How much less is acceptable to offer

[workiskillingme]

For a house? It's empty curently and it's on for 500k which I don't really think it's worth but was wondering if offering 460k would be too low? Thanks

Unless the seller is on here we can’t guess what they will accept.

Impossible to know without knowing location or condition.

Do you have a link?

Also you can but try. If it's too low they won't accept.

I'm asking what is the done thing with offering less and how much is too low! Obviously I know only the seller can answer 😂

It really depends on what the market is like in your area. If it's slowed a bit and the vendors are keen to sell, you might be lucky and have your offer accepted. If it's frenzied and the house is likely to go to a bidding war, you won't be.

A lower offer might work if you are genuinely not in a chain, eg you're a first time buyer or have already sold up yourself and are living in rented, and/or you don't need a mortgage. Also if you can be flexible about timelines. Minimum hassle for the vendors is pretty valuable.

There is no done thing, 10% lower is often quoted as some sort of standard but it’s meaningless. I’d look at previously sold houses in the road and then factor in condition of the property etc.

Offer 460k. If theyre not happy they wont accept.

I wouldn't mind someone putting in a cheeky offer, but obviously I wouldn't necessarily accept it.

Well that's the thing you can always go up

It really does matter what the market is like in your area, how desperate the Vendors are to sell & whether it is priced realistically compared to comparable houses.

The only one I know of having gone for less than asking price here recently is one that was significantly overpriced to start with (£575k compared to others being nearer £500k). Most are still going for above asking price as there is so little on the market.