If you have spotted a property you like, you may be wondering whether to make a cheeky offer. While the idea of paying less than the asking price can be appealing, it is worth understanding what it really means and how sellers are likely to respond before you decide.
What is a cheeky offer?
There is no strict definition of a cheeky offer. In most cases, it refers to putting forward a figure that is significantly below the asking price. If a listing states “offers over” a certain amount, then a cheeky offer would usually be well below that guide figure.
In essence, it is a type of property negotiation where a buyer tests the seller’s flexibility.
Do cheeky offers work?
The short answer is: sometimes.
Whether or not a seller accepts a low offer on a house will depend on their circumstances. If they are keen to move quickly or need to secure a sale, they may be more open to negotiation. On the other hand, if there are several buyers interested, or if the seller is in no rush, your chances of success are lower.
It also matters how proceedable you are compared with other potential buyers. Sellers will often choose the offer that looks most certain to complete, even if it is not the highest.
How much should you offer?
There is a fine line between a realistic cheeky offer and one that risks alienating the seller. Before deciding, ask yourself how you would feel if you were in their position.
If your offer is far too low, the seller may dismiss it outright, making further negotiations difficult. A well-pitched offer, however, could open the door to meaningful discussions on price.
How to give your offer the best chance
Whatever figure you decide to put forward, the strength of your position as a buyer can make a big difference.
- First-time buyers and cash buyers are usually attractive to sellers because they are chain-free.
- If you have a property to sell, you will be taken more seriously if it is already on the market, or ideally if you have accepted an offer.
- Having a mortgage in principle shows you are financially prepared and can help your bid stand out.
Strengthen your position before you make a cheeky offer
If you are thinking about moving, but your current property is not yet listed, arranging a property valuation is a smart first step. The sooner you find a buyer for your home, the stronger your position will be when it comes to negotiating on your next purchase.
If you know someone who is weighing up whether to make a cheeky offer or is about to start their own home-buying journey, feel free to share this article with them.
Important Links
Book a Valuation
Visit our Royston Facebook Page
Visit our Newmarket Facebook Page
View our Ware Facebook Page
