Offering 10% below asking on a Santiago townhouse — reasonable after 67 days?

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First-time buyer
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I would like to buy the townhouse without paying for all of the seller’s expectations, but the shortage of completed-sale evidence makes the right opening hard to judge. It is listed in Santiago for CLP 1,222,000,000, has spent 67 days on the market and requires updating despite being near similarly priced listings.

My proposed first offer is CLP 1,099,800,000, exactly 10% lower. I can provide financing evidence and work around the seller’s preferred timing. Should I support the figure with estimated renovation costs and the marketing period, or ask for repair credits while staying closer to the listed price?

Before submitting anything, I also plan to clarify when the deposit becomes exposed and retain protection for inspection and a low appraisal. What else should be checked before putting the offer in writing?
 
Ten percent below does not sound inherently insulting when the property needs work and has sat for 67 days. Keep the rationale about the property, not the seller: limited completed comparables, updating costs and uncertainty over value. Pair the price with financing proof and your flexible timing. I would give a clear but reasonable response deadline rather than making it feel like an ultimatum.
 
Before choosing the number, can you find out whether the seller values price more than timing? “Flexible completion” only helps if it solves their problem. Their agent may indicate whether they need a quick close, extra time, or certainty.

I would not waive inspection protection just to strengthen the offer. Also clarify in advance what happens if the lender’s appraisal is below the agreed price and how much deposit would actually be at risk.
 
I’m less convinced that 67 days alone supports the discount. At this price level, the buyer pool may simply be smaller, and similar asking prices suggest the seller could view CLP 1,099,800,000 as speculative. If that is genuinely your valuation, submit it—but expect either silence or a counter. A detailed list of cosmetic updates can also backfire if the seller considers them personal preferences.
 
One practical distinction: separate visible updating from defects found during inspection. Price the known updating into the opening offer, then reserve repair credits or renegotiation for material issues that were not apparent beforehand. Otherwise the seller may think you are planning two rounds of discounts. The exact contingency and deposit wording should follow the Santiago contract being used, not a generic template.
 
Agreed on avoiding two bites at the price. I’d make the offer short and factual: amount, financing evidence, preferred completion range, inspection condition, appraisal/financing condition, deposit terms and expiry. Don’t over-defend the 10%; too much explanation invites an argument over every renovation estimate. If they counter, that response will reveal more about motivation than the 67-day listing history does.
 
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