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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To offer 10% lower than asking price?

63 replies

Ansumpasty · 19/10/2017 14:45

Quick question!
Fallen in love with a house that's up for £249,950.
What would be the standard first offer...I've read online it's 'expected' to offer 10% lower?
AIBU or does that seem insulting? Thanks!

OP posts:
BarbaraofSevillle · 19/10/2017 15:35

Depends on whether the price is realistic, how desperate they are to move, how much equity they have, what else you can get for that sort of money in that area, all sorts of things really.

Some sellers are delusional and think their house is worth more than it is. If there are comparable houses in the area for £200-220k it is likely they will wait a very long time for anywhere near £250k. Or it could be a bargain, no-one knows without full information.

RaquelWelch · 19/10/2017 15:41

We've had offers of way more than 10% off the asking price and one CF wanted us to include all our furniture as well!! We got asking price a few weeks later. It does depend though, nothing wrong with a cheeky offer, they can only say no or come back with an alternative!! Go for it.

londonrach · 19/10/2017 15:41

In my area at the moment you be lucky if you got it for full asking price as it be gone to the first viewer at full asking price. What im saying is it depends on your area. Is the house worth the asking price. How long its be on. We were ftb but lucky to get ours but it was full price. Judging by what im seeing now if you offer too long the seller wont deal with you. Offer what the house is worth to you. If you get turned down is there another house you like instead.

Rhubardandcustard · 19/10/2017 15:43

I offered 10% less than asking as the house had been on market for 6 months no offers, I was chain free and so were the sellers.

It depends on the situation, I had no problems offering less, they initially rejected then two weeks later changed their minds as had no further viewings.

Taylor22 · 19/10/2017 15:51

OP offer the lower price. What's the worse that happens? People that you never meet clutch their pearls and gasp?

You owe these people nothing. They either except it or they don't.
If they don't then either raise the offer or walk away.

tigerdog · 19/10/2017 15:52

I'd research other sold prices to estimate what is realistic and offer accordingly. It doesn't always have to be the money that secures the property either - being a good buyer will also help in some circumstances.

Our house is in a desirable area and it went to sealed bids due to 6 offers being put in within a week. We still went in at under the asking prices - £239k to the £250k asking price, so roughly 5% below. We wrote a letter outlining our position (first time buyers, mortgage approved, conveyancing done by DH former law firm so prompt exchange and completion possible) and we got it. Luck, maybe, but the saving was appreciated as it was a doer-upper

LaurieMarlow · 19/10/2017 16:00

The concept of an 'insulting' offer is so silly. There's no such thing.

There are only offers the vendor is prepared to accept and offers they aren't.

Everything depends on how keen they are to sell and what other offers appear on the table. All you can do is offer the price you're willing to pay.

maddiemookins16mum · 19/10/2017 16:00

Our current home was on sale for 160, 8 years ago. We offered 148 (the bathroom was grim). Finally we agreed on 150.

thecatsthecats · 19/10/2017 16:05

I don't know how my fiance and I got our house for under asking. Every other house we viewed went for over asking, including the one that was an absolute nightmare of renovation works, including big scary cracks in the walls when it was next to a train line.

Ours was the most expensive we viewed, but also in the 'naice' part of the area, with a bigger garden, parking, and fully renovated.

I imagine some people did go in with the 'you should be embarrassed by your first offer' mentality, and either got haggled up, or missed out. That might work in some areas, but absolutely not where we live!

ThroughThickAndThin01 · 19/10/2017 16:31

Let us know what happens op. It would be interesting to hear the outcome.

Original poster
Ansumpasty · 19/10/2017 18:01

Put in offer of 233 and got rejected...waiting until tomorrow to offer 238,500...

OP posts:
WitchesHatRim · 19/10/2017 18:02

That was a quick reject.

Equimum · 19/10/2017 18:08

We were told, by people who haven't bought a house for a while, that 10% under asking price would be a good place to start. A quick look at sold prices on zoopla, however, showed that, in the area we were selling/ buying, 5-10k reductions were good, regardless of the house price. Both our buyer and us started at £10k below asking price (which were around £300k and £550k). We both accepted £5k less, but our EA though we might be able to get more.

Original poster
Ansumpasty · 19/10/2017 18:11

The estate agent said, 'she's looking for an offer that starts with 24...it's up to you if you want want offer that right away or if you want to go half way in between what you offered (233) and the 24...'

