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Original poster

To put in such a low offer?

75 replies

smudgedlipstick · 17/08/2016 09:17

Looking to buy first home, very new to how it all works!
The perfect house is up for sale and has been for between 6 months to a year. The price hasn't changed. It is up for 220, would it be totally unreasonable to offer 190? That is sort of where we are really, and defiantly can't afford to asking price. Would a drop of 30 grand be seen as rude?

OP posts:
amidawish · 17/08/2016 09:56

just remember the estate agents work for the seller, so their aim is to get the highest price they can.

i would phone the estate agents and tell them you really want the house, first time buyers, ready to progress etc.. but the maximum money you can raise is £x and do they think the vendor would consider it.

give it a go! good luck

PurpleDaisies · 17/08/2016 09:57

I was thinking of speaking to the estate agent and asking what the lowest off they would take would be, but I don't think they will be that helpful!

You're right-they're working for the vendor, not for you. They usually get paid according to how much the house sells for too so it's in their interest to make as much money as possible.

We had some crap ones that we rejected, then sold for the full asking price a week or two later. Saying that £190k isn't totally ridiculous. What can you go up to? Post brexit people seem to be accepting a little bit less.

I'd be mentally prepared that if the house has been on for that long with no price drop, the owners are very firmly attached to the lowest price they'd accept. That doesn't mean you shouldn't try low offers but yo might not necessarily get anywhere.

FeelingSmurfy · 17/08/2016 09:57

I would go for it if it's been up for a while, I would offer slightly less though as they will probably ask for more and you negotiate until you agree on the price. Going in with your maximum leaves you no room to do that and you could be seen as uncooperative. Not much less, just leave yourselves some wriggle room

Memoires · 17/08/2016 09:58

If our local estate agents are anything to go by, by the time you're selling this one the staff will have gone through several total changes and no one will remember you. Further, even if there is a lone staff member from this time who vaguely knows your name, they won't care.

Put in the offer. See what happens. Negotiate as far as you can.

SausageDogGeorge · 17/08/2016 09:59

My house was on the market for £220k and we had an offer of £190k - we ended up negotiating up to £200k which we were both happy with - I certainly didn't think it was rude - its a starting point and we negotiated from there.
They ended up not buying it due to other reasons but I would always just put the offer in - you never know what the lowest they would accept is / how desperate they are to sell / how many other offers they've had. Definitely worth a shot! Good luck!

BadTasteFlump · 17/08/2016 10:00

Just as a cautionary tale when someone did this to us we instructed the estate agents to have no further dealings with them

Interested to know what the estate agent's response to that was? Seems a bit of a childish reaction to a business transaction Grin

thepenguinsrock · 17/08/2016 10:03

Definately start low and negotiate from there. That's what we did and we bagged a bargain 1st home.
Good luck

PurpleDaisies · 17/08/2016 10:04

We had a guy come to view our house who I really disliked. Called me "dear" constantly, talked to me as if I was thick and kept going on about his massive deposit. He put in a low offer. Luckily we had several offers (right up to the asking price) and we didn't choose him. I've known friends who've put in low offers which have been accepted above higher ones because the vendors liked them. Smile

feralcat19 · 17/08/2016 10:07

Depends how serious they are about selling as to whether or not they'll consider offers below. I wouldn't ask the Estate Agent for their thoughts on lowest offer - rather, say you've noticed that the house has been on the market for a fair while and the price hasn't changed, are the vendors open to offers? Depending on their response, you could then pitch accordingly: we are ftb with no chain, our finance has been agreed and our offer is XXX (less than your maximum). If they feel there is room for a bit of negotiation (as in they reject your first offer) then you can offer 190K and reiterate your strong buying position and say that is absolutely your final offer.
Some vendors sadly are just greedy people and as Eats said, a house is only worth what someone is prepared to pay.

Good luck!!

Abetes · 17/08/2016 10:08

I would never accept anyone's first offer (unless it was at the asking price) as most people use it as a starting point for negotiations - so a good point to start low do you have some room to move. Around here nothing is selling after the Brexit outcome as everyone is waiting for the predicted fall in house prices, so they might well go for something under the asking price.

