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Stupidly low offer

557 replies

Indablungerlow · 14/12/2022 15:51

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?

OP posts:
YetAnotherNameChange52 · 14/12/2022 19:07

For the record, the flat we live in now was on for £700K a couple of years ago, and we paid £660 in the end.

amonsteronthehill · 14/12/2022 19:07

The market is changing; prices are starting to come down as interest rates go up.

That's less than 10% off your asking price, so not 'cheeky'. And you don't have to accept it.

donttellmehesalive · 14/12/2022 19:12

There's nothing cheeky about offering what you think an asset is worth. I don't know why people get so offended about what is essentially a business transaction. The forecast is for a 10% fall next year (or more) so I guess they are protecting themselves. It doesn't feel cheeky to me, given their strong position of being chain-free. A friend of mine just offered £400k on a £500k property and they settled on £460k.

ferneytorro · 14/12/2022 19:15

Assume this is a wind up - although what an odd and utterly boring thing to make up!

However (and appreciate that the OP doesn;t think there is a link between interest rates and a slowing housing market) the MPC meet tomorrow and assumption is that the rate will go up by half a per cent so things aren't going to get better just yet.

Goldbar · 14/12/2022 19:18

Indablungerlow · 14/12/2022 16:01

I dont even want to negotiate tbh if they think it was appropriate to come in with an offer that low

Why see the house if you can't afford it

Maybe they can afford it but they just don't think it's worth it.

Why is it cheeky to offer what you think an asset is worth?

LadyMary50 · 14/12/2022 19:18

Cuppasoupmonster · 14/12/2022 17:56

The violin is no longer visible to the naked eye.

lovr it 😂😂😂

prh47bridge · 14/12/2022 19:23

Indablungerlow · 14/12/2022 17:02

The link says the market has SLOWED not fallen.

The market slowing leads to falling prices. And the Land Registry does not agree with your view that prices are still buoyant in the south west. According to their data on completed purchases, prices have been falling since July.

Experts do not agree with your confident prediction that there won't be a crash in house prices. A survey of major national estate agents showed that they are expecting prices to fall between 5% and 10% next year. Most are expecting further falls in 2024.

As many others have pointed, an offer that is about 7% below the asking price is not "stupidly low", nor is it in any way cheeky. It is a perfectly reasonable opening offer. The fact that you would only go £5k under the asking price when you are buying simply shows that you are poor negotiators.

Mandy80 · 14/12/2022 19:25

You just sound irritated at a situation you’re because you’re not in control.
The real world doesn’t always play by the rules. As this example illustrates.
20 years ago I was looking at houses around the £600k mark in the part of London/Middx I liked. After seeing 70+ houses I concluded that they all needed £100k cash being spent on them. They were over-priced - that’s how property works in big UK cities.
So I looked at more expensive properties, up to £1.5m.
There was a show home on sale at £1.35m.
Too pricey for me.
Six months later, the show home was still for sale.

I looked up companies house records and found that the owning building company’s year end was two weeks away. They were a floated company.

3 days before their year end I offered (you would perhaps OP call a downright cheeky offer of £500k below asking price) £835k with a promise to complete within 3 days if the vendor paid the Stamp Duty (I had already primed my solicitor and gotten a rush through on the local authority searches).

It was simple - that show home represented to the building company pure profit that year, which would adversely affect their year end figures if they declined. Their acquisition cost and build cost was in that year’s accounts already.

Of course, they accepted, to protect their share price post their year end figures being published.

A calculated cheeky offer that was accepted.

As many others have said, you could say no thanks and just let go of the offer, it’s not even 10% below asking. In fact you could easily gaggle them up after agreeing the price, subject to ‘cuz’ completion timeframe with a penalty clause per working day behind completion.

Know yourself: if you’re not able to play the game well, best let someone else more competent and less impacted emotionally than you are handle this business.

socialmedia23 · 14/12/2022 19:28

Onaladder · 14/12/2022 18:55

I just got a dressing down by an agent bc I offered 15% below asking price but the asking price was set at a really high price (apparently a price agreed about 8 months ago with a foreign buyer who pulled out before exchange)
But after the reprimand I was wondering about the state we are in London...this flat is 900k in a good location (not like Kensington or somewhere really expensive but zone 2) but only has two bedrooms and doesn't have a garden (a small patio only) that's why we think the flat will lose value over time bc what FTB can afford this in this environemtn, and what family would want to live in an upper ground flat with no garden?? also the vendor bought it for like 200k 10 years ago....
(Hence my rationale for offering 15% below + I don't have a family and I like the flat to pay enormous amount for it)

I was not trying to take advantage of the environment, while I can 'afford' the increased mortgage rates and is a high income earner, I do need to be more cautious now with the recessionary outlook...who knows might lose job and then what...also the agent called me three times to see it even though we told him it is like 100k plus above our budget so I thought I could get it lower :(

It's become such a heated, overprice housing market in the past two years that most 2 bed flats I have been looking in zone 2-3 with some sort of outside spaces are all over 800k and I've been looking for a while and now depressed and thinking it is almost impossible for younger professionals to buy something in London...I work really hard but just paying high rent right now

Sorry just ranting as this post triggered something in me...

I am selling my second floor 2 bed flat in zone 3 north london for 415k (hoping to move to a 3 bed flat nearby). Its not council either and a 1930s build. Leasehold with 122 years left but the residents have bought the freehold so its a well managed block. Communal garden and off street parking. it is quite small but has two double bedrooms (second bedroom is a small double) and a decent sized kitchen. on the cusp of naice areas like Hampstead Garden Suburb and Muswell Hill.

