Cheeky offer?

Xenon

The price is the price - offer what you feel is right then take it from there...if they say no so be it !

Bigphil1474

It's easier to think of it as a marketing price, not an asking price. Some EA's suggest being a bit higher so that you can accept a lower offer, some might suggest a lower price in order to drum up interest and maybe get a bidding war. I'm surprised anyone really expects to get the marketed price.

Last year, we offered £345k on a house marketed at £360k that had been on the market for a year and hadn't had any sensible offers according to the EA, who thought our offer would be accepted. The vendor turned it down as they wanted £360k, and we couldn't go any higher. They sold a couple of weeks later for £360k though.

MobileSaver

theartfullodger said:

Offer whatever you like.  Causing offence is entirely legal... 
I offered iirc about 20% below asking price in early 2000s.  Got the rudest, bluntest ever rejection... 
Made exact same offer 1 week later via solicitors.  Accepted.  Owned it about 20 years.

Conversely when a buyer tried that with me they were absolutely gutted when I accepted someone else's offer and refused to entertain them raising their initial low-ball offer.

The successful buyer was over the moon and over the next ten years I sporadically received letters telling me how much they loved living in what was a really nice property.

So there is no right or wrong answer. If the OP is not fussed whether they get this property or not then low-ball every time. On the other hand if this is a property that ticks all the boxes in a market where choices are few and far between then going too low could be one of the biggest mistakes they ever make...

youth_leader

I remember feeling exasperated when I received a very low offer from my buyer.  My friend and I discussed it and agreed that he was punching above his weight and in truth, he couldn't afford my magnificent pile. 

I withdrew from the sale as I really disliked his 'negotiation' and went to auction.  I ended up cutting off my nose to spite my face - he bid the most at auction, asked for eight weeks to complete because he had to 'pass it in front of his underwriters' and he also refused to pay for the oil I'd had to order because of his extension request.  Bad times!  I was renting up the road and saw him arrive on completion day, brand new BMW.

ReadySteadyPop

MobileSaver said:

theartfullodger said:

Offer whatever you like.  Causing offence is entirely legal... 
I offered iirc about 20% below asking price in early 2000s.  Got the rudest, bluntest ever rejection... 
Made exact same offer 1 week later via solicitors.  Accepted.  Owned it about 20 years.

Conversely when a buyer tried that with me they were absolutely gutted when I accepted someone else's offer and refused to entertain them raising their initial low-ball offer.

The successful buyer was over the moon and over the next ten years I sporadically received letters telling me how much they loved living in what was a really nice property.

So there is no right or wrong answer. If the OP is not fussed whether they get this property or not then low-ball every time. On the other hand if this is a property that ticks all the boxes in a market where choices are few and far between then going too low could be one of the biggest mistakes they ever make...

Most people would find that strange if not highly unlikely, can you share some of what they said to you? This is a different market today, sellers trying for aspirational prices just sit on the market for months or even years.

Uriziel

I would not make any offer below asking price. It is up to them to reduce price if they see that nobody is interested.

Chief_of_Staffy

Depends. I recently offered 13% under a recently reduced asking price. It was a fair offer.

inigma

Download the property log extension in chrome, see how long it has been on the market and how frequently they have dropped the price.
Workout mortgage costs using the 30 year UK gov yield (over 5% now)
If the seller is desperate be considerate (unless they are a landlord or house flipper then it is fair game).  Seen a few houses that were purchased a year ago, renovated and had their prices dropped to the price they purchased for.
Market is weird at the moment I'm holding out a bit longer before I go bargain hunting.

Remember:

Only when the tide goes out do you discover who's been swimming naked.

Warren Buffett

bobster2

Uriziel said:

I would not make any offer below asking price. It is up to them to reduce price if they see that nobody is interested.

Have you ever bought or sold a property?

inigma

bobster2 said:

Uriziel said:

I would not make any offer below asking price. It is up to them to reduce price if they see that nobody is interested.

Have you ever bought or sold a property?

I agree, in 2011 the market was so favourable to buyers I found my current house and they wanted £240k, it had been on over a year and they accepted £170k. 
It was an "investment" property that they couldn't afford as they weren't good business people, over debted themselves which always bites people on the bum.
Like I said I've got no remorse when it's a landlord or property flipper, they tend to be the most desperate.  Personally I believe all buyers should refuse to buy for 9 months and really turn the screws on them.