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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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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:

AdalindSchade · 19/10/2017 19:31

All the posters saying you'd be insulted by a low offer and refuse to consider a higher one from the same buyer - you do realise the market is stagnating and prices are dropping right?
Houses are only worth what someone is willing to pay for it not what sellers think it should fetch based on how much profit they want to make.

Original poster

Ansumpasty · 19/10/2017 19:42

Well we called and put an offer in of 238,500. 240,000 is our very max and means we will be scraping the barrel for stamp duty, etc.

Office hours open until 7pm...called and made our offer at 6:40. Owner was home (as I'm a sad bastard and drove past to have another look at 6:30 and her telly was on ) so I know she got the offer.
Haven't heard back...good sign??? I'm hoping it's because she's considering it!!

OP posts:

KidLorneRoll · 19/10/2017 19:46

If someone comes to your house, offers you a fiver and calls you a cunt, then that is insulting.

Offering 10% under the asking price is not insulting. A house is only worth what someone is prepared to pay for it.

Scottishgirl85 · 19/10/2017 20:11

It's impossible to say! Our home was advertised at £595k and we offered £520k and it was accepted. It needed a lot of work and I think that was putting people off. We were chain free and very keen and the sellers were not motivated by money. We could also tell the asking price was rather optimistic given it needed complete modernisation. It's all about knowing the local market and putting in a confident and well justified offer. Good luck.

namechangealways · 19/10/2017 20:28

But if you have all that money, in cash, it's not really your limit is it? Don't lose it over a few thousand.

starzig · 19/10/2017 20:43

You can only try. You are the customer don't forget.

Lily2007 · 19/10/2017 20:55

Our house had a sale fall through and went back on the market. I put an offer in of 10 percent less than the previous sale price (it had been back on the market only a couple of weeks) and explained we were cash buyers and could move quickly. They accepted but said wouldn't discount further for a survey.

Survey comes in and reports issues with the roof so I ask for a further £10k off and get it.

A lot of people go in straightaway at full asking price but I think you may as well negotiate the best deal you can. The estate agent was very impressed with my negotiating he said the man I bought of was a tough big businessman and I'm just a small woman and I slaughtered him.

If she's taking her time she's seriously considering it but had maybe hoped for £240,000. I would say she will definitely take £240,000 and she may well take your current offer though when we had a delay like this it was negative. She may come back with a counter offer of say £240,000 and if you don't want to offer that you could offer to meet her half way. It's normal to have a first offer rejected. With a second offer I normally say its a final offer so as to stop counter offers. It also helps to have a few hours delay between offers to increase your chances of getting it as fear sets in you won't come back. It does depend though on how much you want somewhere.

I always think there are plenty of properties on the market so I want a good deal. I did very well on my first property and on this one and I met a property investor who said I had done much better than him.

Andromeida29 · 19/10/2017 22:15

The old 10% or less rule is out of date. It depends how long it's been up on the market, popularity of the area, condition of the property. If you offer 10% less than asking price you're more likely to be seen as not a serious buyer. We paid 40k over the asking price for ours (225k) in the end. Also remember that if you go over 249,999 you'll pay higher stamp duty.

Original poster

Ansumpasty · 20/10/2017 14:12

Our eventual offer of 240 has been accepted

OP posts:

ThroughThickAndThin01 · 20/10/2017 14:13

Good news!

BigFactHunt · 20/10/2017 14:20

In negotiations to buy something always remember that they’re never going to negotiate you down, only up and also if your first offer is accepted it was too low.

The BBC should remember this when they report on brexit, but most journalists have never been in business and don’t know how to negotiate.

Separately, congrats on the new house OP

BigFactHunt · 20/10/2017 14:23

*I meant too high. Oops

tentative3 · 20/10/2017 16:08

Great news OP!

All those stating that the market is falling etc, it's so dependent on where you are, and the house itself. We are currently buying and have offered:

Full asking price but as we wouldn't exchange in 28 days then wait 5 months to complete they went with another asking price offer

Full asking price, went to best and final offers, we lost

Slightly under asking which was accepted but which we reduced (admittedly vastly) after a catastrophic survey. Revised offer rejected

Full asking price which was accepted and is hopefully the end of the saga!

Other things have sat on the market and stagnated, other agents have tried to be bullish about price (particularly because we are anxious to move asap, so it has been used as a bargaining tool by agents/vendors against us - they'll move asap but only for full asking, when we didn't offer they then said there was room for negotiation).

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