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?

Oh agreed @lieselotte - it's almost certainly a crap estate agent encouraging the current pricing

Of course most people make their house into a well loved home.

However, when the time comes to sell it, you need to detach from this and treat it as a business transaction because that is what it is.
99% of people think the OP is being ridiculous. You appear to be her sole supporter.

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

OP this is understandable but didn't really make sense because the local market in Bath will be different to your own so its hard for people to answer you properly. I don't think you understand how the property market has changed in the past 3 months and is still changing. I hope you find buyers at the selling price you want that can actually complete the purchase. The prospective buyers weren't being rude at all though.

a seller shouldn't be 'really pissed off' at an offer from a buyer WITH NO CHAIN at 7% less than the asking price. Particularly as mortgage rates have rocketed since August.

^This. They are also looking at properties in December which is usually a slow month, so they are a good bet as buyers.

I put in an offer of £650k on a house that was listed at £750k in September this year. South West London suburb, big standard 3 bed 1930's semi. It had been on the market for 3 days.

My first offer was rejected, so I upped it to a second offer of £675k, which was again rejected. I walked away, and completed on another house; the purchase had been progressing slowly for 6 months, and I genuinely thought it was about to fall through.

Owners of the £750k house dropped the price to £699k after 3 weeks, I then got a sheepish call from the agents at 4 weeks on the market to ask if my £675k offer was still on the table.

I've subsequently seen the vendors have taken it off the market. The vendors live abroad, so I can only assume they couldn't bear to sell the house "under value", even though it was vastly overpriced!

An offer of £650k on a £700k house might not be the cheeky offer you think it is, given where the market is now.

*bog standard 3 bed 1930's semi

What's the saying? If your offer doesn't embarrass you to make, it is too high...

Same in my area, prices are still in covid bubble la la land, I have a huge watch list on rightmove and all the houses have been sitting there now for 2 months at the same price, with a few reduced by around 2-3%, some have been taken off the market because they have not sold after a couple months because the seller isn't achieving the covid bubble price they want, they have allready made £100ks in equity pure profit and are just being plane greedy in my opinion, unfortunately it is going to take forced sellers, those that loose there jobs or can't afford the new mortgage rates renewal for prices to come down in my opinion as people will just hold on to there property and won't sell if they won't get the covid price (+20%) for their home as they don't need to lower there prices currently

"unfortunately it is going to take forced sellers...."

The 3 D's - Death, debt and divorce. Prices are set at the margin, so the first to fire-sell in Acacia Avenue will set the new normal price for everyone else.

Thats it, not everyone can put their life on hold waiting to get an unachievable price, the sellers that do are likely to be eccentrics and well out of touch and just a PITA to deal with anyway, best avoided, the market will eventually find its price without them.

Did you also accept a £100,000 reduction for your property? Over the past 45 years we have moved seven times….always had three or four price estimates from different agents and plumped for the mean average. I have had two CF offers….the first I told the agent to tell them we refused and not to bother bidding any higher as we wouldn’t sell to them….this is not uncommon in France…it’s considered an insult so basically you lose any chance of buying that property. The second time it was after two months of preparation to sell to a couple…we had accepted their offer then the day before exchange…they asked for a £20k reduction. Our solicitor advised them that if they would not stand by the offer they originally put on the table we would retract the agreement to sell to them….they paid the full price.

Luckily I sold in summer 2021 @Solonge so made nearly £100k on what I bought it for 4 years earlier.

The house I completed on was on sale for 10% less pre-Covid, so I didn't win on all fronts. Sellers of today do need to be realistic in that they're not going to get Covid bubble prices because the market has changed.

West midlands popular commuter town here with outstanding schools. A friend listed their house at 750k in june, got offered 775k. Chain fell through and relisted at the same price in october. No interest whatsoever, reduced to 700k a month later, now still sitting on the market.. the house is on one of the most premium street in town and would normally have been snapped up in days.

OP, I wonder if you're ok? Despite the vast majority of ppl telling you they don't think 50k under 700k is an insult, advising you to ask them to leave it on the table while you think about it, or counter at 5% under, you're batting the replies away angrily. You're accusing another poster of lying about her mum's house in Bristol (why would she come on a thread like this and lie?), you're disagreeing with everyone about the market not being down now in your region (or ever). You're not taking any advice to try and not personalize this. At first I thought maybe you needed the full price to make your ongoing upsizing purchase, but you've said you don't.

So why are you so furious about an offer? Maybe you need to get your aggression out on this thread, and you'll be in a better mental space for the next offer. But if not, maybe look inwards and ask yourself if there's anything else going on that's implicated in your angry reactions here?

I don’t think the OP is coming back.

the first I told the agent to tell them we refused and not to bother bidding any higher as we wouldn’t sell to them….this is not uncommon in France…it’s considered an insult so basically you lose any chance of buying that property

Maybe that is the case in France as property is (or at least was) much more sensibly priced to start with.

But the OP is in the UK. This is a UK site. So UK standards prevail and most of us don't think it's an insult, particularly given the market.

I think some posters are being very hard on the OP, she just doesn't like to think that she is being ripped off, though this may well not be the case.
It's tough to have an idea that your house is worth a given amount, but obviously any paper profit isn't real until it has actually been achieved. It's hard to let go of any gain, even if it isn't real.
We've been in this position and when we didn't have to move we simply stayed put. It's up to the seller what they will accept and to the buyer what the house is worth to them. Some buyers take the view that they will pay over the odds because they really want the house and will be staying there for long enough to cover the difference.

Estate agents blithely tell you to knock £75k off their own original valuation, but many of us don't earn this much in a year so it's a blow.
Please don't be too tough on this disappointed seller, just imagine how disappointed you would feel in her position.

Estate agents blithely tell you to knock £75k off their own original valuation, but many of us don't earn this much in a year so it's a blow.

But it's not £75k out of your savings. It's £75k off a fantasy amount that exists in bricks and mortar and only in theory. And in all likelihood you've already made a ton of money because, while dips and crashes exist, in the long term house prices rise. Even if you sell at a loss, that's not what you're talking about here. You're talking about not making as much profit in bricks and mortar as you hoped.

Anyway, even if it's a blow, it's still not personal. It's madness to put your house on the market and take any unsatisfactory offers as personal insults. It's just a business transaction.

just imagine how disappointed you would feel in her position.

If I set to make 600k+ on a house I bought for 400k 10 years ago I would be fucking delighted. That’s her ‘worst case’ scenario!

This the season… for conspiracy theories… not convinced that this is a genuine poster recounting their real life experience and emotional response.
Might well be a poster (or group) just trying to get the rise out of all the posters trying to explain in a thousand ways, to provide an idiots guide to the U.K. housing market.
After all, ambient music was played on Good Morning Britain the exact time an interview with a Junior Doctor was being interviewed, this morning - finishing when his interview concluded.
The presenter apologised to ‘some viewers in the London area’ - very disingenuous we live in Worthing nowhere near London.
It was clear the sound had been hacked.

I can see February on the horizon and OP being annoyed at being offered £550k for her house that is on the market for £600k.

This isn't cheeky at all. It's less than 10%.

There's a house opposite me that's dropped the price tag 200K , to 2.8M it's like monopoly money 🙄
it's only worth what someone is willing to pay ....

And that is exactly what I said, a potential profit isn't a profit until you sell. But you always hope that it is real!

Well you need to stop thinking of it as solid cash you actually own that was lost, because it isn't and it wasn't. Sounds like OP has made plenty of profit even if she'd rather have £50k more.