Offering 5% below asking on a small multifamily in Seoul — sensible after 71 days?

[knitsAndAtlas]

We have one night to decide whether to bid on a small multifamily property in Seoul. It is listed at ₩924,600,000 and has been on the market for 71 days, but the shortage of completed comparables makes the price difficult to judge.

Our possible offer is ₩878,370,000, or 5% under the listing price. We can show financing readiness and accommodate the seller’s preferred completion timing, but we do not know whether price or speed matters more to them. The condition also needs closer investigation rather than just a list of cosmetic complaints.

How would you present that offer without overexplaining it? I am not comfortable dropping inspection or financing protection, and an appraisal below the agreed price could create a gap we cannot ignore. The deposit exposure is the part I least want to discover after signing.

 

[bikesAndEcho]

The number itself is not insulting. Keep the explanation short: limited completed-sale evidence, the property’s condition, and your ability to provide financing proof and accommodate the seller’s timing. I would not attach a long list of cosmetic faults.

Before offering, ask whether the seller values price or completion flexibility more. Keep inspection and financing protection, and decide in advance what happens if the appraisal is below the agreed price.

 

[KitSage]

The lack of completed sales matters more to me than the 71 days. Time on the market does not tell you whether the seller is under pressure, while the property’s condition and any appraisal shortfall could directly change what this deal costs you.

The previous suggestion gives you a workable middle ground: offer 5% less, keep the explanation brief and use completion timing as the attractive term. Leave the offer subject to inspection rather than asking in advance for broad repair credits; only substantial findings need to reopen the discussion.

Before signing, make sure you understand exactly when the deposit could be at risk and what happens if financing or the appraisal falls short. Those protections are much harder to recover once surrendered.