Low offer

boxer234

I’ve had my eye on a house for a while it’s above my budget but has been on since 15 December.  Is a low offer cheeky ? I feel really uncomfortable doing so in this market.  When I bought my last house 10 years ago it was expected but not in this market.  I’d be about 8% below ? 

aoleks

Just because it’a been on zoopla/rightmove since 15 dec, it doesn’t mean it’s still available. Triple check with the agent and find out what’s really going in.

If it is indeed available since then and they don’t have an offer, you can easily go 10-15% under asking and work from there.

badger09

Are similar properties selling very quickly? Any coming back onto market?

There could be several reasons: for example overpriced, offer accepted but mortgage valuation lower, problem discovered on survey, vendor testing the market, Probate property, separating couple where one doesn't want to sell etc etc

I would speak to the EA and ask if there have been any offers, and what is the vendor's position. That should help you decide where to pitch your offer.  

Without any background info, 8% doesn't sound ridiculously low, especially if its the only offer. 

boxer234

badger09 said:

Are similar properties selling very quickly? Any coming back onto market?

There could be several reasons: for example overpriced, offer accepted but mortgage valuation lower, problem discovered on survey, vendor testing the market, Probate property, separating couple where one doesn't want to sell etc etc

I would speak to the EA and ask if there have been any offers, and what is the vendor's position. That should help you decide where to pitch your offer.  

Without any background info, 8% doesn't sound ridiculously low, especially if its the only offer. 

It says it’s chain free which is good.  Houses around there generally selling quickly.  I probably should call I feel like such a time waster if it’s not in my budget. It may be overpriced it does need updating.  I should add it’s been reduced once. 

badger09

boxer234 said:

badger09 said:

Are similar properties selling very quickly? Any coming back onto market?

There could be several reasons: for example overpriced, offer accepted but mortgage valuation lower, problem discovered on survey, vendor testing the market, Probate property, separating couple where one doesn't want to sell etc etc

I would speak to the EA and ask if there have been any offers, and what is the vendor's position. That should help you decide where to pitch your offer.  

Without any background info, 8% doesn't sound ridiculously low, especially if its the only offer. 

It says it’s chain free which is good.  Houses around there generally selling quickly.  I probably should call I feel like such a time waster if it’s not in my budget. It may be overpriced it does need updating.  I should add it’s been reduced once. 

Chain free covers several scenarios. The only way to find out is to ask the EA. You're not wasting anyone's time by asking if you're genuinely interested in this property.

Most vendors will accept some negotiation, though if its already been reduced you might struggle. Or maybe they're hopelessly optimistic. Ask EA, view if you haven't already, then offer what you think its worth. Nothing to lose.  

boxer234

badger09 said:

boxer234 said:

badger09 said:

Are similar properties selling very quickly? Any coming back onto market?

There could be several reasons: for example overpriced, offer accepted but mortgage valuation lower, problem discovered on survey, vendor testing the market, Probate property, separating couple where one doesn't want to sell etc etc

I would speak to the EA and ask if there have been any offers, and what is the vendor's position. That should help you decide where to pitch your offer.  

Without any background info, 8% doesn't sound ridiculously low, especially if its the only offer. 

It says it’s chain free which is good.  Houses around there generally selling quickly.  I probably should call I feel like such a time waster if it’s not in my budget. It may be overpriced it does need updating.  I should add it’s been reduced once. 

Chain free covers several scenarios. The only way to find out is to ask the EA. You're not wasting anyone's time by asking if you're genuinely interested in this property.

Most vendors will accept some negotiation, though if its already been reduced you might struggle. Or maybe they're hopelessly optimistic. Ask EA, view if you haven't already, then offer what you think its worth. Nothing to lose.  

Very true I’m just finding this market so exhausting I don’t want to see anything I don’t have a bats hell of getting.  I think I need to go on location location location but then Kirsty might make me give up my Netflix !   It was reduced by £5000 so not a huge amount.  

[Deleted User]

I’d only do a low offer if the property has been listed for a long time. I got away with it because the seller wanted out and it property had been listed and reduced for ages!

if you want to risk it you can, depends how much you want the place. If no one else wants it they can only say no and you can up the offer.

Im not a big fan of % reduction. I find it better to look at it from a practical  level. Ie the seller wanted a certain amount. I said ok I like the place, but it needs work which will cost such and such, so I am offering you your asking price with cost of works removed which is a fair offer.

boxer234

[Deleted User] said:

I’d only do a low offer if the property has been listed for a long time. I got away with it because the seller wanted out and it property had been listed and reduced for ages!

if you want to risk it you can, depends how much you want the place. If no one else wants it they can only say no and you can up the offer.

Im not a big fan of % reduction. I find it better to look at it from a practical  level. Ie the seller wanted a certain amount. I said ok I like the place, but it needs work which will cost such and such, so I am offering you your asking price with cost of works removed which is a fair offer.

Ideally a new kitchen and bathroom but it’s liveable which is why I’m up and down.  

london21

Contact the EA if the property is still available.

Try to gather as much information from the estate agent because could be the property has issues and people are struggling to get mortgage, could be the seller has not been offered a price they are happy with etc. 

Noneforit999

As others have said, have a chat with the EA. They will tell you fairly quickly if the buyer is willing to accept lower offers and why its chain free etc.

They often list them as chain free if the vendor is buying a new build so it could be that. Might be a probate property where the owner has died so its currently empty. If its probate, they would have had it valued for the probate and perhaps they are holding out for this amount despite little interest.

TripleH

Offer, they can only sat no but you've lost nothing.

There will always be some who have a price fixed in their minds and won't budge regardless. There is a house we looked at last July that is still on at the same price (and had been for several months prior). I think owners are in no hurry to sell. It is overpriced for both the area and work required on it but hey ho.