'Cheeky offer' success stories?

giantkatie

Or perhaps a spectacular fail story??
The reason I ask is that we have our eye on a property which has been on the market since February. My homework tells me that the Home Report valuation is seriously inflated (shocker). The asking price has recently been reduced, but still not enough in my opinion, so we're beginning to consider a cheeky offer. Just curious (nosey) to hear about other people's experiences in this regard.

walwyn1978

It wasn’t us, but a friend of mine said he got 35% off the list price, albeit it’s very near a power station (as in you can see all the power station - I’d say maybe a quarter of a mile tops from his house) - which I presume would have cut down the interest in the property considerably.

From talking to an EA in a work context, they said stuff which is hard to sell (like my eg above) and with a seller who needs to move is cheeky offer territory. They also said it depends on what you define as ‘cheeky’ - 20%? 20k?

giantkatie

From talking to an EA in a work context, they said stuff which is hard to sell (like my eg above) and with a seller who needs to move is cheeky offer territory. They also said it depends on what you define as ‘cheeky’ - 20%? 20k?[/QUOTE]


A little more than 15%. Hopefully not cheeky enough for a punch in the face...

lookstraightahead

Depends how much you want something and how much you think it's worth. I don't think any asking price is what it's worth. There is always, in my opinion, at least 10% negotiation.

ec9wrr

@lookstraightahead

How can a property never be worth it’s asking price?
Surely it depends on the property and what the asking price is? There’s not always 10% negotiation in it. A property is only worth what someone is willing to pay and sell it for.

RelievedSheff

lookstraightahead wrote: »

Depends how much you want something and how much you think it's worth. I don't think any asking price is what it's worth. There is always, in my opinion, at least 10% negotiation.

I don't think that is strictly true.

There are properties which are marketed at the right asking price. Although these tend to get snapped up quickly and not sit around on the market for months on end.

giantkatie

Many properties in Scotland do sell for an 'offers over' price. Not many sell for over the HR valuation though - only the most in-demand and desirable properties do.

Davesnave

giantkatie wrote: »

Or perhaps a spectacular fail story??

We've never made a cheeky offer, but we were accused of this twice in rapid succession (same agent) in Wales during the recession.

First house we offered £275k when it was on at £375k. It sold for £275k three years later.


Definite fail for the very elderly vendors.

Second house was an unfinished refurb, but the work was so bad, much needed ripping-out and starting again. Difficult to price, but we offered £260k against an original asking of £330k, reduced to £285k when we viewed.

Anyway, it sold 'only' 6 months later for £240k, so another vendor fail.

We felt sorry for both vendors. However, within a few weeks, we began the purchase of the property we're in now, which was priced to sell. Again, there was much recent 'improvement' work to remove and replace, but the vendor holds no grudges; in fact our families are on very good terms

phoebe1989seb

We made what we thought was a cheeky offer on a property in rural Wales two years ago. It was a tiny cottage set in six plus acres on for offers over £300k with one estate agent and for £330k with another.

The property had been empty for years and needed complete refurbishment including the land which was completely overgrown/unnavigable. We felt it was only worth £260k which is what we offered. This was declined and we moved on to buy a repossession that had been reduced by more than £125k from its original asking price. We offered the new asking price for that, which reflected the current condition and were successful.

The other house did eventually sell - six months later - for £300k, so our offer had been too cheeky

Years ago some friends were selling a large period house in a city on the south coast of England. It was on for £850k. One of the first viewers offered £795k which our friends thought too low/cheeky. It stayed on the market for about a year with several reductions and eventually sold for £750k.......

theartfullodger

Offered in writing a significantly low price on a house not sold for 2 years in 2000. Got the most blunt, insulting, response from agent explaining how vendor was so affronted and would never sell at that price. I thanked them politely for their comments.

1 week later I repeated the exact same offer, in writing. Accepted. Now selling, 19 years later, same agent.

Retired_Mortgage_Adviser

Offer success / completion fail story

Offered 310k on a btl flat advertised as "offers above 350k" which had been on the market for a few months. Agreed at 315k (on the basis that, as a mortgage broker I would be a supremely proceedable buyer and completion needs to happen within 6 weeks!). 2 days before exchange, seller pulls out saying he wants at least 325k. Deal falls through.

The property goes back on the market at 335k and sells for 327k after 6 months.

giantkatie wrote: »

Or perhaps a spectacular fail story??
The reason I ask is that we have our eye on a property which has been on the market since February. My homework tells me that the Home Report valuation is seriously inflated (shocker). The asking price has recently been reduced, but still not enough in my opinion, so we're beginning to consider a cheeky offer. Just curious (nosey) to hear about other people's experiences in this regard.