Is it way too cheeky to offer 75k under asking?

roseland69

A house is only worth what someone is willing to pay. If that's what you are willing to pay, offer it. The worst that will happen is they say no and you can walk away, no damage done.

azkaban420

Skintchick *hugs*, and I know it's easier said than done, but try not to let it get to you that much. No need to justify your reasons for your offer to the EA or anyone here. If that's what you want to offer, go for it - obviously be prepared for rejection, then re-assess and decide how you want to progress. For all you know, the seller has already got their bottom figure in their mind, which may not be far off from your offer. If it's been on for months, and the EA is pushing you for an offer, they probably haven't had many more biters at that price, as it may well be over-priced as you say. Anyway, I'm waffling, and it's neither here nor there - you want it at a certain price, so pitch it accordingly. Whether they agree or not is a separate matter, at which point you need to be prepared to either increase, walk away, or jump with joy that it worked lol!

Good luck...

Az

RX-78

Why would the EA not take you seriously? If the EA is convinced you are capable of buying this at reasonable price, they will understand the reason for low initial offer. a good EA should also recognise if you are a good buyer in terms more then amount of offer.

We offered £50k less then asking price of £350k (which was already £20k cheaper then the next similar specced house in the area). The Ea came back next day and said the vendor wouldn't entertain anywhere near that figure but is willing to negotiate. We got it for £320k in the end which we thought was a decent price.

It might help to set out a mental note for the negotiation. For our house we decided before making an offer - £300k would be fantastic, £310 would be a good price, £320k is decent, £330k is ok deal, £340k is the top price and above this we'll walk away. It helped us to focus what we would feel happy with and we stuck with our guns at £320k and got a result!

QTPie

skintchick wrote: »

Wee Willy Harris, probably because it's late and Im tired and I don;t know what's relevant or not anymore because I have been trying to move for 7 months and I'm so fed up of my tiny house I want to cry.

Sounds like you are the sort of buyer that the seller is hoping for.... If there isn't big supply of nicely done family homes, in desirable areas near good schools you will be very surprised that the desirability can inflate the selling price well past the "logical value" (from sites like mouseprice, land registry and looking at Market trends). We see a LOT of that around here. The seller may well be correct to give it a go...

How long has it been on the Market? Has it received any other offers (that have been turned down)? Unless it has been on the Market for some time and the seller has a genuine need to sell, then VERY unlikely that an offer that low will be accepted... It is worth a try, but I honestly doubt that you will have any luck unless you will go a bit closer to the asking price.

I sympathise with you.... We have a 4.5 month old and desperately want/need to move before he gets mobile (we are in rented - lovely house, but not really suitable for small children...). We have had an offer of £755k accepted on a house that had been on the Market for 14 months with no price drops or other offers on it's £795k asking price... That was despite 5 weeks of negotiating! We could have walked away, but I doubt there will be much else suitable on the mArket until early next year.... so it is a trade off for us.

QT

silvercar

skintchick wrote: »

3-bed end-terrace, ex LA, on very edge of LA housing (most of it seems to still be LA according to Mouseprice info at least there's hardly any Land Registry sold info) but technically on one of town's most desirable roads as it is on the corner of the LA area.You're delussional - a house on the corner of an LA area wis not the most desirable road. Particularly as most of it is still LA owned.

Has new double garage which is great, but as a result garden is a bit small. Bathroom is tiny,So not much use for a family. as is ensuite. Living room, kitchen/diner but kitchen bit is very small Again not much use for a family.and needs redoing to make it 'work'=money. Downstairs loo is in the garage !! ?? !!and very utilitarian.

Only other comparable I can find on Mouseprice is the same size and plot size (in fact very slightly larger) and is opposite so I think a good comparable. Is mid-terrace so no garage. Is on the 'cheaper' road though.

THe house we like is on for 445k. the other sold in 2006 for 325k.Says it all!


We are thinking it is worth 370k, all things considered (it is close to town, has parking, but is ex-LA next to scruffy LA houses one of which is currently covered head to toe in England flagsis this the most desirable street in the area????, and is a bit tight upstairs with no potential to extend moving again soon?..., but the roof pitch wouldn;t allow it ...and there is nowhere to put a set of stairs .

Basically, would you offer 75k under asking? o, I'd walk away, this doesn't suit your needs

BUT I am also desperate to move but don't make the wrong move

and it's one of the best houses in our price range that we've seen.CAn't work out your price range TBH

However, we did see one we didn;t get that was 4 bed, terrace, period, no parking, on busy main road but immaculate inside and that was on for 425k. We offered 415 but were outbid, but bearing that in mind I don;t see how the one I'm talking about now can possibly be worth 445k.Agreed. So wait for the right house.

My comments in red. You sound like you are jumping to buy just because it is on the market, rather than you like the house. WAIT.

Wee_Willy_Harris

silvercar wrote: »

My comments in red. You sound like you are jumping to buy just because it is on the market, rather than you like the house. WAIT.

I agree. Just because you might get it cheep, doesn't make it a bargain. What you might gain in bragging rights, you lose with an unsuitable house. And it you think it's overvalued now, future buyers may feel the same when you come to sell.

beccad

I have to ask, do you actually like this house? There seems to be a lot that you list as not being great! I know what it's like when you're desperate to move, though *hugs*. I'm desperate to get out of our flat and into a nicer area...

puddy

i hope OP is still reading.

I dont think its too cheeky at all and from the evidenc eyou have given about sold prices and location it still sounds overpriced.

before making an offer therefore, I would ask the EA to put to you how he/she came up with the asking price, what did they base it on?

then leave some space to pretend to mull this over, then go back with your offer.

but i would agree with what some people have said on here, you need to consider whether this is really what you want. sounds to me like you're buying a good house on a mediocre road (even though you say its the best road in the area), why not find a cheaper house on a better road?

if this is a family home you'll soon get fed up of have a lack of space

skintchick

Right. I've thanked all the replies because that is what I do on a thread I start but I'm not actually grateful to the rude posters!

My actual budget is not relevant and nor is a link. Most people on here don't understand that I live in a very expensive area, so will question if it worth more than tuppence ha'penny, but I'm very well versed in the local market and know my stuff.

Pasturesnew - it's not a perceived bargain at all. It is one of very few houses in the town that mostly suits our needs and is within reach financially. We've downgraded our wishlist and got VERY realistic over the last 7 months because what we actually want costs mre than we can afford in this town.

hethmar - it is Henley-on-Thames. And they don;t cost that much (445k) which is rather the point. But they do cost around what we've offered, and that is considered a bargain price round here. It is crazily expensive in this town.

michaels - of course there are other houses to compare it to which is what Iv'e done, hence the decision that it is vastly overpriced.

silvercar - you are so 8888ing rude it's untrue. I'm not replying to you because I think you have deliberately misunderstood things I've said in order to be arsy. Not appreciated.

Today I found out that it is the vendor insisting on that price, and that other EAs in town have refused to take it on at that price because they know it isn't worth it.

We offered 365k and were refused within hours, which we expected. He is looking for 'closer to the asking price'. Of course he is. We won;t pay it, because the house isn;t worth it. We may offer a few grand more in a week or so but the house only just went on the market (a week ago) so I expect he will hold out. up to him. He won;t get 445k for it no matter how long he waits.

Anyway my EA has another house we might like coming on soon and is arranging for us to have a look, so onwards and upwards. At this rate we will end up losing our buyer and having to rethink. If we can;t move we will have to extend this one a bit while we try and sell or I will go mad!!

Thanks everyone helpful

Henry_P_Chester

The vendor is obviously deluded! Wait a few months then offer less if your still interested IMO.