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Original poster

Offering lower than fixed price on a house

41 replies

JudgeRindersMinder · 15/02/2021 11:34

I’m in Scotland and we’re looking to buy a house which is currently on the market at a fixed price. We’ve not moved for 20 years so have no idea what the current etiquette is!

I’m not sure if I want to pay the asking price, although we can afford to.
it needs a lot of work done (probably around £50k), amd I know from my intense research (Location location location Grin) that down south it’s common to offer below the asking price.

Is this a thing north of the border? I’ve only ever bought 2 houses, amd that was 20 years ago, it was a fixed price new build so we rocked up and paid the asking price .

The fixed price is £10k under the presale survey valuation, and it’s been on the market since October, in an area where decent houses get snapped up inside a week.

I just don’t know if it’s the done thing, or do we just go in and say I want this house, please take all money.

Asking here as if I ask in property people won’t appreciate the difference between buying up here and down south!

OP posts:
CookEatRepeat · 15/02/2021 11:44

It seems a bit odd to only have it on at 10k less than the home report value. I wonder if they have had earlier/lower offers but just won't/can't accept them? Has it always been fixed price?

A house we looked at started off at offers over the home report value, dropped by 30k and is now at 'offers in the region of' 80k less than home report value. It is a big and expensive house for where it is, but has been sitting empty now for almost a year because they keep turning down offers. We've decided not to move. Could something similar be going on?

anon444877 · 15/02/2021 11:44

What's the harm? It's probably nobody's ideal offer and you may get knocked back but if it's that or no offer, make the offer. I certainly know one friend who accepted an offer under fixed price because otherwise they'd lose their next purchase.

celtiethree · 15/02/2021 11:45

The short answer is yes you can offer under the fixed price.

Do you have a solicitor already that can put in an offer? They should be able to advise the likelihood of a lower offer being accepted based on their experience and the local market.

If the property has been on the market since October then I'd be reluctant to go in with the full price at first pass.

user143677433 · 15/02/2021 11:50

Make the offer and see.

We’re hoping to move this year - similar situation to you in that we have only ever bought one house and that was 20 years ago.

We’ve decided the whole house-move thing is so complicated and stressful that when we put ours on the market we’ll effectively accept any offer on it.

In other words, you may well get a bargain, but you won’t know unless you offer. And at worst, if they reject then you just raise your offer.

Original poster
JudgeRindersMinder · 15/02/2021 12:10

It came on the market in October at offers over the valuation (£320k) and went to 310k fixed within the last couple of weeks.
Moving was very much an abstract thing In the next couple of years till I saw this house had gone to fixed., and now we’re moving this year lo.
Although I love what I see-it’s definitely all about the location which I’m very familiar with, if it’s not right I’ll walk away.
It’s an executry sale if that makes a difference, so no onward chain.

I’m going to see it this afternoon 😁

OP posts:
emmathedilemma · 15/02/2021 12:15

It's generally not the done thing but given how long it's been on the market, if you're in a good position to move then there's no harm in trying. I don't think £10k under at that value is too cheeky.

mrstea301 · 15/02/2021 12:20

My friend is trying to buy a house now in Glasgow and is really struggling to be honest - houses are going for 20% over the asking price at the moment. (Which I think is mad!) It's all relative on the area and things as well though!

If you've not seen it yet, you might feel differently after you've seen it. If houses are generally moving fast but this one hasn't (with a fixed price) it would make me think that there's something wrong with it that's not noticeable until you visit it.

After that, if you're still keen, I would offer it, the worst that they can say is no and it might open up the negotiation. You could always have a list ready of what work you think is required, although I wouldn't offer that up with my first offer. They may feel that they've taken any required works into account in their fixed price.

Sally872 · 15/02/2021 12:28

The home report will have taken into account any work needed. And the fixed price is 10k below home report so it is cheeky, but as it has been on the market a while no harm in trying as unlikely they will take the huff and not accept a higher offer if first one is rejected.

Original poster
JudgeRindersMinder · 15/02/2021 12:29

@mrstea301

My friend is trying to buy a house now in Glasgow and is really struggling to be honest - houses are going for 20% over the asking price at the moment. (Which I think is mad!) It's all relative on the area and things as well though!

If you've not seen it yet, you might feel differently after you've seen it. If houses are generally moving fast but this one hasn't (with a fixed price) it would make me think that there's something wrong with it that's not noticeable until you visit it.

