O.I.E.O can we offer less?

[Ellabellabow]

As the title says, we are really interested in a property, it is marketed as offers in excess of £1,000k. It initially went on at £1,075k and then was reduced a month ago.

There aren’t many comparable properties, however from the few that have been SSTC recently they have all been marketed closer to £950k, although could go up to £1,010k maximum. We want to offer around £975k - is this likely to offend the seller and burn bridges?

Exactly @NewFriendlyLadybird A property someone doesn’t want to buy may have a value to them of zero, like the cars in showrooms we also don’t want to buy. But that doesn’t make the items worth zero.

You’re in the process of buying something now @cupcakesarelife . I guarantee that you won’t think your property will be worth zero in a few years time when you come to market it, just because a few random people don’t immediately make you an offer.

I’ve had an offer accepted for less on oieo. Didn’t end up buying it in the end as it had way too many issues I didn’t have the cash for to fix.

But echoing from what others have said it really depends on the location and condition of the house and how motivated a seller is.
If you offer less in a location where houses fly off the market really quickly you most definitely wouldn’t get it as people end up bidding on those.

Otherwise for sure go in with less. Worse they can say is no and it gives you a chance to up your offer / enter into a space for negotiation.
People tend to offer 5-10% below asking but 950k might be a good start to offer and see what they say. 50k really isn’t much on a £1m property so you might just be pleasantly surprised and get a yes.