How much to offer on this particular house - realistically

[AliceR1]

Ok, obviously we all like a good deal but I don’t want to offend.
1st listed at the beginning of June @ 310k
Reduced end of June by 10k
Reduced beginning of November by further 10k, i.e. currently on @290

Is an offer of 275k too cheeky? We have a committed buyer for ours and will be buying cash.

Your opinions please x

Go even lower!
Then you can raise up to 275
You say you are buying cash but if you still have a chain there is always potential for a bit of extra delay.

Go lower
You can always go up but you can’t go down

Offer £275, all cash

You can’t offer cash because you’re in a chain.

What have similar houses sold for?

I would start with 260

Sorry, can you clarify how you're offering cash if you are selling an existing property?

OP could be selling an existing property and be either downsizing or have enough equity to buy the house in question without needing a mortgage. That would be my understanding...?

I think I'd be tempted to go in at £265.

It depends how much you want this house. I would say 275 sounds fine but I’m not sure about 265.
Also I won’t consider you as a cash buyer in this situation as you won’t be able to buy the house straight away for the cash. No offence but yours is not sold yet.

If you need the money from the house you are selling you are not a cash buyer in way it is normally understood. I would think of a cash buyer as someone who isn't having to sell another property so there isn't a chain at that end. You might be a bit more attractive to a seller because you don't have a mortgage company involved, but that wouldn't make much of a difference to me.

In this case given that the house has been on the market for so long I'd be tempted to go in with a lower offer to start with. Obviously we don't know whether the price to start with was way ott or not. A house near me started off at £345k before being reduced to £300k - I think they messed up as the starting price was silly and in the end they went through so many price reductions and changes of agent that I think they looked desperate (which they probably were!)

260 or 265 if the max you will pay is 275k

I’d go in at 10% under asking, so £260K. If they’ve reduced it several times in seven they’re keen to sell and it clearly isn’t getting offers close to what they want of even any offers at all. I don’t go along with the “it’s offensive” mantra, most sellers will be looking to get a good deal themselves on the place they’re hoping to buy and know full well they’ll have people doing the same with their place. If they actually want to sell they’ll make you a counter offer, not decide you’ve offended them so much with a low offer that they won’t have you as a buyer at all.

A cash buyer means you do not need a mortgage, but you are in a chain. Does your buyer need a mortgage? That can still slow things down. Have your vendors found somewhere to buy and are in a hurry to proceed? The EA should know this.

The house has obviously been difficult to sell at the price the vendors want so I'd try 10% below current asking price but be prepared to go up if you really want it.

Sorry, can you clarify how you're offering cash if you are selling an existing property?

Why should the OP do that? None of our business and not relevant to the OPs question. It could be through an inheritance, a lottery/premium bonds win, divorce settlement etc. In your position OP I'd probably offer 10% under the asking price so around £261k to start with.

I agree with previous posters. Start at 260k. Don't worry about offending or feeling embarrassed. Think of it as a business transaction and take away the emotions.

Good luck.

Why should the OP do that? None of our business and not relevant to the OPs question.

I asked before I answered OP's question because I, respectfully, do think it's relevant to the question. If the OP's involved in a chain (albeit mortgage free) then much of the benefit of being a "cash" buyer is lost and I think they'd have to pay a bit more.

OP's perfectly obliged not to answer - I don't think there's any need to be snippy about it.

I don't think there's any need to be snippy about it.
Wouldn't say I was being snippy at all, just wondering why ask an intrusive question without qualifying the relevance of the question. But what you have just said about the benefit of being a cash buyer being negated by being in a chain could be useful to the OP - presuming the OP is reliant on the money from their chain.

But what you have just said about the benefit of being a cash buyer being negated by being in a chain could be useful to the OP - presuming the OP is reliant on the money from their chain.

But that's exactly why I haven't offered any views yet. Doing so means making various presumptions about what the OP's situation could be. All of which might be bollocks. So I asked for the relevant info before ranting on for several paragraphs about something that might be totally irrelevant to the OP. Sorry you seem to have found that so irritating.

Sorry you seem to have found that so irritating
Haha not at all - you said I was being snippy when I wasn't so was just explaining myself - but no big deal! I just offered advice based on the info given in the OP. If the OP says they are a cash buyer I assumed they knew whether they were or not :)