What Is A Cheeky Offer On A House?

A cheeky offer is roughly 10–15% below the asking price — low enough to feel bold, high enough that the seller still takes it seriously. Below about 25% you are into lowball territory, where most agents will not even take it to the seller with a straight face.

On a £300,000 listing, that puts a cheeky offer somewhere around £255,000 to £270,000.

Whether it lands has almost nothing to do with the percentage and everything to do with the seller's position. A house that has sat unsold for four months, or a seller who has already offered on somewhere else, will entertain a number that a fresh listing in a hot postcode would not.

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Key Takeaways

• A cheeky offer on a house is defined as offering 10% below the seller's asking price. For example, if you offer £180,000 or less for a house listed for £200,000, you have made a cheeky offer.
• Factors to consider when determining the appropriateness of a cheeky offer include market research, sold price history of similar properties, how long the house has been on the market, your personal interest, and your financial position.
• Sellers may be more likely to accept a cheeky offer if they need a quick sale, the property has been on the market for a long time, or there is justification for the low offer, such as poor survey results or high repair costs.

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What Is A Cheeky Offer On A House?

A cheeky offer on a house refers to an offer that is more than 10% below the seller's asking price, while a lowball offer goes beyond 25% of the asking price. Offering 15% below the asking price is generally considered a cheeky offer and not disrespectful.

If you go as low as 25% of the asking price, it is considered a low-ball offer. These terms aren't common to all, but these are terms sometimes used in the property market.

These offers are considered "cheeky" because by definition, they could "show a lack of respect". However, this is real life, there are no set rules.

Do not shy away from making a cheeky offer. Just be aware that the chances of having your cheeky offer accepted will depend on several factors, such as the outcome of negotiations, the current state of the property market, and the motivation of the seller.

For example, a cheeky offer is more likely to be accepted by a motivated seller, someone desperate to sell.

Is a Cheeky offer on a House Insulting?

A low offer can be perceived as insulting or disrespectful by some sellers, especially if it is significantly below the asking price without any justification. However, it's essential to remember that making an offer below the asking price is not inherently disrespectful and is part of the process of buying a house.

Sellers often expect potential buyers to negotiate, and sometimes, they may have overpriced their property in anticipation of this.

Can You Offer 15% Below Asking Price?

Yes, you can offer 15% below the asking price. In fact, this percentage is considered a cheeky offer rather than a disrespectful one. It is crucial to be careful when making such offers, as you don't want to offend the seller and risk them disregarding your offer entirely.

Keep in mind that offering 15% below the asking price might actually be closer to the property's actual value, as sellers and estate agents often overvalue properties by 5-10%.

How Cheeky To Be?

Several factors can influence how much you should offer on a property and what constitutes a cheeky offer. Here are some key aspects to consider:

Market Research

Conduct extensive market research to understand the current state of the housing market. This will help you determine if it is a buyer's or seller's market, and whether making a cheeky offer is advisable.

Sold Price History of Similar and Local Houses

Investigate the sold price history of similar and local houses to gauge the appropriate offer for the property you are interested in. Sellers often inflate their asking prices, so knowing the actual selling prices for comparable properties can help you make a more informed offer.

It's also worth checking how accurate Zoopla estimates are before you lean on any online valuation.

How Long the House Has Been on the Market

The duration a property has been on the market can significantly impact the seller's willingness to accept a cheeky offer. If a house has been on the market for more than six months, it may indicate issues such as overpricing or structural problems.

In such cases, the seller may be more inclined to accept a lower offer.

Your Personal Interest

Consider your emotional attachment to the property and your relationship with the seller. If you know the seller personally or feel strongly about the property, you may be less inclined to make a cheeky offer.

Your Financial Position

Your financial situation plays a crucial role in determining how much you can negotiate. If you are a cash buyer, you have a stronger bargaining position, as there are fewer obstacles and less paperwork involved.

When Would a Seller Accept a Cheeky Offer?

There are several scenarios where a seller might accept a cheeky offer:

Need for a Quick Sale

Sellers in need of a quick sale are more likely to accept a cheeky offer. They may have already purchased a new property and need to sell their current property as soon as possible. In such cases, they may be more open to lower offers, especially from cash buyers.

Property on the Market for a Long Time

If a property has been on the market for an extended period, the seller may be more willing to accept a cheeky offer. This could be because there is little demand for the property at the current asking price, or there may be underlying issues with the property that have deterred potential buyers.

Justification for a Low Offer

If you have evidence or reasons to back up your low offer, such as poor survey results or high repair costs, the seller may be more inclined to accept your cheeky offer. They can either cover the repair costs themselves and maintain their asking price or accept your lower offer and leave the repairs to you.

How Much Should You Offer on a House?

Determining how much to offer on a house depends on several factors, including market research, sold price history of similar properties, the property's time on the market, your personal interest in the property, and your financial position. Here are some steps to help you calculate an appropriate offer:

• Conduct market research to understand the current state of the housing market.
• Investigate the sold price history of similar and local houses to gauge an appropriate offer.
• Consider how long the house has been on the market and any potential issues with the property.
• Assess your personal interest in the property and your relationship with the seller.
• Evaluate your financial position, including your mortgage options and available cash.

By taking these factors into account, you can make a cheeky offer that is more likely to be accepted by the seller and secure your dream property at a reasonable price.

Is Offering More Than the Asking Price Advisable?

While it may seem counterintuitive, there are instances when offering more than the asking price is advisable. This is often the case in highly competitive property markets with high demand and low supply.

In such situations, potential buyers may need to outbid each other, driving the final sale price above the asking price.

However, it is essential to ensure that any offer above the asking price is within your budget and will not ruin your mortgage options or financial stability.

How to Proceed if Your Cheeky Offer is Turned Down

If your cheeky offer is turned down, you have several options:

• Increase your offer to an amount that is more acceptable to the seller, while staying within your budget.
• Walk away from the deal and continue searching for another property.
• Leave your offer on the table and maintain communication with the seller or their agent, as they may reconsider your offer at a later date if they are unable to secure a better offer.

Bear in mind the tables can turn after your offer is accepted, too: some buyers try gazundering by lowering their offer just before exchange. Understanding what "sold STC" means also helps you judge how firm a rival's position really is.

Do Emotions Influence the House Buying Process?

Emotions can play a significant role in the house buying process, especially when it comes to making cheeky offers. If you are emotionally attached to a property, you may be less willing to make a cheeky offer, fearing that it could impact your chances of securing the property.

In such cases, it is essential to objectively assess the property's value, market conditions, and your financial position to make an informed decision.

Should You Offer the Asking Price or More?

Offering the asking price or more on a property should only be considered in specific circumstances:

• You have a strong desire to secure the property and are unwilling to risk losing it.
• There is high competition amongst potential buyers, and offering the asking price or more is necessary to outbid others.

In these situations, it is crucial to ensure that your offer is within your budget and will not adversely impact your financial position.

Deciding Your Cheeky Offer on a House

Making a cheeky offer on a house can be a delicate balancing act. While aiming for the best possible deal, it is essential not to offend the seller. Equally, there is no benefit in being cheeky if you find your forever home, but lose out because you've offered far too little.

Consider the factors in this insight and that will leave you left to make your own mind up on the question, what is a cheeky offer on a house? However, when it comes to what % is a cheeky offer on a house, it's at least 15% below the asking price.