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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:
Wanderingoff · 14/12/2022 17:05

The average price has been decreasing every month since summer - so it’s still higher than a year ago - but each month that becomes less until it will become an annual decrease.

Mildura · 14/12/2022 17:06

Indablungerlow · 14/12/2022 17:04

Also we don't even live in Bristol so it isn't relevant to our situation

By the sounds of it you live somewhere where the property market is totally unaffected by the cost of mortgage borrowing and buyer sentiment, which is unusual to say the least.

Blankscreen · 14/12/2022 17:06

I live in the south east and the last 2 years was crazy.

Anything was selling and everything seemed to go to best and final.

If you were in a chain then you had no chance.

Since the mini budget and colc things have definitely slowed down a lot.

Lots of properties reduced and many just not selling because they were price at the end of the summer and now seem ridiculously overpriced.

Some sellers will get desperate and that is when you might get a bargain.

It's also all about the gap between what you are selling and what your buying.

ChilliHeelerFanClub · 14/12/2022 17:06

Indablungerlow · 14/12/2022 17:04

Also we don't even live in Bristol so it isn't relevant to our situation

It’s still in the south west, love, the area you were insisting wasn’t impacted by the housing crash. Honestly, you’re coming across so badly on this thread… Spiky and know-it-all, despite being completely incapable or unwilling to listen to the 99% of posters on this thread who disagree with you. It’s laughable to read.

Chimna · 14/12/2022 17:07

Are ypu looking at sold prices on rightmove or houses for sale? Only sold prices mean anything.. You may be in for quite a surprise if you need that much to move.

Wonnle · 14/12/2022 17:07

Indablungerlow · 14/12/2022 15:54

Houses in our area usually go for significantly above asking not below

Not no more they don't !

LisaLovedUp · 14/12/2022 17:07

How long have you been there and how much have you increased the price?

Buyers can see all of this online.

I think you are a bit bonkers complaining about one low offer, when it's been on the market for a week.

If it was a bargain, it would be gone by now!

yoyy · 14/12/2022 17:08

@Indablungerlow are you buying with cash?

socialmedia23 · 14/12/2022 17:08

@Indablungerlow I want to upsize too and I have my flat on the market. If someone gave me an offer, i woudl go to the next buyer with a reduced offer and ask if they want to accept it. Its actually easier to upsize in a falling market, and you pay less stamp duty and estate agent fees. If your home has fallen by 50k aka 10%, the next step up would have fallen by even more.

Original poster
Indablungerlow · 14/12/2022 17:08

We bought it for 400k in 2012.

OP posts:
NowThatsWhatICall22 · 14/12/2022 17:09

OP, no offence intended but have you ever sold a house before? At this time of year and in these times I’d be snapping the hand off a strong buyer who you could guarantee getting your sale across the line. They’ve also offered with the knowledge that your previous chain collapsed- dare I say your EA may have even suggested you were open to offers? and said something entirely different to you because they want, actually need the sale as 2023 is going to be less profit all round

Viviennemary · 14/12/2022 17:09

Its not a great offer but its certainly not cheeky. I think folk might be in for a big shock if prices fall as they are predicted too..

yoyy · 14/12/2022 17:09

you'll still make a profit just not 300k's worth.

socialmedia23 · 14/12/2022 17:11

Indablungerlow · 14/12/2022 16:53

Yes of course. 25k over on the house we are buying.

Show quote history

oh lord please don't do this. Esp if you are buying a huge house in the SW with EPC F. I would offer 10% below, if not more as according to the latest rightmove stats, its the properties at the top of the market that are seeing the most reductions. Less so for baseline properties because people need a place to live in.

I am guessing if you are buying a house that is more than 700k in the SW, its probably quite a large one. Even in my area in London, its a terraced or a 3 bed period conversion flat.

MirrorMirror1247 · 14/12/2022 17:12

I think we need a link so we can have a look and decide if 650k is a cheeky offer for this house.........

yoyy · 14/12/2022 17:12

As I said we bought earlier this yr when the market was crazy & we did go over asking (never done that before). However our mortgage would cost 7k a year more now so no way would my budget not be impacted. I could still afford it as we didn't max ourselves but my god it would be hard to swallow paying that much more simply on interest.

janeeyreair · 14/12/2022 17:12

they were probably expected you to counter offer and would have gone up to 680,00. I would honestly suggest you take all emotion out of it and if you get a similar offer negotiate. In a few months time you may be chasing the market down.

If you don't have to move then of course its different.

jimmyjammy001 · 14/12/2022 17:13

Indablungerlow · 14/12/2022 15:53

It's 700. They offered 650.

Seems perfectly reasonable to me, your house would of likely increased in value over that in the past 12 months alone

BringMeTea · 14/12/2022 17:13

There are zero properties on at £700k within 10 miles of Bath this month. Hmmmm.

LisaLovedUp · 14/12/2022 17:13

So, no time to do that maths precisely, but that's £300K over 10 years, so £30K increase a year.

Is that the same for all the sold houses in your road? If you are in a road?

Swanna · 14/12/2022 17:13

This is our issue @yoyy - we've had to move but the extra we'll be paying on the mortgage takes us back to a time when we were funding too full time nursery places. It's going to be a hard few years!

Original poster
Indablungerlow · 14/12/2022 17:14

I'm obviously not going to give the exact location or details as I know it will be found and then picked apart.

OP posts:
LisaLovedUp · 14/12/2022 17:14

BringMeTea · 14/12/2022 17:13

There are zero properties on at £700k within 10 miles of Bath this month. Hmmmm.

The SW extends much further than 10 miles round Bath, surely?

AreOttersJustWetCats · 14/12/2022 17:14

MunsteadWood · 14/12/2022 17:04

I think MN is so weird on house prices sometimes. All this talk about what % over or under asking price sellers expect, as though asking prices are some kind of objective scientifically calculated thing rather than a combination of seller's expectations and tactics on behalf of the agent. In our area there are two big EAs who have totally different tactics. One tends to set asking prices lower than they expect a property to sell for, which attracts masses of viewings and then often results in a bidding war. The other tends to set asking prices high, their logic being (which I know because they told me during a consultation) that buyers can then offer a bit under "and feel like they've got a bargain". So to me it just feels a bit meaningless to be talking about what % over or under is normal/expected. Houses are only worth what people are willing to pay!

I agree. The English property market is very odd. I prefer the Scottish system myself.

Mildura · 14/12/2022 17:14

BringMeTea · 14/12/2022 17:13

There are zero properties on at £700k within 10 miles of Bath this month. Hmmmm.

Haha!

Not just me who checked then...??! 😂