How to decide what to offer

Beyondbeliefsometimes · 2024-09-19T11:21:06+00:00

We are looking at moving house and have found one we like which is at the very very top of our budget and it does need some cosmetic work to bring it to our taste (not sellers issue). House is very liveable in. House has been on the market quite a while and owners are keen too get sold as moving to a new build which they have deposit paid for. They are asking around £450k. What is a reasonable offer, what do other people offer? We have only ever paid asking price before but wondering do others always offer less than asking price initally. And what is too low to go, as don't want to insult either.

DogInATent · 19/09/2024 13:09

Offer what you think it's worth to you. There is no right value. Without knowing the details it's impossible to determine if it's a CF asking price or if it's the bargain of the millenium.

If you plan on offering a slightly lower amount and then raising your offer, do not under any circumstances mention this to the estate agent or discuss it together anywhere the estate agent may hear you.

housethatbuiltme · 19/09/2024 14:37

Are you proceedable?

You are selling right so in a chain so not necessarily a great buyer position for someone who needs to move quickly. Them wanting to move quickly means they are likely to greatly prefer a none chain cash buyer. You not liking the cosmetics has nothing to do with anything really.

Flubadubba · 19/09/2024 14:47

How long has it been on the market? The longer on the market, the more amenable people are to offers.

What is your position? If you haven't yet sold, most people wouldn't accept any offer as firm.

What have similar properties sold for locally?

What is it worth to you?

LindorDoubleChoc · 19/09/2024 14:52

If you want the house for £430,000 (for example) offer £423,000 and then you have a bit of negotiating room.

Decide on your ceiling and don't go above it. I'm imaging yours might be £435,000 or something like that?

TokyoSushi · 19/09/2024 14:56

I'd start in the high 420's and see where it takes you...

Howdull · 19/09/2024 15:12

How much did they pay for it and when

XVGN · 19/09/2024 15:27

No one here can tell you a sensible place to start offering as we have no idea where the house is, what condition it's in, what the local market is like, etc.

You have to do your own research. Have you checked my other thread? There's lots of tools there including houseprices.io. It may or may not be useful.

www.mumsnet.com/talk/property/4935470-tools-for-house-buyers

Original poster

Beyondbeliefsometimes · 19/09/2024 15:29

@housethatbuiltme want to read the post again? Or did you choose not to answer the question and just post because you can.

OP posts:

Twiglets1 · 19/09/2024 15:48

@Beyondbeliefsometimes I think I've always offered below asking price and certainly would in this current market.

The house has been on the market for a while and the sellers are committed so should be receptive to an offer but the difficult question is always where to start negotiations.

Assuming you are in a position to proceed, I would go in low - maybe around the 410k mark? And hope that they come back with a counter offer which will enable you to start negotiating. Even if it gets flat rejected you will gain some information from the EA that may help you decide where to pitch your next offer if you choose to go higher.

Original poster

Beyondbeliefsometimes · 19/09/2024 16:23

Thanks for all the helpful feedback. It is actually very helpful, to know what others would do. It is difficult as the part of the country I am in, we can't see what other houses have sold for. (we used to live in England and miss that!) the owners have also lived here for 40 plus years and it is a unique house so nothing to compare to. I've been watching the market for my criteria of houses for past 4/5 months and it is only this house plus 2 new builds (not yet built) that are coming up, plus 2 others which just don't suit us. Seems nothing is coming onto the market and that these ones are not moving either. Yes we are ready to proceed. One of the estate agents who has shown us around told us that the owner is getting worried they have had no offers as they need it sold to move to their new build or lose their deposit. That after our first viewing they were standing at opening of estate agents next day waiting to hear how it went. This was 3 weeks ago before we had sold ours. I just didn't know if a 5-10% lower offer was way too little to offer. If other people did this or if they would just laugh at us and refuse any other offer. DH thinks not, I thought just 5-10k below asking price was more suitable. Obviously as I said in OP it is not their issue we want to re-decorate but it is of benefit to us if we can get it cheaper than asking, to allow us some spare cash to do the decorations.

