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Original poster

What would be considered a "cheeky" offer?

20 replies

Buyingisnofun · 16/04/2023 17:59

Went to see a house on Saturday (3 bed, part of 2016 build, great views to open countryside), loved it and thought I would probably be willing to put in an offer. On at £725k (reduced from £750k 10 days ago)

But....when I came home I did some more research & it seems it's overpriced. Something else nearby with same sqm but not the views just sold for £650k (asking price £675k).

I would really like the house but not if it's going to end up being a financial mistake that I lose significant money on / can't sell later. I think something like £675k - £685k would be more realistic but I have hardly any data points as most of the houses haven't even been sold once yet.

When the estate agent rings on Monday, do you think that it's worth offering anything that low? I've always had to pay more than asking price before so I'm not really sure what is the etiquette of being honest when you don't think it's worth the guide price.

Thanks for any help from more seasoned buyers!

OP posts:
kidcrazy · 16/04/2023 18:01

Buyingisnofun · 16/04/2023 17:59

Went to see a house on Saturday (3 bed, part of 2016 build, great views to open countryside), loved it and thought I would probably be willing to put in an offer. On at £725k (reduced from £750k 10 days ago)

But....when I came home I did some more research & it seems it's overpriced. Something else nearby with same sqm but not the views just sold for £650k (asking price £675k).

I would really like the house but not if it's going to end up being a financial mistake that I lose significant money on / can't sell later. I think something like £675k - £685k would be more realistic but I have hardly any data points as most of the houses haven't even been sold once yet.

When the estate agent rings on Monday, do you think that it's worth offering anything that low? I've always had to pay more than asking price before so I'm not really sure what is the etiquette of being honest when you don't think it's worth the guide price.

Thanks for any help from more seasoned buyers!

Sounds like a cheeky asking price.

Dyslexicwonder · 16/04/2023 18:01

I think 10% below asking price is about the limit of bot insulting so £675 but be prepared to meet in the middle.

Kvetching · 16/04/2023 18:06

We have just accepted 25k under asking on my parents’ house. I wouldn’t have gone any lower, so I’d consider anything over around 3% off, a bit cheeky.

This is in the Home Counties, where prices are probably still inflated and demand is high.

ThankmelaterOkay · 16/04/2023 18:07

What did it sell for in 2016? I’d go about 10% on top of that.

Original poster
Buyingisnofun · 16/04/2023 18:09

ThankmelaterOkay · 16/04/2023 18:07

What did it sell for in 2016? I’d go about 10% on top of that.

It sold for £650k as a new build, with nothing done since so carpets need replacing etc.

OP posts:
alwaysmovingforwards · 16/04/2023 18:09

Offer what you like.
If it's too low the EA will decline it and let you know.

I never understand this worry about cheeky offers.

zombiecupcakes · 16/04/2023 18:12

Can’t advise on price but don’t wait for them to ring you if you want to make an offer

Secondbirthwhathappened · 16/04/2023 18:13

Cheeky is 15%+ below asking price in my opinion. But to be honest is any offer ‘cheeky’? If it’s been hanging about for months they might just want any offer at that point. It’s business, they’re free to say no

sunshinesupermum · 16/04/2023 18:15

It sold for £650k as a new build, with nothing done since so carpets need replacing etc.

Why would carpets need replacing if new only in 2016??

Original poster
Buyingisnofun · 16/04/2023 18:18

sunshinesupermum · 16/04/2023 18:15

It sold for £650k as a new build, with nothing done since so carpets need replacing etc.

Why would carpets need replacing if new only in 2016??

Because they were cream carpets in every room & staircase and the owners have 2 dogs so they really haven't worn well

Otherwise I'm sure they wouldn't!

OP posts:
kidcrazy · 16/04/2023 19:32

Kvetching · 16/04/2023 18:06

We have just accepted 25k under asking on my parents’ house. I wouldn’t have gone any lower, so I’d consider anything over around 3% off, a bit cheeky.

This is in the Home Counties, where prices are probably still inflated and demand is high.

Why is ‘cheeky’? That’s just a term some estate agents made up to shame people into paying more for a house.

ThankmelaterOkay · 16/04/2023 19:42

kidcrazy · 16/04/2023 19:32

Why is ‘cheeky’? That’s just a term some estate agents made up to shame people into paying more for a house.

Show quote history

when it eats into your inheritance.

ThankmelaterOkay · 16/04/2023 19:46

Buyingisnofun · 16/04/2023 18:09

It sold for £650k as a new build, with nothing done since so carpets need replacing etc.

Show quote history

No way they’ll take anything sub £700k. Even that is only 7.7%.

I’d go in at £705k, meet at £715k.

electriclight · 16/04/2023 19:49

My DSis is an EA. Please don't worry about being 'cheeky.' You wouldn't believe the stories I've heard. If you don't ask, you don't get. The worst thing that'll happen is they say no. If they're offended and refuse to negotiate they are the sort of idiots you don't want to do business with anyway. Anything less than 10% in a falling market is foolish.

User8907 · 16/04/2023 19:53

I bought my house with 15% under asking price. Some years ago, but I didn't think house was worth more. I got a good deal, but the sellers needed to sell and no other offers was coming, so you never know.

Gothambutnotahamster · 16/04/2023 19:55

Offer what you think it's worth, regardless of whether that's considered cheeky or not. If you're getting a mortgage, the bank will also do an appraisal and only lend against what they believe the house is actually worth. (Might not matter depending on your financial circumstances but did make a big difference for a friend who couldn't get the size of mortgage she needed to buy the house she wanted - she managed to negotiate a lower price with the vendors because of this but it made things very tight for her).

Saschka · 16/04/2023 20:00

It sounds like the house is way overpriced - you can point that out, but it’s unlikely the sellers will listen.

I personally just wouldn’t make an offer in your situation, and would explain that to the EA. They clearly aren’t going to accept an offer of £675k, and you’d be mad to make an offer of £725k, so you are too far apart. Move on.

We’ve done similar - house on for £1.1m, all other houses in area sold for about £900-950, so we just said it was overpriced and walked away. Still ”Under Offer” on RM, over a year later, so obviously other people agreed with us.

rattlinbog · 16/04/2023 20:41

New builds are notoriously overpriced. Offer low low low!

rattlinbog · 16/04/2023 20:42

Apologies just seen not a new build

Ahmew · 16/04/2023 21:05

I think if you compare it to the place that sold for 650, it all depends how amazing the view is (and whether it is likely to be built on). If the views are really great and likely to be permanent I’d say it adds a fair bit to the value of the house. But even then doubt I’d go much over 700

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