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Original poster

Anyone had 'cheeky' offer accepted recently?

31 replies

Playgrind · 23/05/2023 14:07

I am viewing a house next on South Coast, believe it is overpriced at £340, same 3 beds on the next street sold for £310 last year at the peak, and then £300 and £267 in 2021.

All were very modern, new kitchens and bathrooms and my house is ok but slightly dated, though has large garden..currently tenanted and landlord keen to sell.

I am hoping to make an offer that could be viewed as cheeky but given how long it's been on the market is conservative but not cheeky.

Interested to hear if anyone done similar, am FTB so don't want to get a rep for silly offers but £340 way too much

OP posts:
Areyootakingthepish · 23/05/2023 14:10

Hello @Playgrind I would just offer what you think it’s worth based on your research of the area. You’re a FTB and if the landlord wants to sell a deal can definitely be done.

what have you got to lose?

our current house we got for 11% under asking. We were FTB and bought it from a. Developer who needed to pay back his loans. If the landlords mortgage deal is now on a new rate and it’s not making financial sense he will be keen to do a deal.

buyerconfusion · 23/05/2023 14:16

I've had my offer of £25k under asking price accepted.

Areyootakingthepish · 23/05/2023 14:29

@buyerconfusion what was the asking price?

Original poster
Playgrind · 23/05/2023 14:29

And rough location please @buyerconfusion

OP posts:
Original poster
Playgrind · 23/05/2023 14:31

Great user name for the topic @Areyootakingthepish!

We will, we are having to move out in the summer and may have to rent so if they say no am prepared to bide my time until the effect of interest rates really kicks in

OP posts:
HeartOrHeadDecision · 23/05/2023 14:35

we made an offer of 480 on smth priced at 525 and that has been there for 8 months, they didn't accept.
Souch East

Summerhillsquare · 23/05/2023 14:41

Yeah, but old fashioned and odd layout in north east, got 7.5,% off asking price.

C4tastrophe · 23/05/2023 14:45

Sounds like the vendor has gone with a cheeky price.

TropicalMoon · 23/05/2023 14:50

In the NW, we offered 22k less and it was accepted. It needed work doing to it though.

Twiglets1 · 23/05/2023 14:52

I would offer 300k and use your justification as the comparable house that sold for 310k at the peak.
I doubt the offer will be accepted but it may be. I wouldn’t be offering more than 310k maximum unless this house is bigger square footage wise than the other house or superior in some other way.

Littleworkaholic · 23/05/2023 14:55

Just make sure you don’t confuse what you can afford/would like to spend versus what it’s worth.

on saying that, if you genuinely believe it’s not worth the price then offer what you think it is and prepare to walk away if they say no.

Saschka · 23/05/2023 15:00

There are a lot of sellers who haven’t quite grasped that it isn’t the glory days of 2022 any more (presumably puffed up by estate agents).

If your seller has picked a price 10% over peak asking prices from last year, has been on the market for a while without reducing the price, and isn’t obviously desperate to sell (has sitting tenants), I don’t think your chances are good, honestly. I still wouldn’t pay £340k, but set your expectations for the offer to be rejected.

Areyootakingthepish · 23/05/2023 15:24

The sellers motivations are everything - we’ve viewed a few houses of people looking to downsize or relocate. They’re only going to do it if they get the number they want in their head, so in those instances there isn’t much point j don’t think. But landlords, divorcees, developers, you’ve got more of a chance as they have to sell.

Original poster
Playgrind · 23/05/2023 17:17

Well I am hopeful as they agent knew our budget was 'around 300' and told us the owner was a landlord who wanted to sell, so with any luck it will work out, am viewing next week so fingers crossed

OP posts:
Lcb123 · 23/05/2023 17:19

We offered £445k on a £475k listing price. And was accepted. But weirdly they reduced it to £450k the day we made our offer

Jeezuswept · 23/05/2023 17:24

I accepted £250k for a house listed at £280k but I was very motivated to sell and the buyers were in a brilliant position.

Similar house in the street sold for £220k in 2021 so I think yours is probably priced about right?

NotAnAngelOrAHero · 23/05/2023 19:34

Let us know how you get on!

Original poster
Playgrind · 23/05/2023 20:26

Will do!

OP posts:
Hollyhead · 23/05/2023 20:33

From what you’d described I’d go best and final at 300k and see what happens. Do not pay more than 310k Do you know when the LL bought it?

Amtheyest17 · 24/05/2023 14:21

I am hoping to make some ‘cheeky’ offers once I’ve sold as I believe a lot of the houses up for sale in my area are ridiculously overpriced and are just sitting there. Saying this, I have just had a ‘cheeky’ offer £20k under an ‘offers in excess of’ (which is less than what we bought for, 7 years ago!) and we’ve said no. Even if I wanted to accept it I can’t because I wouldn’t be able to move! I feel like this person is trying their luck because they are a FTB.

I think if you’ve got good reasoning and it’s clearly overpriced then go for it! Good luck!

Original poster
Playgrind · 24/05/2023 16:56

I've worked out the price per square meter is about 30% more than comparable others, think the landlord bought it as right to buy of social housing, was about £150k so should make a healthy profit on a small mortgage

OP posts:
CellophaneFlower · 24/05/2023 18:03

The larger garden will account for some of the inflated price, especially as I assume there's potential to extend.

OhcantthInkofaname · 24/05/2023 20:10

CellophaneFlower · 24/05/2023 18:03

The larger garden will account for some of the inflated price, especially as I assume there's potential to extend.

This^ is important.

rainingsnoring · 24/05/2023 21:34

Playgrind · 23/05/2023 14:07

I am viewing a house next on South Coast, believe it is overpriced at £340, same 3 beds on the next street sold for £310 last year at the peak, and then £300 and £267 in 2021.

All were very modern, new kitchens and bathrooms and my house is ok but slightly dated, though has large garden..currently tenanted and landlord keen to sell.

I am hoping to make an offer that could be viewed as cheeky but given how long it's been on the market is conservative but not cheeky.

Interested to hear if anyone done similar, am FTB so don't want to get a rep for silly offers but £340 way too much

Offer whatever you think it is worth when you have viewed and compared to others, etc. It doesn't sound as if you are in a desperate situation yourself so maybe offer 295 or 300.
Did you say how long it has been on the market for? If more than 3 months or so, it looks as if everyone else thinks it is overpriced too. The tenants will put quite a lot of people off too. Have they been given notice or not?

CrashyTime · 12/09/2023 17:51

Houses are losing value by the week now, no point making offers until interest rates settle and the effects are more clear IMO.