On the market for a week at £625k is a £585k offer

[Ukh2mmcwt]

Would a £585k offer be considered offensive. It’s a lovely house but a slightly larger house a few houses down was on the market for £615k.
its in London.

So that’s attempting to knock over 6% off the asking price.

Whats your position? Are you a FTB or cash buyer?

I’ve accepted offers of up to 2% under asking where there’s no lower chain but 6% would be a big stretch.

If you go in that much lower, you need to bring other bonuses to the table eg. No chain/short chain, desire to move quickly, and a few sentences about how much you love the house, are impressed with the sellers taste and how you've been looking for months/years.

It’s only worth wants someone wants to pay.
Go for it.

Thanks for your replies.

There were lots of viewings on Saturday, so the house has gained a lot of interest.

I am not a cash buyer but don’t need to sell a house, I have sold our house previously so I would just need to use my savings and mortgage.

I am keen to move during the summer so kids can get their schools sorted before they restart in September.

i

If it hasn’t been on the market for very long and has had a lot of interest, a lower offer probably won’t be considered.

This. If otoh it had been on the market for months it would be a different story

that all said. Nothing ventured nothing gained. I think it’s unlikely but not impossible.

It would be a no from me and certainly some sellers might take offence.
But it depends on this sellers situation.
A house opposite me sold last year almost 20% under the very realistic asking price because the seller had just had a sale collapse at the last minute and was desperate to move. So you never know.

I’ll make an offer at £595k. It sounds much better than £585k.
thanks for the advice

I agree that 595k sounds better than 585k - however, either way I feel they will try to get you up to 600k as it’s only been on the market a week.

I think you should decide in your own mind what you think the house is worth and don’t go over that. If the EA is urging you to go over 600k for example, I would stand firm on your offer. It’s a good offer in the current climate, especially from someone in a strong position such as yourself with nothing to sell.

The bottom line is that as a seller if you receive an offer after a week you’re going to think you’ve marketed it correctly and will be inclined to go for closer to asking price.

If 585k is near the top of your budget, then there is no harm in offering it. If it’s rejected, then c’est la vie and move on. You never know, it might be reduced to 600k in a few weeks if no offers are received. Suddenly 585k is attractive.

your argument that there is a bigger house on for £615k doesn’t carry much weight. There must be something about this house that your prefer and that makes you want to buy! As a seller I woukd tell you to buy the other house.

I think that's a big under offer given they've only been on the market for a few weeks but as others have said, it depends on how quickly they want to move, how much they can afford to lose on the sale price and whether they've priced it realistically.

Keep us posted!

This article can help you calculate the usual discount on asking price for the property’s postcode.

How to sell your house in a cut-throat spring market

https://www.thetimes.co.uk/article/75edbefc-f65f-4d1c-bae4-83ced43b7274?shareToken=56d43c8ff65bee43b67b52725443c04d

A 6% discount isn’t unheard of. It all depends where it is.

Update: my offer of £595k wad rejected. The EA said they had several offers and the sellers were considering offers near the ask price.
I will submit a final offer of £615k, which the max I can afford without dipping into emergent savings.

I just don’t understand how anyone thinks you can apply a blanket approach by postcode.

You’ve got to put yourself in the vendor’s shoes each time. Any house just listed is not going to accept a lowball offer, especially if they’ve had lots of early interest (and in this case, lots of offers straight away). How would YOU feel, as the vendor? I know I’d be thinking “wow, this is great but I wonder if I slightly underestimated the value? I reckon I can probably at the least hold out for asking price or thereabouts”.

OP, has the agent said they’re going to go to best and final offers? I’d be asking about that in your shoes. You don’t want to get into a bidding war and the fairest way forward for all is for each party to submit their best offer and summary of position. Good luck.

Not best and final offers yet. Just