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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Offering on a house

218 replies

Housebuying · 10/10/2019 01:44

Posting for traffic!

Just wondering when buying a house (not London!) what sort of offer should you make? What % of the full asking price should you expect to pay, and whereabouts should a first offer be?

House has been on the market just over a month, and needs work (full rewire, new boiler). Would appreciate any advice!

WIBU to offer 85% of the asking price?

OP posts:
WaterSheep · 10/10/2019 09:55

whatsthecomingoverthehill

From what I can work out

The house is on the market for 390k

Op wants to offer 330k-360k

Average house price on the street is 350k

Op thinks the house will be worth 410k when all work has been completed.

Happy to be corrected if i've misread / misunderstood though

Original poster
Housebuying · 10/10/2019 09:56

It’s hard to say, but based on other sales, we think the house would be worth about £400k with the boiler, rewire, and kitchen extension done. Considering that would cost about £50k, we won’t pay more than £360k.

It’s hard to know whether to go in low, and work up to the maximum we’ll pay, or go in at the maximum and say that’s all we’d be prepared to pay. Feels like a gamble either way.

It concerns me that some PPs have said it would piss them off the be offered low, with the opportunity to work up to a mutually agreeable price. Because clearly I don’t want to alienate the vendors and make them think we’ll be difficult. I’d rather agree a lower offer, and pay that regardless of surveys etc, rather than agree a higher price and then ask for money off if the survey drags up issues.

OP posts:
Original poster
Housebuying · 10/10/2019 09:57

@WaterSheep yes, exactly what you’ve said.

And to be specific, I want to offer £330k as an opener, with a view to paying £360k

OP posts:
Original poster
Housebuying · 10/10/2019 09:58

But a lot of people seem to think this would piss the vendor off?

OP posts:
just2comment · 10/10/2019 10:05

@Housebuying yes it pissed me off when a buyer offered me £212k on my flat marketed at £250k

I was insulted and didn't let them counter offer (I was desperate to sell) but thought they were bloody cheeky!

raspberryk · 10/10/2019 10:05

330 is ridiculous on their asking price Yes, 350 would be considered a cheeky low offer imo, they may then come back with 375/380 and you'd have to say you would be maxed out at 360 so that's your final offer. You have more chance than if you offer 330, they may refuse to engage with you at all and just say no!

LaurieMarlow · 10/10/2019 10:10

And to be specific, I want to offer £330k as an opener, with a view to paying £360k

Well it totally depends.

On them - how much they need to sell, other offers they have, their personality.

On you - how badly you want the house, how much are you looking for a bargain, your attitude to risk.

It might put them off. Equally if you go in at 350, you’ll never know if they would have taken less.

That’s the game.

Original poster
Housebuying · 10/10/2019 10:12

@just2comment Blush Maybe I’m cheekier than I realise. I feel like a vendor would want 95%, I’d offer 85% and I’d meet at 90%. As in you advertise your flat at £250k, because you want £238k. I’d offer £213k and be ok with paying £225 - £230k.

Is this bad?!

OP posts:
Comefromaway · 10/10/2019 10:15

You see if I wanted £238k on a flat I'd advertise it at £240-£245 maximum or offers in excess of £235k

Original poster
Housebuying · 10/10/2019 10:15

I think on balance (because it’s a project) I’d rather lose the house than pay too much for it. But it seems unlikely that a vendor would refuse to negotiate because someone offered low, when they’ve specifically said their price is “flexible” surely?

OP posts:
RueCambon · 10/10/2019 10:18

''But a lot of people seem to think this would piss the vendor off?''

There is more at stake here than briefly offending a stranger.

You're getting bad advice here. Deathstare said, ''if it's on at 380 offer roughly 380'' or you'd piss off the vendor.

Which is worse OP, pissing off the vendor or potentially spending 50k more than you need to.

I took advice from my Dad when I was buying my house and I'm glad I did because I was all like 'ooooh that's so rude I can't do that' but I'm glad I set aside my delicate mumsnet sensitivities long enough to get a good deal.

I know my vendor feels she gave away this house ''for a song'' and the neighbours quoted this back to me, but the reality was that nobody forced her to sell and reality number two if she'd had a better offer she would have taken it, and reality three, I checked on the property price register and she also benefited from a low ball offer by the looks of it.

