FTB - Making An Offer - Very Low Offer

Old_Git

do you know how much the vendor paid .

itGuyUK80

I am not able to find anything the land registry about the sale of the property.

Yes it is a dormer bungalow.

SG27

Make your offer with your reasoning and make it clear it's take it or leave no negotiation. Going by what you have said it sounds like it's drastically overpriced. Not much chance of your offer being accepted but worth a go. I encounted a couple of these types of vendor when I was buying. They were reduced several times before being eventually removed from the market.

ukcarper

In my area bungalows attract a large premium over houses

itGuyUK80

ukcarper wrote: »

In my area bungalows attract a large premium over houses

What sort of difference is there between these types of properties?

ukcarper

itGuyUK80 wrote: »

What sort of difference is there between these types of properties?

I'd say about 10% a 2 bed bungalow would be similar to a 3 bed house.

w00519772

It really does depend on what other similar properties are selling for in the area. Perhaps post a link to the advert? I did this when I was buying and I received a lot of helpful responses.

If I was selling and I received such a low offer I would reject it and ask the estate agent to put a black mark against you. I would not be insulted but I would take any future offers from you with caution e.g. if you were competing with another buyer with the same offer then I would choose the other buyer.

Hoploz

w00519772 wrote: »

If I was selling and I received such a low offer I would reject it and ask the estate agent to put a black mark against you. I would not be insulted but I would take any future offers from you with caution e.g. if you were competing with another buyer with the same offer then I would choose the other buyer.

Absolutely agree.

A chancer offered me 100k less than asking on my house, following bringing his entire family in three visits. He then upped it by 25k to the 500k stamp duty level.

I told the agent even if he offered the asking price I would not accept it from him. I wouldn't trust him to go through at the acceptable price as he had tried to get it so low.

Sold it subsequently at a correct and appropriate 5k below asking price. Figures much bigger than yours, but the principle remains the same.

SG27

w00519772 wrote: »

It really does depend on what other similar properties are selling for in the area. Perhaps post a link to the advert? I did this when I was buying and I received a lot of helpful responses.

If I was selling and I received such a low offer I would reject it and ask the estate agent to put a black mark against you. I would not be insulted but I would take any future offers from you with caution e.g. if you were competing with another buyer with the same offer then I would choose the other buyer.

So what, the op would only be making one offer. It would either be accepted or they will look elsewhere.

Might be the only offer they get..

inatdeepend

Thread has been really useful as I've been looking to do a similar thing. I intend to go in with a fairly low offer but not unreasonably so - the market where I'm looking is full of similar size houses that have been listed for ages and not shifting and regularly brought down in price, and house I have my eye on has a vendor wanting to sell quickly.

I think as long as you're prepared for a 'no' response and what you might do as a result of that, then go for it - insulting a vendor should be way, way down the list of priorities.