To offer significantly less than asking price

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It it completely unacceptable to offer 30,000 less than the advertised price on a house?

Found a house i love in an area I love only issue is that it's owned by an elderly couple and so therefor is extremely dated, whilst it's well kept and presented lovely, recently fitted kitchen etc it's just so dated that for us (or any family I would imagine) it would all need redoing regardless. The owners are so proud of their house that I didn't want to insult them with a low offer. Just had a call from the estate agents and they asked for feedback.. i said as above.. the agent said there have been no offers as everyone says the same.

It's been on the market 6 weeks and I find it hard to believe there have been no offers. Is 30,000 under too much?

Whats the worst that happens they so no??
Surley its only worth what someone is willing to pay???

Whether 30k under is too much depends on their asking price. If they're asking 500k it's pretty close. If they're asking 250k, it may well be rejected. In my experience negotiations are not realistically possible unless the offer is within 10% or so of the asking price.

That's said, nothing ventured nothing gained, especially if they've had no offers in 6 months on the market.

Well, it depends how much the house is worth. I assume it’s been put on the market at a price that reflects its condition. I don’t see why the vendors should effectively have to pay for a buyer’s choice of decor and kitchen etc. That’s why the price reflects that. That said, you can offer what you want.

Absolutely offer low, they can always negotiate you up.

Well the worst they can do is say no that's to low...it also would depend on what % of the asking price it is £30k on a house that's priced £150k is loads £30k on a house that's priced £600k+ not so much

If that's what you want to offer, offer it.

After six weeks you may be in a good position.

Well, if the estate agent hasn’t advised them to price it correctly, then yes, make an offer that low. What’s the worst that could happen?

However, if it is priced fairly for condition and it’s just that you don’t like the decor, you’re perhaps unreasonable.

Eventually, a house is only worth what someone will pay for it.

I mean realistically if it’s in good condition what will your £30K be spent on? If it needs 2x new bathrooms, plaster skimming in each room fair enough. If it’s more new carpets & painting the walls, not so much...

No one can answer realistically without knowing the asking price op.

If it’s on for £500k then of course, it’s a reasonable offer. If it’s £150k you’ll probably be laughed out of there 🤷🏻‍♀️

Make the offer, what have you got to lose?

We offered £70k under, it was rejected, we told them we’d leave it on the table and to come back to us if they changed their mind. 2 weeks later they did and we bought for £500k.

Next house we offered (a cheeky) £1m it was £1.2m they said maybe but then got full asking price.

Win some, you lose some, but always worth a try!

Just depends. I said no to one offer because it started off so low I thought he was a piss taker. And even when he raised the offer, I decided he was the sort of person to mess about when the whole chain was good to go.

@MissConductUS

Whether 30k under is too much depends on their asking price. If they're asking 500k it's pretty close. If they're asking 250k, it may well be rejected. In my experience negotiations are not realistically possible unless the offer is within 10% or so of the asking price.

That's said, nothing ventured nothing gained, especially if they've had no offers in 6 months on the market.

It also depends on how realistic their asking price is and how much they need to move.

If I put my house up for sale for £200k and you offered me £170k, I'd bite your hand off, because it's worth £160k at most.

The elderly couple are very likely to be mortgage free and might need to move if they can't manage the stairs etc so might be quite motivated to sell. It could also be the case that what they get for their house means nothing to their finances as their money will eventually go on care, IHT or outlive them.

The only indicator as to whether £30k under is too much is what else is available in the area as a comparator that you could buy instead for that money.

It's situational, and presumably subjective.

Ultimately you can offer whatever you like OP, they will simply reject the offer if they aren't amenable, it hardly matters in the grand scheme of things. I would be more interested in structural issues such as the integrity and insulation of the roof and windows, any damp readings, the age of the pipes, wires and boiler etc. When people have lived in houses for years these things often are not maintained or modernised with the times.

Redecorating a house with nothing wrong with it is not £30k worth and is down to taste. I certainly wouldn't be effectively expecting the vendor to cover the cost of my new kitchen because i thought their perfectly functional one wasn't to my taste, no, but equally don't ask don't get!

Yes, make the offer . I'm sure they'd rather have a low offer, than no offer at all.

Might as well. Maybe they'll see its not worth what they want

What’s it on for? How can anyone say it it’s reasonable without knowing that?

I wouldn’t necessarily expect dated decor to lower the value. Sure, if you’re going to your max with the borrowing then “liveable” is a pro. But most people’s taste is different and they’re going to redecorate anyway. Just read one of the zillion threads on here about grey walls! That’s still a pretty recent trend, but a lot of people don’t like it.

I actually liked that the place I bought hadn’t been decorated since about 1980... meant I didn’t feel wasteful in paying to change it.

It does depend on a) the percentage £30K would be of the asking price, and b) if it has been priced accordingly compared to similar properties which are to a more modernised standard.

It's got a recent kitchen, which is great, as you wouldn't need to do anything with that for a few years. Does it need major work, like a rewire or replumb/new heating? If not and it's just aesthetics, £30K seems like a lot off for decorating...

You can offer what you want to offer, but it can actually be quite hurtful to receive really low offers for your home. People shouldn't take it personally, but sometimes they do. I'd find out how comparable the asking price is for a similar property first, and adjust up or down.

A house is only worth what people are prepared to pay for it.

Make your offer and negotiate

Assuming its not more than 10% under asking, then it might be worth putting in an offer.

Having bought and sold a few times, though, I would warn that I've generally dismissed and refused to deal with anyone putting in a stupidly low offer as not serious and likely to mess me about, so I'd only do it if you're not prepared to up your offer and its a 'take it or leave it' at that price. It doesn't open the path to further negotiations, its more likely to shut the door on them.

I asked a mortgage broker about this recently - he said, it's a buyers marker at present so start with 10% below the asking and take it from there.

It’s hard to see how a recently fitted kitchen could be dated, what you mean is that it’s not to your taste. You could pretty much gut most average sized houses and start again for £30k.

It does seem perverse to me that people think if they don’t like aspects of a property the vendors should take the financial hit for renovation.

You can offer. They can say no. Or snap your arm off. You're not insulting them by offering.

I'd find something more than your taste to negotiate on though. As people have said already, your idea of tasteful can be another person's idea of hell to live with.

30,000 would be 10% of the asking price (listed for 300,000)

It is just decor mainly.. some minor things to fix like creaking stairs etc. New doors throughout, new radiators needed but it's got a new boiler.

I’ve watched enough location, location, location () to know that offers 30k below the asking price have been produced & accepted! Go for it OP.

From your update it doesn’t sound like there’s £30k worth of things that need doing?

The real question is what do you question think the house is actually worth? I personally wouldn’t take money off what I thought a property was worth because I didn’t like decor (if it wasn’t in good condition etc) as that feels a bit of a piss take.