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Is offering 20k below asking price a bit too cheeky?!!!
VeronicaElectronica
Posts: 54 Forumite
Hi all,
I've found a flat that is on the market for 140k, its been bought as an investment (for 84k) and had tennants in since, all the while its been on the market, obviously it hasnt sold - its in an area where there are lots of "nice" flats that are cheaper - but for me, this one is worth paying a bit extra for.
So, I am thinking of offering 120k - i'm a first time buyer, mortgage ready to go - so its as attractive as its going to get. But the question is, is offering 20k below asking price a bit too cheeky? Or should I just go for it and "play the game" - knowing I can pay more if I need to?
I've found a flat that is on the market for 140k, its been bought as an investment (for 84k) and had tennants in since, all the while its been on the market, obviously it hasnt sold - its in an area where there are lots of "nice" flats that are cheaper - but for me, this one is worth paying a bit extra for.
So, I am thinking of offering 120k - i'm a first time buyer, mortgage ready to go - so its as attractive as its going to get. But the question is, is offering 20k below asking price a bit too cheeky? Or should I just go for it and "play the game" - knowing I can pay more if I need to?
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Comments
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Go for it! Worst that can happen is say no. If they do say no I wouldnt make another off straight away. Give them time to think about it!0
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Thats a good plan, I'm prepared to take my time over it and see what happens. I don't think theres any other interest, at least I don;t know of any0
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Check what other similar flats have sold for (not asking price, but actual sold price). Try https://www.nethouseprices.co.uk
Is the flat still tenanted?
A flat you particularly like - you could maybe pay 5% to 10% over the odds, but surely not more? Besides that, the mortgage valuer will down-value it, so you risk losing all your mortgage fees.No reliance should be placed on the above! Absolutely none, do you hear?0 -
I wouldn't accept it. Somewhere between 5 and 10% less would be acceptable I think. But that's just me, give it a go and see?I’m a Forum Ambassador and I support the Forum Team on the Old style MoneySaving boards.
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Please report any posts you spot that are in breach of the Forum Rules by using the Report button, or by e-mailing forumteam@moneysavingexpert.com.
All views are my own and not of MoneySavingExpert.com0 -
If you're not embarrassed by your first offer then you're offering way too much.VeronicaElectronica wrote: »
So, I am thinking of offering 120k - i'm a first time buyer, mortgage ready to go - so its as attractive as its going to get. But the question is, is offering 20k below asking price a bit too cheeky? Or should I just go for it and "play the game" - knowing I can pay more if I need to?0 -
VeronicaElectronica wrote: »But the question is, is offering 20k below asking price a bit too cheeky? Or should I just go for it and "play the game" - knowing I can pay more if I need to?
Not at all - go for it. Doesn't matter if it is a bit cheeky - it's business - it's about buying and selling not emotion. If they're not interested you can raise your offer or go elsewhere. It's a buyer's market...I think...If you will the end, you must will the means.0 -
No flats in this particular block have sold for a while, and the one i'm after has been on sale for a while and tenanted (they are still in) because it didnt sell.
i'm not embarrassed, it is business after all...i'm not prepared to even pay the full asking price, i'm just going to try and get it for as low as i can, i just thought maybe 20k less could be too low. But i can work a bit upwards from that. its a nice flat but not worth 140k - to me, anyway0 -
I wouldn't even go in that high. try £110k first all they can say is no. give yourself more wiggle room to go higher.0
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