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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:
FreshwaterBay · 10/10/2019 15:29

I would make an 'offer on' a house and not an 'offering on' a house. The latter tends to annoy the neighbours and you may also have blood running down the walls.

Bluntness100 · 10/10/2019 15:44

Why is what this random other offered so important to you? They could just be some time waster.

Let's be honest. There are a few of them about....

BentleyBelly · 10/10/2019 15:47

We have just accepted an offer on our house for 97.5% of the asking price. If someone had offered 85% we would have laughed at them....thats very cheeky.

caringcarer · 10/10/2019 15:48

@raspberryk We have 6 buy to let but would need to sell 3 of them and our house which only has under £40k mortgage left to pay on it. That is why dh is loath to move as he says in about 3-4 years we will be mortgage free, but it is such a fab house, the house of my dreams. I looked at it when the current owners bought it and we could definitely not afford it then. I have had my eye on it for years. I know on more expensive houses there is less interest so will leave until its been on for over 1 month then ask for viewing and enquire if any offers. I need to persuade my dh he loves it too. Wink My sister thinks I am bonkers as current house is big enough but I have always wanted a manor house. I would love a chateau. It is the princess in me.

Flicketyflack · 10/10/2019 15:55

Outside London the house was up for 695k in October 2018
We saw it and offered in Jan- refused
Bought in June 2019 625k and have moved in

Wink
raspberryk · 10/10/2019 15:55

Oh so would I, but only if I could afford the maid and the cleaner! Imagine the holidays if you were mortgage free!

ChicCroissant · 10/10/2019 16:05

OP, you sound utterly clueless!

I should say straight away that I am also someone who refused to accept any further offers from someone who made a shit low offer on a property I was selling. Buying and selling property is stressful and you don't want to deal with anyone who is hard work right from the start.

It is unlikely that they'd accept an offer for less than they've already turned down. This thread is going to go the way of that other one that was obsessed with percentages of the asking price and lost out to another set of buyers that they were convinced the EA was making up at the time.

I hope you find the right house for you OP, but I don't think this one is going to be it.

Butchyrestingface · 10/10/2019 16:23

But this makes no sense, you said it was worth 380 in its current condition in your view. You've offered 330. You've now decided max is 350, this is exactly you wishing it for less than it's worth.

@Bluntness100, but at the same time OP's argument seems to be that she's only willing to pay £330-350k so that means this is all the property is worth! 😂😂😂

Lifecraft · 10/10/2019 16:26

There is magic no percentage of asking price you offer - you offer what you think it is worth.

Nope, you offer way less than you think it's worth, and then gradually move up if the offers are rejected, never going over what it's worth. Always being aware someone my offer more and get their offer accepted.

It's dog eat dog, and everyone is out for themselves.

Original poster
Housebuying · 10/10/2019 16:27

@JockTamsonsBairns yep. Seems strange doesn’t it. And then when DP called to make an offer, they said they’d already rejected an offer. No idea what to believe or think

OP posts:
londonrach · 10/10/2019 16:28

Simple answer...depends on market in the area and if they need to sell. Theres no magic %. You offer what the house is worth to you. Seller can accept or refuse. If they refuse and offer stupid low offer they may ask agent for one more offers from you. Whats the house priced like compared to others in the area

Original poster
Housebuying · 10/10/2019 16:32

@Butchyrestingface, @Bluntness100, @ChicCroissant thanks for the sarcasm. Estate agent has just called to say they’ve accepted £350k!

Wish I’d offered £380k like I was advised to do on page 1 Confused but never mind.

Thanks for all the non sarcastic responses too, it all helps

OP posts:
sunshinesupermum · 10/10/2019 16:33

You can only offer what you want to pay for it. They have most likely allowed the cost of new boiler etc (10K) within their asking price but any building work that is not required (only wanted eg an extension) is down to you OP, not your vendors.

If they are 'flexible' on their £390K they may accept 10% less but if they've found a house to buy they cannot take less than they need to buy their new property.

SilverySurfer · 10/10/2019 16:33

£330 is an insulting offer and if it were my house you were thinking of buying I would not be interested in any further offers from you.

sunshinesupermum · 10/10/2019 16:34

X posted - well done on getting it for £350K - I'll eat my own words now!

Original poster
Housebuying · 10/10/2019 16:34

@sunshinesupermum the house was overpriced for what it needs doing to it. Just had an offer of £350k accepted (after the initial £330k rejection)

OP posts:
Original poster
Housebuying · 10/10/2019 16:37

Thanks! That’s 10% under asking price which is what we wanted. And what I deem (unreasonably) to be “flexible”

OP posts:
sunshinesupermum · 10/10/2019 16:39

housebuying Smile

LaurieMarlow · 10/10/2019 16:39

Well done OP Grin

Original poster
Housebuying · 10/10/2019 16:39

Aside from the slightly mocking and bitchy tone from some, this has been really helpful. I think i may have offered £340k next, and annoyed them, without this forum. I think the jump to £350k was a good suggestion from PPs, so thanks.

OP posts:
Passthecherrycoke · 10/10/2019 16:40

Oh they did did they?Grin

Original poster
Housebuying · 10/10/2019 16:40

@LaurieMarlow thanks! Grin

OP posts:
Butchyrestingface · 10/10/2019 16:49

@Butchyrestingface, @Bluntness100, @ChicCroissant thanks for the sarcasm. Estate agent has just called to say they’ve accepted £350k!

Absolutely no sarcasm on my part, I assure you. Well done though, hope it goes smoothly. Wine

Original poster
Housebuying · 10/10/2019 16:54

@Butchyrestingface thanks, I hope so too. It’s on the proviso that we will not ask for any reduction, no matter what the surveys show. We take it as is, and sort any problems out at our own expense. I’m happy with that

OP posts:
HillRunner · 10/10/2019 17:03

Having heard from the estate agent that someone else has offered £340k

You have absolutely no idea what that offer was based on, whether they were serious buyers, or even whether the EA was telling you the truth (they previously said there had been no offers?).

How do you know they weren't taking your previous (bizarre) approach and hoping to meet in the middle at 365k?

Make your own decision on value, don't base it on what you think a hypothetical other person thinks. If it's worth 350 to you, fair enough, but you can hardly be surprised that people are challenging you on it given that your assessment of its value has changed a couple of times in the space of this thread.

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