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

[Auramigraine]

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

It may be worth buying a copy of the land registry documents if you’re serious. When we found a house we loved which was hidiously overpriced and broke the top of house sales in the road by £20k (and they wouldn’t negotiate), we purchased the land Reg documents to find they had remortgaged and couldn’t accept a lower amount. We didn’t negotiate any further as it was a waste of everyone’s time. It came off the market soon after because they couldn’t sell for what they wanted.

Lots of useful information in those documents and only around £10, so worth getting it if your putting a serious offer in (will show shared accesses etc).

@Mouikey that’s great thank you, deffo worth the £10 to do. Would I just go on the website I assume? Will have a look now.

I was thinking of £170 tbh as an offer, but that probably be it, I think anything more I would regret. It’s a beautiful house but I personally don’t think I would want to pay more than that.

@Auramigraine. Yes go to the website, search on postcode or address, you can pay for the documents or documents and a map! Really easy (you may need to register).

I think if you wouldn’t be happy to pay more than £170k, it’s worth offering £165k - that way you won’t be thinking ‘If only...’ if they accept £172k, say.

Sometimes what a house will sell for isn't an exact science. House near me with lots of land on side to extend sold for £180k and the family immediately extended it. Mine without the same extension potential sold for more. The house I just purchased is on a popular road, ready to move into, potential,etc. and I got it for £10k under the asking price.

I was in this position with the house I'm about to complete on.

When I made the lowish offer I praised how lovely the house is (it is) and then pointed out that similar houses are on for much less (send links to the ads), that I'm worried about overpaying in the current market given that around half of what pops up in my Rightmove searches are reductions. There was a bit of back and forth and eventually the sellers wouldn't go any lower. I said 'I'm not going any higher, but my offer remains on the table until I find something else' - a couple of days later they accepted!

Some ideas ...

1. How long has it been on the market? If it's new, the sellers are maybe less likely to consider a low offer.
2. Given the above, might be worth hanging around to see if they reduce it, if you wouldn't be heartbroken to lose it.
3. To help avoid being too invested in it, go and look at loads of other houses.
4. Zoopla gives a price estimate for all houses, which changes with market conditions - might be worth checking out. Though sometimes it doesn't take improvements into account.