a house I want has been on the market for a while. Would £100k under asking be too cheeky?!

[Celerystickers]

Is a £800k offer on a £900k property that’s been on the market over 6 months too much off? Obviously I will be trying but is it an unacceptable offer. Bank won’t let me go higher so that will be it

What have you got to lose?

I'd consider asking that you've had your eye on it for a while, but this is as much as you are able to pay. And I'd add any other pros, eg if you'd be able to proceed quickly etc.

It's certainly low, but you never know.

It's unlikely to be accepted. It might only be 11% difference but at that value it's an objectively large amount. Try and see. Who knows. Do you think the house is overpriced anyway? Is there anyway to increase your offer in principle in the next couple of months? Increased deposit? Borrow from relatives??

If its been on for a while then it sounds overpriced for the current market. That doesn't mean they will accept lower, but unless you test it then you'll.not know.

If it were me I would view, offer 800k if that's all I can offer and it's worth it to me. I'd also say its my best amd final so they don't think its an opening low ball.

Expect them to say no, but you can leave it.on the table and just carry.on looking.

Definitely go for it.
They might go for a counter offer, but it should take into account of your much lower offer. Psychologists call this anchoring.
You have absolutely nothing to lose.
Good luck!
And let us know how it goes.

I'd offer 700k and they might come back with a counter of 800k. Worth a try 🤣

Only one way to find out. Go for it. Explain to the agent that the offer is your absolute maximum budget and that you are (presumably) ready to proceed.

You have nothing to lose. I don’t understand your concern? Make an offer and see what happens. When they say no as I imagine they will even, you can explain that is the extent of your funds. They can take it or leave it.

I’ve offered 30% under asking price before and felt no shame.

it wasn’t accepted and was countered but I got it for 19.5% under asking.

why not?

Yes def worth a try. Are you Scotland or England ?

We offered, and were accepted on a 30 k under offer more than 25 years ago so i would definitely give it a go. Like you the house had been on the market for ages ( in our case 18 months plus i think) and it was the most we could afford.

I would if I felt there was a chance.

It's not cheeky at all. If the house hasn't sold in 6 months and hasn't reduced in price, it's over priced and the asking price could be called cheeky. If the sellers were realistic and wanted to sell, they would have reduced it once or twice by now.
If that is all you can afford anyway, make it clear that this is your best and final or maximum offer. It's fairly unlikely that it will be accepted but it might be or they might ponder it for a while and come back to you.

I know of 2 instances where this has happened.

Some years ago a friend offered £100k less on a property and had her offer accepted - the vendors were divorcing.

And just last month, another friend accepted an offer of more than £100k less on her asking price. Her house had been up for sale for about 2 years with no offers, and she was keen to move to a different part of the country. I will say though that money isn't an issue for her so she took the hit easily.

You won't know unless you try 🤞

You can offer anything you like its unlikely to be accepted though. Most people mistakenly think a house listed for ages has had no offers so they can get a bargain but more often than not its actually because the seller doesn't need to sell and wants the asking price so has rejected lower offers and isn't interested.

If you don’t ask you don’t get.
Go for it @Celerystickers

Sorry for late reply these replies are very encouraging I’m going to go for it on Monday!

That’s great @Celerystickers
Nothing ventured nothing gained.
Wishing you all the best. 🤞🙏

Good luck @Celerystickers. Put your offer in an email and tell that it is your maximum offer.

I read recently that the difference (nationally) between actual sold prices and initial asking price in 23/24 was -17% . Big variations in local markets of course.

Go for it. Tell the EA that you love the home but the most you are prepared to pay for it is £800K and leave it with them. Don't get pushed into upping your offer.

It’s definitely worth a try! Good luck!

How does the price compare with similar properties in the area? Does it appear overpriced?

Well - @Celerystickersdid you go for it ?

@deeahgwitch yes. They declined my offer sadly. I’m still glad I tried though.

Did they come back with a counter offer @Celerystickers ?
They still might so don’t give up hope.

There is a difference in what you are prepared to pay given what you consider the worth to be and what you can afford to pay given your own financial constraints. If the latter is your reason for a low offer you will likely be turned down. Unless you have something else to give - no chain, cash buyer - or the vendor is desperate to sell immediately and no one else is interested.

You would be wise to be able to afford to increase your offer when negotiating not starting with your absolute top offer which is still 11% below asking. You are being bold with nowhere to go.

I would advise reducing your expectations so you can afford to make a realistic offer if you are serious about moving.

Otherwise you are just wasting people’s time. Do you have a property to sell? Is it on the market? Is it under offer? Any estate agent will ask before assessing how serious you are as a potential buyer.