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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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

111 replies

frills474 · 11/11/2018 13:03

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?

OP posts:
JudasPrudy · 12/11/2018 15:16

Well you don't know why they changed their mind, they probably think there's quite a bit of interest in the house. Honestly I would wait. It's entirely possible the phone will ring in a few weeks asking if you're still offering the asking price (at which point I would offer 10k less than I originally had!)

Jaxhog · 12/11/2018 15:16

Give them a short time limit (2 weeks?) but don't agree a higher price unless YOU'RE desperate to buy it.

The reason is that you offered the asking price, which few people do. They obviously are thinking they can negotiate you up. Some people think they always have to negotiate on house prices. Either that, or they think they have another, better, offer in the pipeline.

user1457017537 · 12/11/2018 15:19

Just say £360k is your offer. Take it or leave it. Fairs fair you have offered the asking price they are just greedy.

AgentJohnson · 12/11/2018 15:21

It’s their house and therefore their prerogative, just like it’s your prerogative to walk away or not. Wether they are shooting them selves in the foot or not, you aren’t entitled to have your offer accepted.

Original poster
frills474 · 13/11/2018 15:09

So a young and (inexperienced) estate agent called me and said they were rejecting the offer at the asking price - she also admitted they were never going to accept that price, and it was only listed at that to attract interest Hmm

She also said they've had a few offers at the asking price, and no one has upped it as yet. AIBU to think maybe they shouldn't have falsely advertised it at a low price if they wanted more? Surely doing what they've done just pisses off potential buyers. It's certainly makes me think they're untrustworhy.

OP posts:
user1457017537 · 13/11/2018 15:28

So basically they want you to participate in a Dutch auction. Tell them no, they have your offer and if they don’t decide to proceed within a week or so to consider that you are no longer interested. Play hardball. Two can play that game.

gamerchick · 13/11/2018 15:38

Just bin them OP. It's not worth the aggro.

OracleofDelphi · 13/11/2018 15:42

FFS what CF... they are missing the point that as I undersntad it mortgages are agreed in principal ... So there is a chance anyones mortgage wont be approved being £10k over the asking price...... So even if you or someone else agreed this, your / their mortgage company might not agree... WHY if they are in a chain and wanting to move, are they buggering about over £10k more than what they said they wanted????

I just dont understand how these people think. 1. either they were happy with £350k which presumably is why its advertised at that price or 2. the EA told them its worth that so why are they holding out for £10k more?

I would tell them I wanted to revise the offer to £340k and that it was valid for 7 days as PP have suggested.

IRememberSoIDo · 13/11/2018 15:43

Don't budge OP. This is a complete tactic.

iwantasofa · 13/11/2018 15:45

I would tell them I wanted to revise the offer to £340k and that it was valid for 7 days as PP have suggested.

This!

iwantasofa · 13/11/2018 15:46

Some people just don't really want to sell.

BunnyColvin · 13/11/2018 15:48

She also said they've had a few offers at the asking price, and no one has upped it as yet. AIBU to think maybe they shouldn't have falsely advertised it at a low price if they wanted more? Surely doing what they've done just pisses off potential buyers. It's certainly makes me think they're untrustworhy.

None of that matters really though does it? The only important thing is are you interested in the property or not. That's what it boils down to. There are plenty of CF buyers and sellers in the property market. If you've not got your heart set on it, walk away. If you really think it's worth staying in the race, offer more.

It's not about what they're doing, it's about what you want!

hellsbellsmelons · 13/11/2018 15:52

I would tell them I wanted to revise the offer to £340k and that it was valid for 7 days as PP have suggested
Definitely do this!
If you really still quite like it and that makes it a bargain.
Otherwise just retract your offer entirely.
They are taking the piss!

Bekabeech · 13/11/2018 16:15

I think the Estate Agent/Vendor are naive. Or thinking about the situation a couple of years ago.

Very good Estate Agents I have spoken to have said that "nothing" is going over the offer price at present, and lots of properties are hanging around for ages. Either the Vendor is living in the past or their Estate Agent gave them unrealistic expectations.

