Too cheeky an offer?

Davesnave

RelievedSheff said:

Given that the 4 bed house has been for sale for some time I think your £160k offer would be a decent offer.

Certainly a starting point. Expect it to be knocked back, but if you come up from there just a little and leave it there it will look like you're stretching, which you are if you've costed the works which make it acceptable correctly.

News varies day by day, as if people's emotions are being toyed with, so it's hard to guess how individuals will view the onset of winter, but it was around now in comparable circumstances that we accepted a low offer rather than chance our arm on a spring bounce. Just as well; it didn't happen!

Crashy_Time

1sttimebuyer94 said:

Well my husband thought 165 but I was thinking of starting 160. But he thinks that's too cheeky 😂

Not nearly cheeky enough IMO.

He

Once an offer is made, it's always easier to go up if you have to than to try and reduce it later! 

Crashy_Time

It is easier if the seller has no other buyer options, or has been on the market for months and is desperate to get rid so they can move on with their life.

amandacat

I recently got offered 20k below asking price on my house. My house had sold a month before straight after going to market for asking price but the buyer pulled out due to lockdown after 3 weeks. As soon as it went back to market, I got a 20k below offer. I declined because I knew my house was not overpriced eg similar houses on the market for 180-190k who were taking advantage of the current housing boom and I listed for 175k as this was a more realistic price. If I had listed for 190k and got a 175k offer then I would have accepted but knowing I’d priced competitively, I knew I’d get asking price and I did. 
It’s always hard because you don’t know what the seller’s motivation is or if they have realistic ideas of their property value. 
I certainly wasn't offended with the 20k below offer and still sold to them when they later offered asking price. 
It depends on the competition for the property, for example, I had an offer from someone who lost their buyers but couldn’t proceed until they resold so I could’ve waited it out for them so wasn’t going to accept a low offer. If my house was on the market for months then I would’ve accepted a lower offer knowing my property was overpriced or there was little interest in it. It’s unlikely a new to market property will accept a much lower offer unless they’ve deliberately overpriced it to take this into account. 

Crashy_Time

amandacat said:

I recently got offered 20k below asking price on my house. My house had sold a month before straight after going to market for asking price but the buyer pulled out due to lockdown after 3 weeks. As soon as it went back to market, I got a 20k below offer. I declined because I knew my house was not overpriced eg similar houses on the market for 180-190k who were taking advantage of the current housing boom and I listed for 175k as this was a more realistic price. If I had listed for 190k and got a 175k offer then I would have accepted but knowing I’d priced competitively, I knew I’d get asking price and I did. 
It’s always hard because you don’t know what the seller’s motivation is or if they have realistic ideas of their property value. 
I certainly wasn't offended with the 20k below offer and still sold to them when they later offered asking price. 
It depends on the competition for the property, for example, I had an offer from someone who lost their buyers but couldn’t proceed until they resold so I could’ve waited it out for them so wasn’t going to accept a low offer. If my house was on the market for months then I would’ve accepted a lower offer knowing my property was overpriced or there was little interest in it. It’s unlikely a new to market property will accept a much lower offer unless they’ve deliberately overpriced it to take this into account. 

The difference now is that banks are actively down valuing.

amandacat

The valuation is booked soon Crashy so I will keep you posted :-)

1sttimebuyer94

Well we decided to offer 164k in the end, which was declined, but have today had our second offer of 167k accepted  

Crashy_Time

1sttimebuyer94 said:

Well we decided to offer 164k in the end, which was declined, but have today had our second offer of 167k accepted  

What were they originally asking for?

MFWannabe

1sttimebuyer94 said:

Well we decided to offer 164k in the end, which was declined, but have today had our second offer of 167k accepted  

Congratulations 👏