Offering 50k under asking

[Muddlepuddle12]

On a 650k house. Madness, or reasonable in this market?

@Muddlepuddle12 Go for it! They will either say yes or no :)

Nobody can say. It may be a 700k
house priced at 650k to try and get a quick sale or a 550k house overpriced because the seller can’t do what they want next with any less.

Depends. Whereabouts? What are the most recent sales in that area like -similar prices/more/less? Do you think it’s overpriced?

You can offer whatever you like, they can say yes or no.

Whats your reasoning for £50k under?

You can only afford what you can, so give it a go and if they don’t accept, have a look at more within your budget.

Less than 10%, so certainly reasonable

This.

If it's a 550k house that's been on the market for months with no offers or collapsed chain, they will probably say yes.

If it's a 700k house that went on the market yesterday and there's a dozen viewings booked already, no chance.

What else can you get in that price bracket in that area?

Things are only worth what people are willing to pay for them. Go for it.

600k on a 650k house would be a reasonable offer in this climate. Whether they will be tempted to accept probably depends on how long it has been on the market and whether they have received any other offers. If yet say No you could always tell the agent you will keep the offer on the table for a while in case they change their mind.

Reasonable.

Yes, go for it! You can raise your offer but you can't lower it. If they're thinking clearly, they will bite your hand off.

Thanks everyone.

600k is our max max max budget. House would have been fairly priced six months ago... but who knows now?! 🤷‍♀️

If your max max is 600 I would start lower. Maybe at 585

not in my area....they still going over asking prices....!!!

Go for it! what’s the worse that can happen.
House prices are dropping, buyers are pulling out left right and centre, mortgage offers are being pulled and interest rates mean people are having to borrow less.

Let us know how you get on!

The market is totally different from what it was 6 months ago, at least in most areas. I would agree that it’s worth going for, but - speaking from recent experience as a seller - do it nicely. By which I mean, rather than aggressively going in and saying the asking price is wildly unreasonable, say that you really like the house but your maximum budget is 600 (or whatever).

Do you have a Rightmove link so we can check it out with PropertyLog?

no......i do admin in local agency a few days a week....houses have offers before they get to be in the window....have a list of buyers ready with cash etc..bank of mum and dad around here....until a few weeks ago, sealed bids still going on !

@earsup what area is this?

OMG, throwing cash into the tail end of a property bubble is one of the worst things you can do.

i am in east london...the sought after purpose built flats are fought over as so little for sale....the young couples have pots of cash....my road still full of skips...full refurb, lofts etc....new cars...young children....the parents often come into the agency with proof of funds to outbid other buyers....no recession here or cutting back....amazon driver knocking constantly also with parcels....!!!

I'm in the SW, houses are still selling here. Where do you live, DeadHouseBounce that is so different?

If that's your max then offer it, you can't go up so tell the agent this when you offer.

Not much to lose is there?

Where in the southwest? We are having things sell here but for lower than a few months ago and taking a lot longer.

I am also in east London, trying to move to another bit of east London (zone 2). Both areas have seen significant slowdown and prices dropping in the last 2 months.

@earsup Are you in Walthamstow by any chance?