To offer less than asking price even though it's offers in excess of?

[jnfrrss]

This is in England, it was on at 460k, reduced to 440k but now says offers in excess of that. Seems funny to say excess if it's been up for sale for 8 months and not sold so reduced.

I want to offer 395k as thats what I think it's worth

The issue with property is that there isn't an objective way to come to a 'true' price, because that doesn't exist. The same is most likely true of that mythical job worth 25k. There might be specific costs of the job, but then there are of the land and/or materials in a property, but there's no "true" value. There is a market price, and a value to buyer and seller. All 3 are different.

Laurie, the houses on that street go on the market very often, due to people buying there to get in to the schools. This buyer made the same offer on all the houses for sale that month and was rejected by every single one. None of us were in weak positions because the area alone, regardless of the pitfalls of any individual houses, is very strong. People snap them up at asking price, not even £5k under. There are 5 for sale right now, all at £450k. It wasn’t an unreasonable offer as such, more a stupid one which showed she had no idea what she was doing. I agree the value is only what someone will pay, and as everyone else was offering to pay the asking price, we went for the investor as he was in no rush. It was worth the asking price. All she had to do was check the land registry and see that none had sold as low as she was offering since 2001. I think a stupidly low offer makes you look a bit silly, like you’ve not done your research and like you might be flaky. As well as pissing me off because I’ve taken the time to show round a person who openly admits they can’t afford it.

We were valued by 3 agents last August at 600. We went on at 5 hat and got nowhere. Dropped to 575, dropped again to 550 because we thought that was our bottom line.

We complete tomorrow having accepted 515. The market in London dropped so far and so quickly our OIEO price had to be ignored.

Anyone selling anything at all should always ask a bit more than they expect to get & be willing to drop the price down if need be.

MindFracture7

Nope, not always.

We went in on the lowest valuation.
Six offers on first day. Ended up going to closed bids and we got 8%
more than the highest valuation!

Did they accept?

I’m guessing it’s no then, as OP hasn’t been back

We out ours in last week at Offers over. This was because 3 estate agents had different valuations. Put it on at lowest but offers over, 4 offers all 25,000 to 30,000 over the base price. However have also spent a week trying to find our next house and there are many many over priced shit holes!