How low can we go? Making a low offer.

Running_Horse

nearlyrich wrote: »

It's a transaction not an emotional experience if they can afford to drop to a low offer to get it gone they will if not they won't. I would say go for it but don't get too attached until the offer is accepted.

What makes you say that? I could afford to sell my house for a quarter of its true value. Doesn't mean I will to get it gone.

Fraise

RDW1989 wrote: »

My boyfriend and I are looking to buy our first home. We've seen a house that is on the market for £215k, however it's been on the market since September. A sale was agreed before Christmas but fell through, and the estate agent says they agreed £197k.

We like the house, but it's not perfect. I think the main reason it's been on so long is the decor- it's very darkly decorated, cluttered and overpowering (think big, jazzy prints). We'd want to knock down 2 walls to make it more open, which may cost a bit extra and take some time. The added benefit for them is that we're first time buyers with deposit to hand and mortgage in principle. They're selling due to a divorce and there's no chain as they'll be renting, so I wonder whether they just want a quick sale.

We've been thinking about making a very low offer, to see if they'll eventually negotiate to an even lower price than £197. We'd like to get it for around £185 if possible. We don't really have anything to loose- there's no rush for us in terms of securing somewhere.

What's the lowest you'd go?:D

You're expecting them to take an offer £30k below their original asking price? And on a house at just £217k?

My guess is they accepted the £10k drop originally, but now spring is round the corner and properties start moving again, they'll be hoping maybe for even more.

And as you say, if they're divorcing and intending on renting, they're in no hurry either..they haven't got another house to buy that they might lose by not selling theirs quickly.

They'll probably think you're trying it on by looking at a house that you know is on at £217k , and are trying to benefit at their situation. That won't go down well one iota, and many people would shut the door in your face so to speak.

rosie383

Snakey wrote: »

Don't get hung up on the emotive words . Of course when you put it like that it sounds daft: "oh, I don't want to play with him because he's a big meanie". But there's something very real underpinning it - I wouldn't want to deal with someone who made a very low offer because no matter what price we agreed I wouldn't fully trust them not to pull a fast one at the last minute to try to get the price back down again.

So in advising the person making the offer, it's not a case of "don't do that, you might make them cry and that wouldn't be very nice would it?", it's more like "if you do that, you're taking a risk that they won't deal with you at any price" - which is basically what everyone is saying.

This sums it up perfectly.