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Original poster

I want to offer low

44 replies

Rosalindisafuckingnightmare · 05/01/2023 11:43

Please Mumsnet Gurus, I think this house is on for too much. I do like it but think it’s worth less. And can’t afford the asking price!

It’s title would be 3 bed semi but it does have quite a lot of space - there’s a downstairs room with an adjacent bathroom which could be an office, playroom or spare room plus an extended kitchen-diner-living space and separate living room and utility and some garage storage space remains from the conversion. There’s a loft conversion and they have an office and double bed up there but clearly not to building regs - actually accessed by ladder. It’s in a nice area of a nice city

It’s on for £550k, only since November. Nothing on the street has ever sold for any number starting with 5. Most expensive sale on the street in sold history was 451k in March 2020 for a 3 bed. A 3 bed semi on the street went for 420k in 2021, and a 3 bed plus en-suite bedroom in external garage went for 425k in 2021. A properly loft converted 4 bed but 4th bed a tiny box went for £425k in 2018. There’s not loads coming on the market at the moment. They bought it back in 2004.

Any tips on where we could pitch that’s not us being totally daft and not going to completely alienate the seller (less fussed on this as we could wait and look for something else) or black list us with the agent as CFs?

OP posts:
MrsSkylerWhite · 05/01/2023 11:45

It’s been priced by a professional.

I’d like a yacht but I can’t afford one.

SoupDragon · 05/01/2023 11:46

Offer what you think it's worth. I doubt very much they will accept a very low offer this early though.

Oblahdeeoblahdoe · 05/01/2023 11:48

A house is only worth what someone is prepared to pay for it. What kind of percentage are you thinking of offering? I think most vendors expect offers so give it a go. Good luck.

DeeplyMovingExperience · 05/01/2023 11:49

So you've been viewing houses you can't afford. This was exactly the kind of "prospective buyer" I told my estate agent to avoid.

AreOttersJustWetCats · 05/01/2023 11:49

Going by the sale prices on the street (assuming those houses are similar enough to be good comparators), its value is nowhere near £500k, particularly in the current climate. The fact it's been on for 2 mths shows that too.

I'd view it, but hold fire on making an offer. See if it's still on the market in Feb.

AreOttersJustWetCats · 05/01/2023 11:50

MrsSkylerWhite · 05/01/2023 11:45

It’s been priced by a professional.

I’d like a yacht but I can’t afford one.

This is bollocks. EAs are just making estimates just like everyone else, and the seller determines the price it gets listed at, not the EA. Sellers often ignore EA advice, particularly in a falling market.

Original poster
Rosalindisafuckingnightmare · 05/01/2023 11:51

@MrsSkylerWhite fair point! I guess I was just questioning the professional opinion in the current environment. We could potentially stretch to 500 but not sure I want to and wanted to get a general feeling about whether numbers starting with a 4 were a total no go!

OP posts:
AreOttersJustWetCats · 05/01/2023 11:53

The relevant comparator prices in your street are £420k and £425k from sales in 2021 - so pretty recent. Unless this house is significantly better than them in some way, there is no way it is actually worth £550k now (which is 30% more!). The market was overheating in 2021, with people bidding huge amounts over asking. That is not the case now.

SiobhanSharpe · 05/01/2023 11:54

'Professionals' valued our house at way more than it was worth and way more than the sale actually realised.
(Because they were trying to get our business)

AreOttersJustWetCats · 05/01/2023 11:55

SiobhanSharpe · 05/01/2023 11:54

'Professionals' valued our house at way more than it was worth and way more than the sale actually realised.
(Because they were trying to get our business)

Exactly. I've been there too - EAs have their own strategies, and many will "value" a house at a crazy amount in order to get the business. They are not actually valuation professionals.

Pipsquiggle · 05/01/2023 11:55

Try to be objective, do you think it is the best house on the street?

Sounds like they are deliberately framing the price high. £550k is probably unachievable.

AreOttersJustWetCats · 05/01/2023 11:56

I would genuinely wait. By Feb, the house will have been on the market for 3 mths, and the post-Xmas house viewing peak will have died down. If they want to move, they will start to be more open to offers.

Original poster
Rosalindisafuckingnightmare · 05/01/2023 11:57

Haven’t actually viewed it yet for this reason! We would be able to borrow this much according to the bank I’m just not sure I’m comfortable with doing so.

