wasting your time - how long does it take to actually put in an offer?

Better question is, have you actually viewed this property and if so, recently?

eurochick Fri 07-Aug-20 22:40:11

That's a huge amount under the 400. I have got a house for lower than the O.iEO price but that would be a really big drop. You can test the water but don't get your hopes up!

GrumpyHoonMain Fri 07-Aug-20 22:44:16

Try the top of your budget. If they say no they say no.

strawberry2017 Fri 07-Aug-20 22:48:41

Can't hurt to ask, if it's not selling after this long my guess is it's overpriced. Bungalows usually get snapped up unless over priced or major issues

Shadowboy Fri 07-Aug-20 23:15:04

Have you looked round it? (Knowing your budget?!)

notheragain4 Sat 08-Aug-20 08:19:43

You can try but chances are if they have been on the market that long they are being pretty stubborn with price. We offered just £20k less on a house that had been on the market 2 years (320 on a 340 house) and were laughed out the door. I really didn't think it was unreasonable but it was owned by a company who were in no rush and obviously paid too much for for it themselves. This was 8 months ago and it's still on the market now, same price.

So try but I wouldn't get your hopes up, that is very low. They probably think they've factored in the cosmetic work required dropping 75k. It's clearly poorly priced though.

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testingtesting101 Sat 08-Aug-20 09:38:30

I have made a low offer and had it accepted in the past. I did write a very polite email saying that I hoped they didn't think it was rude but we loved the house and genuinely couldn't afford any more (which was true) etc etc. They accepted!

mklanch Sat 08-Aug-20 10:38:24

thank you all for the replies. ive had a horrible house search so far and just want to buy a house now!
before lockdown we saw a house we loved prices at £335k we offered £325k as at that time that was our maximum budget and they refused it and wouldnt let us have a second viewing.
that house has been on the market for more than 6 months. they removed the house from the market during lockdown.
i dont want that to happen again . maybe i should wait it out a little bit. we are not in a major rush to buy. i just would prefer to buy soon so that i can get my smallholding up and running over the winter ready for spring .

OP’s posts: |
Curiosity101 Sat 08-Aug-20 11:41:33

We've offered below asking on a few places that we've loved but were overpriced for the area so had been on for a long time and every single one has been rejected.

Mostly we found they were priced that way because the person needed a certain amount of money to buy their next place.

I wouldn't get your hopes up but if you're genuinely offering market value then the worst they'll do is say no.

Requinblanc Sat 08-Aug-20 12:56:23

Some sellers are just deluded... you would think after two years and the fact that various agents have not been able to sell it they would accept that no one is going to pay the amount they are looking for.

If the property needs a lot of work they need to factor that into the asking price.

Offer what you are comfortable spending and it they refuse it, that's their loss. Maybe if you are a cash buyer, highlight the fact that you can move quickly.

Some people are not in a hurry to sell, sometimes the house belongs to a company or is part of an inheritance (so maybe several sellers are involved) and that makes them more likely to stick to a high asking price.

I am sure you will eventually find a motivated seller who truly needs to sell reasonably quickly at a reasonable price rather than greedy timewasters...

Whatthebloodyell Sat 08-Aug-20 13:04:01

You can make an offer but I doubt that they would accept that low. It sounds like they need to be more realistic about price, but also it sounds like you need to be more realistic about your expectations too if your budget is max £350k but the type of house you like is £400k+.

Frightenedbunny Sat 08-Aug-20 13:22:00

There’s no harm in making a cheeky offer. Our house we bought 3 years ago was on the market at £400k, it was then reduced twice in a 6 month succession to eventually £360k. We offered £345. The vendor was desperate for a sale due to needing to complete before school term started. They accepted our offer. House has recently been valued at £425. (We have updated it over past 4 years but not spent anyway near that!)

mklanch Sat 08-Aug-20 14:58:43

i do always looks slightly higher than my budget in the hopes that perhaps i could negotiate down. i try not to look past the £380k mark, but stumbled on this one whilst searching.
to be honest i dont like the bungalow that much i just like the setting and the land.
i think i will just keep looking for now. it seems at the minute everyone is buying most of the properties that come with some land as soon as they hit the market.

