Cheeky offer?

IBJackJones

Recently went to go see a property valued at 235k. offered 200

Just out of opinion do you guys think that it was a cheeky offer that could :mad::mad: the seller?

I genuinely feel it should be valued at around this price

Mr_Moo_2

Nothing cheeky about offering what you think a property is worth, having done some homework. The vendor may not agree though..... Good luck !

19lottie82

Doesn't seem too bad to me. You are offering over 90% of the asking price. What have similar properties in the area sold for, and how long has it been on the market for?

IBJackJones

Mr_Moo wrote: »

Nothing cheeky about offering what you think a property is worth, having done some homework. The vendor may not agree though..... Good luck !

Ignore I read your response incorrectly lol.

What makes you think they wont go for it? Normally don't they make a counter offer

IBJackJones

19lottie82 wrote: »

Doesn't seem too bad to me. You are offering over 90% of the asking price. What have similar properties in the area sold for, and how long has it been on the market for?

From what I have seen on Zoopla, other properties in 2012 sold for around 208k-215k.It has roughly been on the market since end of July, so not that long. I think this time of year isn't the greatest time for selling a house.

art_for_arts_sake

Somebody posted on a similar thread if you're not embarrassed by your first offer you're probably offering too much. I'm inclined to agree, you can always go back and increase your offer.

Some buyers seem to wait till the mortgage valuation/homebuyers report to start haggling, not something I agree with as I've normally made my mind up what I'm prepared to pay and you've got to expect work on even the best maintained properties.

Mr_Moo_2

IBJackJones wrote: »

Ignore I read your response incorrectly lol.

What makes you think they wont go for it? Normally don't they make a counter offer

Let's just say that making cheeky offers can be a good way to discover how motivated the seller actually is. The market appears to be cluttered up with lots of speculative sellers who have their property up for sale at an, er, optimistic prices. They have no desperate need to move, hence are less likely to consider what they perceive to be below market value offers.

They may negotiate and make a counter offer but more likely they will just decline your offer and the ball is then back in your court.

MelaBella

art_for_arts_sake wrote: »

Some buyers seem to wait till the mortgage valuation/homebuyers report to start haggling, not something I agree with as I've normally made my mind up what I'm prepared to pay and you've got to expect work on even the best maintained properties.

Yes, but it all depends on the scope of work needed. If for example the house needs a new roof its 10K plus more additional costs, if its just fixing a few tiles on the roof then its cheap, so its all relative...

Loopgames

I would say a cheeky offer is below £195k...I don't think £215k for a £235k property is cheeky at all.

Start at £205k and see what they say...but that's all speculation without knowing the area and position of vendor...if they want a quick sale you may get it for less than £215k irrespective of what other properties have been sold for in the area.

moneyistooshorttomention

Speaking personally (ie as someone whose house will be on the market soon) I have already decided that anyone who makes a "cheeky offer" - though they can see the house has been fairly priced and I've figured out they can afford this "fair price" will be laughed out of court (thats if I'm being tactful). If they catch me "on a bad day" with a cheeky offer - my reaction will ...ahem...probably be a little "blunter".

Anyone who makes a "cheeky offer" on a fairly-priced property deserves never to be considered again as a potential buyer IMO and I personally would feel too worried that they might come back with a "fair" offer price that I accepted and went ahead with selling the house to them - only to find that they subsequently tried to gazunder this price nearer the time and I'd have all the bother and expense of "chucking them overboard" and marketing the house all over again and the "cheeky" one would have wasted my precious time and money.

As far as I'm concerned - if the price is fair the price is fair and the asking price should be paid without quibble. I will only "make an offer" on the house I am going to if I genuinely think the house is overpriced and unfair to buyers. If its a fair price in the first place - then thats what I will be offering for it.

krlyr

moneyistooshorttomention wrote: »

Speaking personally (ie as someone whose house will be on the market soon) I have already decided that anyone who makes a "cheeky offer" - though they can see the house has been fairly priced and I've figured out they can afford this "fair price" will be laughed out of court (thats if I'm being tactful). If they catch me "on a bad day" with a cheeky offer - my reaction will ...ahem...probably be a little "blunter".

Anyone who makes a "cheeky offer" on a fairly-priced property deserves never to be considered again as a potential buyer IMO and I personally would feel too worried that they might come back with a "fair" offer price that I accepted and went ahead with selling the house to them - only to find that they subsequently tried to gazunder this price nearer the time and I'd have all the bother and expense of "chucking them overboard" and marketing the house all over again and the "cheeky" one would have wasted my precious time and money.

As far as I'm concerned - if the price is fair the price is fair and the asking price should be paid without quibble. I will only "make an offer" on the house I am going to if I genuinely think the house is overpriced and unfair to buyers. If its a fair price in the first place - then thats what I will be offering for it.

OP doesn't feel the asking price is a fair price though and is offering in line with sold prices on the road. Slightly different situation.


We made a similar cheeky offer on our property OP. Infact, from original sale price to our purchase price, even cheekier, but our house did/does need a fair amount of redecorating (nothing major, though it needs a new kitchen eventually as it's quite dated). We weren't taking the mickey with our offer but it's the most we could afford. We put it on the table, the vendor had the option to reject it or not. I don't think it's cheeky to offer what you feel the property is worth, just like it's not cheeky for the vendor to ask what they think it's worth - part of the process is one party compromising, and/or coming to a figure inbetween the two.
Remember that it's not just your financial offer that can help "sell" you to a vendor too. I think another viewer was interested in our property but had offered below us. Don't think the vendor felt they were worth the hassle though - about 4 viewings, a really low offer, and lots of umming and ahhing, I think us as FTBs in no chain, MIP already agreed, able to work to the vendor's schedule, family of an old friend of his (so a bit more trust in the deal) etc. was a much more appealing "bundle" alongside our offer.
The vendor's position may influence things too. If they require a certain amount to pay off their mortgage or to fund their next purchase, any offer under asking price may be too 'cheeky' for them. But if they're eager to sell and £210k will sort them out financially, and they've had no offers/not much interest/they're being pressured to hurry up due to a chain/need to move quickly due to personal circumstances/etc,, they may be much more likely to consider low offers.