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?

If you don’t ask you don’t get, just decline the offer and move on.

You sound incredibly greedy OP. You are benefitting from a huge profit in the last decade even at the lower price. Nobody owes you a super high opening offer. Just say no if you don’t want it don’t throw your toys out the pram. As KK once said ‘Kim there are people that are dying’

the rates all changed recently so people cant afford what they did in august

if you dont want to drop below a certain price just say offers over......

Omg OP 😂

Sounds like a fair offer

‘Of course the housing market won't crash’

I’ve just pissed myself laughing, but then I am a very old MNetter, bit of a TenaLady, who has been through several house price cycles before, along with @Grumpyoldpersonwithcats & other posters.

We may reason that the market has slowed but it can crash land our hopes & dreams for property that suits us.

The ideal buyer is soused in cash on verifiable deposit, chain-free renting nearby, & itching to sign. OP, if you have one of these rare creatures, grab the offer now.

BTW, now is the time to reconsider the offer on the property you want or go shopping again.

same thing happened to my neighbour forgot to say hes very arrogant says he wont drop below a certain price =its been on for months and doesnt look like anyones biting

We had it on previously at the same price and were offered 10k over, sale fell through

why did it fall through? This could be relevant.

Also, whatever you were offered months ago is almost irrelvant.
Some buyers are so desperate they will offer silly money.
Maybe you had one of those!

'Of course the housing market won't crash' 😂

This is probably just an opening to the negotiations, starting low to soften you up. Get your agent to deal with the negotiations and tell them it is ludicrously low. It's up to him to say they're wasting your time. But perhaps they actually don't have enough money to offer more? He should know their budget.
We sold two years ago and the first offer was £75K below the asking price, they were using a relocation agent who thought he'd be clever and save enough money to pay his fee. We said no to all his low offers and sold to someone else at the asking price. I bet they are kicking themselves now, they really loved the house.

Well if you don’t want to accept the offer don’t accept it, if you don’t want to negotiate then don’t. But it’s two weeks befor Christmas, not many people are thinking of buying a house atm so if you are desperate for a sale you might need to be a bit more cautious about dismissing possible purchasers. If you aren’t desperate then take it off the market for a month or two when people are more likely to be looking.

I’m very sorry OP and I really hope you can prove us all wrong but the data are going against you.

I would suggest you withdraw your offer over £25k and reduce your offer by £50k to compensate lost money from the sale of your house.

This sort of tactic worked in the last housing crash with my Dad. He asked the seller of the house he wanted to buy to discount by one third as that’s what he’d had to accept to sell his house.

in the end you’d rather spend less overall wouldn’t you? It makes sense for all of you to reduce.

I’ll just leave this graph here for you to peruse.

So reject it. It doesn't sound 'stupidly low' though.

You have to weigh up how important keeping chain the alive is to you. If they are 1st time buyers, it's probably worth keeping them in the frame

We were in Bath too, unlikely prices are falling there, very solid market and never enough supply of nice houses.

No it isn’t. My family are in BS3 and we have lost my Dad and his sister this year so very sadly 2 family houses in BS3 are currently for sale.

House 1 - went on in May at 450k and offer of 480k accepted. Sadly my Aunt died just before exchange in July and sale fell through due to needing to apply for probate. Went back on end of August at 450k and one offer so far of 435k and that was pre Truss. It needs reducing and it will be once probate through next year, no point doing so at the moment.

House 2 went on a couple of weeks ago at 350k which on face of it was a sensible price taking into account the current market. One offer so far of 270k.

EA either put the price too low, to generate a quick sale (for their commission) or a higher price to appeal to seller's vanity/ greed. But in the end, the buyers of an over-priced house understand the real value.

Years ago, we sold a house that was probate.
The EA suggested a very low price (maybe thought we were eager for the inheritance or well-off enough not to care and he'd have a quick sale.)

We had done a huge amount of homework and had a good idea of what the house was worth based on the rest of the road.

We went against his advice and put it on at a higher value. It sold very quickly.

In general, EAs tend to over price and suggest the sellers accept £x.

So for a house on at £700K, I'd expect somewhere from £650-£680 being the final offer unless it was absolutely fabulous and needed nothing doing inside.

I wonder if anyones ever explained to OP that the 'demand' bit of supply and demand has a degree of elasticity in it? It's not as simple as 'x number want to buy a house.' There's also affordability and, crucially, confidence.

Ahhh OP, you have done my heart good this evening. Nowt like a good laugh for the soul!

I find this whole concept of 'rude' offers really strange. it's just business! Why are you taking it personally?

I'd also suggest OP look at the long-running threads on here full of people selling their houses, in all parts of the country. Pretty sure almost all of them were told by agents that their house would go to bids/attract loads of interest, but most of the people who've put their house up for sale in the post-Truss era have not found that to be the case at all.

Suspicious socks you have on there, Angela 🧦

sorry for the smart comment, but a sale isn't a sale until it's gone through.
We turned down a sale that was £15k over, and then got stuck with a flat with cladding. I could regret it, but it was for a reason- we became reluctant landlords and we are on a different path.

Eh, if someone offered me 7% below asking I'd see it as a starting point for negotiations rather than take offence. I got 10k over on the first day of viewings less than 2 months ago (since fallen through), but the market has definitely changed since then.

There's no such thing as a cheeky offer in a falling property market. My neighbours have just had to reduce theirs by 100k which was around 10% due to lack of interest.