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Original poster

What on earth are these people playing at making offers like this?

114 replies

Dreamiescat · 04/01/2024 20:52

Does anyone see any sense in this?

House for sale, needs some modernisation. It’s been priced to reflect the work that’s needed. We’ve had a potential buyer view 3 times now, saying they’ve had their eye on the house for a long time.

They made an initial offer, 10% below the asking price of £290k. They weren’t even proceedable at the time.

We declined, what’s the point in accepting when they couldn’t proceed anyway?

They’ve just got back in touch, they are now proceedable but have made an offer of 16% below asking price!

I know sales are slow at the moment but honestly, what is the sense in this?

Im actually annoyed at what feels like timewasting, I know I should take the emotion out of it but I feel like telling the EA to tell them to never contact us again (we won’t) 🤯🤯

Is this the norm? I can’t see the sense in this??

OP posts:
Gymnoob · 04/01/2024 20:54

Hate to be harsh but 16% is hardly outrageous to an offensive level.

You are supposed to negotiate.

Also there’s no link so we are blind here.

LolaSmiles · 04/01/2024 20:54

The first offer makes sense to me, especially if other properties have locally gone for a little under asking price.

Having 10% under rejected and coming back with 16% under seems counterproductive to me as they're showing themselves to be potentially flakey buyers. Rightly or wrongly I'd not want to progress with them in case they try later on to strong arm more money off later in the process.

Naptrappedmummy · 04/01/2024 20:56

Not a ridiculous offer at all, sounds like nobody else wants it so must be overpriced.

Lonecatwithkitten · 04/01/2024 20:58

A house is only worth what someone is prepared to pay at that time. Someone might come along tomorrow who offers more or in a months time this could still be your best offer who knows. People will offer the minimum they think they might get the house for.
But I guess you haven't sold since their previous offer so they went lower, it is the start of a process if they really want it hopefully they will make a higher offer if you turn this offer down.

Mumaway · 04/01/2024 20:58

Given that you haven't sold while they have become proceedable, it's reasonable that they reduced their offer as their position is good, and the market has fallen. You of course are not obliged to accept, but in the absence of other offers it should be considered at least as a starting point for negotiation.

Original poster
Dreamiescat · 04/01/2024 20:58

It’s made me very wary of them to be honest. We’ve counter offered somewhere in the middle but I’m not sure I even want these people. I suspect they’d start messing around during the process to get more money off down the line.

OP posts:
Whatsthestorynow · 04/01/2024 20:59

I think it’s unreasonable of them to make an offer when they aren’t in a position to buy yet. Then to come back asking for 16% off seems CF territory to me! We’re looking to move this year & the estate agent told me they generally discourage viewings unless the buyer has their house on the market & preferably an offer on it. Otherwise it just wastes everyone’s time.

TwoBlueFish · 04/01/2024 20:59

Has your house been on the market for a while? It may be that the offer they received for their own house was lower than expected so they can’t offer any more. All you can do is go back with a counter offer.

Original poster
Dreamiescat · 04/01/2024 21:02

The house has been on 4 months. 3 viewings by different people over this time.

Not a lot of interest but the whole area seems flat as a pancake, literally nothing is coming into the market and nothing selling.

Crossing fingers for a bit of movement now mortgage rates are dropping a bit .

OP posts:
WallaceinAnderland · 04/01/2024 21:04

It's normal behaviour OP.

It's an offer which you are free to decline.

Swishswish26 · 04/01/2024 21:12

Obviously I don’t know where you are in the UK but where I live (Yorkshire) reasonably priced properties are selling fast. I’m talking within a week or two, sometimes less. It’s fine to decline their offer but I wouldn’t necessarily call it cheeky when you’ve only had three viewings in four months.

keylemon · 04/01/2024 21:13

Do not accept and make it clear that you will not sell for less. If on exchange day they pull that one up you would have to see them. Unfortunately, the market is slow.

JustWhatWeDontNeed · 04/01/2024 21:16

You've been on the market a while have had hardly any viewings. They aren't remotely unreasonable.

What area are you in? Are you definitely priced correctly?

