Is this a rude offer for a house?

[Taq]

House is £850k. We’d be offering 765k, maximum 775k.

First time buyers so totally new to this. Would it be an offensive offer?

765k is 10% off.
775k is 8.8% off.

We’re not in a chain if that makes a difference, and the house has been on the market nearly a month. It’s at a high price for the area but is a beautiful house with not much comparable.

Thank you!

How much off is 765k off? As that’s what you’re going to offer.

It’s not rude, no, very normal to offer ten percent below asking.

emphasise to the agent that you have no chain, have the mortgage in principle already, and are happy to move on the seller’s timetable (or if you do have timing restrictions tell them upfront what they are). All of that will help them accept your offer.

There is no such thing as a rude offer. If they are desperate to sell, or if the house is overpriced or if it's been on the market for a long time, they may be delighted.

You offer the least you think they will accept, and negotiate from there.

Agreed

You can offer what you like, but a month is not long and you should prepare to be rejected.

Is £765k actually reasonable for that house?

You can offer but it will be rejected.

It's not rude to offer it, but I would be amazed if it was accepted

You can offer what you like, they don't have to accept it...but they might depending on how much they want rid

Offer whatever you think-they can either say yes or no 🤷‍♀️. It always seems so much less when it’s a more expensive house. At only a month though, be prepared for a no. What is the average selling value in that area?

If I had my house on for £850 (unlikely!) I wold be wanting an offer beginning with an 8

A month is not very long, so I expect it will be rejected. If it had been on the market for more than 6 months a 10% offer would seem very reasonable.

Can anyone tell me why offers of around 10% below are now often seen as ‘cheeky’?

it used to be fairly normal pre Covid to start at 10% below and now it seems the psychology has changed. I find the psychology of house buying / selling fascinating.

It’s not long but prepare for rejection.

This. Sorry

It is never rude to offer what you can afford and think the house is worth. They can just say no.

What I think is tiresome is putting in a very low offer and then increasing it by tiny increments after the owner has said no. Make your offer, make clear it is your best offer, then move on.

It’s only been on a month and that’s a big drop. They might block you from re negotiating, 10% is ok if you can justify the reasons and not just pulled the figure out of thin air.

I don't think it's a rude offer, but just be aware it's unlikely to be accepted. People who don't need to move are happy to hold on for other offers, people who do need to move usually do still need a certain figure to do so. 10% is a lot to knock off on a house that size.

We're on the market now, and simply wouldn't take an offer 10% below asking. The most we're willing to knock off is 5% but even then that would only be if we've been on the market for a very long time (a year, say). Moving is a preference for us, so we would rather wait to get the offer we want or not move at all.

You're not in a chain so that makes you v attractive!
It depends on what the sellers' position is - do you think the house is priced unrealistically anyway?

Not rude, but possibly unrealistic.

I sold my parents’ house recently (similar price) and the absolute maximum I’d accept was 5k below asking. Most offers below were between 5 and 10k.

85k under I’d have assumed was a mistake.

Yes 85 k is a lot off the asking price. As is 75. Id think they were having a laugh. I would not perceive it as rude, just a pair of time wasters chancing their arm.

This. As PO said, I'd want an offer beginning with 8. Perhaps I'd reconsider after six months or so without a sale, but after a month? No.

I agree, that is low, especially as you have said it's a beautiful house.

You are in a good position and you obviously don't know their circumstances, however you need to back up a low offer with a reason not just that's what you can afford. If you say it's beautiful I assume it doesn't need work, you say it's overpriced, what are the comparable properties that have sold nearby recently. What's the market like in your area?

What are your reasons for offering that much under?

A month is not that long. While you are in an attractive position with no chain it all depends on the seller’s position.

We accepted a lower offer as the buyer had no chain and we were looking to close as soon as possible on the house we offered on. But if we hadn’t had anything lined up, I think we would have rejected it as too low.

So it may work but they also may reject straight away.

If you don't ask you won't get.
I think the property market is changing back to how it used to be when buyers always put an offer in rather than how it's been in recent years when there were more buyers than available property and the asking price was seen to be the minimum price. Having sold probate properties in 2021 and 2023 some people were still putting cheeky offers in on the off chance, that changed around the Liz truss crazy time in autumn 22. However there may still be people prepared to go straight in at full asking (we actually got full asking for the final house we sold that completed June 23) so you just need to factor that in.