OP posts:

housethatbuiltme · 19/09/2024 16:42

Beyondbeliefsometimes · 19/09/2024 15:29

@housethatbuiltme want to read the post again? Or did you choose not to answer the question and just post because you can.

I read the post and asked a VERY relevant question and raised good points... do YOU want to answer the question? or just post because you can.

No idea why the hell you took offense to only me when other pointed out similar, EA won't even allow you to offer let alone low ball it if you are not proceedable regardless of what you 'want'.

At the end of the day non of us can answer your ridiculous question on 'how much' because we are not the seller and its a 'how long is a pieces of string' question all we can do is advise you to things that are likely to have an influence on it.

If you want to know does everyone else offer under? no, as you must know because you have never offered under and paid asking before.

If you purely want to know what I have offered in the past on the houses (which is unique case by case and not transferable) I offered on then...

First ever time I offered 15% off on a massively over priced house (we are in the north and it was a London seller who expected southern prices and kept comparing to completely irreverent prices other places). I got rejected and told not to bother offering again as it 'offended' (the rather deluded) seller. That is the risk you take playing games is getting blacklisted.

I then offered 20% over asking price on the next house (fell through due to the seller) and asking price on this one.

Twiglets1 · 19/09/2024 17:54

Beyondbeliefsometimes · 19/09/2024 16:23

Thanks for all the helpful feedback. It is actually very helpful, to know what others would do. It is difficult as the part of the country I am in, we can't see what other houses have sold for. (we used to live in England and miss that!) the owners have also lived here for 40 plus years and it is a unique house so nothing to compare to. I've been watching the market for my criteria of houses for past 4/5 months and it is only this house plus 2 new builds (not yet built) that are coming up, plus 2 others which just don't suit us. Seems nothing is coming onto the market and that these ones are not moving either. Yes we are ready to proceed. One of the estate agents who has shown us around told us that the owner is getting worried they have had no offers as they need it sold to move to their new build or lose their deposit. That after our first viewing they were standing at opening of estate agents next day waiting to hear how it went. This was 3 weeks ago before we had sold ours. I just didn't know if a 5-10% lower offer was way too little to offer. If other people did this or if they would just laugh at us and refuse any other offer. DH thinks not, I thought just 5-10k below asking price was more suitable. Obviously as I said in OP it is not their issue we want to re-decorate but it is of benefit to us if we can get it cheaper than asking, to allow us some spare cash to do the decorations.

An offer between 5-10% under asking would definitely be appropriate given that they are very keen to sell and you are proceedable.

PolePrince55 · 19/09/2024 19:55

I'd first ask if there had been any offers on the property.
If not, starting point is yours.
If so, how much, why was it refused. That's your starting point.

PolePrince55 · 19/09/2024 19:58

Would you by any chance knock the door and speak with them.
Obviously any official offers go through the estate agents?

Original poster

Beyondbeliefsometimes · 19/09/2024 20:34

@poleprince thanks that is also helpful. When we viewed they told us there was no offers. I don't know if that includes refused offers. So I will ask that specific question as will give us an idea. Also thinking would be useful to know when that was as if it was 2 months ago, they may be more open to that offer now.

One if the estate agents showing us round first did tell us they lowered price as they were not getting viewings (it doesn't tell us on our property sale websites if that is the case like it does in England). The second viewing estate agent never mentioned that but he said he did know the family personally (he was one who told us about the deposit being down on their new build). So I don't know if first one got it wrong, she said she wasn't sure but thought they had. Would asking the estate agent if price had already been dropped put us in a worse position do people think? Or does it not really matter in scheme of things and we should just park that.

OP posts:

Twiglets1 · 19/09/2024 20:54

I really don’t think it puts you in a worse position if you ask questions.

At the end of the day the EA wants you to make an offer so while they work for the seller, they want to get you onside too.

joolsella · 19/09/2024 20:57

Go in at £4-0

joolsella · 19/09/2024 20:57

£410!