PurpleDaisies · 17/08/2016 10:09

Some vendors sadly are just greedy people and as Eats said, a house is only worth what someone is prepared to pay.

Greedy is not always it-sometimes you have to get enough not to be in negative equity to make your onward purchase work.

witsender · 17/08/2016 10:11

190 for a 220 house sounds like a fine offer to me.

Badders123 · 17/08/2016 10:11

It's been on a while with no change in price?
That would lead me to think the sellers either;
Aren't serious about selling (we had two vendors pull their houses off the market after we offered asking price as they were just "curious" if their house would sell 🤔)
Or
Are completely rigid on price and, despite the current market downturn won't move on it (which also leads me to think they are not serious about selling)
Nothing stopping you putting in the offer but be realistic about the likelihood of acceptance.

2ndSopranosRule · 17/08/2016 10:16

Make the offer; they can only say no.

Our house was on for 220. It wasn't overpriced but more than we could afford. We offered 205. Rejected. EA suggested they'd take between 205 and 210 so we went for 207 which was accepted.

It's possible that the vendors have a figure in mind.

elodie2000 · 17/08/2016 10:18

Today 09:28 Justanothernumber2
Just as a cautionary tale when someone did this to us we instructed the estate agents to have no further dealings with them.

Sounds very hoity toity to me!!
They offered what your house was worth to them!
There's often a big difference between asking price & sale price!
Go for it OP!

NavyandWhite · 17/08/2016 10:21

This reply has been deleted

Message withdrawn at poster's request.

Bear2014 · 17/08/2016 10:21

Definitely make the offer! They might be thrilled with it. Most estate agents over-value things on purpose to leave scope for low offers.

EatsShitAndLeaves · 17/08/2016 10:23

The thing is Purple it's not the responsibility of the buyer to release a seller from negative equity.

You can ask any price for a house but ultimately it's only ever going to sell for what someone will pay.

A buyer can hold out for a specific offer but the longer it's on the market the less likely it is that price will be achieved.

So if you are in NE your choices are either to stay put and hope the market improves your position or take the hit and move.

Holding out for a high price that no one will pay is simply settling for option 1 by default.

Temporaryanonymity · 17/08/2016 10:27

Don't speak to the agent, just put the offer on the table and then hold your nerve.

My mortgage broker is a former estate agent and his advice for a £150,000 house was to decide on what you were willing to pay and then go in lower than than on the basis people tend to meet in the middle. So everyone is happy...

Pominoz1 · 17/08/2016 10:28

As long as your finances are in order you are in a strong buying position. Make the offer. We always, always offer below the asking price. It's a given.

PurpleDaisies · 17/08/2016 10:29

The thing is Purple it's not the responsibility of the buyer to release a seller from negative equity

I totally understand that, all I was saying was that it isn't necessarily greedy to hold out for a higher sale price.

blindsider · 17/08/2016 10:30

Purpledaisies

You're right-they're working for the vendor, not for you. They usually get paid according to how much the house sells for too so it's in their interest to make as much money as possible.

The difference in their commission between a house selling for 200K vs 190K is minimal all they want to do is actually sell the house. If you think the average EA is REALLY working for you, you are a bit naive IMO.

wowfudge · 17/08/2016 10:32

If the house has been on the market for a while, it doesn't necessarily mean the sellers have a fixed amount in mind for their house - they may not have had any other offers at all. That's what happened with the house we bought.

YoungGirlGrowingOld · 17/08/2016 10:33

We had an offer accepted on a house which was 65k below the asking price.

When we moved in, they had burnt all their furniture in the garden, smashed every lightbulb and left shit in all the toilets.

They run a cookery business involving kids, so supposedly respectable. Personally I would never do a cheeky offer again.

AgathaF · 17/08/2016 10:34

Chances are that if the house hasn't sold in this time, then it's over-priced anyway. I'd probably go in a bit lower if 190 is what you can afford. You need to give yourself some room to up the offer. First offers are rarely accepted.
Good luck!

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