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

We offered 380k on a 410k asking price house it had previously been on as a modern method of auction for 390k they had been trying to sell it for ages and recently relisted with another agent we would have gone up to 405k we did really like it. The vendors came back with 395k and we said ok I don't think we were being cheeky it isn't personal.
It all needs redecorating conservatory probably needs a new roof but we like it and look forward to making it to our taste.

It's entirely up to you what you offer and entirely up to them what they accept. However, an offer of over 14% less than the asking price is quite low. I get frustrated at people who want to knock money off because work needs doing, as should be reflected in the asking price anyway. You can't make an offer based on what the vendors paid for the house when they bought it, as any property they want to buy will have increased. You have to go on the current market value.

I've just had my house valued by four different estate agents. All of them gave me a fair valuation that differed only very slightly, but then suggested we 'test the market' at a higher price.

So perfectly normal for sellers to try it on with a CF price, and perfectly normal for any sensible buyer to attempt to bring it down.

You don't have to justify a lower offer by detailing everything that's wrong with the house or anything else, you offer what it's worth to you and it's the seller's choice to accept, decline or counter.

I'm surprised at pp saying it's cheeky, that they'd be resentful, that they'd refuse to deal with you. It's business, nothing personal, and entirely normal to want to pay the cheapest price possible.

@londonscalling when looking for my current house, I found sellers on the whole to be completely oblivious to the work a house needs and did not reflect the work needed in the price at all. I saw several houses that needed a lot of work, especially those rented out where any repairs were cheap and bare minimum, but were priced the same as the house in immaculate condition that sold 2 month ago etc. Even my MIL keeps telling me she lives in a million pound house because another bigger, much nicer house in her street sold for that recently.

The house we bought (estate sale) was not habitable (or shouldn’t have been). The boiler was condemned, the electrician was openly shocked the house hadn’t caught fire, damp and a missing external door! We’ve completely renovated it to a good but not super high end finish. If I sold it tomorrow we’d get back what we paid, nothing more. We negotiated £35k off the selling price and it had previously been listed for £70k more than we paid. The beneficiaries of the estate expressed surprise we didn’t just move straight in...

I've just had my house valued by four different estate agents. All of them gave me a fair valuation that differed only very slightly, but then suggested we 'test the market' at a higher price.

That's interesting. Round my way, valuations can vary by as much as 15% and all of us who live locally know which (two) estate agents wildly over-value, but they must catch out newcomers to the area.

[quote TitusPullo]@londonscalling when looking for my current house, I found sellers on the whole to be completely oblivious to the work a house needs and did not reflect the work needed in the price at all. I saw several houses that needed a lot of work, especially those rented out where any repairs were cheap and bare minimum, but were priced the same as the house in immaculate condition that sold 2 month ago etc. Even my MIL keeps telling me she lives in a million pound house because another bigger, much nicer house in her street sold for that recently.

The house we bought (estate sale) was not habitable (or shouldn’t have been). The boiler was condemned, the electrician was openly shocked the house hadn’t caught fire, damp and a missing external door! We’ve completely renovated it to a good but not super high end finish. If I sold it tomorrow we’d get back what we paid, nothing more. We negotiated £35k off the selling price and it had previously been listed for £70k more than we paid. The beneficiaries of the estate expressed surprise we didn’t just move straight in...[/quote]
Totally agree.
I once had a seller where the whole house needed work, but because she'd spent a fortune on "the most wonderful kitchen taps", she wants an extra 50k
Bizarre

It's an Offer, and it's up to the sellers to get back to you with a counter offer or a refusal. Better to start low, you can always increase your offer as you have said your willing to do.
I wouldn't worry, if you don't hear from them, give them another call and ask them.
It's up to the estate agent to help with negotiations, that's what they are paid to do. Good luck.

I offered a ridiculously low price for a flat I wanted and the estate agent was utterly contemptuous. They called me back a few months later to ask if I was still interested.

My DD offered £15k less than the £275k asking price, they met in the middle at £8k under.
Minor cosmetics like decoration have no bearing on value, DD offered less because the house needs a new front door as a priority and the kitchen is 20 years old and showing it’s age.

@whatsontonight

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

@whatsontonight

It sounds like the agent is a CF. My BiL is a commercial estate agent - works selling offices, etc. but has been in the business for 45 years. He told me your home is worth exactly what someone is willing to pay for it — so stick to your guns.
The agent was out of line to make any face or have any reaction at all. You might have to go up in price but this is a starting point.
Good luck.