Lower offers

[cherrytea53]

I know this is an open ended question, but just wondered if anybody had offered way below and got accepted? I'm talking about a selling price of circa 170k, have you offered on that and it got accepted and what did you offer/agree on? Thanks!

All depends where you are but the way the market is in a lot of places then unlikely!
Round here places are going to around 10% over.
Do your research, what was the last sale price on it?
What have similar properties sold for etc
What's the worse that can happen? If they reject it you can offer more if you can afford it.
Good luck!

We were on for 300 and sold for 287. On for 315 at one point so a reasonably big drop. But we were desperate to move.

Up for 175 offered 145 (estate agents suggestion) they came back with 147.5 and we accepted

@trevthecat

Up for 175 offered 145 (estate agents suggestion) they came back with 147.5 and we accepted

That's interesting to know! When was this? Recently?

@HumourReplacementTherapy

All depends where you are but the way the market is in a lot of places then unlikely! Round here places are going to around 10% over. Do your research, what was the last sale price on it? What have similar properties sold for etc What's the worse that can happen? If they reject it you can offer more if you can afford it. Good luck!

Yes, agreed it's crazy at the moment! I'm being priced out which is scary, however a few places have been on for a while and are vacant so wonder if an offer would be feasible, can but try hey!

We were on for 225k and sold for 217.5k. The house we bought wouldn't budge on asking (they'd already reduced) so we offered that.

My in laws offered 180k on a house on for 220k. Eventually it was settled at 209k.

How was on initially for £249995, dropped to £220k I offered £180k and was accepted.....rural location, the buyer was a Londoner and the dream wasn't quite as hed hoped.

Go for it then @cherrytea53 if they've been on for a while.
Why have they been on for a while though?
Overpriced?

Ours was on at £335, dropped to offers over £315 we offered £290 paid £295, but it was overpriced because it needed completely gutting and when we offered it had been on the market for nine months. That was 4 years ago though, one on our street quite a bit smaller than ours, garden a third of the size, in the same wreck of a condition ours just sold for £340 ours was just valued for mortgage purposes at £395k but we've put about £30k in in renovations and did a lot of grunt work ourselves, kitchen has been tidied up but really needs ripping out.

If they've been on for a while then definitely worth a lower offer! In my area the only properties which stay on the market for a while are either overpriced, or have an issue (on a main road, backing onto a train line, unfinished extension etc).

In more normal times I've had a 15k reduction on one property, and a 18k reduction on another (different price bracket though). Actually most people I know paid a little below asking, I think that's more usual when things aren't as crazy.

I think there's no harm in putting in offers under - we recently paid £50k less for a house that was fresh to the market... but it was overpriced, in need of a lot of work and the owner just wanted a quick sale. We certainly lucked out in many ways as most properties around us are going for asking or higher as long as they're realistically priced to begin with. So much comes down to the individual property and vendor's expectations but you can only offer what a house is worth to you 😊

Ugh I wish I could feel confident offering lower. Rang up about a house this morning that just went in the market on Friday - sold. Rang another agent about a property that went in last week - already had an asking price offer. You have to be ready to pounce it seems!
But if its been on a while- no harm in trying! The ones I see sticking are definitely overpriced.

Yes, £15k lower.

£350k and I paid £315k - this was pre-covid... I've since paid around £40k doing it up, hence my lower offer.

Around this area houses are selling in days and for asking price and they have gone up a lot, so depends what the market is like near you
If the house has been on a while you can make an offer no harm in doing so

Think it depends how long the house has been up for and the demand in your area.

At the moment a lot of houses are selling before they even hit the market where I live so a lower offer would likely never be accepted in this circumstance..

But if the house has been up a while with little interest and the sellers are keen to move, you're in a good position etc it will probably be accepted

I agree it depends where you are.

DSIL is trying to buy. Everything is being snapped up at 10-20% above asking.