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Original poster

Offering 10% less than asking price

16 replies

Tepoi · 04/08/2023 08:34

Was on the market for £695k for a month before they reduced the price to £650k. The most i can afford would be £600k. Do you think it would be out of order to offer £585k and then up to £595k?
I dont want to sound insulting.

OP posts:
C4tastrophe · 04/08/2023 08:35

Go for it!

LividHot · 04/08/2023 08:39

I’d not start with the lowest of those figures.

I’d consider it insulting and not be warm to further offers.

But I’m awful at this stuff and hate haggling.

ResponsibleWalrus · 04/08/2023 08:48

No harm in asking. Not quite the same but we were on the market for £300k. Sold for 300 and that fell through, sold for 290 and then that fell through. The next offer was 270k and we needed to get our purchase back on track so jumped at it.

fromtheshires · 04/08/2023 09:06

Looks at houses within your budget range. Someone coming at me with 585 on a 650 advertised price wouldn't get a second chance at offering as i wouldn't trust them at all going forwards.

its a shit time to be buying or selling. Everyone on mumsnet is gleefully rubbing their hands going offer 15% less, falling market blah blah blah. Reality is houses are stagnant and only those who must (divorce etc) move are moving and ‘motivated’. I’m calling it now, if a house price crash does happen, landlords sell up left right and centre, who do you think will be buying all these cheap houses? Not locals /FTBers, it will be big companies getting cheap stock ‘paying over the odds’ before house prices rise again and renters are doubled down upon. Anyway, ill get off my soapbox now

Mooserp · 04/08/2023 09:10

How long has it been on at £650k?

WonderingWanda · 04/08/2023 09:11

I don't think anyone should be insulted by offers on a house. It's a business transaction. You can offer what you like but of course be prepared for them not to accept and to need to raise it. A buyer would be an idiot to then refuse a more acceptable offer from you based on you previously offending them with a low offer.

That said, if they've already dropped from £695 then you are actually asking for 110k less than asking which is actually closer 15% off the original asking price, I would imagine they are unlikely to go for that.

fromtheshires · 04/08/2023 09:23

WonderingWanda · 04/08/2023 09:11

I don't think anyone should be insulted by offers on a house. It's a business transaction. You can offer what you like but of course be prepared for them not to accept and to need to raise it. A buyer would be an idiot to then refuse a more acceptable offer from you based on you previously offending them with a low offer.

That said, if they've already dropped from £695 then you are actually asking for 110k less than asking which is actually closer 15% off the original asking price, I would imagine they are unlikely to go for that.

Ask anyone who has been gazundered for the buyers first offer right at exchange if they are an idiot. Once bitten……

Karmatime · 04/08/2023 09:27

Rather than trying to second guess the seller, base your offer on what you can afford and what the house is worth to you. Then if they reject the offer it’s not meant to be. From what you said that’s £600k. If you love the place go in at that and be very clear it’s your top offer.

PosiePerkinPootleFlump · 04/08/2023 09:33

I agree with pp. Don't try and play a game where you pffeow and then a bit more.
Offer £600k, say you love the house but that £600k is the very top of your budget. And mean it - ie there is no way you can offer £610 if they say no, as they just won't trust you then. So accept if they say no you'll need to walk away

PosiePerkinPootleFlump · 04/08/2023 09:34

Pffeow = offer low. Sorry

mosiacmaker · 04/08/2023 09:35

I would also recommend offering what you think it’s worth and what you can afford, which sounds like is 600k. Mentally going into the 500s bracket would probably be pretty hard for the sellers, so is it really worth losing out on a house you really want for the sake of 5k?

icanflytoday · 04/08/2023 09:35

Of course you can. Ours was up for offers over 900k with the estate agent saying they'd accept 950k! We offered 810k, went to 815k and bought at that.

10oclock · 04/08/2023 09:43

I think to go into the 5s will put them off, could you offer 600 and go to 605 as top offer?

WonderingWanda · 04/08/2023 09:57

@fromtheshires I wasn't suggesting the op went higher than she could afford or that she should gazunder anyone. Merely pointing out that it is perfectly fine to offer a bit below what you can afford and hope to settle on the price you can afford and that it isn't 'offensive' or 'insulting' to do so If you start at what you can actually afford buyers when it's below asking price buyers will always Try and push the price up closer to the asking price.

I've had buyers try to drop the price at the last minute after offering the asking price Some people are just aresholes, it doesn't mean I won't consider all sensible offers when selling my house. If you chose to only accept offers at asking price that doesn't automatically protect you from gazundering does it, so I don't really understand your logic.

Permanentlyfrazzled · 04/08/2023 10:32

If £600K is the best you can offer I would offer that and make clear it's right at the top of your budget and therefore it's your best and final. Be prepared for a rejection though!

Newusernameaug · 04/08/2023 10:35

I’d just offer £600k as your max and stay there - if they don’t accept it so be it but if you offered lower then came up to it I’d be pissed off at you

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