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?

Even in Scotland, people accept offers below the offers over price or fixed price. Just depends on the market and desperate people are to sell.

They are inn a chain and need to get going. They are being CFs. Don't say yes or no. Just go silent on them till they chase you. Then stick at original offer (or 1k less to make s point)

Just say no. They're trying it on.

That's crazy. They're trying their luck, hoping you love the house so much you'll part with another 10k for fear of losing it. Do not play their games. Walk away if they won't take asking price. CF's indeed!

Say no it's your final offer.
If they come back to you then make it clear they must take it off the market.

I offered the full asking price on a house, 2 days after it came on the market. Right for us, just down the road from primary school. Seller rejected it, obviously thinking they could get more. I went away and bought somewhere else. 2 months later, they came back and offered me the house at the same price. Last I heard, it sold for 5k under the asking price.

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

Why 'always confused'? Surely every house is different. If a house has just come on the market and you love it and think it is worth what they are asking for you offer asking price.

We offered full asking after one viewing. We loved the house and it was a sellers' market at the time. It's not now. If anyone offered us asking now we'd bite their hand off.

People just get greedy.
I worked at an estate agent during my Uni holidays and one vendor asked us to go to sealed bids, best and final offer.
He said to us that he wanted 300k , best bid was 310. Great result.
Then the vendor told us to go back and ask this bidder could he go any higher!
People blame estate agents but a lot of the time it's the buyer or seller who is the CF

Is it offers over

Laughs. We had similar on a property. We offered full asking. They wanted more. About two weeks later we offered on house we in now. They came back to us about three weeks later to say we accepting your offer. Told them sorry we offered on another now. They asked if we planned to continue with that one. Yes. House was on market for months. Vvvv glad we didnt buy it now as was kinda of in a flood zone which our house isnt. Please dont offer anymore and look around for other houses. Cf they not you!

If you’re FTBs you will find that extra £10k v useful for furniture/decorating/moving costs etc. No reason they should have it off you. I’d make current offer time limited and be prepared to walk away.

It depends entirely on the market. I don't actually think there's anything wrong with asking for more. Our house was advertised as OIEO of £185k we put in an offer of £200k which was rejected. We then put in a sealed bid for £225k which secured it. We would have been happy to go to £250k.

OP, ask yourself If it had been advertised at £360 would you have been interested?

Andro the difference being your house was advertised as OIEO.

The sellers can do whatever they like, they don't owe you an explanation. You make an offer which they choose whether to accept or not, all the other stuff is irrelevant.

Everyone knows houses have no inherent set value, if it's not worth £360k to you then walk away, the seller doesn't have to answer to you.

The psychology behind buying/selling houses is terrifying.

I say this as a current seller (and hopefully soon a buyer) who is pretty unemotional about it.

Why is a seller or a buyer ever a CF? They don't have to sell to you and you don't have to buy from them.

I've only ever offered the full asking price and that was when moving out of London to here when house prices were still a lot less here and I wanted to be sure of getting the house that I wanted. In your circumstances, OP, I'd be pulling out as they are CFs.

^ only ever offered the full asking price once

It sounds like you don't think it's worth the extra 10k so there's your answer right there. 🤷‍♀️

I saw my flat and fell in love with it (after looking for 18 months, having had 2 offers accepted and then fall through, and was at the time living in rented 1 bed flat having sold previous property),. I was first to view it (they had put it on market late afternoon before) and I offered them full asking price 45 mins after seeing it. They were in a similar situation as vendors in OP - found a house after being let down on one before as chain broke and needed to move quickly - and I was a cash buyer. They still said they would think it over over next 24 hours. Luckily, they decided to accept my offer.

In the end the sellers can do what they like. It’s their house to sell.

They are taking a risk but that’s up to them. For all you know they’ve had other viewers who appear interested.

We offered below fixed price for a house with great potential because it needed serious work. We’d paid for additional surveys because it was an old house and it turned up a variety of expensive problems.

We offered a fair price and explained why but the sellers turned us down flat.

We thought they were mad at the time given how much needed done (about 100k) and the fact that it had been on the market a very long time.

In the end they did sell it, for full asking price about 8 months after rejecting our offer.

So they were right to say no to us because it turned out that there was someone willing to pay asking.

It’s frustrating for you but the seller doesn’t have to do anything.

And never ever believe EA’s. They aren't all lying but it’s not always easy to tell.

Maybe they always wanted more but the agent convinced them to advertise a lower price to get interest and drive the price up.

There’s NO point in being bitchy about them, you don’t know them or what they need to achieve to get their new house.

Simply decide what you think it’s worth to YOU and stuck to that.

When we bought this place we offered ‘asking’ and they turned our offer down. Obviously it was a bit frustrating, but hey ho. We ended up buying it for less two months later. It was only worth ‘asking ’ to us when we offered it, two months later it wasn’t 🤷🏻‍♀️

Depends. When we sold our house it was on for price x, and we received a number of offers at and above asking price (all in the same week) and therefore gave all potential buyers the opportunity to give their best offer and then chose from them.

If we'd taken the first asking price offer we'd have lost out of a fair whack of money.

Stand firm.

If they wanted @360k for it, they should have changed the asking price to £360k!!!

CF.

PS: Good luck.