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Original poster

Offer made on our house- WWYD next under these circumstances?

87 replies

NewDirectionNeeded · 04/09/2018 15:25

Hi,

House has recently been reduced to OIEO 260K. We had a really positive viewing last week, then all went very quiet- no feedback, other than the initial feedback which was all very good. Then today we get an offer of 258k. Not a terribly cheeky offer, but given the viewer said she thought it was very fairly priced, I was expecting at least 260k.

We rejected and counter offered 265k, which is a bit of a jump, yes, but our absolute minimum is 262k, so was allowing ourselves a bit of wiggle room. We expected it to be rejected tbh, but with some further negotiation. They just said no, they would walk away at 265k and that was that. I know they've been looking at houses of OIEO 280K, so I don't think it's over their budget necessarily.

They're not yet proceedable, but sounds as though they will be soon. So this would only be a subject to sale rather than contract, but still, is that it?! Is this just what people do? It almost sounded as though they were so put out by our counter offer that they're going to walk away altogether, but maybe this is how it's done... I don't know.

Our EA suggested we played the waiting game. If we just lay our cards on the table today and said, this is our absolute bottom figure we could accept, they may try further negotiation, which we can't do.

WWYD?

Thanks

OP posts:
WorkingItOutAsIGo · 04/09/2018 15:29

Do nothing. Either they don't want it. Or they are trying to make you question yourself as you are doing and drop your price. It's a tactic. They arent proceedable, they may be jerks who will mess you around the whole time. Just let it be.

EmeraldVillage · 04/09/2018 15:32

I would wait a little. Are you in Scotland? If not I don’t understand why you’ve out it on at oieo a price you can’t accept?

MrsZB · 04/09/2018 15:53

Our estate agent INSISTED that we reject the first offer. He was adamant. I was happy with the offer but he wouldn’t let me accept it.

So you haven’t done anything wrong.

We had a torturous couple of days and they came back 2k higher and we bit their hands off!

So sit tight. Hopefully they will come back at £260 and you could say yes.

bbcessex · 04/09/2018 16:08

It is frustrating but as they can’t proceed anyway it’s immaterial.

I would accept an offer in those circs.

Original poster
NewDirectionNeeded · 04/09/2018 16:10

Thanks you!

I think you're all probably right. Problem is, I'm very impatient Confused

OP posts:
bbcessex · 04/09/2018 16:11

wouldn’t

Original poster
NewDirectionNeeded · 04/09/2018 17:13

*Thank

OP posts:
Original poster
NewDirectionNeeded · 04/09/2018 17:42

So should I just not say anything and wait for them to come back to me? If they do at all..

OP posts:
bbcessex · 04/09/2018 17:47

Selling & moving are anxiety inducing unfortunately.

There is no point getting your hopes up on a viewer within a complete chain.

It’s a positive that they’re interested in your house; shows it’s saleable.. but no point negotiating with someone who can’t proceed.

Different story if they could move quickly but they can’t.. so time to sit tight I’m afraid x

PersianCatLady · 04/09/2018 17:49

I am totally confused by this.

You have advertised it for £260 and someone offers £258 and you turn them down??

Originalsaltedpeanuts · 04/09/2018 17:51

This reply has been deleted

Message withdrawn at poster's request.

MirandaWest · 04/09/2018 17:54

I think that most people who see OIEO interpret it as offers around or preferably below the figure you’ve given.

SassitudeandSparkle · 04/09/2018 17:58

They can't buy it at the moment so I wouldn't accept the offer anyway.

They may come back, they may not. You've asked for offers in excess of 260 so it can't be that much of a surprise to them that their offer below that figure was rejected.

rudehealth · 04/09/2018 18:00

t. I know they've been looking at houses of OIEO 280K, so I don't think it's over their budget necessarily.

Careful following this logic
They may see potential in your home but need to spend £20k to get it to where they want

WerewolfNumber1 · 04/09/2018 18:04

@PersianCatLady -no, they’ve advertised for “offers in excess of £260k” - that means you must be over £260k (not even £260k bang on would do).

Bluntness100 · 04/09/2018 18:04

It's not about what they can afford, it's about what they think it's worth.

You're all but walking away from an asking price offer. If you wanted 265 you should have marketed it at that. Doesn't mean anyone would pay it though.

Your call but I'd tell them to come back to you when they have an offer on theirs and you'll proceed at that stage if you don't have a subsequent offer.

kitkat6 · 04/09/2018 18:08

Assuming you are England or Wales if you want 262k then you need to be advertising at 270k or 265k at the lowest.

Personally if I needed 262k I would ask the estate agent to go back and say that the absolute lowest you can go is 262K and you will not be selling for less.

We looked at house 30k over our budget and bought one within budget easily. So them looking at house at 280k does not mean they will be buying at 280k!

PersianCatLady · 04/09/2018 18:09

@PersianCatLady -no, they’ve advertised for “offers in excess of £260k” - that means you must be over £260k (not even £260k bang on would do)|
I see, thank you for clearing that up.

peachypetite · 04/09/2018 18:11

You aren't going to get people offering more than 260. 258 is a very good offer.

NotSuchASmugMarriedNow1 · 04/09/2018 18:15

Its only £2001 less than you advertised it for. Take the offer and negotiate your own new house purchase downwards.

Bluntness100 · 04/09/2018 18:16

If a house is marketed at offers in excess of 260 I'd assume the sellers would accept 260 or there abouts. 258 would seem reasonable to me and pretty much asking price. Maybe negotiate to 259.

I have to be honest if the sellers said no actually we want 265 I'd probably tell them to fuck off too.

That's the problem with offers in excess off, no one knows what rhe hell it means, but one things for sure, assuming that because people have the money they should just give you it because you want it, irrelevant of if they think it's worth it, is very dangerous.

I think if you want 262 or 265 you need to up the price again, to somewhere closer to 270.

peachypetite · 04/09/2018 18:17

In excess of is ridiculous to be honest. Just put the price you want with room for people to expect to be able to knock some off!

bbcessex · 04/09/2018 18:18

An offer is only as good as the chain that supports it.

In this case, the ‘buyers’ don’t have their own buyer, so the OP hasn’t lost anything.

In my experience, serious buyers don’t go quiet after submitting an offer / being rejected.

Mitzimaybe · 04/09/2018 18:19

The only way I would consider a low offer would be if they were chain-free and ready to move to your timescale. As it is, they know it's offers IN EXCESS OF and they've offered under. Probably they would get a survey done which would throw up some problems and they'd drop it again.

Assuming the house is on for a fair price then just write them off as timewasters.

Mitzimaybe · 04/09/2018 18:20

There again I don't understand OIEO because who would ever offer more than the quoted figure, unless there was a bidding war?