Making an offer advice

[frowner]

We have received an offer on our property and have seen a property we want to make an offer on. It is a new build (one of only 2), the other sold last year for £740,000 and the one left is on for £700,000. The estate agent said the developer won’t accept anything less as the price has already been dropped, would you still make a lower offer regardless? Thanks in advance.

It depends. Why is it in for less than the other (is it less desirable)? And how much lower are you thinking?

Go with your offer. Estate agent is legally obliged to provide this to the seller.

Hopefully this will open the channels of communication.

Can you offer anything else to make your lower offer more acceptable? Like being able to proceed quickly? If you can, suggest dates by which you will be able to exchange and complete.
The vendor will probably have all the paperwork ready, so if you are willing and able to instruct solicitors straightaway, you could feasibly exchange very quickly, if your financial arrangements are in order.

Thank you for all the replies. The house is no less desirable than the other, they are practically identical, from what we can gather the price has been lowered get the last one sold. I’m not sure how much less to offer, we don’t want to offend but equally I think it may be worth at least trying. We would be able to proceed relatively quickly so that could be useful as well in negotiating.

You can only go up, not down, so I would try a lower offer first. The worst that can happen is that they say no. They are a developer, they will not be 'offended', it's business, they will either be prepared to negotiate or they will not but there is only one way to find out.

Go in with an offer. Madness not to.

Yes, you’re right we will make an offer. My husband says £680 as he really wants it but I’m leaning towards a bit lower!

They've already dropped a little more than 5%, so drop it another 5% maybe?

Great advice, thanks all.

So we put in an offer of £670,000 today which got rejected, they won’t negotiate they just want to know our best and final offer.