To me, this means they're expecting and would accept an offer of 240,000? I said how the asking price was out of our budget and he said, 'of course, she's definitely willing to negotiate.'

I'm such an amateur at this Blush

OP posts:
HarmlessChap · 19/10/2017 18:13

I'd never take the 1st offer, people rarely make their best offer 1st whether it be for a house, car or whatever!

MrTrebus · 19/10/2017 18:17

For the sake of £1500 just offer £240k tomorrow and be done with it.

ChaoticKate · 19/10/2017 18:18

Our house is on the market at the minute. We had someone make us an offer of 30% below asking price after telling us all the reasons our house wasn't suitable. This was despite us telling them that we'd already rejected an offer at 5% below. We know what our property is worth, any offers that are that low we won't even entertain and we also won't entertain any subsequent offers from those buyers. Our house, our choice. We're in no rush.

Whinesalot · 19/10/2017 18:20

Ive successfully asked what is the lowest offer they would take and a couple of times it was lower than I would have gone in at. Then I offered just under what they were looking for and they couldn't really say no for such a small difference and risk losing me.

ICantStoptheDogChasingFlies · 19/10/2017 18:27

We offered 10% under asking on a house we viewed last year that was (we felt) quite overvalued. The owners were "bitterly disappointed" in our offer and didn't want to hear any revised offers from us as they were so insulted.

It's still on the market at the exact same price 18 months later. I don't think they actually want to move and just want to see if they can find someone to pay their full (wildly unrealistic) price. NB, we live in a small, pretty village so most properties that are appropriately priced are sold within a few weeks of going on the market.

If the seller actually wants to sell, they will negotiate with you, so go in with what you think is a fair price!

WitchesHatRim · 19/10/2017 18:27

The issue you have OP I guess is how much you want the house v how much they need to sell.

It has only just gone on the market. They have said they would accept £24..... I would offer that rather than £23850

Motherbear26 · 19/10/2017 18:31

It all depends tbh. How long has it been on the market? And more importantly how much do you want it? If it’s your dream home and you love it I’d be tempted to offer the £240,000 and have it taken off the market and save yourself some hassle.

However, if it was me I’d offer £235,000 and leave it on the table. The estate agent can obviously tell you’re keen and wants to push the price up as much as possible. They rarely accept another offer without coming back to you to to try and get you to increase your original offer. The vendor can wait all she wants for her price but a house is only worth what someone is willing to pay for it. Do you think it’s worth £240,000? Do you think someone else will think it’s worth that? You’ve seen the house and know the market in your area, offer what the house is worth to you.

And I’m surprised that people are so offended by a low first offer. Nothing wrong with trying your luck! We’ve been lucky a couple of times with cheeky offers when people were in a rush to sell quickly so I’d never start high now.

RavingRoo · 19/10/2017 18:35

I live in an area (not London) where not offering at least asking price usually means you’ll get gazumped into the house buying process, as vendors will want other buyers to view to the very last minute. You need to objectively look at the area and the market before making a decision - not follow ill thought out blunt advice.

Lilmisskittykat · 19/10/2017 19:01

Don’t worry about offending and for those that wouldn’t take a revised offer seriously well more fool you. It’s just business nothing personal. Around here nw it’s a deflating market with many houses that are overpriced at the moment hanging around and most sellers build in haggling into their listing price.

It’s the biggest purchase you’ll make and your a long time paying it. Only you know how much you love it, if you’d be gutted it sold then you have your answer.

But in the same way there will always be another house and in most experiences I read here usually a more suitable house.

Good luck whatever you choose to do !

teaandtoast · 19/10/2017 19:16

Is there anything about the house that justifies knocking so much money off?

We offered full asking price on a house and they refused it! Apparently they thought they could get more money as the house had only been on the market for 4 days.
A month later they came back to us and offered it at a lower price. Unfortunately for them, we'd already exchanged on a different house.

Fruitcorner123 · 19/10/2017 19:25

Sounds like you love the house so i would say offer £240k. We fussed over £1k here and there when buying ours and 2 years later it had increased in value quite a lot and it seemed so silly to have made all that fuss over a couple of thousand ppunds on such a big purchase. We nearky lost the house but thankfully at the last minute decided to agree to increase our offer. It was the right decision.