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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:
LaurieMarlow · 22/04/2018 10:23

Because they have something she wants. And if she convinces them she’s a timewaster, she may very well not get it.

But she doesn't want it at the asking price, so that's irrelevant.

LakieLady · 22/04/2018 10:26

All ours have been offers in excess of. That’s just a way of trying to get the top price, offer what you like.

The phrase that makes me likely to offer the full asking price is "realistically priced for quick sale". Even then I'd do my homework!

LaurieMarlow · 22/04/2018 10:33

You've nothing to lose by putting in an offer. All this emotional baggage around the vendor is not your problem.

When we were buying, we saw a house that had been on the market for the guts of a year whose price had just been dropped by 100k.

We put in an offer (considerably) lower than the new asking price, but what we thought it was worth/were prepared to pay.

They didn't take that offer well and they pulled it off the market for a while. Two years later, it still hasn't sold. Big they're delusional on price and obviously hoping for big bucks that won't materialise. That's their problem.

We bought two streets away, for the asking price, on a much more realistically priced house.

gamerwidow · 22/04/2018 10:33

I think you're very unlikely to have that offer accepted. If it was marketed at £460k now it's oieo £440k then they want a minimum of £440k for it. They might go to £420k if they are desperate to sell the house but there is no way they accept under £400k you're asking for over 10% off the price.

gamerwidow · 22/04/2018 10:36

If you genuinely think that's what the house is worth and will not buy it at a higher price then you've got nothing to lose by making the offer. Just be aware if they do say no you might not get the a chance to make another offer. If that's ok with you then it's a business transaction and you don't have to feel bad about it.

LaurieMarlow · 22/04/2018 10:40

To all those saying "the house is only worth what someone will pay", that is not quite true

Ok, adjust it slightly to 'only worth what someone is prepared to pay in the current market'.

Taking your example, 5 years is a huge amount of time in the housing market. Things can change substantially in that time. And sometimes vendors have to sell, renting it out for 5years isn't always an option.

MyOtherProfile · 22/04/2018 10:41

I'd give it a go. They will probably say no but they might say yes. It clearly isn't selling for the price they're asking. I'd probably offer something that at least starts with a 4 though so psychologically it looks closer to the asking price.

BewareOfDragons · 22/04/2018 10:41

I think some probate sellers are actually quite unrealistic.

11 years ago, we were interested in buying a house which was being sold by the 3 children of the elderly owner who had passed away. They wanted way too much: the market was crashing (1997), radiator system was ancient and needed replacing, he'd been a smoker so walls needed specialty scrubbing, and floors in rooms needed replacing as parts were missing. But they were completely unreasonable. We put in an offer. They said no. Then they reconsidered ... but by the time they reconsidered, the market had fallen even more. And they'd lied about protected trees on the property as well. And didn't want to do a few other things that should have been expected. We looked at the house again, and pulled out.

They sold it months later for considerably less than we'd offered originally. THeir own fault, really. They got greedy, and yes, it was their inheritance, but it wasn't worth as much as they wanted it to be worth. The house had not been maintained and had declined considerably in value.

Offer what you think the house is truly worth.

LaurieMarlow · 22/04/2018 10:43

To slightly contradict what I said upthread OP, if you do want a crack at it, it might be worth offering 400k as a first offer as psychologically that might sit better with them.

LaurieMarlow · 22/04/2018 10:44

X post with other

Stickystickystick · 22/04/2018 10:48

We did. We offered a lot less than the offers in excess price and have been in our new house 8 months now. What have you got to lose?

CoughLaughFart · 22/04/2018 10:51

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CoughLaughFart · 22/04/2018 10:55

But she doesn't want it at the asking price, so that's irrelevant.

Of course it’s relevant. She might not want the house at the asking price, but she DOES want it. An offer of £415k, for example, might still get turned down, but could be viewed as a starting point rather than an insult. They could eventually negotiate to 425k, for example.

The OP might not want to pay that much, which is entirely her call. But don’t suggest a good relationship with the seller is irrelevant.

PrimalLass · 22/04/2018 10:56

You can offer what u like but i suspect they'll be a bit pissed off.

But does that matter? It's a business transaction and not personal. They've not sold in 8 months. I wouldn't offer thousands more than something was worth to me just in case I annoyed the seller.

worridmum · 22/04/2018 10:57

I hope you only get such chancres when coming to sell a property we had a house through probate on sale for 350K which was a low value for the area (as in 30k lower then similar houses) the number of people saw the words probate and would only offer 300k (100k less then normal value) was insane we were not despite to sell and we finally sold it for the full asking price 3 months later.

Vangoghsear · 22/04/2018 11:00

You could make the offer and then sit tight and not increase it. If there are 4 people involved in selling it one of them at least will want the money and may persuade the others. But it's impossible to know unless you try it.

MyOtherProfile · 22/04/2018 11:01

OP may like the house but she clearly isn't desperate for it and knows her own limits of what she is willing to pay / considers it worth. So she doesn't have anything to lose. It would be different if she desperately wanted it. Then the sellers would have more power.

CoughLaughFart · 22/04/2018 11:01

But does that matter? It's a business transaction and not personal. They've not sold in 8 months. I wouldn't offer thousands more than something was worth to me just in case I annoyed the seller.

It’s not a question of manners - it’s about picking your negotiation position. If the OP doesn’t want to pay a penny over £395k, she can offend them as much as she likes. If, however, she’d actually go as high as, say, £420 - 425k, she might be better off upping her initial offer by 10k to avoid looking like a flaky chancer.

IamtheDevilsAvocado · 22/04/2018 11:03

Homes are emotional.... Buying and selling can be emotional...

There are no hard and fast rules...
.

People react how they do... Some treating it as purely a business exchange... I want to get the maximum price and I don't mind further...

Other people, who I've known, selling much loved family houses... Have accepted offers other than the highest as they really didn't like the highest bidders and didn't want to foist these people on their nice neighbours!

Someone else I knew took agin a young couple who seemed to be messing them about... Offered 30%Confused below and then over weeks creeping up by tiny increments... They ended up bidding more than the offer they accepted... Simply cos theyd got so exasperated by them...

CoughLaughFart · 22/04/2018 11:03

Also, the OP and many others on the thread are assuming probate sale = desperate to sell. It could just as easily be that the sellers are in a good position in that they don’t need to sell to fund another purchase; therefore they can wait a while for a decent offer.

PrimalLass · 22/04/2018 11:04

put it this way, you they have sold their house for 50k less?

They would have to if that is what it is actually worth to their buyer.

Value is a finger in the wind thing. It's only worth what someone is willing to pay.

LaurieMarlow · 22/04/2018 11:06

sellers very rarely sell to, or negotiate with, such buyers. Christ, are you simple?

They might not have much choice if they don't get any other offers and they need to sell.

PrimalLass · 22/04/2018 11:06

Because the market isn't good.

Property is selling in 2 weeks with multiple offers here. Or not even making it to the market - private sales.

PrimalLass · 22/04/2018 11:15

I hope you only get such chancres when coming to sell a property

Why are they chancers?

avoid looking like a flaky chancer.

I just don't get this mentality at all.

londonrach · 22/04/2018 11:18

We walked away from houses like this. Offers over. Offer but expect them to turn it down. If not youve saved abit. However they may not deal with you if they think you being cheeky