OP posts:
good96 · 05/01/2023 11:57

It’s not the EA who has priced the property at £550k, it is the vendor - they own the property so they can sell it at what they want - they would have been advised though what the realistic value is, but of course you can ignore that if you feel you can get more… but you probably just won’t get people through the door.
Have you viewed the photos of the other properties and compared it to this one? Does the one you are interested in have more land?
I would approach the EA and explain your predicament - you’re interested but you don’t feel that it has been valued correctly.
You could offer low; the worst is that they’ll say no….
Would you not consider holding off until other reasonable priced properties suffice?

ACynicalDad · 05/01/2023 11:58

I think it’s worth having this discussion with the EA, maybe not making a formal offer but seeing what they say, you can then wait in the background for a while. Maybe ask why it’s worth 30% more than others in the street from 2 years ago in a falling market. If they know your interest they may come back to you in time.

WhyCantPeopleBeNice · 05/01/2023 11:59

We offered 14% under asking and it was accepted as they'd had 3 offers fall through so you really have nothing to lose by offering under £500, even 10% less knocks £55k off

It all comes down to the seller and their attitude, the house might be over valued due to the estate agent OR the seller may have pushed for a higher figure to chance their luck but I'd go to the agent with the other sold figures and comparisons and say your offer is based on that.
You're not a CF and it might be the reality check the seller or agent needs

Snowflake2023 · 05/01/2023 12:00

MrsSkylerWhite · 05/01/2023 11:45

It’s been priced by a professional.

I’d like a yacht but I can’t afford one.

I can't believe you actually posted that with a straight face 😂

Seriously OP, the EAs are just sales people pushing the stock they have. Most are not highly qualified, or even that experienced. Many will almost certainly not have experience operating in the market we're currently in. Over the years I've been staggered by the behaviour of some I've dealt with.

Offer what you are willing to pay. They have a choice, take it or leave it. Its a business deal, pure and simple.

gemloving · 05/01/2023 12:01

Rosalindisafuckingnightmare · 05/01/2023 11:51

@MrsSkylerWhite fair point! I guess I was just questioning the professional opinion in the current environment. We could potentially stretch to 500 but not sure I want to and wanted to get a general feeling about whether numbers starting with a 4 were a total no go!

The professional makes money from the sale so a biased opinion but it's unlikely you'll be able to go down 10%. I would start at 525, they might accept 535 if there are no other offers.

Original poster
Rosalindisafuckingnightmare · 05/01/2023 12:03

This is all really useful, thank you! I guess it does have a bit more space than the bog standard 3 bed semis but it doesn’t have lots more land and I don’t think is the nicest house in the street. The comparators I felt were in similar order to this house from the photos. I would also expect the building regs thing to be a sticking point for a lot of people. This would be a long term purchase for us and we’d be comfortable with using it as overflow/office/hobby space and maybe putting in a paddle staircase or similar.

OP posts:
Pipsquiggle · 05/01/2023 12:04

Go and have a look as theoretically you can afford it.

You might hate it in which case your question is moot.

AreOttersJustWetCats · 05/01/2023 12:05

Unless this house is significantly better than the two comparators from 2021 (and I agree with PP that you do need to try to assess this objectively), then even offering in the high £400s would be overpaying in the current market. Unless the size of the house, plot, renovation state, or something else about this house makes it significantly objectively better than those others, the £550k price is massively OTT.

I'd actually be put by that alone. The crazy asking price may be indicative of a stubborn, unrealistic seller who will be an absolute pain in the arse to deal with.

AreOttersJustWetCats · 05/01/2023 12:06

^ I'd be put off by that alone

AreOttersJustWetCats · 05/01/2023 12:08

gemloving · 05/01/2023 12:01

The professional makes money from the sale so a biased opinion but it's unlikely you'll be able to go down 10%. I would start at 525, they might accept 535 if there are no other offers.

Show quote history

In a falling market, and with a house that has been on for a few mths, this isn't true at all.

Snowflake2023 · 05/01/2023 12:09

I'd agree with Otters the market is changing very rapidly and is likely to get worse over the next 12 months. If the buying does not have a realistic grasp of the market then you're likely to run into problems with the purchase.

I'd go and view it and then if you like it, sit on your hands for a few months to give the seller the chance to come to terms with how the market has changed. Then around Easter go in with your offer.

Pipsquiggle · 05/01/2023 12:09

Would you be willing to share the link?

Or tell us which city / town it's in?