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Original poster

Would this be a cheeky / pointless offer?

39 replies

haveiahealthyheart · 25/09/2021 22:09

There’s a house on the market where I live, it was added in June and the asking price was £250k.
I fell in love with the location and the pictures, it seems perfect for me, I even dreamed about it 😂 but my budget was set at 200k tops so it really was just that- a wistful dream!

Anyway it didn’t sell over the summer and today it’s been reduced to 230k. On a whim, I booked a viewing for next week.

I’ve been doing all the mortgage calculators and the absolute maximum I could offer would be 218k. There is no way I can go any higher as that would be borrowing at just under 5 times my salary.

Would it be totally cheeky and pointless to make an offer of 218 on a house that they first wanted 250 for? I do realise that I’m almost certainly going to miss out to a higher offer anyway, but a bit of me just really wants to try because I love it so much. I don’t want the estate agent to think I’m a piss-taker though as I will probably want to be viewing more houses listed by them in the near future.

What do you think?

OP posts:
lastqueenofscotland · 25/09/2021 22:16

I think it’s worth a go but first check you can borrow that much. Those online calculators can be a bit naff

Bloomsburyreader · 25/09/2021 22:26

I would do it! However the agent will want to see an agreement in principle in order to accept an offer so get on to a mortgage broker ASAP if you haven't already, and they will go through and get you the best mortgage for you. I was amazed what offer our broker managed to come up with for us when I had thought I wouldn't get the mortgage we needed. If you don't have a broker I can recommend you mine- just pm me.

bilbodog · 25/09/2021 22:47

Its worth a try - the original asking price could have been too much so it didnt sell. Good luck.

ncmcr · 25/09/2021 23:19

Get an agreement in principle ASAP. I found the online calculators to be really in accurate.

Say the online tool said we could borrow max 180k, the mortgage broker said we could borrow 230k. Huge difference.

BecauseMyRingBurnsSheila · 25/09/2021 23:28

I've used London and Country before. Free and really helpful. Can get a decision really quickly and specifically to your circumstances. Also no pressure to go with their suggestion. They found me a great deal but asked if I'd asked my current provider for a deal. I hadn't and they bettered L&C's deal. When I contacted the broker he was pleased his advice had worked out and wished me all the best. So they're worth a call.

Sweetsaremyfave · 25/09/2021 23:28

A house is only worth what someone is willing to pay for it. I would do a best and final offer, explain your offer is the most you can afford and you love the house. Good luck 🤞🏻

surreygirl1987 · 26/09/2021 09:42

Definitely go for it. Even if they say no at first, they might get in touch with you later if it still hasn't sold. And if they're having to reduce it by £20k it was probably overpriced to begin with anyway! Definitely get a mortgage approval in principle ASAP though.

SargentDecca · 26/09/2021 10:06

I’d make sure you’ve got an agreement in principle in place first, but once you have why not try? If they come back and say it’s not enough you can explain that you love the house and that you’re really keen but that’s the absolute maximum you can borrow. You can then ask them to keep your offer on the table in case they change their mind. If they don’t get another offer in a few weeks or months they may well rethink your offer.
I’ve done exactly this in the past and it did take a little while but the seller did go for it eventually- so it’s always worth a shot!

MilduraS · 26/09/2021 10:50

Worth a try but would the higher offer leave you with enough to cover purchase costs and moving costs? Would you be able to save any more while the conveyancing comes goes through in case your mortgage offer is reduced at the last minute?

When we bought our house (in 2016) we were the third set of buyers. The two buyers before us had their mortgage offers reduced at the last hurdle. They (and the sellers) had already incurred conveyancing costs when the mortgage was reduced. We paid the second set of buyers for copies of their survey and searches so they recouped some costs but I think there's an expiration on searches and not everyone would want a survey prepared for someone else.

Original poster
haveiahealthyheart · 06/10/2021 20:56

Hi, thank you so much to everyone who helped with advice!
I’ve been to view again and I want to put the offer in, but getting worried- if I tell the estate agent that 218 is my best offer, won’t they use this information to go straight to tell any other interested parties to offer 218500 or 21900?
I’m not sure there is anything I could do about it anyway but I love this house and worry that telling them it’s my best offer will result in me losing out. Should I keep quiet about it being my top price? Any tactical advice before I call them tomorrow?

OP posts:
thekaratekid · 06/10/2021 21:13

I would offer £215k...then depending on the reaction you know whether they will bite or not. If they come back with "hmm...they need a little more"...then you can tentatively go in with your best and final offer of £218k. The seller feels like they have pushed you up, you know that you have got a good price. Also if you do offer £218k as a "best and final" then say something like "happy for the vendor to think about this over the weekend and let me know next week, I've got a couple of other viewings lined up". Makes you seem not too invested, but also that you know the true value of their property. This makes the vendor think "crap...maybe this is the best we will get and there is a lot of other properties competing with us".

