Offering 3% below asking on a Seoul apartment

[zia_titles]

If I misjudge the opening offer, I could either overpay or lose a workable Seoul apartment before learning what the seller would accept. It is listed at ₩1,118,000,000, has been on the market for 33 days and needs updating. A previous transaction also failed, although the seller does not appear under immediate pressure.

I am considering starting 3% under the asking price. Similar nearby listings provide some context, but the limited completed-sale evidence makes them a weak guide. My proposal could include current evidence of financing and flexibility over the completion date, with the condition of the apartment given as the short explanation for the discount.

Which protections would you keep even if the seller counters—inspection, finance, valuation and deposit terms? I also plan to ask why the earlier transaction ended, since a lender valuation problem would call for a different response from an issue discovered during inspection.

 

[eva_property]

Three percent below does not sound inherently aggressive, especially where updating is required. I would keep the explanation short: the offer reflects the condition and the limited evidence from completed comparables, while your financing and timing reduce uncertainty for the seller. Avoid presenting a long list of defects at this stage. Include a clear response deadline, but make it reasonable rather than using it as pressure.

 

[theo.reed]

Before deciding on contingencies, do you know why the earlier deal collapsed? If it was financing or an appraisal gap, proof of funds and lender readiness may matter more than an extra few million won. If an inspection issue caused it, that changes the picture entirely. I would ask that question through the agents without assuming the answer.

 

[ada.heath]

I’d be cautious about tying the 3% reduction to repairs before you have inspected the apartment. The seller could reasonably say the condition was already reflected in the asking price. Make the initial offer based on the overall value, retain inspection protection, and address significant findings later through a repair credit or renegotiation. Waiving financing or exposing a large deposit just to look “clean” could turn a modest discount into a much larger risk.

 

[new_door]

Also decide your appraisal-gap limit before submitting anything. A lender’s valuation and your negotiated price may not align, and enthusiasm after acceptance can make buyers stretch further than planned. Put the financing evidence, preferred completion window, contingencies and response deadline into one clear proposal. Then set two numbers privately: your maximum price if inspection is satisfactory, and the deposit exposure you can tolerate if the transaction fails under circumstances not protected by the contract. Local contract wording matters, so have it checked in Seoul before signing.