Offering £30k under asking

[whatsontonight]

Viewed a house which we love, it needs a bit of work doing to it such as new paint throughout, carpets etc. It has a new ish bathroom and an ok kitchen. We offered £30k under asking, it is priced at 210k. The estate agent seemed completely shocked we had offered this and now I'm wondering if this was a CF offer

Well they can only say no..you could see what happens and maybe increase if necessary.

You can offer what you like and the vendors can accept, refuse or counter offer. The estate agent should keep his nose out ( but clearly wants to maximise his percentage).

Would the work needing done be about 30k?! Does the asking price reflect the work needing done so is already taking it into account?

Hard to advise if a cheeky offer really.

It is their job to act shocked, their aim is to get the seller a strong price don't worry about their reaction. If your reasoning was sound, you were fine to drop.

How does it compare to other local prices / what it was last sold for? On the face of it it’s a big reduction yes, if the only issue is it needs some fresh paint.

Doesn’t matter you offer what you think it’s worth and soMerging is only worth what someone is willing to pay

Meh. Ignore them. You offer the vendor either accepts, rejects or counter offers! Thats how it works. We went in 13k under and we ended up meeting halfway

I mean I think you know its a completely CF offer. Doesn't mean they won't accept though. Do you know what the current owners paid for it? If less than your offer, and they've made a lot of money from it, who knows

Depends.

How realistic is the asking price?

How long has the property been for sale?

If it went on the market last week and it's already well priced compared with it's competitors and recent sales, it's a CF offer that's unlikely to be accepted.

If it's been on the market for 2 years and you could buy a larger, nicer house for similar money to the asking price, your offer starts to look a little generous.

You could buy my house for £180k if you like - in fact, I'd let you have it for £170k. But that's because it's worth £140-150k at most.

Thanks, it last sold of 147k in 2015. It is reasonably priced in terms of the size of the house for the area but inside it is pretty shoddy, the carpets are filthy and need ripping up and the paint is patchy and chipped in every room. I will wait to hear back from the estate agent. Their reaction completely shocked me, it was as if we were asking for a £100k reduction

The only issue may be whether you are prepared to go higher and someone else also offers that higher price you would go to because then you may have put the buyer off and they may think you would be a hassle to deal with.

It depends very much on what the market is like in your area and how long the property has been on the market without offers.

The price would usually reflect work that a property requires or the market for that type of property unless the work is only something that would show on a survey.

Honestly, offer whatever the house is worth to you.

Who care what the estate agent thinks?! Possibly they over valued the property in the first place.

Dirty carpets and poor paint will already show in price usually.

That's shockingly low OP and yep it's highly likely the Vendors will think you're a CF and won't be impressed with it.

However, you can offer whatever you like, the vendors either accept it or decline it.

Good luck though, you just never know your luck. :)

I wouldn't be giving this a moment's thought. You've made an offer. The worst they can do is say no. If it's all you are able or are willing to offer then there's nothing more you can do.

Also just to add we don't expect to get it for 180, hoping to meet at 195k

New carpets and paint won’t cost £30k unless it’s absolutely massive, so if the £210k was in line with the local market then yes I think it was a bit cheeky.

Recarpeting and painting isn't 30k worth of work though is it. Seems a bit CF to me but depends on whether the house is on the market for a reasonable asking price. It always amazed me when selling houses how people would view houses they couldn't afford, offer way under asking and then be disappointed that you wouldn't sell to them under market value!

If it were me selling, I might think you were just wasting my time and refuse to Deal with you any further. Carpets and paint don’t cost £30k.
Depends how much you want the house, and how it compares to similar property in the area.

We really like this house for the size of the garden and the bedroom sizes. It is at the lower end of our budget but we can't find anything with this size of plot, it is just outside of the location we hoped to buy it, none of this relevant to the vendor. Hope we can meet at 195k however we would probably still buy it at asking. Hope for some kind of deal though

@Thingsthatgo

If it were me selling, I might think you were just wasting my time and refuse to Deal with you any further. Carpets and paint don’t cost £30k. Depends how much you want the house, and how it compares to similar property in the area.

That's worried me, do you think we should go back with a revised offer? First time buyer so never done this before

Depends entirely on the area i guess.
The houses in my area have gone up by around 50 - 80k since 2015, even a house where nothing had been done since 2015 and in the condition you describe would fetch 50k more as long as it wasnt a 'hasnt been updated since the 80s' condition.
What condition are the kitchen/bathrooms in?

They say your first offer should be cheeky and a bit embarrassing don't they?!

Currently selling a house for 400k and the price does take into account the work that ought to be done and we got an offer of 360k which we immediately declined.

An offer of 30k below an asking price of 210k is a lot unless you think it needs a full renovation tbh.

Sounds like a perfectly sound first offer to me. Doesn't everyone under offer first off with the potential to come up?

There is no right price.

Its very reasonable, If you offered 180 on a house that was up for 210 which was massively overpriced, where all the neighbouring houses have valued around 180

If its where multiple houses have been selling for 220, then that offer looks less reasonable