Offering 6% below asking on student housing in Seoul

[PlainReed]

I need to decide shortly whether to make an offer on a Seoul student-housing property. It is listed at ₩841,800,000 and has been marketed for 36 days, but the trade-off is between testing the seller with a 6% reduction and keeping enough protection if the lender or inspection changes the picture.

The property could use some updating. Similar listings support the general asking range, though I have little reliable evidence from completed deals. I can show that financing is lined up and can be accommodating about completion.

Would you first ask about the seller’s reason for selling, or submit the lower figure and let the response reveal it? For example, if the appraisal comes in below the agreed amount, I do not want the deposit committed before I know whether I can renegotiate or withdraw.

 

[FieldWire]

One detail would change my view: is ₩841,800,000 still the seller’s genuine expectation, or merely the latest public asking price? After 36 days there may have been rejected offers or an earlier price position that explains more than the visible condition does.

A 6% reduction is arguable, but financing evidence and a convenient completion date do not make appraisal risk disappear. Ask for the listing and price-revision history, then check how the proposed contract handles a low valuation. Inspection rights should also remain in place until you know whether the required work is cosmetic or structural.

 

[StillPorch]

The missing fact is seller motivation. If they need a particular completion date, your flexibility may matter more than another small price increase. I’d also avoid requesting both a full 6% reduction and broad repair credits at the outset; that can look like two rounds of discounting. Ask which updates are essential, set a cap on acceptable appraisal-gap exposure, and confirm exactly when your deposit could become non-refundable under the proposed terms.