How to present a 7% below-asking offer on a Seoul country home

[ada.heath]

I have now put a number on the opening offer, and that creates a harder question: does an exact 7% reduction look reasoned or merely arbitrary? The Seoul country home is listed at ₩1,525,000,000, has been on the market for 44 days and needs updating. An earlier transaction fell through, but the seller is not said to be under pressure.

I’m considering ₩1,418,250,000. Nearby listings support the general range, although the completed-sale evidence is too sparse to pin down value. I could provide proof of funds and accommodate the seller on timing, but I would not give up inspection, financing or appraisal protection, especially while the deposit risk and reason for the failed deal remain unclear.

Would you present the amount as a response to condition and limited closed evidence, or choose a less mathematically exact figure? My next step is to ask why the earlier transaction failed and what the required work actually involves before setting the response deadline.

 

[DaanGale]

Seven percent is not automatically insulting if the offer is credible. I’d keep the explanation short: limited evidence from completed comparables, the property’s time on market, and the updating required. Attach financing proof and offer the seller a choice of completion dates if possible.

Set a clear but reasonable response deadline. I would not waive inspection or commit to covering an unlimited appraisal gap just to make the price look stronger.

 

[musicAndInk]

Before choosing the wording, find out why the earlier deal collapsed. Buyer financing, a low appraisal, and a property issue would each change the risk considerably. If the seller will not disclose anything useful, that itself argues for keeping your protections.

Also, what does “needs updating” mean here—cosmetic finishes, or work that could affect the inspection and valuation?

 

[knitsAndAtlas]

I’m less convinced that 44 days and some updating justify the full discount when the available asking comparables are close. Asking prices are weak evidence, but they are still what the seller will be looking at. A heavily itemised rationale can sound like you are preparing to renegotiate again later.

Offer your number plainly. If inspection finds material problems, address those then rather than building speculative repair credits into the opening.

 

[nico_property]

A sensible structure would be: ₩1,418,250,000 purchase price; evidence that financing is available; flexible completion; a stated response deadline; and clearly written conditions for inspection, financing and appraisal. Keep each condition specific rather than describing the offer as simply “clean.”

The deposit terms deserve local legal scrutiny before signing. The amount at risk and the circumstances in which it can be returned depend on the actual contract and jurisdiction, so don’t rely on casual assurances from either side.

 

[walksAndKey]

There may be a useful middle path if the seller rejects the price but engages: ask what matters besides the headline figure. Completion timing or certainty of financing may matter more than squeezing out the last percentage point.

I would decide your appraisal-gap limit and maximum post-inspection spend before submitting anything. That prevents a counteroffer from pulling you above your real budget through a higher price, waived repairs and extra deposit exposure all at once.