Offering 12% below asking on a serviced apartment in Seoul — sensible or too aggressive?

The 114 days on the market initially made a low opening offer look obvious, but the lack of reliable completed transactions has made me less certain. This Seoul serviced apartment is listed at ₩1,877,000,000 and needs updating, while nearby advertised properties are priced at broadly similar levels.

I’m considering starting 12% lower and supporting the offer with evidence of financing plus flexibility over completion. The difficulty is explaining the number from the limited sales evidence and condition without presenting a made-up renovation bill. I also do not want a cleaner-looking offer at the cost of inspection, financing or appraisal safeguards, especially where my deposit could be at risk. Would you test the seller’s motivation first, or submit the full package and keep a second figure in reserve?
 
A 12% opening is defensible if it is a real walk-away position, but 114 days alone doesn’t prove the asking price is wrong. Present it as one complete package: price, financing proof, flexible completion and a clear but reasonable response deadline. Keep the explanation brief—limited completed-sale evidence, condition and appraisal risk. I would not waive inspection or financing protection merely to make a low offer look cleaner.
 
What does “needs updating” cover: finishes and appliances, or items that could materially affect cost after inspection? Also, has the lender confirmed it is comfortable financing this particular serviced apartment, rather than only approving you as a borrower? That distinction matters before deciding how much appraisal-gap risk or deposit exposure you can accept.
 
Those are the two gaps in my preparation. I have proof that funds and financing are available, but I still need confirmation tied to this property and a clearer inspection-based repair picture. I’ll avoid attaching an inflated repair estimate to the first offer. Instead, I’m thinking of keeping inspection rights and dealing with any substantiated defects through either a repair credit or a price adjustment.
 
Twelve per cent is the key number here, and dated finishes alone may not support all of it. With nearby listings at similar levels, the seller could read the offer as a broad discount rather than a condition-based calculation.

Find out whether timing or certainty has value to them, then decide your next figure before negotiations begin. If losing the apartment would bother you, keep room to move while retaining the inspection and financing terms. A rejected opening can be revisited; deposit exposure created by weak protection is much harder to undo.
 
Before submitting, write down three limits: maximum purchase price, maximum appraisal gap you could cover, and maximum deposit exposure if financing fails. Then have the contract wording checked locally so the financing, inspection, deadline and deposit consequences match what you intend. A concise offer with evidence of financing will usually communicate seriousness better than a long argument about the 114 days.
 
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