Is an offer of 20% off asking price too cheeky?

Endofcheapeasycredit

it-is-only-me wrote: »

Here's the lowdown. I have seen a house I would like to buy. It has been for sale for a couple of years. 1st agent had it for £375,000 and current agent has had it since June2011 for £325,000. It has an extension on the property that is completed to 1st fix so not completed for building regs yet. It also has 2 barns that are asbestos (nothing visually amis with them, but thats not to say there isn't trouble lurking). We are thinking of putting an offer in of £260,000-would this be too cheeky? Also I cannot find it on the land registry, is this strange?
Thanks in advance

There is never an offer too low. You can always go a little higher they say no and if you still want it.

GAH

Make the offer, worst the vendor can say is no.

Vendor sounds like a waste of time, if property been on the market for two years, they probably aren't that serious about selling unless someone pays them the price they want.

BigAlC

We've just offered on a house that is (IMO) over priced for it's area at just under 18% of asking price.

Had no contact from the EA since, and I am not going to get in contact with them before my deadline that was mentioned when I offered of 5pm Friday. It's infuriating, but common courtesy dictates even a call saying "no" would be in order.

I'm pretty sure our offer will be turned down, but like others have said, there is no harm in asking, particularly if you can get some offers in on other houses (even with the same EA shows you are serious)

Thrugelmir

BigAlC wrote: »

Had no contact from the EA since, and I am not going to get in contact with them before my deadline that was mentioned when I offered of 5pm Friday. It's infuriating, but common courtesy dictates even a call saying "no" would be in order.

Maybe vendors are mulling it over......

Not the EA that accepts or not.

bmar71n

no, its what the vendor would be expecting. Vendors tend to expect to get cira 90% of asking price, so going in at 80% then meeting in the middle at 90% is exactly what they will expect.

phoebe1989seb

I would definitely give it a go......we pulled out of a purchase last year on a house that originally went on the market at £385k about three years previously, was up for £280k when we offered, after we withdrew went to auction (didn't sell) and has recently gone under offer at O.I.E.O £200k. It's a five bed grade 2 listed period house with an unfinished extension (similar to that at the property the op is considering offering on) and which looks unlikely to meet LBC. We reckoned it required in excess of £150k spending to make it habitable, but pulled out as we discovered plans for two large new builds overlooking the rear gardens.

Apart from the fact we didn't want to buy once we discovered about the new builds, we are so glad we didn't buy at the previous price!

Good luck op.....let us know how you get on

marcarm

If you are not embarrassed by your offer, then it's not low enough

sims01

Really depends on how realistic the asking price is.

I've seen properties sell for 15-20% below asking within weeks of the initial posting here (a nice area in London), while others are selling at or even above asking price.

SG27

sims01 wrote: »

Really depends on how realistic the asking price is.

I've seen properties sell for 15-20% below asking within weeks of the initial posting here (a nice area in London), while others are selling at or even above asking price.

If the asking price was realistic it wouldn't still be on the market after 2 years!

missile

it-is-only-me wrote: »

tbh, there is nothing around like it, The last property sale within the postcode was for £250,000 in 2006 same size property, more land but no barns. Its a tricky one because it is sold as a farm but only stands in less than 1 acre as a whole. Too big to be a house but too small to be a farm. Our tops would be £280,000 at a push.

Seems you cannot afford this property and IMHO you are wasting the vendors time.