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How to up an offer

(10 Posts)
Wallywobbles Thu 19-Oct-17 21:00:34

Please can someone help. I’ve never sold a house before and was only 24 when I bought it. Now 22 years later we are selling. We are in Normandy. The market is very slow. It’s a big house with holiday cottages, apartment, garage, big barn and 2 hectares so not what everyone is looking for.

It’s on at 280k€ and we’ve had our only offer tonight for 245k€. (After nearly 5 months) We need 255k€ minimum. Honestly it’s already a lot of house for 280 but I’m trying to accept that the market is what it is. Also keeping it is expensive, so the longer I keep it the more it costs. I’ve heard horror stories of houses on for 7 years.

What do I do next? How to I argue that it’s worth more?

I have to ring them on Saturday when they’ve shown the bank the turnover from our Gite business from the last 3 years. They already have an agreement in principle.

Please experienced sellers how do I play this?

Twopeapods Thu 19-Oct-17 22:15:50

Can you counter offer with the minimum amount you want? They might have put a lower offer in but are willing to go higher. If they say no they will not up their offer you will need to decide whether you want to take the chance of turning it down.

Wallywobbles Fri 20-Oct-17 06:08:33

Thank you. I’ve been dwelling on this overnight and I think we are going to say that we cannot accept under 255k€ after the notaires fees. Which gives us a 5k margin to negotiate down to 250k. I think if we can get that it’ll be ok.

Now I need to find out what the notaires fees will be.

SandLand Fri 20-Oct-17 06:32:24

Don't tell them your minimum! Tell them you cant accept 245i was told if yoyr first offer accepted, you've gone in to high!

Wallywobbles Fri 20-Oct-17 07:22:57

So Sandland we shouldn’t put in a counter off? Just we cannot except 245.

Angryosaurus Fri 20-Oct-17 08:32:20

I wouldn't say a flat no, as it may put them off making another offer if they have no idea if you need 2k or 20k more. Saying something more vague like can we meet in the middle, or you need much closer to the asking price shows you are treating them seriously as buyers and want to do a deal. If you say 255 is the minimum you can accept they will offer that or below!

Thisandthat2017 Fri 20-Oct-17 10:03:53

I agree, don't give your bottom line. I would say something along the lines of... sorry but we are unable to accept 245, it would have to be much closer to 265-270 for it to be proceedable for us. Showing you are up for negotiation and hopefully they will come back with half way between their offer and yours.

SandLand Fri 20-Oct-17 11:09:54

Ok, so soften it a bit with open to offers, but can't accept that far below the asking price.
But if you say we can't accept less than 255, they arent going to offer more. If you ask for sonething closer to asking price, they might offer 257!

TroelsLovesSquinkies Fri 20-Oct-17 11:43:12

I'd go back and offer to drop to 265 see what happens. The may come back to 255 or 260

Wallywobbles Fri 20-Oct-17 20:22:20

Happily the buyer pays the notaires fees so that is helpful.

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