Stupidly low offer

[Indablungerlow]

Selling house. Only been on the market a week or so. Received an offer of 50 - yes 50k below asking price. Really pissed off someone could be that cheeky. Anyone else received cheeky offers lately?

Exactly, counter offer with the minimum you'd accept. If they're first time buyers that's a huge bonus because your chain is unlikely to collapse again

I hope you aren't stretching yourself & it implies you are. The people offering on yours despite earning 200k are being completely sensible.

"Houses are not being snapped up like they were 2 months ago."

Exactly, and even a "cheeky" offer can still be down valued further if the buyer is borrowing the money.

It's not just about the offer, it's about the chain, and the buyer's ability to get a mortgage and move within your timescale.

You may end up taking less from someone with no chain, rather than hanging on for someone in a long chain, because all the while there is a risk of prices falling further.

£650k, you could buy around 5 houses on my scabby inner city street and set up as a landlady !. I own my house and am stuck here, trapped here with vile neighbours in a BTL house next door which is a total slum. Will never be able to afford to move. Makes me sound envious and bitter, maybe I am, some of the problems on here seem so small compared to the things that other people are going through. If it has sold quickly then the chances are you will get another buyer offering closer to what you want. Then you need to go for it as I think the property market is about to collapse.

It's just an offer, a starting place for negotiations. Not sure why your so offended

Your experience is proof that the market has changed. I actually think this is a troll post as I can’t believe anyone is quite this gormless.

@Swanna we have fixed for 5 years & I hope to clear as much as possible because the idea of just paying so much in interest is sickening. It's one thing to pay it for a house value if that makes sense but on interest, it's definitely a change of mindset.

Gormless 😂😂

Oh, and what I meant was that often buyers find they can't get the money they need, or they pull out as they like something better, so you are back to square one, with prices dropping all the time.

I thought the market had changed a great deal in the SW? In Devon anyway houses are getting reduced on Right move and all kinds have been on the market for months.

The Sw saw one of the biggest rises over the last 3 years and I think its going to see one of the biggest crashes. Obviously your EA is going to say differently as they need your confidence.

As PPs have pointed out, this isn't an unusually low offer. Regardless of market conditions around you - a 7% reduction in the purchase price is well within the range of standard offers (particularly for an opening offer).

But more importantly, I would try to take the emotion out of it - you have put something up for sale, someone has offered what they are willing to pay, you are not willing to accept that offer. That's all fine - it's not an insult of any kind. To decline takes less than 5 minutes of your time. House selling is stressful enough without getting het up about perceived rudeness.

What answer were you hoping for here OP as clearly you have not received what you expected posting here?

That offer might well be your top offer so I wouldn't discount it yet.
The market has cooled significantly (war, cost of living, energy crisis, inflation, brexit, and general sense of doom). We've just accepted an offer, lucky to get asking and had a few offers at 8-10% below. That IS the market, real numbers from real people who are looking to move, presumably proceedable, AND like your house enough to offer on it. There is no other market data that is as relevant.

We've been keeping an eye on properties in your area recently OP, not quite in your price bracket but fairly close.

You are deluded.

We aren't in a position to proceed at the moment but I do check a couple of times a week and only look at houses added in the last 3 days. The majority that are appearing in our searches are properties that have been reduced significantly (even compared to a month ago)

Why on earth are you offering 25K over?

Your vendors must be rubbing their hands in glee.
What did the mortgage valuation say?

I thought it was normal to offer about 10% under - I did this last year with our current flat and we got it at that price! (It had been on the market for a while - but yours isn't even 10% under as a starting offer!)

I totally feel your pain. We debated for ages and went for the tracker on the basis we could switch to fixed if things went stupidly high(er). I send you lots of sympathy, it's going to be a really difficult few years

No, I did too 😂

That's irrelevant. Their income and ability to afford it doesn't make it a sound investment. They could probably afford to pay £50k for a banged up 20 year old Fiesta if they wanted to. Doesn't make it a good deal.

I can never understand why people approach a financial deal - which is what this is - with such emotion. Bizarre.

They made an offer. It wasn't cheeky or inappropriate; in fact it's significantly higher than what many people would offer as a starting point (typically 10-15% below asking, assuming your asking price is realistic to begin with). The fact that you had a sale agreed a few months ago is neither here nor there. For a start, it fell through. And the market is entirely different than it was even 5 weeks ago.

The market has changed significantly since August due to the interest. This is not the time to sell if you wan to achieve offers over the asking. The clue is that your sell fell through. A lot sales will falling through because of the buyers can no longer afford the mortgage when offers end.

Just had a quick look on rightmove for Bath at your price OP and there are a few maked as 'reduced' . I wonder if your perception of the current market in your area is realistic

Not recently but a year or so ago...
100k knock off chancer.
Had a few that tried it on and as it was still uncertain times with COVID I was having to leave the property so EA could do the viewings it was a PITA with time wasters.

He wanted a second viewing so I told the estate agent to tell him I wasn't fussed if he wanted to waste his own time but he certainly wasn't having a second chance at wasting mine.
Chancer wasn't to happy with that and expected me to bow down but he wasn't the only one interested and it sold for more than advertised.

It's a business transaction, no point in taking it personally. If you're so sure you'll get the asking price, why are you bothered?

If the original offer came in before Truss and Kwarteng's tenure, prices have changed.

I can see houses in my area are just not selling because they are on for too much money. Sellers and estate agents need to get with the times.

What happened in March is irrelevant. The market has changed significant and rapidly.

We sold and bought last year. We offered full asking price on the house we ended up with because we wanted to secure it and the market was hot. Our neighbours have their house on the market and have just dropped it by 300k.