How much justification should I give when making an offer?

Irishpearce26

So here some experience i can share with you from a interested buyer of my property recently;

They offered £25k below asking price and listed how out of date the kitchen was, the bathroom urgency needs replaced and the general decoration is very tired. They too demanded that if we don't complete by a certain date they wanted another £5k off or they walk.

I didn't respond to their offer, I ignored it even when they followed up with an increased offer £20k below asking.

The person I sold to saw me coming back to the house after their viewing, came over and thanked me for letting them view my beautiful house and that they could see themselves living there and that they were going to make an offer.

sst1234

OP, no amount of justification can sweeten the 10% below asking price offer. If you used to be a mortgage valuer, you will know that house prices have risen enormously recently. And there were double digit viewings on this house - yet you think you will get it for that asking price with conditions attached. Honestly, it’s very unlikely yours will be the winning offer.

verytired11

My seller's agent asked me who would be living at the property, what we planned to do with the property and what jobs me and my partner did before the vendors would accept the offer 😮 He was very apologetic about asking, but clearly it was important to the seller.   Luckily we must have sounded like a nice couple as they said yes.

Bookgal88

sst1234 said:

OP, no amount of justification can sweeten the 10% below asking price offer. If you used to be a mortgage valuer, you will know that house prices have risen enormously recently. And there were double digit viewings on this house - yet you think you will get it for that asking price with conditions attached. Honestly, it’s very unlikely yours will be the winning offer.

Thanks for your response. I totally agree with you that it's very unlikely that my offer will be accepted. But I'm not worried about it not being accepted - I was really asking about the best way to present my offer to the EA. If someone offers more and the vendor accepts, then I'm happy for both of them. But I'll think they've overpaid.

Crashy_Time

Bookgal88 said:

sst1234 said:

OP, no amount of justification can sweeten the 10% below asking price offer. If you used to be a mortgage valuer, you will know that house prices have risen enormously recently. And there were double digit viewings on this house - yet you think you will get it for that asking price with conditions attached. Honestly, it’s very unlikely yours will be the winning offer.

Thanks for your response. I totally agree with you that it's very unlikely that my offer will be accepted. But I'm not worried about it not being accepted - I was really asking about the best way to present my offer to the EA. If someone offers more and the vendor accepts, then I'm happy for both of them. But I'll think they've overpaid.

Good attitude.

Bookgal88

Quick update if anyone is interested - the vendor has rejected my offer as they've had offers from other proceedable buyers at the asking price. So I politely told the EA that I wouldn't be willing to go that high, thanked him for his time and carried on with my day. IMHO, those offering asking price are overpaying and could well find there's more work to be done than they realise, but they obviously feel otherwise, so good luck to them. 
Thank you all for your helpful advice. In the end, I made a couple of positive comments about the property, clearly stated my offer and my benefits as a purchaser and stopped at that. And that's how I'll make any future offers

Sunsaru

Bookgal88 said:

Quick update if anyone is interested - the vendor has rejected my offer as they've had offers from other proceedable buyers at the asking price. So I politely told the EA that I wouldn't be willing to go that high, thanked him for his time and carried on with my day. IMHO, those offering asking price are overpaying and could well find there's more work to be done than they realise, but they obviously feel otherwise, so good luck to them. 
Thank you all for your helpful advice. In the end, I made a couple of positive comments about the property, clearly stated my offer and my benefits as a purchaser and stopped at that. And that's how I'll make any future offers

What other people do with that property is their own problem. Keep doing what you're doing and you'll find something.
Blessings and good luck!

Redwino222

Thanks for coming back with an update.  I hope you find a place that suits you at a price you are happy with.

Crashy_Time

Bookgal88 said:

Quick update if anyone is interested - the vendor has rejected my offer as they've had offers from other proceedable buyers at the asking price. So I politely told the EA that I wouldn't be willing to go that high, thanked him for his time and carried on with my day. IMHO, those offering asking price are overpaying and could well find there's more work to be done than they realise, but they obviously feel otherwise, so good luck to them. 
Thank you all for your helpful advice. In the end, I made a couple of positive comments about the property, clearly stated my offer and my benefits as a purchaser and stopped at that. And that's how I'll make any future offers

Can we see a link now that you are no longer buying it?

Scotbot

Bookgal88 said:

sst1234 said:

OP, no amount of justification can sweeten the 10% below asking price offer. If you used to be a mortgage valuer, you will know that house prices have risen enormously recently. And there were double digit viewings on this house - yet you think you will get it for that asking price with conditions attached. Honestly, it’s very unlikely yours will be the winning offer.

Thanks for your response. I totally agree with you that it's very unlikely that my offer will be accepted. But I'm not worried about it not being accepted - I was really asking about the best way to present my offer to the EA. If someone offers more and the vendor accepts, then I'm happy for both of them. But I'll think they've overpaid.

I suspect your old job means  you are being rational about price in an irrational market.