RueCambon · 10/10/2019 10:22

No @Housebuying you're not bad. You are smart. I can't believe what I'm reading, that some people would go in with a 100% offer!

There will always be another house. Don't fall in to scarcity mindset when buying. (Unless you have your heart set on living on a particular street and so the house is worth more to you than it is worth).

I'm no expert but I'd rather be happy that I didn't pay too much than happy that I didn't piss off the vendor Confused Is that really a primary motivation for people when buying a house!?

Bluntness100 · 10/10/2019 10:24

Plenty of people refuse to negotiate if the offer is so low it's insulting.

If you're prepared to pay 360, which is still very low, then offer 350 as your starting point, or 355. You're not going to get it for 330 so why start there?

And as for your percentages, no many people expect asking price. Or thereabouts. As yours have said they are flexible, this maybe means 380/370, I think we'd all be astounded it it meant 330 because if it did, they'd have it on for much less.

There was a woman on here a few weeks ago who did the same thing, she went in very low, offered four times in small increments till they told her they refused to deal with her further and she lost the house.

Buying and selling needs to be a win win for both sides. Going in with an offer to fuck someone over does you no favours. They have no way of knowing you are happy to pay 360. All they see is 330.

Original poster
Housebuying · 10/10/2019 10:31

I personally don’t agree that £360 is low on a £390 asking price. I guess I’m hoping for

Me: £330k?
Vendor: No, £380k
Me: That’s £50k more, let’s meet halfway at £25k more. So £355k, but we’d be willing to go a bit more than halfway and say £360k.
Vendor: great, enjoy your new home Grin

OP posts:
just2comment · 10/10/2019 10:34

@Housebuying no it's not "bad" actually I did end up selling flat for £230k but to a different buyer who offered 225k then upped to 230k. First buyer cane back and offered 232 but they'd pissed me off so I went with other buyer.

You can only but try, I'm just stubborn, good luck!

Comefromaway · 10/10/2019 10:35

I woulnd't give you the time of day housebuying.If you think £390 is too high an asking price then you either need to give feedback to that effect or offer something like £350k with a view to going up to £360 maximum.

Bluntness100 · 10/10/2019 10:35

Sure that could happen op.

What could also happen is

You: 330
Seller : no don't be ridiculous. Agent, don't let these time wasters contact me again,

Or

you: 330
Seller no 380
You 360
Seller : no we won't go below 380 or even 375
You...

loobyloo1234 · 10/10/2019 10:37

Is this bad?!

Yes. I would go no lower than £345k as a starting offer OP. I would not be offering the asking price though as you've been advised as that would be ridiculous for a first offer

HillRunner · 10/10/2019 10:37

By your logic.... if you started at 300k, would you expect them to 'meet you halfway' at 345k? That isn't how it works.

Original poster
Housebuying · 10/10/2019 10:38

@Bluntness100 totally agree. Although I feel like your first scenario is unlikely, when they want to sell a house. The second may well happen. And then we could all walk away, and they could sell to someone else.

OP posts:
Original poster
Housebuying · 10/10/2019 10:39

@HillRunner my logic would never be to offer £300 on a £390 house. It would always be to end up paying about 90% of asking price. Hence my plan

OP posts:
HillRunner · 10/10/2019 10:40

I never go in at asking, but if you have assessed that it's worth 380 I wouldn't go in as low as 330, as that's just ridiculous. In your shoes I would offer 355, then 360 best and final. Leave the 360 on the table if they say no..... they may come back to you later.

Comefromaway · 10/10/2019 10:41

I want to sell a house. I have found the house I want to move to. Doesn;t mean I will entertain ridiculous offers. They may have priced according to what they need to realise in order to move to another property etc.

Elbels · 10/10/2019 10:43

330 is an exceptionally cheeky offer and I don't think on a house of this value you'd expect to haggle from such extremes.

350 as an initial offer maybe as it's just under 10% of the asking price.

We bought a house that needed complete rewiring and central heating installed (including all pipe work and a new boiler) which came to nowhere near what you're estimating. Plus the house was for sale at the price it was in the condition it was in, they're obviously well aware it needs work and the price will reflect that.

Comefromaway · 10/10/2019 10:43

If you don't think the house is worth what it's on the market for then gi ve feedback and look for something else.

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