It wouldn't appeal to you because we have quite different budgets but the thing is if a cash strapped buyer really wanted to buy a 2 bed flat, there have always been flats like mine available around the 400k to 500k mark. I know the 800k/900k 2 bed flats are probably more central and in more sought after streets etc and have other attributes that make it more high value but at the same time its still in London and it still has 2 bedrooms and its near good schools... But this is why I think the higher value flats would come down (and hence why i am trying to upsize) because while everyone needs a stable place to live within reasonable distance of work (and lots of people are tied to london for a variety of reasons), not everyone needs to live in a certain flat on a certain street.

TheShellBeach · 14/12/2022 19:39

angela99999 · 14/12/2022 18:18

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

But maybe OP's house isn't nice.

maxi2100 · 14/12/2022 19:46

This has got to be a wind-up! The OP is pretending to be a thicko.

scottishnames · 14/12/2022 19:48

The OP is not in Bath, just somewhere south-west.

According to Royal Institute of Chartered Surveyors (and the Halifax), prices in the south-west are falling faster than most other places elsewhere:
www.reuters.com/markets/europe/uk-house-price-growth-falls-lowest-since-march-2021-rics-2022-07-13/

angela99999 · 14/12/2022 19:52

Indablungerlow · 14/12/2022 16:40

We are in Bath.

This was what the OP said

angela99999 · 14/12/2022 19:53

scottishnames · 14/12/2022 19:48

The OP is not in Bath, just somewhere south-west.

According to Royal Institute of Chartered Surveyors (and the Halifax), prices in the south-west are falling faster than most other places elsewhere:
www.reuters.com/markets/europe/uk-house-price-growth-falls-lowest-since-march-2021-rics-2022-07-13/

Quote above

oiltrader · 14/12/2022 19:55

Indablungerlow · 14/12/2022 15:53

It's 700. They offered 650.

they should have offered 610. its a falling market

LisaLovedUp · 14/12/2022 20:22

angela99999 · 14/12/2022 19:52

This was what the OP said

@angela99999 she did an update around 6.45

A poster wrote this
Did a search of a 20 mile radius of Bath and next to nothing of 700k and those that were did not sell for 400k in 2012

OP replied
I already said I did not give exact details because I knew people would look it up.

So she now says she is not within a 20 mile radius of Bath.

rainingsnoring · 14/12/2022 20:28

It's not a stupidly low offer at all, seems reasonable in a falling market. You are unreasonable to automatically expect the same offer you had in August when the market has clearly changed.
If you don't want to accept the offer, then don't but do stop getting so huffy. It's a business transaction. As you are so convinced that everyone gets offers over asking in your area and that prices are rising, keep it on the market and see what happens.

Imnotswallowingthat · 14/12/2022 20:31

I’ll give you £600k for it.

DeadHouseBounce · 14/12/2022 22:53

ferneytorro · 14/12/2022 19:15

Assume this is a wind up - although what an odd and utterly boring thing to make up!

However (and appreciate that the OP doesn;t think there is a link between interest rates and a slowing housing market) the MPC meet tomorrow and assumption is that the rate will go up by half a per cent so things aren't going to get better just yet.

House prices falling will be things getting better.

TheShellBeach · 14/12/2022 23:41

Imnotswallowingthat · 14/12/2022 20:31

I’ll give you £600k for it.

LOLOLOL

Twiglets1 · 15/12/2022 06:24

Surely this thread is a wind up? In no way was that a stupidly low offer, it was a decent offer. They don’t have to accept it but should at least try to negotiate. It may be the best offer they get so shouldn’t alienate the buyer by taking the transaction personally.

C4tastrophe · 15/12/2022 06:44

Twiglets1 · 15/12/2022 06:24

Surely this thread is a wind up? In no way was that a stupidly low offer, it was a decent offer. They don’t have to accept it but should at least try to negotiate. It may be the best offer they get so shouldn’t alienate the buyer by taking the transaction personally.

Sounds like the EA said “It will probably fetch between 650 and 675”
”We need 700”
”700 is a bit high in this market”
”I said, we NEED 700”

On the plus side, at least they’ve had an offer, and a taste of reality.

Twiglets1 · 15/12/2022 06:50

C4tastrophe · 15/12/2022 06:44

Sounds like the EA said “It will probably fetch between 650 and 675”
”We need 700”
”700 is a bit high in this market”
”I said, we NEED 700”

On the plus side, at least they’ve had an offer, and a taste of reality.

Yes and I always think it’s nice to get the first offer, even if you don’t feel you can accept it.
The market is different in different areas so maybe OP feels they can achieve closer to the asking price in their local market. But I fail to see how that offer could be seen as stupidly low so I think (if genuine) they need to calm down.

jimmyjammy001 · 15/12/2022 07:53

Will be interesting to know what this house actually sells for, hopefully the seller will be honest if it goes for alot less than the asking price, but my guess is that they will jsut take it off the market if don't get 2% within asking price

Trez1510 · 15/12/2022 08:39

This entire thread has had me, like so many others, giggling and guffawing at the OPs stance/beliefs/refusal of reality from the outset.

For me, the entire thread can be encapsultated by @RovenderKitt

"They could just save themselves a few quid and live somewhere slightly further away than your market-defying bubble."

Market-defying bubble!!😂😂 Bravo!!