Is this a cheeky offer?

[Givinguponmyhair]

Im looking at a house that costs 260K for 2 bedrooms, but in the area there are 3 bedrooms that cost 240/250.
WIBU to offer 210?
This is my first time buying so I have no idea whats taking the piss or not

Whats that house got that the others havent? Otherwise surely youd go for a bigger, cheaper house?

Presumably there is a reason they are asking a premium compared to the other houses?

I would imagine they would decline your offer and possibly consider you to not be a serious buyer if you then make further offers.

Its just got a feel that's really nice, it really resonated with me. Its got a really pretty garden, gardens are standard here, but this one just feels great.
Its also got a very nice interior design but I realise these are purely superficial things I could recreate myself.

Id be okay with losing out and the story ending there

Do it then. I doubt they’d go for it. Buy one of the larger, cheaper houses and spend £10k recreating the things you like about this house.

You're low-balling them by 20% so unless they are desperate they are likely to turn you down.

It's not taking the piss because they are free to turn you down. You can offer whatever you fancy and the estate agent is obliged to pass that on to the vendors. But it's so low I can't see anyone going for it unless the house has been on the market for a long time.

I’d do it as you’ve thought it through and it’s what you want to offer. Good luck 🤞🏻

A house is only worth what someone is willing to pay. You can offer. You never know, they may just accept. If not, you've lost nothing.

It's not Vinted! A 20% cut is huge. Unless you have some insider info that suggests they need to move out incredibly quickly I think they will turn you down flat.

Would it be possible to ask the estate agent what their lowest price might be?

What did it sell for last time compared to the three bed houses? Such a low offer is ridiculous. I paid £325,000 for my 2 bed house and if I sold it two years on would not accept anything less.

You can offer whatever you want.

If the house is overpriced at 260k then it is unlikely to sell. I think you need to try and assess fully whether that is the case though. A 3 bed house for 240/250k might make that sound obvious, but any number of factors can play into it. Whether the house is terraced vs semi detached, if it has a driveway or private parking, what the garden is like, if the area is nicer or has better access to facilities - train stations, good schools, parks etc. And of course the state of the house - one that has been recently refurbished compared to one that looks a bit tired and old fashioned can make a big difference too.

I’d try and find houses that compare very closely to the one you’re interested in and see how they’re priced - if they’re cheaper then you’ve got a much better chance of having a lowball offer considered, although I’d be very surprised if a seller accepted a 50k drop unless the house has been on the market a long time.

Thanks guys, this is all new to me. I will ask the estate agent what kind of negotiation she thinks there is.
I know they have found the house they want to buy. I dont want to insult them but I think their price is slightly taking the piss 😂

I mean they bought it 4 years ago for 100K less...and as far as I can see their improvements are purely superficial

Do it, the worst they can say is no and you never know they may just say yes. Wishing you the best

Also let them know if you can complete quickly and have no house to sell and finance in place. These are worth something to them if they are in a chain and might help them think your offer is worth accepting.

They may have to sell the house at the price they have it listed for in order to buy the house they want. So I wouldn’t assume that just because they have found somewhere, they will accept such a low offer.
Personally I think an offer 20% under asking price is taking the piss

The price of the house isn’t just determined by the number of bedrooms, it’s the location (near to schools, shops, stations, nicer areas), modernisation required, size of garden, driveway and parking, renewable energy options. To say there are 3 bedrooms on for £10K less is only one element of the asking price.

This house has a nicer feel to it than the three beds you’ve seen, otherwise you’d have offered on one of the three beds available in the area.

You’re free to offer what you want. They don’t have to accept though. If you want the house, you don’t want to piss them off but if you’re not fussed about losing out on the house then it’s worth a short.

There are two values that you need to consider when buying a house - your maximum affordability and the amount you would be sad that it went to someone else. So your maximum affordability might be £250K but if you would be unhappy to lose the sale at £220k but wouldn’t be unhappy to see someone else get it at £230K, your maximum limit is around £225K. When you work out what your maximum is for each house, that then lets you know what first offer is.

I think it's rude of you to claim that when you clearly have no knowledge or experience in valuing properties. There is SO much more involved than the number of bedrooms.

Nothing to stop you offering what it's worth to you, but very rude & ridiculous to describe them as piss takers with your complete lack of knowledge.

By your own admission you know nothing about the subject but you've decided that they are taking the piss? I had one like you when I sold my house - a really lowball offer which I turned down flat. She was a bit shocked when she tried to increase her offer and was informed that I had stipulated that I would not sell to her under any circumstances, even if she offered the asking price (which, incidentally; was what it sold for). FAFO

Exactly!!

What if it's 20% overpriced? There are definitely some where I'm looking that are just madly overpriced which almost direct comparison properties making that clear.

Obviously the buyer can reject a low offer. But some need to accept the reality of the market.

There are other factors that would make you an attractive buyer - mortgage lined up, no chain, can be done in 6 weeks, etc - is any of that part of your offer?
I’d disregard the 2 vs 3 bed as a metric and instead consider square footage, and weigh up other comparisons. I don’t quite understand how you land at 210 from 260 so unclear if that’s an insulting offer or not.

It doesn’t matter to a purchaser what price the vendor needs to fund the next house. What matters to the purchaser is what it’s worth to them. The vendor may want or need £260K, but if no one’s willing to pay that, it’s not going to happen.

The EA selling should have based his valuation on similar properties, sold prices in the area and the market in the area. If the vendor has taken that advice, 20% below is probably not going to fly. If the vendor insisted on the price, against advice, that’s different.

Personally, unless you had the cash in your hand, I would laugh in your face. But the vendors may feel differently. Are you imminently proceedable? That's an important factor. The length of time the house has been on the market is another.
I accepted a slightly lower offer for my own house from first time buyers, but it was nothing like that degree of reduction, and it still hit my minimum selling price point. Your vendors might have one too, and it's probably not 210k.

I think you’ll annoy them with such a low offer.