A 'cheeky' offer on a house purchase

dhokes

I'm interested in buying a house that I've viewed. I believe the house's current asking price is above the market value and priced such that there's room for negotiation. It's currently priced around £170k and I was thinking of offering £150k (along with my reasoning).

Do you think making an offer with a 12% reduction is 'cheeky' or reasonable? If the former, what would be a suitable reduction?

new_owner

They can only say no...

Go for it...

fromtheshires

Start low as you can always increase the offer.

Just don't be one of those who then demands silly reductions on the day of exchange as it leaves a sour taste in the mouth

kram

If you don't ask you you don't get?

Go for it, they can only say no & remember the EA wants his commission & they normally always overprice things anyway.

Remember they may have to drop to what you are offering in 3-6 months anyway so your doing them a favour.

The_Logans

Well, I guess it depends on your reasoning. Why do you think it is overpriced? Has it been on the market for long?

dhokes

The_Logans wrote: »

Well, I guess it depends on your reasoning. Why do you think it is overpriced? Has it been on the market for long?

Added online over a week ago. I don't know whether I should read to much into it but the asking price is £15k above the market trend price for similar type properties (from April 2017).

The_Logans

dhokes wrote: »

Added online over a week ago. I don't know whether I should read to much into it but the asking price is £15k above the market trend price for similar type properties (from April 2017).

Like others said, they can only say no. It depends on how much interest they have had, what figure they have decided is their minimum etc. Without a link to the property itself we are only guessing.

purpleparrotuk

I thought I was being cheeky offering £15k lower on a property nearly £400k. They declined it but ever circumstance is different.

Cakeguts

A house is only worth what someone will pay for it so if your offer is what you would pay for that house then that is what you offer.

Thrugelmir

dhokes wrote: »

(along with my reasoning).

Don't bother. As will have no bearing on the outcome.

hazyjo

Thrugelmir wrote: »

Don't bother. As will have no bearing on the outcome.

Agree. But have your brief answers ready for if they ask. Don't go into too much detail. If it's only been a week, I doubt they'll drop much. If they say no to your offer - which they will - don't say leave it on the table as it makes it more appealing to others, just say you'll call back in a few weeks if you're still interested to see if they're any more likely to take an offer. Tell them to get in touch in the meantime if anything changes. They won't ring you if it goes under offer so just keep a close eye on it yourself.