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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

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

283 replies

jnfrrss · 22/04/2018 07:34

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

OP posts:

Teateaandmoretea · 22/04/2018 07:52

You can offer what you like but the lower you offer the less likely it is to be accepted. I read OIEO as it being the figure that they actually want and will accept.

jkl0311 · 22/04/2018 07:52

Have you brought a house before? Negotiators charge 2% but can generally get it at a better deal as they know how the story goes? I've only met one through golf but that's all she done as a job and really worked well.

AJPTaylor · 22/04/2018 07:53

Well offer, esp if you are in a position to move quickly.
Dont take offence if they dont go for it.
We insulted one poor chap by offering 97.5 per cent of asking price😁

UpperWallop · 22/04/2018 07:53

I don't see it as a discount either. Valuations can be so arbitrary. Problem is, once a seller hears a number, it's fixed in their mind then that their house is definitely worth that amount. Put the offer in though - what's the worst that can happen? They can only say no.

2andcountingtodate · 22/04/2018 07:54

Oh and chain free or if anyone is that lucky cash buying can make you much more appealing.

Boulshired · 22/04/2018 07:55

You put the offer you believe it’s worth, their reaction to it is irrelevant. You risk not getting the property but it doesn’t really matter if you would never pay the asking price anyway.

autumnleaf1 · 22/04/2018 07:55

Pengggwn

I see what you are saying and that would work for a house in demand, but clearly if it has been on the market for months, there's unlikely to be a bidding war.

And like with Nutbrownhare, sometimes they do accept less that the OIEO, so what's the point of stating it, just have an asking price like everyone else.

HelenTheHunter · 22/04/2018 07:56

We bought at 10k off the OIEO price. That price had been set as the vendors previously refused an offer at that price!
We did offer even lower originally and got a flat out 'no'.
At that price point though the amount you're asking off is quite a chunky percentage and I'd be surprised if you got anywhere near it but I guess you can try.
There's no right answers though. Sometimes a probate sale is harder, too - ours was and the two children (in their 60s, but you know what I mean!) didn't agree, one wanted to hold out for more and the other didn't so they took ages to agree to our offer but got there in the end.
We framed our offer in terms that yes, the house might be worth more to someone but it wasn't to us because it wasn't quite in our preferred location for our jobs and a few other factors so we would be happy to buy at x price and it was up to them they felt they'd accept that. We shied away for outright saying we didn't think it was worth that much as it had been heavily reduced already and it's their former family home so it probably has value in their head that we obviously wouldn't share!

Pengggwn · 22/04/2018 07:56

autumnleaf1

Because some people aren't going to sell under that figure and they don't want people wasting their time?

minniemoll · 22/04/2018 08:01

My purchase fell through when my buyers were ready to move, I was a cash buyer and able to move quickly, so I offered £180k for a property on at OIEO £190k. That was rejected, but they accepted £185k. So it's always worth a try.

Original poster

jnfrrss · 22/04/2018 08:02

Yes exactly that, it's not the perfect house for me but I quite like it. They may find someone that it is perfect for that will pay that price, or they might not. And with the market stalling might have to reduce it Futher.

I don't see how it would offend someone to offer what I think it's worth.

OP posts:

BeyondThePage · 22/04/2018 08:04

It depends how much you want it. And how desperately they "have" to sell it.

If I was selling and was offered so much lower I would never take you seriously as a buyer - I have been burned before - low offer, raised up, happy til exchange - decided to gazunder to the value that they offered first. They lost their survey and costs money and we sold to someone else - but it really messed us about.

So I personally would NEVER sell to someone who offered that low - even if they upped the offer later. 10K or so on offers IRO - yes, 45K on offers over - no.

Loonoon · 22/04/2018 08:05

Offer your amount and add any incentives you might have such as no house to sell or ready to complete in 8 weeks or whatever you can to give them an incentive to accept it without feeling they are selling themselves short.

BarbaraofSevillle · 22/04/2018 08:05

If it's been up for sale for 8 months, it's not worth what they're asking.

If you think it's worth £395k, offer that (or start lower and work up). They can only say no, but if they've had no offers in all that time, at least some of the 4 might want to take the offer, especially if they need the money for any particular reason other than just putting it in savings.

When shared between all of them (and possibly after inheritence tax?) the actual 'loss' per person won't be that much when comparared to the total amount they have inherited (eg they will get £95k instead of £102k).

Some people are delusional. We once offered £125k on a house priced at £135k and was probably only worth £120k but we really liked it. The offer was refused and the house sold over a year later for..... £125k.

Someone I know has spent years on and off and thousands of pounds (posh estate agents charge up front for advertising costs apparently) trying to sell a big farmhouse that's worth £6-700k tops for £800k.

They rejected an offer for £675k a long time ago and are now probably kicking themselves as they will probably never sell it at what they think it is worth unless someone with more money than sense comes along.

FASH84 · 22/04/2018 08:06

A few years ago ours was on at £335k dropped to offers over £310k we offered £290k and got it for £295k it was quite a project though. No harm in offering.

Notasunnybunny · 22/04/2018 08:06

We had an OIEO price, people ignored and offered under. We needed the listed price, the clue to what we would accept was there but it took a few offers for people to get the hint.

CoughLaughFart · 22/04/2018 08:07

Because they clearly think, and have been advised, that it’s worth a lot more. By all means make the offer, but don’t bury your head in the sand. Be prepared for them to decide you’re not a serious buyer.

Strax · 22/04/2018 08:09

Nothing to stop you offering. What would be the maximum price you'd be prepared to go to?
We offered on a probate sale, the house was in a terrible state with urine stains all over the carpets, a water leak in the kitchen, a terrible stench and the garden hadn't been touched for 10 years so you couldn't even see where the boundary was. The sellers (the owners two daughters) had grown up in the house and obviously had a romantic view of it and childhood memories and had majorly overvalued it. Our final offer was 525k which was I think 50k under the asking price. They said no, we moved on, their house didn't sell until almost a year later. I checked land registry (as you do!) to see the sale price and they'd finally sold for 525k. 😏

Waspsarewankers · 22/04/2018 08:09

That's 65k under what they originally thought they were going to get.
You can offer what u like but i suspect they'll be a bit pissed off.

Original poster

jnfrrss · 22/04/2018 08:13

I am a serious buyer, but only at the offers I make.

I would maybe go up 5-7.5k.

Tbh they seem like dillusional sellers if they have cut it 20k and still not sold it.

OP posts:

Pengggwn · 22/04/2018 08:15

They will not see you as a serious buyer if you offer at 45k under what they have said they will accept. If you think they will see you as a serious buyer, I would suggest you might be the delusional one. But you are entitled to offer any price you like.

Original poster

jnfrrss · 22/04/2018 08:15

I still don't see why they would be pissed off, in my work I'm always negotiating prices for peices of work I do. Some want the job for less than I'm prepared to work for, I'm not pissed off if someone offers too low.

OP posts:

autumnleaf1 · 22/04/2018 08:16

You could offer low and they might say no, but come back to you at a later date. The house we are currently buying initially said no to our offer, but then a month later the estate agent phoned and asked if we were still interested. It must be hard for sellers being told that their house is worth so much only for buyers to disagree and keep offering less. But as people have already said, the house is only worth what people are prepared to pay for it.

Original poster

jnfrrss · 22/04/2018 08:17

I said I'm a serious buyer at the offers I make. I'm not an idiot so not going to pay more than something is worth espically as I know there hasn't been much interest in it.

OP posts:

Pengggwn · 22/04/2018 08:17

They might be pissed off because you've ignored the information presented: the lowest offer they are prepared to consider.

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