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    • betsie
    • By betsie 9th May 18, 10:46 PM
    • 425Posts
    • 418Thanks
    betsie
    What’s the lowest offer you’ve made that’s been accepted?
    • #1
    • 9th May 18, 10:46 PM
    What’s the lowest offer you’ve made that’s been accepted? 9th May 18 at 10:46 PM
    Hi
    Just wondered what low offers people have made that have been accepted.
    Saw a house today that’s a probate sale been on since Aug 17. Had one offer that didn’t proceed. Needs lots of work inside and an extension and loft conversion to make it a decent size. Nice big front for parking but not a very big rear garden (wide but not very deep) We will be chain free, cash buyers so in a good position. Just trying to work out how cheeky to go in with our first offer.
Page 1
    • Aylesbury Duck
    • By Aylesbury Duck 9th May 18, 11:09 PM
    • 2,402 Posts
    • 3,185 Thanks
    Aylesbury Duck
    • #2
    • 9th May 18, 11:09 PM
    • #2
    • 9th May 18, 11:09 PM
    Ł61,000 after being rejected at Ł60,000.
    • todayisagreatday
    • By todayisagreatday 9th May 18, 11:12 PM
    • 173 Posts
    • 125 Thanks
    todayisagreatday
    • #3
    • 9th May 18, 11:12 PM
    • #3
    • 9th May 18, 11:12 PM
    Probate sale, viewed a couple of weeks before Christmas. It had been on for Ł375 and had been reduced to Ł360k. Vendor was only doing viewings with people who were in position to proceed. Quizzed him over price when we viewed it (we'd already made decision we would pay asking price if needed). He reduced price there and then to Ł325k. Just as we were leaving he outright asked if we were interested and we said potentially but needed more work than we though etc etc. There and then he knocked another Ł10k off to Ł315k if we would agree aka he was desperate. We did..... but reiterated it being subject to survey.

    Survey as expected for an 1970s property. Some issues with septic tank and soakaways all things we were expecting, used it to negotiate again knowing our good position and the fact he wanted a quick sale, finally agreed Ł303k

    Do some digging, find out their position, if you are in a good position too it helps!
    • ThePants999
    • By ThePants999 9th May 18, 11:13 PM
    • 1,323 Posts
    • 1,724 Thanks
    ThePants999
    • #4
    • 9th May 18, 11:13 PM
    • #4
    • 9th May 18, 11:13 PM
    I once offered a model plane in exchange for a board game - silly friend of mine accepted. Plane was probably worth about three quid, board game about twenty. We were about eight at the time, though.
    • Davesnave
    • By Davesnave 10th May 18, 7:47 AM
    • 26,694 Posts
    • 96,164 Thanks
    Davesnave
    • #5
    • 10th May 18, 7:47 AM
    • #5
    • 10th May 18, 7:47 AM
    If the house needs extension and work to be suitable for you, then you have to price that up and offer accordingly, leaving at least a 10% margin for error in build costs. They'll always be more than you anticipate.

    Trying to second-guess what those involved in probate are likely to accept is like reading tea leaves. The more there are, the greater the chance of dissent.

    A house close to me with 3 beneficiaries went on late last spring at a hopeful Ł350k. I thought Ł299k max. It's just sold at Ł295k, but after a winter of being empty and unheated, it didn't look too good!
    A garden is never so good as it will be next year....
    • bxboards
    • By bxboards 10th May 18, 8:16 AM
    • 1,612 Posts
    • 1,260 Thanks
    bxboards
    • #6
    • 10th May 18, 8:16 AM
    • #6
    • 10th May 18, 8:16 AM
    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.
    Last edited by bxboards; 10-05-2018 at 8:18 AM.
    • katie4
    • By katie4 10th May 18, 8:54 AM
    • 172 Posts
    • 49 Thanks
    katie4
    • #7
    • 10th May 18, 8:54 AM
    • #7
    • 10th May 18, 8:54 AM
    our home was up for Ł80k stuck to our guns and they accepted on Ł66k

    • Oakdene
    • By Oakdene 10th May 18, 8:55 AM
    • 2,443 Posts
    • 8,836 Thanks
    Oakdene
    • #8
    • 10th May 18, 8:55 AM
    • #8
    • 10th May 18, 8:55 AM
    On the market for Ł120k, offer accepted at Ł104k.
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.


    • hazyjo
    • By hazyjo 10th May 18, 10:24 AM
    • 11,082 Posts
    • 14,627 Thanks
    hazyjo
    • #9
    • 10th May 18, 10:24 AM
    • #9
    • 10th May 18, 10:24 AM
    Bit pointless really unless you're talking in percentages (Ł50k off a Ł1m house is peanuts - off a Ł250k house, it's huge). Plus, depends on the vendor's position, and what the market's like, and if it's overpriced or realistically priced to start with.


