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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask advice on making a reasonable but much lower offer on a house?

31 replies

Auramigraine · 07/08/2019 17:37

Would be realllly grateful for some advice please!!

Viewed a house today, love it, want to make an offer, HOWEVER I feel it is overpriced. On market for £185 but they bought it 2 years ago for £165 (checked online) house just round the corner (identical, but the house I like maybe has a tiny bit more land, talking a very small amount) went for £160 in March this year!!

I’m not sure what to offer and what’s gonna be a straight up no!!

Any help? X

OP posts:
Daffodil2018 · 07/08/2019 17:41

I imagine they'd definitely say no to anything less than they paid for it so maybe offer £165 and go from there?

IceRebel · 07/08/2019 17:41

Viewed a house today, love it, want to make an offer

If you love it, chances are someone else will to. How would you feel about losing it?

Loopytiles · 07/08/2019 17:42

You can’t determine what is “reasonable” in the view of the seller(s) or other potential buyers.

herculepoirot2 · 07/08/2019 17:42

I think you can offer what you like but they may well think you’re cheeky and the chances are they will sell for something just under what they have asked for.

AngelasAshes · 07/08/2019 17:42

Is it identical on the inside? Often price differences like that are due to renovations or upgrades.

Loopytiles · 07/08/2019 17:43

You don’t know their circumstances or how many others might be interested in buying the house.

You only know what you can afford, and what you can learn about the local market for that type of property.

AnastasiaVonBeaverhausen · 07/08/2019 17:44

What they paid for it isn't relevant. It's about what the market will bear, plus you don't know what they've done to it that may have added value.
If you love it make what you feel is a reasonable offer and what you think it's worth. Just don't be surprised if they turn you down. 10% below asking isn't an overly unreasonable starting point.

Pipandmum · 07/08/2019 17:48

Don’t just go by one other house sale. What have other houses gone for? Prices have been pretty stagnant so unless they’ve made improvements how are they justifying (or the agents) price going up £20k?
Are you in a good position (first time buyer/house sold/mortgage sorted)? How long has it been on the market?
Factor in all these. Then make your offer - I’d never accept first offer unless made very clear there was no negotiation. So either go in with your best and last or expect them to think there’s more to come.

Original poster
Auramigraine · 07/08/2019 17:49

@Daffodil2018 thanks.

Not much has been done, I asked. It’s 10 years old so nothing really needed to be done apart from the interior decorating.

It’s be sad to loose it but not the end of the world as there’s other houses in the pipeline. I will go in with what I could comfortably afford.

OP posts:
Bluntness100 · 07/08/2019 17:51

It's very unlikely unless they have an urgency they will sell it for what they bought it for two years ago. No one likes that.

They will likely think you're a piss taker. I'd go in at 170 if you really want it, but be prepared to walk away.

PinkyPrincessy · 07/08/2019 17:53

It’s a slow time of year for house sales and obviously why it is on the market and how long for will help you get a lower offer accepted.

When you view it again make sure you talk about what needs changing and include that in your offer.

Are you in a good position? First time buyer?

Original poster
Auramigraine · 07/08/2019 17:54

@Daffodil2018 that was my thoughts exactly, another 3 doors away is £10 grand less aswell currently for sale. No house anywhere near them have gone for this much, so that’s why I feel it’s overpriced. This particular estate agent seems to slightly overpriced houses as I have not seen any going for the price they have advertised, either that or weeks later they are reduced then sold quick.

OP posts:
Original poster
Auramigraine · 07/08/2019 17:54

First time buyer, big deposit, mortgage agreement fine etc.

OP posts:
Original poster
Auramigraine · 07/08/2019 17:55

They are after a quick sale, due to marriage breakdown, but it has only been on the market two days.

OP posts:
AnastasiaVonBeaverhausen · 07/08/2019 18:04

Just a thought but if it's a marriage breakup they may well hold out for as much as they can get, bearing in mind they will need to split the equity

Remembering39862 · 07/08/2019 18:06

Years of watching Phil and Kirsty have left me with a few suggestions... firstly, it’s likely they will be expecting offers below asking price, and sometimes cheeky offers get accepted, so it’s always worth a try (as long as it’s not an insultingly low offer)! Also make sure to mention that you are a first time buyer with no chain who is happy to proceed quickly (particularly useful since you know they want a quick sale). If they counter offer, you can usually meet somewhere in the middle of that and your previous offer, even if they initially say they won’t go any lower than the stated figure. Oh, and if you end up reaching the upper limits of what you want to offer, make it a condition of your offer that the estate agent remove the house from the market once accepted! Hope that helps, good luck 😊

Reallybadidea · 07/08/2019 18:06

If it's only been on the market 2 days then I think it's unlikely they will take much under asking price.

Remembering39862 · 07/08/2019 18:07

Ahh no paragraphs, sorry! Confused

Original poster
Auramigraine · 07/08/2019 18:08

@AnastasiaVonBeaverhausen ahh good point yeah thank you.

OP posts:
herculepoirot2 · 07/08/2019 18:08

Why don’t you buy the house down the road? It’s cheaper.

Original poster
Auramigraine · 07/08/2019 18:09

@Remembering39862 thank you so much!! Very useful. Will have a good think.

OP posts:
Original poster
Auramigraine · 07/08/2019 18:10

@herculepoirot2 booked to view on Friday Smile

OP posts:
herculepoirot2 · 07/08/2019 18:15

And there are no differences? Just wait for that viewing then, don’t offer on a more expensive house.

combatbarbie · 07/08/2019 19:37

We went in at £20k under, not because we didn't think it was worth it but because of finances.... They too needed a quick sale and accepted.

Id go in at £165 and negotiate from there.

jmp2 · 07/08/2019 20:07

If you dont mind losing out on the house you can offer whatever you want. I wouldn't go for what they paid for it two years ago - I certainly wouldn't want to accept that offer - would definitely go for more. But just go for whatever you can afford and would want to pay.

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