Whammyyammy · 06/10/2021 21:16

Put the offer in, see what they say. Years ago a house I likes was 350k, my ceiling was 300k so didn't view. Found out they sold for 300k.... was gutted.

FawnDrench · 06/10/2021 21:21

Did you take the advice about looking for AIPs and accessing different mortgage providers?
You're still on about £218K but it seems from what you've posted that you haven't actually had this confirmed, so not very realistic as yet as you'll almost certainly be asked about your finances whatever you offer.

Original poster
haveiahealthyheart · 06/10/2021 21:34

Hi, yes I got an AIP, my bank said they would lend me up to 200k. I’m hoping to borrow £195 and my deposit will make up the rest. I haven’t got hold of a mortgage broker yet but I will speak to one if my offer is accepted.

OP posts:
ABCDEF1234 · 07/10/2021 10:57

The estate agent knowing your max may not make any difference. We had an offer, we rejected outright, they upped it and the estate agent told us it was their very maximum, we still rejected it. Their maximum had no affect on us (or any of the other viewers) as we just wouldbt have accepted at that amount

maofteens · 07/10/2021 12:08

Estate agents never tell other interested parties what any existing offer is (unless at the asking price) because they don't want them to bid just over you but way over if possible.
I have no problem saying 'this is my best and final offer'. They can then tell the seller that is it - take it or leave it.

Easternfells · 07/10/2021 15:33

Good luck! And don’t feel cheeky, if they don’t want to sell for that price it’s still good for the vendors to be able to say they’ve had an offer but it was too low.

RosiePosieDozy · 07/10/2021 15:35

It's not cheeky at all. They can say no. Make the offer but don't get too invested in the house emotionally because it might just be a firm no.

ILoveJamaica · 07/10/2021 15:36

I would offer £215k...then depending on the reaction you know whether they will bite or not. If they come back with "hmm...they need a little more"...then you can tentatively go in with your best and final offer of £218k. The seller feels like they have pushed you up, you know that you have got a good price. Also if you do offer £218k as a "best and final" then say something like "happy for the vendor to think about this over the weekend and let me know next week, I've got a couple of other viewings lined up". Makes you seem not too invested, but also that you know the true value of their property. This makes the vendor think "crap...maybe this is the best we will get and there is a lot of other properties competing with us"

I completely agree with the above post, except I'd probably start a bit lower - offer say £210k. Let them think they are pushing you up. You have nothing to lose. Also, you don't know their situation : our last move, we had already found the house we wanted and had had our offer accepted, even though we had no buyer for ours. We were desperate to move, as it got us much closer to DH's work, plus it was a rarely available seafront home. Someone offered us £13k less than ours was worth, but they could complete quickly as they were in rented, and we needed to get the whole deal going, so we accepted. £13k was a small price to pay, to secure a move to the house of our dreams. Go for it!

PeeAche · 07/10/2021 15:47

Our house was on the market for 10 months. It started at £550,000 but we snagged it for £500,000 when it was still be advertised as "offers over £510,000".

Our first offer was actually £495,000 and we closed negotiations within 10 minutes.

When I was selling our old home, I was fanatical about staging, photographing and pricing it correctly. I was so worried that if it sat for more than 4 weeks, it would be "stale". I think my EA hated me, but we had a near asking price offer in 7 days.

The property you're looking at is stale as old farts. If they don't bite your hand off for £218,000 I'd be very surprised.

But I'd start lower. Stop thinking about thousands and think about percentages instead. They want £230,000. "Reasonable" offers start 10% below that. So £207,000. They will counter - hopefully around £215,000 and then you can counter again.

Make sure you have your mortgage AIP in place. Give details such as if you're chain free.

Sometimes the EA will say "what has made you offer that price?" Don't be phased! It's tactics. Calmly reply that you "think it is fair" and don't get drawn into a conversation about your "ceiling" "wriggle room" etc.

Good luck!

IveNameChangedAgain2020 · 09/10/2021 10:32

I would put the offer in at 200k first. When mine went on the market first offers were £75k under asking - I wasn't insulted at all. Just said no and got nearly asking. Then when you go up they'll know you're serious and want it and unlikely to pull out.

NWnature · 09/10/2021 10:49

Great advice here OP! Good luck!!!

Paddingtonthebear · 09/10/2021 11:22

In this market it if hasn’t sold quickly then it’s over priced. would offer £200k if I liked it. The vendor may be completely delusional about it’s value but it’s worth an offer. 4 months is quite a long time to be on the market at the moment, most properties priced accurately around here are selling within days.

Frazzled2207 · 09/10/2021 11:43

I'd go in with 210 or 215k imo. 200 could be viewed as taking the piss.
you want a bit of wiggle room but if money is very tight be absolutely clear on your ceiling. Remember to factor in stamp duty, conveyancing, agency fees and actual moving costs!

Viviennemary · 09/10/2021 13:23

If they have only just reduced it think it's unlikely they will accept a much lower offer. But no harm in trying. I wouldn't offer 200k. They will think you are a time waster.