But OP you need to walk away and look elsewhere. (We did do this once, only to be reapproached 6 months later and asked if we wanted the property we had offered on, we got it for less than our original highest offer in the end.)

Poppylizzyrose · 13/11/2018 16:18

Did the price say offers over 350? Because then it isn’t that cheeky. All depends on the wording.

rainbowquack · 13/11/2018 16:23

It's a tactic. When I got the first (asking price) offer on my house, the EA told me to wait and then came back the next day with an offer of another 10%.

Tell them that's your offer, give them 7 Days and look at other properties.

TeacupDrama · 13/11/2018 16:35

if it is Scotland then the norm is a price with offers over £350K before crash you would expect to pay a minimum of 10% over maybe more since crash offers are closer to price but just at the asking price might be a bit low, occasionally you see houses at fixed price

sometimes if a few people register interest they will set a closing date typically 12 noon on the next Friday, and you or your solicitor puts in your best offer with any conditions if offer is accepted at closing it is technically legally binding, you would be expected to have read the survey already ( the seller gets a survey done when you sell) so no offers subject to survey, if you register your interest you should be told if another offer is placed so you can offer too.
mostly the highest offer wins but when we bought our house they wanted quick sale ( probate) and it said they wanted exchange within 6 weeks and 10% deposit immediately we were not the highest by about 13K but had nothing to sell and mortgage in place so we got it

SchrodingersBox · 13/11/2018 16:49

Buying a house is a negotiation, price is the main thing, but speed and certainty also matter hence a lower cash offer may be accepted over a higher offer from someone in a chain. If the 2 sides agree on things then it happens, if they don't there's no need to be emotional about it from either side. Having said that it is a pain when people want more than their asking price. There's a logic to it for a house that's special in a buoyant market but this house doesn't sound special and the market is stagnant.

Maursh · 13/11/2018 16:54

Your mistake was offering asking price. I always start at 10% lower and work up!

Maursh · 13/11/2018 16:58

She also said they've had a few offers at the asking price, and no one has upped it as yet. AIBU to think maybe they shouldn't have falsely advertised it at a low price if they wanted more? Surely doing what they've done just pisses off potential buyers. It's certainly makes me think they're untrustworhy.

When I am told this, I tell the EA that I withdraw my offer and I am not getting into a bidding war with other buyers. You could raise your offer, but they could raise theirs and so on. If they exist of course - I doubt they do!

Poppylizzyrose · 13/11/2018 16:59

If it states offers over then they want more. But I’d have gone 352,000 the 2 as nice gesture to cover their legal fees ect. It’s so stressful buying and selling sometimes being a good buyer makes everything easier and more pleasant.

Seeingadistance · 13/11/2018 17:19

One of the few accurate things my ex ever said was "that a house is only worth what someone is willing to pay for it".

I notice a few PPs have talked about the offers over system in Scotland. Maybe it's coming back now, but since the crash it has been much less common, with houses usually on at Fixed Price or Offers in the Region Of. In the past 8 years or so, I've sold once and bought twice - each time under the asking asking price.

ButchyRestingFace · 13/11/2018 17:27

Maybe it's coming back now, but since the crash it has been much less common, with houses usually on at Fixed Price or Offers in the Region Of

Do you mean in England?

I’m in Central Scotland and struggle to remember the last time I’ve seen a FP or OITRO. Everything is Offers Over in my area.

user1457017537 · 13/11/2018 17:27

Seeingadistance my late father told me the same thing. Something is only worth what someone else will pay for it. There are thousands of properties. I would go further and say you have had a rethink and are willing to offer £325K.

Poppylizzyrose · 13/11/2018 18:56

I disagree, in my area houses are sold quickly and for the asking or over it depends on area. If it’s just on the market and you’ve already offered it will be snapped up by someone else. You can lose houses being cheeky.
If you seriously want it and it’s the perfect location, do consider paying over asking if you can. We sold houses over the asking, (when I worked in real estate) one house ended up going 20 over! Turned into a bidding war.

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