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

Congratulations on agreeing a price- I hope it all goes smoothly for you. Your first home, how exciting!

Plenty don't which you must have come across?

Yes. IMO and from my experience it is actually often the sellers who are the CF and have ridiculous expectations

@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.

Also this. I actually did this when we very recently sold our house. We priced ourselves at 300K which was very competitive for the house and area but because we wanted a quick sale and we knew it needed some work. Our valuations were 305-330K

Someone offered 280K! We actually laughed and said to reject it and to automatically reject any further offers as we weren’t interested. We sold just over asking price.

Personally I have no interest in someone trying to get themselves a deal and a load of money of a fair price. It’s a sign of issues / changes / someone that can’t afford it etc.

I think you’ve been naive.

First time buyer you are a perfect buyer from a chain point of view

Personally I have no interest in someone trying to get themselves a deal and a load of money of a fair price. It’s a sign of issues / changes / someone that can’t afford it etc.

What a load of rubbish.

Loads of sellers sell for well under asking price for so many reasons.

Why would you not ask and potentially spend more money than you have to?

You offer what you think it’s worth. I assume you have researched the area and know the house is over priced?

There is an estate agent locally here who always overpriced - it is obvious.

I did get a very low offer when I was selling - I knew my house was priced appropriately and didn’t entertain the offer. I got over asking price two weeks later.

@FuzzyPuffling

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).

the vendor could quite likely be on a fixed fee as is very common these days. It's the agents obligation to get the best price for his client....and £30,000 below asking is a cheeky offer unless the property was grossly over-priced in the first place.

and £30,000 below asking is a cheeky offer unless the property was grossly over-priced in the first place.

You might see it as cheeky. I see it as a 30k below asking price saved me exactly that, 30k. And I sure will take being called cheeky to save 30k!

When I’m the seller I appreciate every offer even if it’s a low one. It’s better than getting no offers at all which happened for months sometimes

I think op knows they’ve taken the piss

No the OP has made an offer they can afford and with the buyer has negotiated a middle ground.

People are selling bricks and mortar, not their first born. Offers are not cheeky, they are simply realistic or unrealistic. Nobody has to accept an offer or offer the full price.

I'm not donating to a charity when I buy a house, I'm certainly not paying more than its worth to me just because they personally hand grouted the bathroom tiles with gold filigree. You can accept or reject an offer but to take it as a personal insult is just silly.

nice one op hoe all goes well

house in my street up for 300k very pverpriced ive dine comparisons i dont know why they think its worth this but its been up for 6 months so proves my point really its too high

some sellers live in a nother world

We offered 580k on a house that had been on the market for two years and had gone from 750, offers over 700 to 680k. This was 9 years ago, but the agent tried to refuse to put my offer forward.

Very odd layout, whole place needed vision and ripping out, but wasn't been sold as a project.

We got it for 625k so depending on how long it sticks around, offer what you want to pay!!

For that price of house it’s a lot to under offer. You are talking about carpets and redecoration not building works. I wouldn’t have thought the vendors would accept more than 10k lower at a push but you may be lucky if they’re desperate. I recently sold a house and would never consider that much lower

Unless the property is obviously priced incorrectly an offer of only 85% of the asking price is pretty likely to be rejected out of hand.

If you’re not embarrassed by your offer, it’s too high

Yes it’s a CF offer it’s happened to us. Took two seconds to decline their offer

In this current market, you are silly to go under asking if you like the house.

@Dopeyduck

We priced ourselves at 300K which was very competitive for the house and area but because we wanted a quick sale and we knew it needed some work. Our valuations were 305-330K

Someone offered 280K! We actually laughed and said to reject it and to automatically reject any further offers as we weren’t interested. We sold just over asking price.

Putting your house up at 300k and laughing at an offer of 280k is quite strange. It's very normal for people to offer 10% or more than that less than the asking price if they don't feel the house is worth the price.

Also, the price may be competitive for the area but there are very few houses that are really very well looked after and worth that competitive price. For example, an estate agent might put all 1960s three bedroom semi-detached houses in your area on for 280k but some of those houses will be pristine and modern, whilst others will be shabby and not looked after. From experience, most sellers who have the poorly looked after houses don't see them like this and price them the same as similarly sized ones. I'm not saying your house was shabby (I've not seen it ) but it might be that the people who made the offer thought other ones at the same price were more worth the price.

@tryinghardnottocry

If you’re not embarrassed by your offer, it’s too high

@tryinghardnottocry

I love this so much

Congratulations! I don't think it was a CF offer, they could have said no,.
We sold this year and told the agent we wouldn't take less than the asking price, turned down two offers from first viewer and later ended with asking price offer from keen buyer - third person to view.
You can only do this if you don't mind not selling, so we never really look for a house or make offers until our own house is under offer.
Hope it all goes well for you.

Jesus a 30K drop for carpets and paint is insane especially if the house is otherwise well priced and in a decent area

Realistically you may have annoyed the vendors but I suppose you can always offer more if they say no

Not rtft but decorating does not constitute 'a bit doing at it' imo

I would expect to drop around 10 - 15k on a property of that price. I’ve sold a flat and a bungalow recently and accepted a 15k drop on both. That seems to be about normal these days, The vendors can always turn your offer down though and you can always up your offer.

Houses are only worth what people are willing to pay. Too many people seem to thing that house valuations are calcuated based on some magical formula that accurately represents what a place is actually worth, when in fact it's complete guesswork. Too many other people also seem to completely fail to understand that buying a house is a business transaction and part of that.

Case in point:

"Personally I have no interest in someone trying to get themselves a deal and a load of money of a fair price. It’s a sign of issues / changes / someone that can’t afford it etc. "

Glad you got it OP, it was a cheeky offer but it paid off!

I never understand the line trotted out on Mumsnet that a really low offer could piss the vendors off and they won’t deal with you further. I’ve never come across this in real life ever, both buying or selling. I have said no to cheeky offers and put cheeky offers in myself, no harm done, it’s part of negotiating.