Offer: how low is too low?!

custardcrumble

Hi All,
We moved to Saffron Walden recently and are in rented, looking for a home to buy. We have an offer on our house already and are flexible on timescales - we can move quickly or slowly as needed for the right house.


We saw a house at the weekend that's been on the market for 7 or 8 months. The EA has confirmed they have received no offers in all this time.


The house is right at the top of our budget (really a touch over) going by the asking price. So the question: how much of an offer is too low or even offensive! If we could get this for 10% below asking price then we'd proceed but anything much above that would be too expensive for this particular house.


Any and all advice gratefully received!
CC

marksoton

There must be a reason it's been on the market that long.

Clarify with the EA if it's no offers or no acceptable offers.

The former would indicate something wrong, the latter an unrealistic vendor.

Indout96

You can put any offer in - they can accept or decline.
We have just sold out house at 12% under valuation so we don't miss yet another bungalow (missed 2 already)
It will depend if they can afford to move if they accept your offer.

custardcrumble

Thanks for the quick replies. The EA hasn't said they're not open to offers, just that none have been made yet.


12% sounds like a lot (though it depends in part on the asking price I suppose - £1M vs £80k). How did you feel receiving an offer 12% below valuation?

elverson

A price can't be 'offensive' - it's just a string of digits

Negotiation is part of the game and all they can say is no. If they've had no offers at all then the price might be unrealistically high anyway.

ognum

custardcrumble wrote: »

Hi All,
We moved to Saffron Walden recently and are in rented, looking for a home to buy. We have an offer on our house already and are flexible on timescales - we can move quickly or slowly as needed for the right house.


We saw a house at the weekend that's been on the market for 7 or 8 months. The EA has confirmed they have received no offers in all this time.


The house is right at the top of our budget (really a touch over) going by the asking price. So the question: how much of an offer is too low or even offensive! If we could get this for 10% below asking price then we'd proceed but anything much above that would be too expensive for this particular house.


Any and all advice gratefully received!
CC

SW is an interesting market. London commuting from Audley End, lots of jobs close by.

A house that has been on the market that long is surprising. I would def start 10% down.

bellaboo86

What do you have to lose by putting in a low offer?
They might want a quick sale. I put in an offer about 10% lower than the asking price because the house had been empty for 6 months ( previous owner had part- exchanged it for new build). I also knew that there had been two offers in that time that had fallen through. I fully expected to be turned down but it was accepted. When the estate agent rang to tell me she even said she had expected them to say no.

pollydollydoodah

It all depends on vendors. Maybe this many months on they'll be open to negotiation. But if they're not in a rush, maybe they won't.
Make an offer less than the price you want so you're open to negotiation.

Indout96

custardcrumble wrote: »

12% sounds like a lot (though it depends in part on the asking price I suppose - £1M vs £80k). How did you feel receiving an offer 12% below valuation?

Without wanting to get your thread locked the best I can say is that the demographic of the area has change in the last 3 years (we have been here 26 years) and now there is only one type of buyer (from a specific continent) they know this and offer accordingly.
We had far lower offers - it is just something we have to accept up here

ognum

Indout96 wrote: »

Without wanting to get your thread locked the best I can say is that the demographic of the area has change in the last 3 years (we have been here 26 years) and now there is only one type of buyer (from a specific continent) they know this and offer accordingly.
We had far lower offers - it is just something we have to accept up here

Ok now Im confused because OP says they are in Saffron Walden which is a white middle class historic commuter town about 12 miles from Cambridge, 40 minutes commute to London.

Your location says Bradford.

lazer

I was once told, if you aren't embarrassed by your low offer, its not low enough.