How much justification should I give when making an offer?

Cakeguts

Do not rely on a statement either from them or their estate agent that they are happy to move into rented accommodation. 

verytired11

I think the only relevant thing is the number and anything that makes your offer stronger than someone else's such as being chain free.  My buyer mentioned he wanted to complete by end of June, which put me off as it was unrealistic at that point and didn't take account of my circumstances.  However, he had no chain and a large deposit so I went with him on the basis of absolutely no pressure to complete quickly.  You don't know what your seller's priorities are so it's risky to assume anything, and better to keep it flexible while you try to get your bid on the table.  I wouldn't mention the state of the house.  My buyer has written an email to the agent in response to the survey that basically suggests that I have not been keeping up with core maintenance.  It was very unpleasant and creates bad feeling and I am still considering finding another buyer, despite having spent money and being a couple of months into the process.

Redwino222

I always find it a bit patronising when people do this.  

By all means offer lowered, but your opinion on the value is irrelevant.  They will take the highest offer that suits them, they won’t be so impressed with your personal assessment of the market and the condition of their home that they reject all other offers and come running to you.

I had one person mansplain to me why my house was overpriced.  I am not sure why he thought his opinion was so compelling.  I went with a higher offer than asking price.  

Grumpy_chap

The vendor wants 335k
You think it's worth 300k
Offer 300k.  Don't explain.  If they accept it, happy days

comeandgo

Bookgal88 said:

This is going to be quite long, so TIA for reading!
I viewed a house yesterday that I'm considering putting an offer in on. I have owned a property before, but it was S/O, so I've never been through the offering part of the process before. So my question is two-fold I guess: how should I present my offer, and how much justification should I give for it when I present it to the EA?
I know the EA will call me tomorrow to get feedback after the viewing. My plan is to have a quick chat with him and then say I'll send my offer over in an email. It just feels more formal, and IMO there is less chance of any key info getting lost in translation. Is this sensible?
Now onto the property itself. The house I viewed is on a nice looking road, close to a station, the town centre and the seafront. It has good kerb appeal, but the owners have lived there for about 15 years and done nothing with it. It needs a new kitchen, new bathroom, some of the UPVC windows have blown and so they need attention, the carpets upstairs are in bad condition and need removing/replacing, and the whole place needs a good clean and a lick of paint. 
3 other houses sold on the road in 2020 for between £300k and £320k. All were better maintained than this one, which is on for £335k. When I viewed yesterday, I told the agent that I felt it needed quite a lot of attention. He said that's what most of the other viewers had said, and that the sellers didn't think they'd have any interest (it had an open day yesterday with around 14 viewings). 
I'd like to put in an offer of £300k, so about 10% below the asking price. I think the £335k AP is pretty spicy, given what other houses on the street have achieved. The market is very buoyant in the are I'm looking to buy, and properties are selling within a week of being listed, so it's very unlikely I'll have the chance to view this property again. For that reason, I've tried to budget a decent amount for the work to be done, plus a bit extra in case of any surprises. I'm porting a mortgage from the property I sold, so I'd need to complete by the end of September to avoid paying my ERC and to take advantage of the SD situation. So I'd want to make completion before the end of September a  non-negotiable condition of my offer. But how much (if any) of the information that I've bolded should I include when I submit my offer? Or will the EA just present my number to the buyer with no additional information, and they'll take it or leave it? I'll also reaffirm my other "benefits" when I submit my offer (motivated, chain-free, healthy LTV, AIP from lender).

if you want to impress someone and get them to sell you their property you do not insult them by pointing out where they have gone wrong on the price and bring up the faults, you try and make yourself be the best person they could sell their property to.

Bookgal88

Redwino222 said:

I always find it a bit patronising when people do this.  

By all means offer lowered, but your opinion on the value is irrelevant.  They will take the highest offer that suits them, they won’t be so impressed with your personal assessment of the market and the condition of their home that they reject all other offers and come running to you.

I had one person mansplain to me why my house was overpriced.  I am not sure why he thought his opinion was so compelling.  I went with a higher offer than asking price.  

Sorry - I didn't intend to come across as patronising. I used to be a mortgage valuer for banks, so I guess I'm just working through it in the way I think the valuation surveyor will do!

Redwino222

Bookgal88 said:

PRedwino222 said:

I always find it a bit patronising when people do this.  

By all means offer lowered, but your opinion on the value is irrelevant.  They will take the highest offer that suits them, they won’t be so impressed with your personal assessment of the market and the condition of their home that they reject all other offers and come running to you.

I had one person mansplain to me why my house was overpriced.  I am not sure why he thought his opinion was so compelling.  I went with a higher offer than asking price.  

Sorry - I didn't intend to come across as patronising. I used to be a mortgage valuer for banks, so I guess I'm just working through it in the way I think the valuation surveyor will do!

I suppose you will have to adjust to being a normal buyer.  They haven’t employed you to value their house, you are bidding.  All they need to know is what you are offering to pay, how quickly you can proceed and whether you have the funds.   This can be delivered through a simple phone call to the agent.

I would hope the estate agent wouldn’t pass on your assessment, but I think you will come across poorly if you give it, and to honest I would be a bit concerned that you would be awkward down the line.

Mickygg

As a seller I couldnt care a less about reasoning. I have the house up at £x, someone offers £x so I consider whether I will accept. 

Prices on zoopla, tree too close to house, it’s not worth what you are asking blah blah blah. 

Just offer, no justification needed or should be given IMO as to why you are offering less.
However brownie points absolutely should be mentioned such as cash buyer, parents live round the corner, looking to exchange ASAP etc yes to mention....as long as it’s the truth of course. 

Fiesto88

Honestly, I’d say don’t get into justifying or qualifying your offer. Saying too much will potentially irritate the vendor and switch them off you completely. I’ve previously left rejected offers on the table and later had them accepted - which the vendor might not have done had I given them the impression I was merely settling for their property and might pull out as soon as something better came along. 

theoretica

Another vote for not needing justification - unless you know something the sellers don't.  I would go for a straightforward I know it is less than you are asking but this is my offer...