OP’s posts: |
ChicCroissant Sat 08-Aug-20 15:08:17

The vendors are asking for offers over £400k and you want to offer £50k below that? If it's been on the market for 2 years they seem to be fairly set on what they would accept.

I would only view houses a little nearer your budget otherwise it's just asking for disappointment unfortunately. This one - if it is at the top of your budget - wouldn't leave you any financial room to make the changes you want (in updating it) and wanting to get a smallholding going soon is not a criteria to base something as expensive as a house purchase on IMO.

I know houses are going quickly at the moment, but don't let that affect your judgement when you know what is right for you. Good luck with the search, OP.

HoppyHop Sat 08-Aug-20 15:31:36

It's so hard not to look above your budget and surely most people do.

What is your situation? Cash buyer? Short chain? Think of all the positives you can put these together with your top offer. Tell the agent it's your maximum budget and leave it there. At least you've tried & you never know!

mklanch Sat 08-Aug-20 16:27:03

ChicCroissant

The vendors are asking for offers over £400k and you want to offer £50k below that? If it's been on the market for 2 years they seem to be fairly set on what they would accept.

I would only view houses a little nearer your budget otherwise it's just asking for disappointment unfortunately. This one - if it is at the top of your budget - wouldn't leave you any financial room to make the changes you want (in updating it) and wanting to get a smallholding going soon is not a criteria to base something as expensive as a house purchase on IMO.

I know houses are going quickly at the moment, but don't let that affect your judgement when you know what is right for you. Good luck with the search, OP.

thats exactly what im doing...im panicking!
we are in a very good position. very large deposit. mortgage ready
but because im seeing properties going to quickly i start worrying that im not going to find anything. especially because the news keeps saying that Londoners are buying houses with land now etc!
i need to calm down lol .

OP’s posts: |
LilOldMe Sun 09-Aug-20 13:11:57

OP (sorry I don't know how to quote posts!)

You said:

"before lockdown we saw a house we loved prices at £335k we offered £325k as at that time that was our maximum budget and they refused it and wouldnt let us have a second viewing.
that house has been on the market for more than 6 months. they removed the house from the market during lockdown."

Now your budget has increased, why not contact the sellers of the house you LOVED and see if they'd accept an asking-price offer now? I'd 100% do that. I wouldn't take the lockdown-removal as anything important, I wouln't have had mine on the market during lockdown either.

Go for it! And good luck!

NotSuchASmugMarriedNow1 Sun 09-Aug-20 14:41:23

How much did the current owners pay for the house and when?

OneMoreLight Sun 09-Aug-20 14:45:48

I think you're looking at houses too far out of your budget. You need to look at ones you can afford on your highest offer.

ChicCroissant Sun 09-Aug-20 15:54:49

I can understand the feeling of panic, OP. flowers

I know when we've been looking at property it has often come down to a choice between two houses - I keep the details of 'nearly' houses to look back on and honestly, I can't see the attraction now but at the time I struggled to make up my mind! We definitely picked the right house each time.

lurch3r Sun 09-Aug-20 16:10:48

Go for it! You've nothing to lose. I had a house on the market hugely overpriced because it was a late relative's and there were many family members who just 'knew' it was worth more. It wasn't. It was on the market for ages with no offers and in the end someone did what you're considering, made us a 'ludicrous' (actually realistic) offer and we almost bit their hand off!

wowfudge Sun 09-Aug-20 16:30:59

If you're going to do it, I suggest you offer the max you're prepared to pay and say it's the very top of your budget and hold firm if they counter offer. Either they are deluded as to the value or if they're a couple one of them doesn't want to sell so is making it really difficult. It could be that the OIEO price is what they need to move to their preferred location.

Loofah01 Mon 10-Aug-20 11:13:58

Just call up and make the offer. It takes minutes even if you have to register and you'll know what the answer is. I don;t get why you haven't done it yet?!

Ariela Mon 10-Aug-20 11:34:55

I'd go back to the house you loved and see if they'd accept a £335K offer now

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