Making an offer 15% below asking price

[Sosol]

House came on the market last week and we had a viewing . It was ok, didn’t love it but wouldn’t mind living there.
I think it’s massively overpriced, it’s on sale for 500. I feel like putting in an offer of 420k just to see what happens; equally I don’t want to seem offensive, this isn’t someone’s home.
they are after a quick sale…. Thoughts he obv isn’t going to accept as it’s been on the market for only a week… but would you be offended

Are you in a position to proceed?

Yep, got a deposit and have spoken to a 2 brokers

I would expect it to just annoy the vendor and agent, but you never know - if that's the only offer they get they might try to negotiate. Or they may really need to sell. The problem I have with your question is that you said you don't love the house. Wouldn't it be better to focus on getting the right house that you really want ?

Well what's your basis for thinking it's overpriced?

similar sized house, in perfect condition, full renovated, is on the market for the same asking price.
this one needs a new boiler, kitchen is very dated, new carpets (just floor boards upstairs)! and windows.

No one on this board knows if it's overpriced. Only you will know based on other similar value houses in the area. Offer what it's worth, whether that is the price stated, 15% under or 50% under.

Don't worry about whether they're offended or not. You don't know them. Just offer what it's worth. If you're right, they'll soon realise it. If you're wrong, they'll get a higher offer soon.

Is the other house on the same street?
Houses just one street apart from us are valued considerably differently. The specific location can make a big difference.

Why worry if you might offend someone? If you wouldn't be prepared to offer much more just offer what you think is right. If you are making a low ball offer intending to come back much closer to ask eventually then it could be more of a problem

A house near me started off life on the market about 3 years ago at £1.1million. It's overpriced by about double. They have reduced it about 8 times over the years, and it's now still on at £700k. Still about £100k overpriced. I wonder if they rejected/got offended at a 15% less offer at the beginning. And it serves then right if they did.

I got an offer last week, £125k less than asking price. Which works out at around 13% under asking. We didn’t even bother replying to this offer.
But we already had accepted an offer, very close to asking price a couple of months ago, though the buyers later pulled out due to their mortgage offer expiring etc. And we had quite a lot of interest, the place is in very good condition in a desirable location so we know we aren’t too far off asking price.
If the place you like needs a lot of work and isn’t priced reasonably compared with other properties in the area you could try putting a low offer in. I would wait a couple/few weeks as they are unlikely to consider an offer this low in the first week on the market.

They have got no business being offended in a falling market if the house needs work.

Any offer is better than no offer.

I agree with the pp who said to leave it a few weeks though.

Be wary making offers on houses you don't love. You could find yourself getting cold feet a few months down the line if something better comes up.

Why don’t you just buy this other house then if that is on at a similar price and fully renovated?

When we had a similar offer for our house we instructed the EA not to deal with the offerer any more. We considered they would be a nightmare to deal with down the line.

If its only just come on the market a few weeks ago I think they're unlikely to accept your offer whether its overpriced or not. I'd hang fire a month or so, if it's still on the market you can then make your offer. It's impossible to say whether the vendor would be offended or not, some take it incredibly personally and other people just look at it as a purely financial decision. But they're much more likely to consider your offer seriously if they're a few months in without being under offer.

I wouldn't offer 15% below AP at this stage if it's only been on the market a week. You also say you don't love the house. Do you even want to live there?

Why don't you speak to/ email the agent and say you like the house, etc but that you feel it is over priced at present. See what the response is, they may encourage an offer or they may come back to you later on if no one else offers.

I don’t think those changes come to the amount you’re asking them to reduce by

I’ve offered at 30% below asking and had offers accepted at 15% below asking so I don’t see why not.

And no, I wasn’t a nightmare to deal with further down the line!

Why the hell are you making any offer at all on a house you don’t love?

You buy what you can afford! @NewFriendlyLadybird I'm in the process of buying my first home - it's definitely not going to be one of the properties I love - that's a luxury at this point. I'm getting completely priced out of the rental market and financially it makes sense to try and get somewhere if I can so at least all my money isn't paying off someone elses mortgage.

@Sosol I think you should offer what the property is worth to you. The seller will either decline or accept - it's not an ego thing.

This is a strange post. Who offer at all of you don’t love the house & think it’s massively overpriced?

If they were willing to accept 420k after one week on the market, they wouldn’t have listed it at 500k but at 450k or 475k at most.

The best thing would be not to offer at this stage but more to keep an eye on it. If it gets reduced in a few weeks, that would be the time to make an offer if you’re sure it makes sense to buy a house you’re so ambivalent about.

I know what you’re saying to an extent but tbh I have loved all our properties apart from one even our first purchase which was a one bed flat.

People can still love properties with big compromises as it’s all they can afford. But @Sosol shows no enthusiasm for this house at all.

I understand what you mean, but you can still find a house you love within your price bracket, even if you only love it because it’s in your price bracket! I just can’t fathom spending a vast amount of money on something that’s just ‘OK’. I would be resentful every time I came up against one of the compromises I had made.

Honestly, if you don't live the house, why buy it?

I would prefer a low offer to no offer but just on a week I would be unlikely to accept but having said that I put an offer 15% below in on a house before just on market for a week and got accepted. But that house had been on market before for a year, had an offer which went to exchange who then pulled out after exchange and they were going back on market £25k under the previous sale. The house was also empty. We were cash buyers.