Low Ball Offer?

Bonfire_Bride

Hello - quick question.

I know it's relevant to the property, the owners and other aspects. But would you consider an offer of 170k for a property marketed at 199k to be low ball?

Also, do you think it would ever be considered?

Possibly a "how long is a piece of string" question. But I dont want to be cheeky and upset the seller.

Dan-Dan

Yes it is lowball in relation to AP
but as you say absolutely no way of offering an opinion any further than that based on lack of info given

ellie27

If its been on the market for 6 months then go for it as obviously it is not priced correctly or it would have sold.

If its only been on a few weeks then I think it is a bit low.

What are similar houses selling for? What is the house worth to you?

Clutterfree

15% below asking price (if my calculations are correct) does seem pretty low.
Would you think it cheeky and be upset if someone offered you 15% below YOUR asking price?
If not, go for it but I should think it will be declined.

Bonfire_Bride

We are not in a position to put an offer in at the moment as ours is on the market. We are however, keeping ourselves up to date with properties on the market.

Purchasing a house at 170k will not effect our finances as hubby has had a pay increase which will cover this additional borrowing. Therefore Id like to keep it around this price.

Im thinking about whether to view houses valued over 185k (less than 200k) or whether this is wishful thinking and we would be best keeping our potential homes at 180k or less.

I find myself getting a little carried away on rightmove. We are in s.wales too so house prices are great here.

Bonfire_Bride

Clutterfree wrote: »

15% below asking price (if my calculations are correct) does seem pretty low.
Would you think it cheeky and be upset if someone offered you 15% below YOUR asking price?
If not, go for it but I should think it will be declined.

any offer would be welcomed at the moment

But yes, I completely understand.

AnotherJoe

Too many unknowns . In some circumstances it might be accepted, in others it might offend.

kilby_007

Length of time on the market, the seller's desperation to sell/move, previous offers, and market price are the main factors. Is the market value of that property 170K (based on similar properties that have sold recently on the same street)? Is it 29K overvalued, or are you hoping to grab a bargain? If they've priced it about right, then it's highly unlikely they'll take 85% of their asking price, unless there's something wrong with the property or there's some unusual circumstances that mean they have to sell it quickly.

We've just offered on a property that's been on the market for 7 months. The estate agent told me they've had no offers yet, but when we viewed, the vendors flippantly said they were 'probably' off to retire to France and I didn't sense any urgency in their desire to sell. We offered 280K on their 300K property. That was over a week ago, and they haven't come back to us, so it kind of says to me "we're only going to move house if we get our asking price" and this is probably the reason it's still on the market. Sometimes it's worth a shot, but expect dissapointment and move on.

AnotherJoe

Bonfire_Bride wrote: »

I'm thinking about whether to view houses valued over 185k (less than 200k) or whether this is wishful thinking and we would be best keeping our potential homes at 180k or less.

Ah well that is a different question. Yes, look at houses up to £200k, maybe you'll happen across one thats been on the market for a year and the vendor is desperate to move to their dream house but hasn't gotten round to dropping the price yet.

And you've got nothing to lose have you, if they wont accept lets say under £185 then maybe you'll get lucky, and if you do offend soemone , its someone who you wont be offering more to anyway. "obviously" though any bids from you are worthless until you are under offer from someone in the same position or a FTB with mortgage, or buyer cash.

It will also be good for you in terms of comparisons, you might find a £170k house and think "wow there's a similar one on offer for £195k this is much better value or with such and such work we saw in the £195k house we could bring it closer to that value

Bonfire_Bride

AnotherJoe wrote: »

Ah well that is a different question. Yes, look at houses up to £200k, maybe you'll happen across one thats been on the market for a year and the vendor is desperate to move to their dream house but hasn't gotten round to dropping the price yet.

And you've got nothing to lose have you, if they wont accept lets say under £185 then maybe you'll get lucky, and if you do offend soemone , its someone who you wont be offering more to anyway. "obviously" though any bids from you are worthless until you are under offer from someone in the same position or a FTB with mortgage, or buyer cash.

It will also be good for you in terms of comparisons, you might find a £170k house and think "wow there's a similar one on offer for £195k this is much better value or with such and such work we saw in the £195k house we could bring it closer to that value

Thank you - that's really helpful

steph2901

You have nothing to lose by offering. The worst that can happen is they say no. I wouldn't accept a low offer on mine, but I wouldn't be offended either.