To think if you're offered asking price, you take it?

[frills474]

First time buyers here. Went to view a house last week, was told the vendors are in a somewhat desperate situation - they have found a house and were all ready to exchange, but then the chain broke beneath them causing the man buying their house to pull out. As a result, they are looking to sell ASAP and have priced the house competively for a quick sale.

We thought the house was nice - it had a few downsides but for the price we could live with it. We offered the asking price (£350k). We were then told the vendors actually want £10k more than this (360K).

I now have to decide whether to meet this, but I'm thinking I'm not willing to pay an extra £10k. I started thinking of the downsides of the house, and comparing the new price to other houses in the area, and thinking we could probably get something better for that money. Therefore, I'm thinking maybe I don't like the house that much if I don't want to pay the extra, and maybe I should just withdraw the offer completely!

AIBU to think vendors shouldn't turn their nose up if they're offered the asking price? AIBU to also think if you're offered the convenience of a chain-free buyer, maybe you should be prepared to accept a slightly lower price, especially if you need to move quickly?

I've sold several houses and have never expected to actually get the asking price. I've always seen it as a price I'd like but am will to negotiate from.

I also find it annoying when looking on places like rightmove and I've set a top price at, for instance, £350,000 and loads of the houses have a price range of between £350,000 and £370,000. If the vendor is asking for more than I want to pay don't clutter up my search with houses I can't afford.

If these people want to sell their house, they need to stop moving the goal posts.

The house doesn't sound like your dream home so in your place I'd walk away.

Well they can't be that desperate then can they? Tell EA offer is valid for 1 week, if accepted it us withdrawn immediately from the market and no other viewings or offers to be accepted. Be ballsy you're a first time buyer! You're completing their chain. Cheeky fuckers indeed.

There is no way in hell I would budge on my initial offer. Take it or leave it. That was the asking price and that’s as much as I’m going to pay for it.

Actually, if you're undecided about the house but feel you might be happy with it, I'd go back to estate agent with a lower offer and see what the vendor says; perhaps something like £340,000 or just under.

They might actually realize that they're shooting themselves in the foot trying to push the price up, realize you won't be taken advantage of, and accept your offer if the really are desperate.

You're in the driving seat here. You can be cheeky too.

If your not too bothered about buying it or not then you could always stick you fingers up at them a bit by making a revised offer of 10k less than your previous one (if asked, on the basis you've reflected on the negatives a bit more and the longer they take the more chance to reflect you will have).
House buying/selling is full of nonsense. First to offer asking price gets it. If you are a risky buyer you might have to offer more to compensate for your risk. Someone with a metaphorical suitcase of £50notes and a seller needing to move quickly could get away with under.

They are obvioiusly not that desperate are they? I'd walk away and find a better place.

I agree with PP about actually revising your offer downwards £10k given their attitude. They have proven themselves to be untrustworthy sellers in their approach to negotiation so you need an insurance cushion.

As a rule of thumb I wouldn't offer "full asking" in the English system or if house is "fixed price" in Scotland as it gives the impression you can afford more which any EA will always seek to extract.

Unless you're in Scotland, in which case it's offers over, I guess the estate agent is trying it on. Just blow cold and start looking elsewhere. If the agent tries to negotiate, say you are looking at other properties with other agents too.

You dont like the house enough OP. Do not buy it!

We got £10k over asking price but we weren’t in a chain that hadn’t fallen though. I would stick to your guns op.

I like PPs suggestion of dropping your offer 10k!

I'd walk away because they are likely to turn into nightmare sellers. You offer more and they'll throw other spanners into the works. Nah. If you love it I'd stand firm and tell the EA, nope, no more money. They have two days to decide but personally, I'd withdraw (because we've had vendors like this and it turned into a nightmare).

You will find something nicer, what's the rush.

It is a disgrace. A house 2 doors from me in basic condition went on sale for 190,000.00. With the house crisis and a huge shortage, there was big interest the couple ended up paying 265,000.00 instead. It is madness.

My DSIS has been offered the asking price, she is hoping for more interest and a bidding war will commence, she hasn't excepted yet and they are in a serious rush to sell.

£360k is a lot of money, if other houses on at the same price offer less compromises then go for one of them.

If they have more than one offer of the asking price they could go to sealed bids.
I sold a house which the buyer had offered above asking price on, but his mortgage company knocked him back and wouldn't lend more than what they thought the value was. I was happy to get asking price.

Even if it’s the dream house I would let those bitches sweat

Tell the estate Agent no and that it’s a sign from god as you were stuck choosing between two . And as you are in a hurry you will go for the other one

Then wait a week

If it’s not OIRO (and you say it’s not) then tell them to stick it up their arse.
I’ve always offered the asking price just to avoid the days of them considering the offer. I’d expect them to accept the asking price without hesitation (otherwise what’s the point of having an asking price?)

If I was selling a car on say Autotrader and had it advertised for £5k and someone came, viewed, and said 'I'll take it, heres £5k', if I then turned around and said 'well actually I want £5250' I'd get told to go f**k myself and the buyer would walk. I don't see why a house should be any different - you ask £x, if you get offered £x (without strings/complications) then that's it sold. If you want more, ask for more from the start.

Maybe they have more than one offer and are asking you to better yours? I can only say it depends on your local market. Going by what happens here, which is, admittedly, in its own crazy bubble, houses sell at vast sums above asking within a day of going on the market.

Conversely, when we bought our future retirement house in a different area we stuck to our offer when they came back to us to better it because there it is a known realtor trick to make you think there are higher bids when there aren't. Our realtor (buyer and seller each have their own here) was pretty sure they were trying it on given we'd already offered above asking and he knew their previous buyer had fallen through at slightly above our bid.

We recently put in an offer on a house that was on sale for one of those price brackets (£335k - £350k) and because the garden was miniscule compared to others that were selling for the higher end of that bracket, we offered the lower price. It was rejected as apparently they wanted the higher end of the bracket. I don't understand why they didn't just state the single price of £350k. Apparently they wanted to sell promptly as well.

Anyway, I was smug to see a few weeks' later they'd lowered the price bracket to £325k - £335k and as far as I know it's still on the market. Should have accepted our offer!

If you want the house, stick with your offer. If you don't, withdraw it. Because you have gone straight in with an asking price offer, they are chancing their arm that you will raise it.

I'm always a little confused by people offering full asking price straight away - surely buying a house is a negotiation?

Listen to your gut.

They do sound cheeky, but I think if you loved this house, you'd be going for it. By the sounds it's not that you can't afford another 10k, it's that it's made you think twice. And you don't need to move in a hurry. So, I say, you don't love the house, and you will regret it.

Stand firm, remind them you're first time buyers, you're not offering a penny more. They're trying their luck.