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?

Sounds like quite a good offer to me. I have recently offered between 30 and 50k under. Not had any accepted yet though........

Given the forthcoming change of government I’d bite their hands off.

It’s going to get very grim rather quickly. If you want to move you need to make it snappy

If you haven't sold it in all that time then it seems like an offer you need to consider seriously.
I wouldn't offer asking price for a property that had been on the market that long either.

They aren't cheeky, this is how buying and selling houses works. It's not like buying a tin of beans in tesco

10% under was always a standard opening type offer. To me honest, sounds like you’re taking the piss with your asking price if nobody is interested.

10% under is a reasonably normal offer. We offered 10% on our last house, they counted and we settled on 6-7% under in the end.
If it's been on the market since October, I'd say 10% under is completely reasonable if not quite generous. The price is clearly too high. You could try waiting until interest rates start to come down if you are determined to get the asking price.

Absolutely normal- it's a negotiating start point. Make a counter offer. You'll end up meeting somewhere in between. To be honest, I'd be keen to proceed if I'd been on the market since October with such little interest.

Go back with a counter offer (unless you're in no hurry to sell).

Just sold one that was snapped up in less than a week for full asking price (which I thought was at least 30 grand overpriced but estate agent was adamant it would sell).
We did get an offer 45 thousand below asking price though which i thought was a bit cheeky.

It's really not cheeky OP, perfectly normal to make an opening offer 10% (or more) under the asking price.

Our house was on sale at asking price 125k.
We offered 115k (what they'd paid for it 5 years previously), and they accepted.

It's been on the market a long time and bungalows are quite niche so the offer was certainly not taking the piss.

Hopefully they'll up their offer a bit but £160k doesn't sound like a bargain if itw been up for sale for so long...

As a first time buyer google told me that people usually buy a house for 5-10% under asking price so I offered 10% under the asking price as I thought that was the right thing to do. In the end we negotiated it and I paid much more (only about 4% under asking price) but it was only a starting point. You don’t have to accept any offers but it’s not unreasonable for people to suggest 10% under, especially as some sellers will put their property on the market for far more than it’s worth!

It can't be a bargain at 160k if it's been on the market for 9 months and not sold yet.

As others have said, treat it as a starting offer and counter. They've started at 10% under, go back with 3%, chances are you might meet in the middle at 5-7% below asking, which is probably reasonable unless you're holding out for full asking - but you might be waiting a while for that!

The asking price is just what the agent thinks they should list the property at in order to get it sold. If it’s been on the market since October then it’s overpriced.

This:

even it the houses were being snatched up in 24h, it still wouldn't be "cheeky".

They ask, you decline, literally how it works.
It's a business transaction, despite what people think, there's nothing personal about it.

Just think about it as selling bricks. Not your family home tastefully decorated, just.. bricks and a roof.

It’s buyers market currently and if you’ve been on since October it definitely means you’re overpriced. Especially in the north west. Property is selling like hot cakes currently. So the only cheeky person is you.

Sounds a fair offer to me..you can always go back with a counter offer

They’re not ‘buyers’. They’re ‘offerers’. If you don’t like their offer, don’t accept it. Your house stays unsold. Up to you.

It sounds like the market is slow near you and your house has been on the market for a while. I would probably do the same as them. I have never paid full price for a property and probably never will.

It's not cheeky at all

Agree it’s not personal. We offered 9% under asking for our house last year because that was literally all we could afford. They accepted on the basis that we were good buyers (no chain and already living locally unlikely to get cold feet about the area etc). We weren’t being cheeky, if they’d said no we’d have walked away.

What they said.

They’re not being cheeky and it’s currently a buyers market.

Try a counter offer maybe?

10% under asking is a perfectly reasonable first offer.

It isn't a cheeky offer of it isn't selling its either a shit property or overpriced so which is it.

Counter offer them.

A lot of people base their opinions of a property's worth from what they owe, what they paid and what it means to them. That means nothing to a buying it isn't their problem either accept it or don't.

I've bought 3 times over a 30 year period. Every first offer I've made has been 10% under. The first two it started negotiations, the third accepted it.