Is this offer taking the piss?

[EveryoneLeaveMeTheFuckAlone]

I’ve found a house I love that is on the market for 350k. It needs a lot of work doing and considering our top budget for this, we can offer up to 330k. I obviously don’t want to start with that as have no room for negotiation but wondered if 320k is too cheeky? The estate agent had made it clear the sellers will consider offers but I don’t think they’d accept 320.
what would you do?

It depends on how hot the local market is. But, if like in most places, the market is sluggish, I would put in an opening offer 10% under. So 315K. So your 320 isn’t too cheeky.

But it depends on the local market, how long the house has been on the market and your position. Are you proceedable?

Make your first offer of £320k. If they reject it, offer £330 and say this is your final offer. See what they say.

How long has it been on the market?
Has it been reduced?
What are sold prices for similar properties?

10% off the asking price isn’t unreasonable in the current market. Give it a try. They either negotiate, reject or accept.

Absolutely not taking the piss. It's a buyer's market and a reasonable offer.

Thank you all, that’s helpful. It’s only been on a month but the market here is very sluggish. I’m in a good position that I’ll complete in a couple of weeks, hopefully, but then will stay with family for as long as I need to find somewhere else/ buy/ renovate / move in
This house that I like is also no inward chain.

Agree with this.

Sounds like you will be chain free as well, make sure you emphasise that when you put the offer in.

My friend has seen a house for 350k that needed a lot of renovation.
He offered 310k and it has been accepted.
No harm in starting lower.

Does it matter if they think it's cheeky? They'll either accept it or reject it.

Anyway, I don't think offering 90-something percent of the asking price is particularly cheeky.

I sold a house earlier in the year. The offer I accepted was £10k under asking (and was the price the EA said it would sell for) and the people who made the offer said it was the max they could offer - they had nothing to sell and had their finances in place. I appreciated their honesty.

You being chain-free is HUGE in the current sluggish market, so definitely offer £320 and see what they say. They may also come back with what they're willing to consider.

No one here knows.

It could be priced very attractively for the local market and therefore a lowball offer could be taking the piss.

OTOH it could be massively overpriced for the local market and it's the sellers who are taking the piss.

Not cheeky at all - you are in a very good position as a buyer, as you will be chain free.
I might be tempted to go even lower tbh - it's a buyer's market.

No, the market is terrible. I've just accepted £380k on my house originally on at £425k.

First time buyers are pissing me about though. They move got a good deal but it's taken 5 months so far..

Given the circumstances your offer isn't cheeky but I would be inclined to offer your maximum immediately , being clear that it really is your upper limit and they must decide whether to accept or wait for a better offer . Good luck.

I sold my house for £20k under asking but also got my next house for £20k less than asking price , i had 5 offers over that but none of them had sold their houses.

Start at 315k. Thats close enough to be taken seriously and not be taking the piss

Just an update - I put in an offer of 315 to start but have ended up agreeing on 330k, which is the most I’d wanted to pay but nevertheless I’m happy 😊

Oh crikey @EveryoneLeaveMeTheFuckAlone , that moved fast. Congratulations! Just a tip for your next house purchase, don't move so fast. I've done it myself before. Just respond calmly, act noncommittal and say you'll think it over. Give it at least a day. If you keep offering more quickly, they'll make sure to get every penny out of you they can. Hope it brings you a lot of happiness.

Thank you ☺️ I’ve seen the house three times in ten days and have been thinking about it non-stop. It’s the 17th house I’ve viewed this time around.

Hope the rest of the sale/purchase and move goes smoothly and does not take too long, OP.

£317 and see what's said.

Congratulations!
Sounds like you knew that house was the one for you.

Yes. We just had a cheeky offer and are waiting to see what they come back with after we said no to the first one. And this buyer took six weeks to come back to us after their first viewing! Nobody is in a hurry in this market.

Well done, though you should maybe have left the 315k offer on the table when it was refused. For at least a week.
You can always reduce the offer after survey if it shows up any non obvious issues or if the bank dont agree with its value.
Wish you luck with the process. It can be a right headache.

Not taking the piss at all, but I would think about the offer as a package rather than just a number, because your position is genuinely strong and it is worth money. Chain-free, able to complete in weeks, and willing to stay with family so the seller can have the timing they need - that combination is exactly what sellers with an empty or onward-purchased house want, and agents will often steer a seller towards the certain buyer over the higher one. Two practical things. First, dont start at a round number:: if you open at 320 the negotiation will pull you to 325-330 anyway, so open at 315-318 with the reasons attached (the works it needs, with rough costs if you have them) and let them move you up. Second, put the position in writing with the offer - "chain free, funds ready, flexible on completion date to accomodate your onward move" - because the agent will forward the email and it reads very differently to a bare number. One word of caution from our own search:: the "needs a lot of work" lever only works if you sound like you have priced the work properly, so get at least ballpark quotes for the big items before you offer, otherwise the seller hears "we want it cheaper" rather than "we have done the maths". And dont let the agent see how much you love it - the house you love is the house you overpay for.