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What’s the lowest offer you’ve made that’s been accepted?

24

Comments

  • hazyjo
    hazyjo Posts: 15,470 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Sweetcake wrote: »
    Were any of these places in London for those who made lower offers?
    Mine was - but was at lowest point in that particular market. Price nearly doubled within four years. (North Chingford, E4.)
    2023 wins: *must start comping again!*
  • wishuponastar
    wishuponastar Posts: 779 Forumite
    First Post First Anniversary
    bxboards wrote: »
    I bought a house for under 45k recently.

    4 storey townhouse, reroofed and insulated in 2009, new gas central heating put in in 2013, with 2 really large cellar rooms too in a nice conservation area. Previous owner had had it for 30 years, and let it out, and basically wanted a quick sale and didn't want to re-let after previous tenants moved out.

    Right place, right time - it came up on Rightmove, I viewed at 4:30pm same day and made a cash offer at 5pm. I said no survey needed, and I guaranteed to complete in 28 days, no messing. Was rather surprised it was accepted! I spent about another 2k on it, really just tidying up but a good solid 200 year old house, and I'd been happy to live in it.



    Just wondering which area was it? That was a great deal, v well done.
  • John-K_3
    John-K_3 Posts: 681 Forumite
    Posh flat in Limehouse, offered for sale at £1.6m, I negotiated it down to £1m but then pulled out when I foipund that the service charge had been badly mis-stated.

    This was in 2010.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    John-K wrote: »
    Posh flat in Limehouse, offered for sale at £1.6m, I negotiated it down to £1m but then pulled out when I foipund that the service charge had been badly mis-stated.

    This was in 2010.


    Sounds a bit extreme TBH, are you sure that is right?
  • Gwendo40
    Gwendo40 Posts: 349 Forumite
    John-K wrote: »
    Posh flat in Limehouse, offered for sale at £1.6m, I negotiated it down to £1m but then pulled out when I foipund that the service charge had been badly mis-stated.

    This was in 2010.


    So you could afford to spend £1m and you got a £600k discount... but you pulled out because of a mis-stated service charge?

    That must have been one helluva service charge.
  • RedfordML
    RedfordML Posts: 904 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    House marketed at "Offers Over £260k" had offer £248k accepted.
  • cybervic
    cybervic Posts: 597 Forumite
    First Post First Anniversary Combo Breaker
    In my area probate sales are not cheaper than other properties in similar conditions. The beneficiaries may have rooms for negotiation because they are not in chain, but this equally means they are not in any hurry and can afford to wait for the right offer.

    We recently put offer on 3 properties, all probate flats needing full revamp. Being a FTB, no chain and cash buyer has no advantages at all. The beneficiaries of the first two properties chose buyers with highest offer (both in chain and need a mortgage).

    The 3rd property we started 9% less than asking price to begin the negociation. We believe the property is worth 4%-5% less than advertised price.

    During the negotiation we found out vendor's real asking price is 5% less, so we eventually settled at 6% less than advertised price.

    You need to find out what the property is actually worth for you and for mortgage lender. If the price already reflects its current condition, going in too low they won't think you are serious. If it's currently overpriced then get EA to agree with you on renovation cost and the true value of the property always helps.
  • DaveyCrockett
    DaveyCrockett Posts: 9 Forumite
    House we viewed 2 months ago we found out had been repossessed. Initially on at 625k, then down to 585k when we viewed. Since then, Instead of a price there was
    a statement saying sale accepted at 550k unless we get better offer in next 72 hrs.
    Just seen it is up at auction next week for £472k!
  • betsie
    betsie Posts: 434 Forumite
    First Anniversary Combo Breaker First Post
    Well we offered £400k (including clearing the place) it’s been on for 9mths at £450k.
    Got turned down.
    EA said they might try and get them to reduce the price. Find this odd as if drop it to £425k surely any more offers will be around the £400k mark.
    Have left our offerin the table so we will see what happens.
  • John-K_3
    John-K_3 Posts: 681 Forumite
    Gwendo40 wrote: »
    So you could afford to spend £1m and you got a £600k discount... but you pulled out because of a mis-stated service charge?

    That must have been one helluva service charge.
    It was £21,000 per year, when I’d been told it was £7,000.
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