DrySherry · 04/01/2024 21:18

"Unfortunately, the market is slow dropping"
FTFY 😉

Retrievemysanity · 04/01/2024 21:21

Presumably as they are now able to proceed and your house hasn’t sold since they made their first offer, they feel you might be more open to a lower offer depending on how desperate you are to sell. Or maybe they’re getting less for their house? It wouldn’t put me off them. If I was desperate to sell I’d have accepted the first offer, if I wasn’t, I’d hold out and politely decline both times. Isn’t that just standard?!

KievLoverTwo · 04/01/2024 21:26

I came across a three bed, detached, attractive, 1600 sq ft family home today in absolutely immaculate condition that has been reduced twice in the last four months, now taking the asking price to 16% below its current value (I checked three sources, not just Zoopla). If it sells at this price, it will be just £18,000 more than when they bought it five years ago.

Not a problem house. Nothing wrong with it. Great location. Not a new build, or on an estate.

What makes your house, in need of renovating, better than this one, that doesn't need a finger lifting? Is it surrounded by schools that are all rated as excellent or something?

This is the market at the moment. Unless you are in a thriving area, you can't really afford to be butt hurt over any sort of offer, sorry OP. Renovations are hellishly expensive and buyers are pricing this in. I am not sure current sellers and a lot of EAs have much awareness of just how much more expensive reno's have become since 2019.

Seeingadistance · 04/01/2024 21:26

WallaceinAnderland · 04/01/2024 21:04

It's normal behaviour OP.

It's an offer which you are free to decline.

This.

Also, given the lack of interest in your property, you might want to consider that it's over-priced.

Twiglets1 · 04/01/2024 21:26

You've done the right thing by giving them a counter offer. It seems like they want your house as they have offered twice on it now, but equally they don't want to overpay and you don't have any other offers.

If you can get them up to 10% below the asking price, you will hopefully both feel that this is an acceptable compromise. You said it yourself - you have to try hard to take the emotion out of it.

ComtesseDeSpair · 04/01/2024 21:27

Whilst to you it’s your home and you feel insulted that they want to lowball you, to them it’s a business transaction. If you’ve been on the market over four months then they know that you’ve had no offers at or near your asking price during all that time, so of course they’re going to reason that nobody else thinks your house is worth what you’re asking and they should reduce their offer. It doesn’t mean they’d mess you around further down the line - indeed they’re being quite upfront about what they want to pay rather than underhand.

HoggyDunlop · 04/01/2024 21:32

Yikes 3 viewings in 4 months is terrible.
I think you were overpriced- hence the lack of interest. It sounds like the buyer is very keen so if you do actually want to sell then counter with their original offer of 10% off asking.

Offering 10% below asking isn't rude BTW, it's basically what most sellers would be happy with as a starting point. If you want to move, you have a proceedable potential buyer. If you're happy to wait, you're unlikely to move.

SeattleSpacePlane · 04/01/2024 21:35

Not a lot of interest but the whole area seems flat as a pancake, literally nothing is coming into the market and nothing selling

You've answered your own question op. A house that's been on for 4 months, barely any viewings, market in the area is dead - 16% below asking price isn't outrageous. 10% certainly isn't.

If you're in no hurry to sell then hang on and cross your fingers that the market doesn't continue to drop.

Personally I wouldn't hang all my hopes on increased activity due to rates dropping. There are plenty of people who seem to think a recession is looming, in which case you could be wishing in 12 months time that you'd accepted the offer.

Mumsgirls · 04/01/2024 22:06

Just sold Mum’s house, would not do viewings if not proceedable, although agent pushed it stood firm. Complete waste of time

Heronwatcher · 04/01/2024 22:27

This has got to be a joke? If you haven’t had any better offers in the meantime then I’d be buying their hand off given the economic outlook this year/ cost of living/ mortgage rates. 10% is totally standard and they might have gone down further because they’re now proceedable, the market has fallen or simply because no one has bought it in the meantime.

PictureFrameWindow · 04/01/2024 22:29

The cost of renovations is mental at the moment. Unless you've had super recent quotes for the work doing, plus an allowance for the time taken to project manage it all, you're probably over pricing it.

TitsInAbsentia · 04/01/2024 22:32

I'm looking to buy my first house so forgive the newb question but what do you mean that they offered but aren't proceedable? Surely you can't put in an offer unless you're ready to buy?