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?

Just say no thanks, you’re happy to wait for a better offer?

Never understand why people make a business transaction so personal. They could have offered £50k and it wouldn't be cheeky. It would be rather silly of them as there's zero chance it would be accepted but cheeky implies something they're doing to intentionally upset you. It's just silly to think of it like that.

This 👆

I have never offered the asking price. Everyone expects to haggle.

This says to me that your property is likely to be priced higher than most buyers are currently prepared to pay, so the 10% below asking price is likely to be realistic.

If it's been on the market since last October then it's too expensive. Your buyers have offered what it's worth currently.

I thought the standard thing was to offer low so you could increase your price if you had to. I'd be massively ticked off if I offered the asking price and got jumped on and immediately had it accepted.

You have to seperate the emotion out of it (hard to do). It isn’t a personal insult - people are told to go in around 10% under and negotiate from there. With the election, as others have said, it’s not necessarily a stable time for the housing market in many places.

It's only worth what someone is willing to pay for it. 10% under asking price on a house that has been up for that long is not cheeky at all. What is cheeky is overvaluing your house and not being prepared for such offers.

Sellers take the piss
Estate agents stick 20% on true value

If it had just gone on the market, I’d think they were taking the piss - although I’d think of it in terms of whether I wanted to deal with them rather than taking personal offence.

The reality is, it’s now been on the market for eight months. RightMove, which is what most people use to search for properties, tells users when a property was first listed (as one agent obviously forgot last time I was viewing properties, trying to claim it had only just come onto the market). These buyers have offered based on the information they have.

If you genuinely think you can get your asking price, reject them and say you’re not interested in negotiating. If, however, you’re worried about how long it might take for another offer, I would go back and say you can’t accept less than £155k, in the hope that they might come back with 150 and you could eventually deal at around 152.

It’s a reasonable offer against the asking price, which may well be overvalued.

It's not cheeky.

They've made an offer and you don't want to accept it so you just say no. They might up their offer or they might not.

Are you planning on offering full asking price immediately on your onward purchase?

The key word is "offer".

It's the start of negotiations, so you'll settle somewhere in the middle.

And after such a long time on the market, I'd expect settlement to be nearer the offer than the asking price.

Isn't that how it works? They offer under, you ask more and then come to agreement. I wouldn't consider 10% to be cheeky.

@Movingdays

No it's not cheeky. They've offered £££ for a house you've had on the market for 8/9 months!!

That's either what they're prepared to pay or are expecting a counter offer.

I don't understand why you didn't just shrug your shoulders and go back with a counter offer & negotiate a price you were both ok with.

bird in the hand & all that!!

what do you need to get for your onward purchase to work out? Or given it's been so long maybe you don't have one??

Frankly after 8/9 months of being viewing ready I'd be quite prepared to accept Practically any offer!!!

I always thought that 10% under was the suggested starting point for any negotiations re house purchases. I don't know where I got it from, but used to watch a lot of property programmes so presume at some point it was the norm.

FGS this is business, it's not personal. Taking the piss doesn't come into it.

Just make a counter offer. No need to accept their offer - negotiate.

There's no such thing as "cheeky". You think it's worth X, they think it's worth Y, and you are perfectly free to accept or decline their offer. Stop taking things personally.

Not cheeky, it's an opening bid. You get back with your best price. Obviously you then adjust any offer you make. It's how it works.

If you’ve been on the market since October it’s not cheeky in the slightest.

I’d start negotiating with them if you’d hoped for higher but in reality a house is only worth what anyone will pay for it and the fact you’ve had such little interest suggests you won’t get what you’re currently asking.

Do you have an offer accepted on a house, if you’re keen to move soon I wouldn’t be too quick to turn them down completely - the longer your house stays on the market the less likely it is you’ll get more for it.

If your house has been for sale since last October, the buyer knows it, hold out another 9 months or accept it.
prices are not what they were in 2022.

YABU
If its been on since October I'd be offering less.

You clearly don't want to move that much.

No moreso than sellers taking the piss with thinking they should be paid the price they want rather than what its worth

But it's been on the market for a long time, and this is only your second offer.

Listen to the market