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Original poster

Offering below asking price

39 replies

user280820210 · 28/08/2021 11:26

I have arranged a couple of viewings for places above my budget. Say 10-20k.

If I were to like the properties, I would offer up to 20k below the asking price. How likely is it that the offer would be accepted?

The reality is, I should really have more deposit, but a year out of work thanks to covid and thus not saving, here I am.

I can't actually get much for my budget - I am a first time buyer and a single buyer. But the safer areas I am looking at, the prices are slightly above what they are actually worth (imo)

How much do you think you go below the asking price offer before you're laughed out of the office?

Thanks.

OP posts:
ComeonJulia · 28/08/2021 11:27

Very unlikely, sorry. Everything is going over asking price at the moment. We’ve just sold 20k over asking. We had 36 viewers book in the first 2 days.

Don’t view anything over budget, that’s not how it works anymore.

If your budget is 400k, the max you should be viewing is 375k so you stand a chance.

plixy · 28/08/2021 11:28

Depends what the property is up for - 20k less on a £200k property is different than 20k less on 600k property.
What sort of prices are you looking at?

ComeonJulia · 28/08/2021 11:28

Oh and of 16 offers, we only had 1 at asking price. Everything else was over and they were all proceedable.

ThisIsStartingToBoreMe · 28/08/2021 11:29

I assume houses are 10% over priced so I'd go in with a 20% less offer and negotiate upwards to a 10% offer. I'd also be checking how much the current owners paid for the property and when - because that would also affect the offer I made.

Viviennemary · 28/08/2021 11:29

Depends on too many things to give an answer without more details.

JuliaBlackberry · 28/08/2021 11:31

There's nothing stopping you asking, but the market is pretty hot in many areas so I think you'd be lucky. We are looking to buy in an area where things are currently going for over the asking price Shock

LaurieSchafferIsAllBitterNow · 28/08/2021 11:33

If it's been on the market for ages then that might be a tactic, or maybe a flat with no garden or in town, but really anything half decent is flying so offering under is a waste of time.

Original poster
user280820210 · 28/08/2021 11:33

Say 100k for a 120k property. (very low, i know)

OP posts:
JSL52 · 28/08/2021 11:34

@user280820210

Say 100k for a 120k property. (very low, i know)
Absolute piss take sorry.
whichwayfornow · 28/08/2021 11:36

It very much depends on the individual property/ seller and the market in your area. Some areas still seem very hot, others have definitely slowed down a lot. Also, some houses appeal to lots of potential buyers, others have been on the market for several weeks/ months and clearly appeal less. It may be that potential buyers feel they are overpriced or that there is some other factor putting people off.
We previously offered below asking price on an OIEO house and were accepted.

ComeonJulia · 28/08/2021 11:36

I wouldn’t even get back to that offer, sorry.
We sold a low priced property and as I say, only had 1 offer at asking.
If you can’t afford it, don’t view. Look at properties around 80k so you can be in with a chance. If there’s nothing suitable then I think you’re going to have to wait.

Original poster
user280820210 · 28/08/2021 11:37

I'm viewing a property at 120k that has been on the market since Sept 2020.

OP posts:
SantaMonicaPier · 28/08/2021 11:38

Previously I would have said 10% under asking price may be a reasonable starting point. Not in the current climate where I'm seeing properties going over asking price.

amiadillo · 28/08/2021 11:38

Really depends on the local market. I said it's unusual for most properties to sell above asking.

whichwayfornow · 28/08/2021 11:38

@user280820210

Say 100k for a 120k property. (very low, i know)
I think that percentage off is far too high, sorry. Maybe 10% depending on the property/ market but nearly 20% is unrealistic.
JuliaBlackberry · 28/08/2021 11:38

@user280820210

I'm viewing a property at 120k that has been on the market since Sept 2020.
This changes things a bit, that's been on for a long time I'd make a low offer in this case
whichwayfornow · 28/08/2021 11:39

@user280820210

I'm viewing a property at 120k that has been on the market since Sept 2020.
Definitely reasonable to start low if that's the case. It's very likely overpriced or some major flaw if it hasn't sold during this huge boom in sales.
amiadillo · 28/08/2021 11:39

If you can’t afford it, don’t view. Look at properties around 80k so you can be in with a chance.

That's completely based on your experience. In London it's completely normal to factor in a reduction in your asking price

amiadillo · 28/08/2021 11:40

I'm viewing a property at 120k that has been on the market since Sept 2020

No way would I be offering 120k

TwoLeftSocksWithHoles · 28/08/2021 11:43

If someone put in a low offer to me, I wouldn't even bother to acknowledge it or respond.

I feel that those people are not really that committed and may well try to knock more off later (as they've already worked out you are a soft touch!)

TakeYourFinalPosition · 28/08/2021 11:44

I'm viewing a property at 120k that has been on the market since Sept 2020.

If you can’t make £120k, you’ve got nothing to lose by offering the max you can.

Your local market is going to make a big different. We initially listed our flat in March ‘20, so it looked like it’d been on for ages… interest was wavering and then over two random days we got five offers, four above asking and one £1k under.

Locally houses now that have been on for a year/18 months have suddenly started to shift for over asking and some have even raised their prices on Rightmove.

If it’s the same where you are, you might find the vendor isn’t interested… if it’s not, or they have a good reason to want to move on, they may well take you up on the offer.

Best of luck.

ThisIsStartingToBoreMe · 28/08/2021 11:44

I'd definately offer £100k on a £120k property thats been on the market nearly a year.

If the seller isn't insulted by your first offer you've offered too much.

How much did the current owner pay for it, and when?

readytosell · 28/08/2021 11:57

As above, you have nothing to lose by offering, but also you have to be realistic about getting your offer turned down.

I never understand this nonsense about offending sellers or whatever. It's a business transaction where you want the lowest price and they want the highest.

IWantT0BreakFree · 28/08/2021 12:09

Everyone thinks they're a property expert. In reality, it's down to the local market and the individual property so getting extremely generic advice from people on MN is unlikely to help you.

If a property has been on the market for a long time then I'd always put in a low offer. It's not a "piss take" whatsoever to offer £100k on a £120k property that's been languishing on the market for a year. That said, it's almost certainly there because the vendor is unrealistic about its value and is rejecting reasonable offers so don't expect much joy. If a house isn't selling, it's always ultimately down to the price.

In our local area it's very much a seller's market currently. Houses are flying off the market over asking price almost as soon as they're listed. But even so, people are generally not going to over pay drastically. So an unrealistic vendor who wants £200k when similar properties are going for £130k is not going to get that money, seller's market or not.

There's no harm (ever) in making an offer on a property. Worst they can do is say no 🤷🏼‍♀️

IWantT0BreakFree · 28/08/2021 12:10

I never understand this nonsense about offending sellers or whatever. It's a business transaction where you want the lowest price and they want the highest.

Exactly. It's very childish to approach it the way that some vendors seem to.

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