We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

opinions on level of offer

Options
House has been on the market for c2 years, was reduced to offers in excess of £299,900 about 18 months ago. Would you think £270,000 is a bit low - its over 90% of the asking price or should I go in a bit higher? £280,000 is as much as I'd like to spend, could push it to 285 if I had to. I'm in a good position, in rented, got my finances sorted. I don't want to be insulting, but given it's been on the market for a while I thought I'd go and look, and well it's a really nice house.
I know no one knows, but just asking for opinions; I've never bought before so it's a bit daunting.
thank you
«13

Comments

  • BarelySentientAI
    BarelySentientAI Posts: 2,448 Forumite
    1,000 Posts Name Dropper
    If it's been on the market so long, then there's either something wrong with it or the seller is refusing to budge on price.
  • There's certainly nothing obvious wrong, but of course you never know; oh well, if they are set on £300,000, it won't be off me! 
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you offered £265,000 what is the worse that can happen?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog said:
    If you offered £265,000 what is the worse that can happen?
    They'll say no, and I'll up the offer lol
    Yeah when you put it like that...


  • fergie_
    fergie_ Posts: 271 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    amnblog said:
    If you offered £265,000 what is the worse that can happen?
    They'll say no, and I'll up the offer lol
    Yeah when you put it like that...


    The risk is you rub the seller up the wrong way and they refuse to sell to you, even if you offer £500k...

    My suggestion would be to speak to your solicitor / estate agent / their solicitor to see if you can get an indication of what they would be willing to accept.

    The other option is to see if you can arrange to speak directly to the seller and get a deal agreed - but estate agents usually don't like that...
  • fergie_ said:
    The risk is you rub the seller up the wrong way and they refuse to sell to you, even if you offer £500k...
    My suggestion would be to speak to your solicitor / estate agent / their solicitor to see if you can get an indication of what they would be willing to accept. The other option is to see if you can arrange to speak directly to the seller and get a deal agreed - but estate agents usually don't like that...
    Another good point. I'll speak to the estate agent, see what I can find out. I did speak to the seller, but i'd rather deal with the agent.
  • Jemma01
    Jemma01 Posts: 389 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    I'd put whatever I think the property is worth. I wouldn't try to be unfair to anyone. One day I'd sell my property, I don't need karma coming after me 🤔
    If you think it's genuinely woth 270k then go ahead. But it sounds like you think it's an unfair value hence the 280k. Whatever it is, I'm sure they'll negotiate even if they end up refusing counteroffers from you.
    Note:
    I'm FTB, not an expert, all my comments are from personal experience and not a professional advice.
    Mortgage debt start date = 25/10/2024 = 175k (5.44% interest rate, 20 year term)
    Q4/2024 = 139.3k (5.19% interest rate)
    Q1/2025 = 125.3k (interest rate dropped from 5.19% - 4.69%)
    Q2/2025 = 109.2K (interest rate 4.44%)
  • MWT
    MWT Posts: 10,210 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Also consider the recent comps in the area as even if you can agree a price with the vendor you still have to get a mortgage valuer to agree, unless you are a cash buyer?
  • edwink
    edwink Posts: 3,003 Forumite
    Part of the Furniture 1,000 Posts Homepage Hero Photogenic
    The house we purchased was on the market for 18 months and when we viewed it and liked it we put an offer in 20k lower than their already reduced price and it was accepted straight away.  We had nothing to sell and were in rented too and they obviously liked the position we were in as buyers and it helped them make their minds up pretty quickly.

    HTH

    Edwink 
    *3.36 kWp solar panel system,10 x Ultima & 4 x Panasonic solar panels, Solaredge Inverter *Biomass boiler stove for cooking, hot water & heating *2000ltr Rainwater harvesting system for loo flushing *Hybrid Toyota Auris car *RIP Pingu, Hoppy, Ginger & Biscuit *Hens & Ducks* chat thread. http://forums.moneysavingexpert.com/showthread.php?t=5282209
  • dougson
    dougson Posts: 21 Forumite
    Second Anniversary 10 Posts
    Do you know anything much about the seller's position? 

    If it's a property they are living in and they are looking to buy somewhere else they might have negotiating room there which allows them to take a cheaper offer.

    However, if it's inheritance or they are currently renting it out they might be less likely to consider an offer. 

    Ultimately it's all a bit of luck, but the flat I bought was originally listed at 295, I went in at 265, got knocked back offered an increase to 270 which they felt was insulting, 4 months later they reduced the asking price to 275 and I went in at full asking.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.