Cheeky buyers

[Movingdays]

We received an offer 10% under asking price yesterday. The property is already a bargain at 160k.

AIBU to think buyers are taking the piss these days?

Us too though tbf we are asking a lot more than £160k and interest rates make it hard for people to afford it

Well you haven’t said where the house is, how many bedrooms it’s got, what comparable properties are selling for, how good the area is, how much work needs (objectively) doing to the house, what the parking and garden are like, how long you’ve actually been on the market for so nobody can actually say if they are being unreasonable or not. So for that YABU.

Stuff isn’t moving at the minute as people are waiting until the general election results, so an offer is good. You don’t have to accept their offer but interest will wane over time, so in 6 months that 10% under asking price might look quite reasonable. Someone could also come in with a higher offer.

It’s a slow market and quite normal to offer under the asking price.

You don't have to accept an offer of 10% less than asking but in today's market it probably isn't cheeky.

@WhereIsMyLight based in the North West. 2 bed semi detached bungalow. We have been on the market since October last year. 2 offers last year, 1 accepted but fell through due to buyers finding another property. The last house that sold on our street was back in 2022 which went for £175,000 but that was a 2 storey house.

Just feeling frustrated and deflated with the whole process!!

A house is only worth what someone is willing to pay for it.

But you are under no obligation to accept any offers you don't like.

Tbh if the property has been on the market since October I'm not surprised that they have tried. Most people try to make offers and negotiate anyway.

If it's been on the market since October, the chances are it's overpriced.

Only 2 offers in 8 months probably means you are asking far too much.

It was always recommended to offer 10% below when I was buying, but not bought or sold for 10 years so that could have changed I guess.

YABU there is nothing cheeky about offering what people think your house is worth taking into account cost of living and interest rates at the moment. You want to sell your house ergo you're going to have to consider all offers. Just because you want a price for a house doesn't mean anyone wants to give it to you.

If it's been on the market since October, I'd be snapping their hand off!

It’s been on the market since October and your previous buyer found another property, so that would suggest it’s overpriced. You can’t go by what a different house (which is a completely different style) sold for on the street in 2022 because since then interest rates have risen, and combined with cost of living, people’s affordability is severely limited.

As I said you don’t need to accept their offer but getting on for a year on the market, I don’t know if you’re getting to get a better offer.

I know we don't have to accept but 15 grand under the asking price just feels cheeky to me.

This!
If it has been for sale for 8 months then it is NOT a bargain

God, I wish we lived there.

My son has been looking for months, budget now gone up to £400,000 and every time they see a house, it’s already sold. Buyers in south east are putting in offers without even viewing.

If you’ve waited that long for a proper offer, I’d say 10% under is probably fair.

I don't think it's cheeky. They know you are struggling to sell. Seems reasonable under the circumstances.

Surely they've low balled you expecting you to counter offer somewhere in the middle. I doubt they think they'll get away with 10%, but what if you offered 3 or 5% and see what they say?

It’s over priced if it hasn’t sold in 9 months

It's really not

You counter offer. That price is too low for you, so you work out what you will let it go for (lower than asking price), tell the agent a bit more than that. They might not want to pay that much or negotiate and you might lose that offer altogether but at least you’ve had some agency in the matter.

Honestly though, with 9 months on the market you really need to be considering the lowest you can go and whether that is competitively priced. Or you’re not going to sell.

Just go back to them asking for another 10k and work from there. They'll quite possibly come back to you after shaving a couple of grand off, hoping you'll meet in the middle. Simple really. It doesn't seem particularly cheeky of them based on what you've described.

Try not to take it personally. They just want to save themselves as much money as they can. FWIW I think people make cheeky offers because the agent puts them forward. If they had to do it themselves they might not be so bold. Just say no if it’s not acceptable.