Offering £340k for £350k

[hollyblueivy]

Would this be reasonable?

the house has only been in less than a week.

Yes

Just offer what you can afford and are willing to pay. They will either accept or decline.

Absolutely if you like it. We’d have snatched your hand off. Only worth what someone will pay for the house!

This. They’ll either say yes or no.

After only a week I wouldn't think many people would accept 10k under asking price.

Do you love it? Is it your dream home? Why not start lower? 325....

Well I'd go in initially with £320 to leave some negotiation space.

Beat me to it.

Yes we love it and yes it’s our dream home. Ticks all the boxes without the compromises we would have to make for other houses in the same price range. However we obviously want a deal if we can to ease the pressure of the extra mortgage we have to take out.

Should we put reasons like the rooms are small but we could make it work and the kitchen wouldn’t fit as big a dining table as we would have like etc etc or just offer a straight 340k with no explanation

They don't care about your reasons for a lower offer (which aren't true anyway). Just make the offer and see what happens.

No don’t put reasons as that’s not really anything to do with the pricing. Just put the offer in straight - if you are in a good position (no chain, mortgage sorted or cash buyer for example) emphasise that as you may be more advantageous than someone who could offer more and not be as “easy” to deal with. Good luck

Your personal reasons have nothing to do with the price. If you were to say something like this house is smaller than others on the market at a comparable price then that’s a valid reason. Otherwise just make your offer.

Don’t give reasons. Rooms being small is your problem, not there’s. If the rooms are too small, it’s not your dream home.

That's your problem, not theirs. Are you in a procedable position? Offer what you want, be prepared for the to say no (which given it had only been on a week, is likely to be what the estate agent will advise)

We are not in the best position as we are not on the market yet. Only want to sell now as we want their house. Don’t particularly want to go on the market otherwise.

I do think however that our house is the best example in the area so would sell quickly.

If you aren't even on the market your offer is likely to be ignored/rejected anyway.

No, don't talk about it being small, that just means you can't really afford what you want.

I think on that basis you'd have to make a very good offer for them to be even half way interested.

Within 2 days we accepted an offer of less than the asking price - it's a buyers market.
But it also depends if they NEED a certain amount for their next purchase.

IME no offer will be accepted until you are proceedable - ie you have an offer on your house.

So you can express interest, indicate your likely offer, but until your current property is under offer, the estate agent will advise the seller to continue to market their property and to only accept an offer from a proceedable buyer.

If you had sold and had a clear mortgage offer for 330 you could offer that but in your position I wouldn’t consider if you offered 360

(We moved a couple of years ago, and at that point - a more active market - some agents would not even allow viewings from non-proceedable buyers)

In that case I don’t think it matters much what you offer. I wouldn’t agree to take my house off the market for a buyer who wasn’t even on the market yet.