Offering 10% below asking on a new-build flat in Seoul — sensible or too aggressive?

[knitsAndAtlas]

I need to decide whether to submit an offer on a Seoul new-build flat listed at ₩1,766,000,000. It has been on the market for 90 days and still needs some updating, so I am considering an opening figure 10% under the asking price. The trade-off is making the bid credible without giving up protection against a poor inspection, failed financing or a low appraisal.

Nearby listings support the seller's price, but there are too few completed deals for me to judge where buyers are actually agreeing. I can provide proof of funds and accommodate the seller's preferred completion timing. Would you explain the reduction through the work and valuation uncertainty, then ask what matters most to the seller, or begin closer to asking? I also want to understand exactly when the deposit could be lost before making the terms look cleaner.

 

[coffeeAndChart]

I’d present it as a supported offer rather than a verdict on the flat: limited completed comparables, the updating required, and the uncertainty around valuation. Attach financing proof, state your flexibility on completion, and give a clear but reasonable response deadline. Keep inspection and financing protection. If the seller counters, you could trade price movement for repair credits rather than simply splitting the difference.

 

[bikesAndEcho]

Do you know why it has sat for 90 days? That matters more than the percentage alone. A seller testing the market may ignore ₩176.6 million below asking, while someone focused on timing may value your flexible completion. Also clarify how much deposit would be exposed and under what circumstances before trying to make the offer look unusually “clean.”

 

[readsAndYard]

I’d be cautious about leading with repair credits on a new-build flat; the seller may dispute whether the updating is a defect or merely your preference. Get the inspection first if the process allows, separate actual problems from cosmetic changes, and make the initial price case from completed comparables where available. Ask your lender how an appraisal gap would be handled, then have the contingencies and deposit terms checked for the Seoul transaction rather than waiving them to strengthen the bid.