After that, if you're still keen, I would offer it, the worst that they can say is no and it might open up the negotiation. You could always have a list ready of what work you think is required, although I wouldn't offer that up with my first offer. They may feel that they've taken any required works into account in their fixed price.

It’s always been like that where I am, but I think generally for newer houses in move in condition-which 🤞🏼Someone will think of mine! I’ve always kept an eye on property in my area and “do-er uppers” do seem to take a bit longer to sell and often at a fixed price lower than the survey...arrrrgh I’m like a cat on hot bricks!
OP posts:
Original poster
JudgeRindersMinder · 15/02/2021 12:30

And absolutely if it doesn’t feel right I’ll walk away-you can’t get that if it isn’t there

OP posts:
anon444877 · 15/02/2021 12:32

I live in a very hot area but you can still get anomalies anywhere, think you're right. HR is only one surveyor's general opinion and the number of caveats in them...our roof needed £24k of work not a year after we moved in, and lots of repairs since then.

randomsabreuse · 15/02/2021 12:38

We've just had an offer accepted at above asking price but below the home valuation report price. House is big for its location and a bit dated rather than full on doer upper. The local primary has a weak reputation (but is actually good in our experience) so the house has slightly more limited appeal than the nearly new move straight in type houses.

So it depends. Most houses are going well above valuation report in our area!

TravellingJack · 15/02/2021 12:48

I think in the Scottish market, fixed price usually does mean just that. I've not bought one myself but have offered well above the offers over price on a few properties and missed out because my bid wasn't high enough, despite being comfortably over the HR value! I've never been lucky enough to find a property I want for fixed price, but if I did, tbh I would snap it up because it means no sealed bids, no guesswork on exactly what percentage over the asking price the seller wants...

Anecdotally, a friend put up a flat for sale in Glasgow some years ago at an offers over price. She received a bid for the HR value, which was about 15% above the OO price she'd set. She was deeply offended at such a low offer and turned it down... gives you an idea of how psychic you need to be! And she was right tbh, as she did sell it fairly quickly for closer to her 'secret' price!

Based on my experiences, I would bite your hand off if I could afford the fixed price on a property, just for the lower stress. I would usually be nervous to offer below the fixed price as if the seller gets offended, they might just refuse to sell to you... however if this property has been sitting a while, it might be worth the risk. Good luck!

Lyricallie · 15/02/2021 12:59

So I just bought a house in Scotland. We offered under the asking price. We tried 10k and they said no. So we upped it to 5k to under which the accepted.

So you can definitely offer under. The worse they can say is no.

Callisto1 · 15/02/2021 13:12

If it's not your dream home there is no harm in trying. We made an initial offer on our place at the home report value and were refused. After a month or so the sellers got back to us and asked we put a bid in. We did and got our place for £200 over home report. We could have probably gone lower but at that point we really needed something.

Sturmundcalm · 15/02/2021 13:33

It's 12 years ago now but we got present house for £12k under the asking price. Sellers had hoped for a lot more (was originally on o/o about £30k more than we paid) but obviously was in the housing recession and we had already sold ours and exchanged before putting in the offer.

Think current market is a bit unpredictable in some areas, particularly for older houses/properties above £300k. There's a risk buyer will get a straightforward offer of the asking price though at any time and at that point you've lost it - how much do you want it??

Original poster
JudgeRindersMinder · 15/02/2021 16:14

So we’ve made an offer under asking price for various reasons, but willing to go to full asking...keep fingers crossed for me!!

OP posts:
Callisto1 · 15/02/2021 16:33

Good luck! Smile

anon444877 · 15/02/2021 17:22

fingers crossed!

Original poster
JudgeRindersMinder · 15/02/2021 17:42

We got it!!!!!!

OP posts:
Mmr224 · 15/02/2021 17:45

We've offered under fixed price and had it accepted in the past. Definitely worth a try.

Sturmundcalm · 15/02/2021 17:50

congratulations - hope you have many happy years in it!

anon444877 · 15/02/2021 18:22

Brilliant news! Congratulations!!

Original poster
JudgeRindersMinder · 15/02/2021 18:28

Thank you-I’m grinning like a Cheshire Cat here !!

OP posts:
user143677433 · 15/02/2021 18:37

Congratulations 🥳