Lower offer on property not selling

[Deleted User]

Hello,

I wonder if anyone would like to give me their opinions of what they would consider a ‘derisory offer’ there is a house in my area which was initially listed as £280k last April, didn’t sell and was reduced to £240k in October of last year; the property is still showing as available after being under offer in January it has fell through. It is chain free, as am I, I don’t want to stretch to £240k as the mortgage payments will be a bit high…

Would a £215k offer (25 under the listing price) be seen as derisory and potentially damage any relationship with the seller? I would be willing to go to £225k but obviously would want to get it lower. 

It’s my first house offer you see so just want to be wary of the etiquette involved. Many thanks!

propertyhunter

I would speak to the estate agent and ask them about the property and why the other offer fell through, and also ask them about the motivation of the seller. They might want a quick sale, in which case you can think about how you position your offer - not just the amount, but the wider aspects (i.e. if you have a chain or not, your deposit amount, etc.). 

Once you have the information you need, then make an informed offer. You can go lower and they can only say no, so go with £215k if that makes sense to you. If they reject it go a bit higher edging up to £225k. You have nothing to lose - and the seller would cut their nose off to reject you out of hand by not willing to engage in negotiations. This isn't 2020 or 2021.

[Deleted User]

propertyhunter said:

I would speak to the estate agent and ask them about the property and why the other offer fell through, and also ask them about the motivation of the seller. They might want a quick sale, in which case you can think about how you position your offer - not just the amount, but the wider aspects (i.e. if you have a chain or not, your deposit amount, etc.). 

Once you have the information you need, then make an informed offer. You can go lower and they can only say no, so go with £215k if that makes sense to you. If they reject it go a bit higher edging up to £225k. You have nothing to lose - and the seller would cut their nose off to reject you out of hand by not willing to engage in negotiations. This isn't 2020 or 2021.

That’s great! Thanks a lot for the advice I will contact the estate agent and try and get an understanding of the sellers motivations. Appreciate your help!

RelievedSheff

Personally I think you would be wasting everyone's time with an offer of £215k.

I don't believe that your £225k offer would be accepted either.

The seller clearly isn't in a hurry to sell with the time it has been on the market.

Sarahspangles

You’ve articulated that £215k is what is affordable to you.  It’s not insulting, you’re being honest, and you are chain free which might have a value for some vendors - monetary or otherwise. 

You can aim to sound vaguely apologetic that your offer is lower than asking, and you might get back a ‘Sorry but seller can’t go lower than….’ At which point if it’s £225k you leave a decent interval and then raise your offer.  Or it’s higher, and there are other houses.

lookstraightahead

Personally I would just offer, then walk away if not accepted.

They're not in a rush to sell, I would call them 'hobby sellers' 

GDB2222

RelievedSheff said:

Personally I think you would be wasting everyone's time with an offer of £215k.

I don't believe that your £225k offer would be accepted either.

The seller clearly isn't in a hurry to sell with the time it has been on the market.

What’s wrong with offering 10% below asking price?

mebu60

Offer £215k subject to survey with all your plus points, chain free etc. Don't forget to say the things you want included in the sale such as carpets, curtains, blinds, free-standing white goods, shed, etc.
Have an incremental strategy in your head.
E.g. step 2 £218k, step 3 best & final £220k, step 4 walk away. 
Good luck! 

diystarter7

RelievedSheff said:

Personally I think you would be wasting everyone's time with an offer of £215k.

I don't believe that your £225k offer would be accepted either.

The seller clearly isn't in a hurry to sell with the time it has been on the market.

Hi

Personally I think that offer is worth consider but discuss it with the EA first and the EA may say give it a go

We've offered similar and unless you try, you dont know

Even if the seller is "not in a hurry" to sell, it is worth trying

However, it is the op that needs to decide but personally, based on what is said and the current state of the markets, I'd go for it.
If a seller is going to be offended by a low offer, then in my judgement they are not serious about selling and again may have again over stated the price like the previous time and will always b playing catch up with a falling market

OP - speak with EA see what they say and then decide what you want to do.

Good luck

diystarter7

mebu60 said:

Offer £215k subject to survey with all your plus points, chain free etc. Don't forget to say the things you want included in the sale such as carpets, curtains, blinds, free-standing white goods, shed, etc.
Have an incremental strategy in your head.
E.g. step 2 £218k, step 3 best & final £220k, step 4 walk away. 
Good luck! 

Hi

Some are exactly like what I posted on another thread a short while ago, great post.

The only thing I'd add is - ask why it never sold before, had any offers have been rejected previously etc and any offers on the revised price etc and EA's take of the seller and their plans, ie moving abroad, etc, etc the more info the buyer has the better

Thnaks