    I've paid the asking price in a rising market, and I had an offer of Ł274k on a Ł300k house accepted when the market was absolute rock bottom and literally starting to creep up again within a week or two after in 2013.
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes; Thai cooking stuff; Jo Brand talk; Slime Factory; Flawless tickets; Comedy night tickets
    • ReadingTim
    • By ReadingTim 10th May 18, 10:37 AM
    • 3,113 Posts
    • 4,601 Thanks
    ReadingTim
    You can be as cheeky as you like. How the vendor will react is a completely different matter.

    Many understand that housebuying is an elaborate courtship ritual, and a cheeky opening offer is like a cheesy opening chat up line: "'ere darlin', did it hurt when you fell from heaven?!?"

    Some might bite your arm off.

    Some however, may feel your cheeky offer is actually all you've got, and you're trying to punch above your weight. Others may take that offer as a value judgement on them, their lifestyle, the legitimacy of their parentage and refuse to have anything to do with you ever again.

    Where you vendors are on that scale no-one knows - certainly not randoms off the internet. For the record though, I was in bed when the EA called to see if I wanted to make an offer on the place I'd viewed. Given I was lying down, that was the lowest offer I made which was accepted.
    Last edited by ReadingTim; 10-05-2018 at 10:40 AM.
    • Sweetcake
    • By Sweetcake 10th May 18, 4:03 PM
    • 187 Posts
    • 121 Thanks
    Sweetcake
    Were any of these places in London for those who made lower offers?
    • hazyjo
    • By hazyjo 10th May 18, 5:26 PM
    • 11,082 Posts
    • 14,627 Thanks
    hazyjo
    Were any of these places in London for those who made lower offers?
    Originally posted by Sweetcake
    Mine was - but was at lowest point in that particular market. Price nearly doubled within four years. (North Chingford, E4.)
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes; Thai cooking stuff; Jo Brand talk; Slime Factory; Flawless tickets; Comedy night tickets
    • wishuponastar
    • By wishuponastar 10th May 18, 7:13 PM
    • 550 Posts
    • 644 Thanks
    wishuponastar
    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.
    Originally posted by bxboards


    Just wondering which area was it? That was a great deal, v well done.
    • John-K
    • By John-K 10th May 18, 7:23 PM
    • 654 Posts
    • 1,024 Thanks
    John-K
    Posh flat in Limehouse, offered for sale at Ł1.6m, I negotiated it down to Ł1m but then pulled out when I foipund that the service charge had been badly mis-stated.

    This was in 2010.
    • Crashy Time
    • By Crashy Time 10th May 18, 10:49 PM
    • 6,842 Posts
    • 2,517 Thanks
    Crashy Time
    Posh flat in Limehouse, offered for sale at Ł1.6m, I negotiated it down to Ł1m but then pulled out when I foipund that the service charge had been badly mis-stated.

    This was in 2010.
    Originally posted by John-K

    Sounds a bit extreme TBH, are you sure that is right?
    • Gwendo40
    • By Gwendo40 11th May 18, 5:59 AM
    • 178 Posts
    • 195 Thanks
    Gwendo40
    Posh flat in Limehouse, offered for sale at Ł1.6m, I negotiated it down to Ł1m but then pulled out when I foipund that the service charge had been badly mis-stated.

    This was in 2010.
    Originally posted by John-K

    So you could afford to spend Ł1m and you got a Ł600k discount... but you pulled out because of a mis-stated service charge?

    That must have been one helluva service charge.
    • RedfordML
    • By RedfordML 11th May 18, 9:53 AM
    • 735 Posts
    • 389 Thanks
    RedfordML
    House marketed at "Offers Over Ł260k" had offer Ł248k accepted.
    • cybervic
    • By cybervic 11th May 18, 2:54 PM
    • 439 Posts
    • 541 Thanks
    cybervic
    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
    • By DaveyCrockett 11th May 18, 3:26 PM
    • 9 Posts
    • 7 Thanks
    DaveyCrockett
    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 Ł472k!
    • betsie
    • By betsie 11th May 18, 4:39 PM
    • 425 Posts
    • 418 Thanks
    betsie
    Well we offered Ł400k (including clearing the place) it’s been on for 9mths at Ł450k.
    Got turned down.
    EA said they might try and get them to reduce the price. Find this odd as if drop it to Ł425k surely any more offers will be around the Ł400k mark.
    Have left our offerin the table so we will see what happens.
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