Offering £50,000 below asking price

Sibz

If you don't ask you don't get.

You're second guessing what an unknown entity may do... roll the dice if you would buy the property.

Brexit never figured in my selling or buying. I'm selling my house - I knew it's worth. I'm buying a place - I know it's worth to me. You deal in the now, not the 'what if'. Dealing in the 'what if' can take an infinitely long time

ACG

If they are desperate they may accept it.
If they are not they will reject your offer.

I think if someone came in and knocked £50k off the asking price on a property I was selling, I would be offended. Appreciate it is "only" 10% but it is still a hefty chunk.

If you think the property is worth £500k, I am all for making an offer but I am not sure £50k below is the right way forward personally. If you think the property is worth around £450k then go in with that as you are presumably not going to pay £50k more than you think it is worth so there is no harm trying.

System

If it's been on the market for a year then I would suspect they will take under. A year is a very long time for a house to sit on the market.

timeism0ney

Brexit matters because down valuations are more common than ever and because many sellers and buyers expect the mortgage rates to rise and house prices to go down. This may or may not happen but ignoring the fact that so many people are of that mindset is just silly! I wouldn't cite Brexit as a reason for negotiations with the seller though. Just make your under offer and see what happens.



It's always good to have options - makes negotiations easier.

Working_Mum

People have houses up for sale for all sorts of reasons - I was forced by my (now ex) husband to put our family home up for sale when he started divorce proceedings - not the smartest move as it was at the time of the 2008 crash - it stayed up for sale for 4 years and I had all sorts of offers on the property BUT the bottom line was I didn't want to sell and move my then young children from their family home.

I now own this home, still paying down a mortgage but I got the outcome I needed for my children which was to keep them in their home. I didn't care a jot about what people thought of my home being up for sale for so long.

If you don't test the water you will never know. I think you should have a ceiling in your mind about what the place is worth to you and then you can negotiate from there.

Good luck!

lookstraightahead

I don't think offering lower than asking price silly. What I find silly is people thinking they have (false) wealth because prices have inflated temporarily. It's hard to think you were £100000 better off yesterday than today.

Why is it ok for prices to rocket by tens of thousands overnight, but not to fall?

PhilE

I got 25K off, house needed new heating, carpets, flat roofs needed patching up, new rear fence.

My main 'card,' was that funds were in place and I could move quickly.

Unless there's work to be done and you are an attractive buyer 50K may seem too much.

However, Brexit has been an absolute shambles. Bearing that in mind, the cards are currently in your favour.

AnotherJoe

lookstraightahead wrote: »

I don't think offering lower than asking price silly. What I find silly is people thinking they have (false) wealth because prices have inflated temporarily. It's hard to think you were £100000 better off yesterday than today.

Indeed because unless you are downsizing, odds are you are worse off since the more expensive house you'd like to buy has gone up more in real terms than the one you're selling.

Why is it ok for prices to rocket by tens of thousands overnight, but not to fall?

Did someone say it wasn't?

System

Surely the majorly overlooked factor here is area? There are some areas that houses will go for 30% over asking price easily. And some where 50k under asking price is the norm.
Is the area a good area or not?

todayisagreatday

Ours was £359k, agreed £315, after surveys agreed £303k.

It helps to do a lot of research on your seller, we did and used it to our advantage. Social media can be a wonderful thing and we knew the seller had inherited it, how long it had been empty, that he had put an offer in on a new place and was keen to sell! We used all this to our advantage ... It does happen..