To think that 10% under feels a bit cheeky?

[Littleladberriesandcreeaaam]

Fiancé and I are buying a first home together in central London and we’ve made an offer on a house which is 10% below asking. Fiancé has a very good job and enough cash to not need a mortgage, which is great but he is convinced that this means he can make cheeky offers and will be more likely to be accepted.
Is this true? I have no idea what the housing market is like to buy because I’ve only ever rented.

Vendors like cash buyers so might as well chance your arm ......

Well it’s done now

What did the EA say?

You can ask and they can say yes or no. A cash buyer with no chain is an attractive prospect for some sellers and 10% isn't wild, he's not asking for 40%. It's a fair starting point for negotiations

And yes if you’re a cash buyer then absolutely more appealing and certainly generally does mean more leverage in terms of negotiating price

It's always worth asking, if the sellers are unhappy with the offer they can decline.

Will your name be on the deeds?

This whole idea if cheeky offers is weird. Last time we sold (in London) we were on at 575k. First offer we got from the people we ended up selling to was 480k.

Obviously we weren't interested in it and turned it down but in what was was it cheeky? It was pointless but cheeky which implies something likely to cause offence?

Offer what you like, offer more if that's turned down and you want to/can offer more. Don't otherwise overthink it.

My name will be on the deeds, but I’ve only been able to put in £50k so there’s a deed of trust.

Yep, cash offers are generally more favourable. Often cash buyers decide during the legal process to take a small mortgage, which once the offer has been accepted and channelled into legals seems not to create the fuss you think it would. Thus making some cash buyers not really cash at all. But being able to afford to do the deal in cash means you’re seen as the best type of offer.

@DaliaSings I know that the funding coming from one person can turn slightly messy, but there’s a huge difference in earnings. He’s in finance and I’m in nursing so couldn’t afford to contribute any more. I imagine once we’ve been married for years it won’t matter at all

Out of interest, is your share in the property defined in £ or as a percentage in the deed of trust?

@umberpigeon Percentage! Aware that the value can go up or down

The offer has already been submitted op

What did the ea say?

Our house is on the market at the moment. We’d accept a -10% offer from buyers in your position.

It depends on how the property is priced. If it's priced to sell quickly, someone might beat you by offering full price. If it's priced in line with other properties with some room for negotiation, it's not an insulting offer.

All you can do is offer they don't have to accept it.
Vendors do like cash buyers but there could also be other cash buyers and buyers offering over the asking price. It all depends on the market where you are for the type of houses you want to buy

A cash buyer is more attractive to Vendors and they can accept his offer or not
I bought outright for 10k less than asking price.

depends on context.

First day on the market, reasonably priced for the area, likely to be in demand? ...probably a bit 'cheeky' although I disagree that any offer is cheeky it's just what you're willing to pay for the property.

Been on the market for 6 months, maybe reduced once or twice? go for it

did you hear back regarding the offer op?