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?

So the couple that have offered are in rented so no chain? Ideal purchasing position.

7% under asking isn’t at all cheeky, especially given the no chain scenario. You can either be all offended and flounce or use it as a negotiating position.

I also reckon your EA knows they can sell this couple other properties on their books so that’s why they’re telling you to hold out possibly two sales in the bag.

If you don’t get £700k can you afford your onward purchase?

Meh its not cheeky. It's a negotiation

We live in Bath too OP and I think it peaked somewhat when people moved out and were able to work from home regularly- I think although it will always be an in demand area, it's having a bit of a natural correction.

@Indablungerlow. It's less than 10% reduction. Now, of course you don't have to accept it. That's why it's an offer. But to say you're not going to negotiate because it's rude is daft. Whenever I've sold (and I've sold 6 houses in my time) I've had cheeky offers. All of them I've negotiated with. Some have come up with a good offer eventually, some have walked away. I've also put in cheeky offers when I've bought. Not always, but sometimes. Depending on the situation of the seller - if they've got an offer on a house but a sale fell through why shouldn't I see if I can bag a deal?

But I'd always negotiate negotiate before I turned something down flat. Because, if they walk away with a 'I'll leave the offer on the table' (meaning that if you don't get a better offer they may still be around to buy), you've negotiated them up to a better deal.

You have to partition off the part of your brain that loves your house and stop seeing insults in offers. You may or may not get a better offer. As you say, it's only a week. But from their point of view they want to see what you'll do. They're not insulting, they're starting a dialogue. As I'm sure you did before you offered over the asking price for the house you bought

If you believe the house market could not crash then you are deeply naive. I am old enough to have lived through recessions and know many people who lost their homes or ended up in negative equity.
I come from a family of builders, they assure me they are seeing a slow down on new builds, if it continues this will eventually affect every corner of the property market.
And regardless of that, why get so hot headed because someone has put in a low offer, if you are so sure everything is ok then decline and wait until you get your offer and be thankful when and if you do sell. You are in a much luckier position than many people in this country.

I can only see 2 houses for £700K put on the market during the last 7-14 days. One in Frome, the other Devizes.

I love the Frome one :)

And, as already pointed out, they can afford to be cheeky. Chain free?! A lot of people would snap their arm off. If the next person offers over the asking price but hasn't got a buyer, does that make them a good buyer or will your seller start getting edgy??

Back in 2013 we were looking to move house and saw a property just put on the market, priced at £750,000. It needed a lot of work and I told the estate agent that I thought £650,000 should have been the price. They wouldn't entertain it as it was new to the market, so we bought elsewhere. That house was on the market for a year and guess what it was finally sold for? - £650,000.

Your reaction is a silly one, which I think the unanimous replies on this thread should teach you. An offer below asking isn’t “taking advantage”, even if it’s an outrageous offer.

The violin is no longer visible to the naked eye.

I'm selling a house that was on for £700k. I've just reduced it to £650k as the market has massively changed in the last 3 months....

Excellent warning of what can happen if the sellers are too greedy or too stuborn or just in denial 😂

It isn't a 'stupidly low' offer, it's just an offer.
Wether you want to believe it or not we live in a very different country now than we did in August!
Just tell your EA what you are willing to accept and not to bother you with anything less but then don't be surprised when you are reducing the price in a few months.
I live in the 3rd most sought after place in country (apparently) houses couldn't get on the market here before being sold for ridiculous amounts of money in the summer, now people are having to reduce the price!

Just say no to any offer from the people concerned. They would probably be the type who about two days before exchange claim some spurious reason for pulling out unless you reduce the price below what was agreed subject to contract.

People don't move houses often enough for there to be a register of such chancers.

If you decide after a while to reduce the price, then that is your choice.

OP how do you know the buyers have an income of £200K?

How would anyone tell you that? Did they? The EA?

And even if they have, it doesn't mean they can easily afford your house. You have no idea of their other outgoings.

You don't appear to live within 14 miles of Bath unless your house is still listed under the original date when it was first put on the market.

Maybe you could come at this in a different way?

Some posters like to post a link and ask for comments on the value, having taken a look at the condition, location, other houses in the area, and give genuine feedback that might help.

Maybe you could try that?

As so many others have said, an initial offer of 10% less than asking price is perfectly normal. Has been so for decades. Nothing 'stupid'; nothing whatsoever to be offended about. If you don't like it, don't accept it.
But house prices are falling, particularly in the South-West www.bbc.co.uk/news/business-63886983
And mortgage interest rates are rising everywhere.

🤣 you must be joking! I’ve read all your posts with my jaw hanging lower and lower to the ground

Of course the housing market won't crash

I've got a economics degree from Oxford, a MSC and I've worked in the City for years and wouldn't make such a prediction. If you're that confident it can only mean you have a crystal ball in your attic, can I have a go?

That's far more likely to happen when people have offered over the odds and realise it. A far safer sale is going with a genuine offer.

House prices now falling….and will continue to fall..

My Parents were selling their house for £600k in July, 25k over asking price after a bidding war. It fell through in October and since then they’ve not had a viewing. They won’t reduce either as they feel the house is worth what someone was willing to pay in a completely different market that was July and quite frankly, they’re not going to move anytime soon. Neither are you. You’re being ridiculous and also rude to anyone that disagrees with you.

Pretty sure you’ll regret this in a few months time.

We were trying to move in the last down turn. We asked about viewing a house that was out of our price range by around £50k, slightly over 10%. It had been on and off the market for about 6 months at that point. We were told by the estate agent that they were refusing anything even slightly under the rate. It was probably over valued by about £50k at that point. They said more than happy to show us round, and happy to pass on an offer, but not to get our hopes up. It was our estate agent so they knew our budget fairly well.
I know someone that offered £10k under and was refused (then they saw a house they preferred so didn't bother negotiating) so I don't think the estate agent was playing us.

6 months down the line the house was repossessed and we got it for around half price.

Wow, aren't you going to be a lovely seller! You have no idea of their financial commitments and it's none of your business either.

I'm literally crying and shaking with laughter.

No one is ‘taking advantage’. If you don’t ask you don’t get. Don’t accept the offer and move on.
As for the market crashing. Well there is a recession looming (or are we in one, I can’t remember), a cost of living crisis, mortgage rates going through the roof. No chance of a crash.