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Original poster

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:
2bazookas · 14/12/2022 16:44

On the occasions when some buyer has tried to persuade me with their early offer, I just reply " Don't tell me your offer, because of course I'll tell other buyers and use it to my advantage".

Original poster
Indablungerlow · 14/12/2022 16:44

Genegenieee · 14/12/2022 16:42

Have you talked to your estate agent? There are fewer houses coming onto the market so houses are still selling but not at a premium. Buyers are pricing in for a bear market. Hold onto your hat.

Show quote history

My EA says ours is likely to go over asking price

OP posts:
Hugasauras · 14/12/2022 16:45

At the end of the day, your house is only worth what someone will actually pay for it. Valuations mean very little if no one actually wants it at that price.

taxpayer1 · 14/12/2022 16:46

So if you are so sure that you are going to get over the asking price, why do you even care for a low offer?

Paddingtonthebear · 14/12/2022 16:46

Mortgage rate offers are harder to obtain now
People have less money to move, pay stamp duty etc
Lenders are more cautious, increase in down valuations for those requiring the mortgage to buy
Energy costs will rise again next year but there will be no more government help
All other living costs are still rising

With all this in mind, it would be a bit mad to offer full asking, nevermind offer asking price right now.

The market will be more like in days gone by where buyers can start spending time mulling over a house viewing, even wanting a second viewing, before making a decision about putting in an offer.

Original poster
Indablungerlow · 14/12/2022 16:46

taxpayer1 · 14/12/2022 16:46

So if you are so sure that you are going to get over the asking price, why do you even care for a low offer?

Because I think it is rude. I wouldn't do it, maybe 5k under at most. Nowadays you expect to go over.

OP posts:
keepcalm11 · 14/12/2022 16:47

people will always need to buy

Possibly OP but the price they are willing to offer may vary.

Try not to take it personally. Had they sold their property and in a postion to move ? If so it might be worth considering.

You sound very confident, hope you are right.

eurochick · 14/12/2022 16:47

As others have said, 10% under asking is a pretty standard opening gambit. This is higher than that. You can probably meet them in the middle and do a deal. If you want to. Or reject it. Your choice.

yoyy · 14/12/2022 16:47

we only got our new house this year because we were chain free. We were not the highest offer.

Paddingtonthebear · 14/12/2022 16:48

I don’t think you are listening to anything anyone is saying here OP. Good luck to you. I would at least tell your agent not to book anyone in to view unless they are offering full asking. No point in wasting your time or theirs.

yoyy · 14/12/2022 16:48

Nowadays you expect to go over.

err nope

Original poster
Indablungerlow · 14/12/2022 16:48

keepcalm11 · 14/12/2022 16:47

people will always need to buy

Possibly OP but the price they are willing to offer may vary.

Try not to take it personally. Had they sold their property and in a postion to move ? If so it might be worth considering.

You sound very confident, hope you are right.

They are living in rented accommodation.

OP posts:
outdooryone · 14/12/2022 16:48

Indablungerlow · 14/12/2022 16:44

My EA says ours is likely to go over asking price

Show quote history

And your EA has your fee to earn...they will say what it takes.
They also do not have a crystal ball.
At the end of the day it is a business negotiation, nothing more.

I presume OP you would be happy to buy at 10% under on your new house if your old house was 10% under too?

NeedAHoliday2021 · 14/12/2022 16:48

Are you not listening? 10% under is normal starting point. In 2021 it was more likely offers over but then… the economy became unstable. Do you watch the news?

Original poster
Indablungerlow · 14/12/2022 16:49

eurochick · 14/12/2022 16:47

As others have said, 10% under asking is a pretty standard opening gambit. This is higher than that. You can probably meet them in the middle and do a deal. If you want to. Or reject it. Your choice.

Not these days it isn't. Our friends got 90k over asking price in March this year.

OP posts:
Pelo22 · 14/12/2022 16:49

That was March though... things are changing all the time

keepcalm11 · 14/12/2022 16:50

Indablungerlow · 14/12/2022 16:48

They are living in rented accommodation.

Show quote history

Promising buyers then

Pondere · 14/12/2022 16:50

Currently buying a house. It was on the market in early summer and went for a £150k over asking. Went back on the market in October for the same asking price and we’re buying it for £110k under.

Market has very much changed I’m afraid.

Mildura · 14/12/2022 16:50

Indablungerlow · 14/12/2022 16:49

Not these days it isn't. Our friends got 90k over asking price in March this year.

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Can anyone think of something that may have changed in the property market since March?

NeedAHoliday2021 · 14/12/2022 16:50

Yes, April 2022 we got a mortgage renewal at 2.19% that would be over 5% now. Dec 22 isn’t comparable to the market in March 22.

SeveruslyFrazzled · 14/12/2022 16:50

Indablungerlow · 14/12/2022 16:49

Not these days it isn't. Our friends got 90k over asking price in March this year.

Show quote history

I’m sorry OP I think you are very unlikely to get significantly over the offer at this moment in time. Times very different to March.

But if that’s what you want then just say no and hold out. I can’t see things getting better though

yoyy · 14/12/2022 16:50

Not these days it isn't. Our friends got 90k over asking price in March this year.

keyword is March!

cestlavielife · 14/12/2022 16:51

March to now , things have changed drastically

Original poster
Indablungerlow · 14/12/2022 16:51

Mildura · 14/12/2022 16:50

Can anyone think of something that may have changed in the property market since March?

Show quote history

Yes obviously but it has not affected the market to any great degree here as I have already said. Our EA said the same thing.

OP posts:
Paddingtonthebear · 14/12/2022 16:51

yoyy · 14/12/2022 16:47

we only got our new house this year because we were chain free. We were not the highest offer.

We are chain free and got outbid multiple times over the last year. Most people only care about the money. BUT.. that was then and this is now. Now agents are calling me, about properties they have sat on their books, I’ve seen a number of houses suddenly back on the market again recently , prices reduced all over, from little one bed flats up to £5m houses in one of the most expensive areas in the country. The market has slowed. I suspect it is coming as rather a shock to some people!