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?

This is a big tactic around here at the moment, they are putting them on under what they want and hoping for a bidding war.

Three places I wanted to look at already had several people bidding on them.

Well it's annoying if they advertised it at a price they were never going to accept (the EA should shoulder some blame here if they didn't strongly advise against it) but for heaven's sake don't make yourselves look ridiculous by lowering your offer and issuing threats and all the other bullshit on this thread.

Just find another house. You've already said all the way through your op that to you it isn't worth £360,000. So you don't have to take part. Find somewhere you are happy with.

It’s not bullshit to lower your offer, it’s business. They have had no compunction in asking for £10k more with no guarantee that that would be the end of it.

It is game playing and it is bullshit. If you take the EA at their word and the vendors have had lots of interest at £350+ (who knows whether this is true or not) then op lowering her offer to £340 puts her out of the picture.

If it turns out they haven't had lots of interest at £350+ then they will come back to op with their tail between their legs within a few days.

Just don’t see the point in advising someone to be daft (plus I think it’s rude) then she’ll lose the house🤷🏼‍♀️

We didn’t price houses lower as a tactic, maybe in your area they do. House had been valued 180, vendors were happy to accept 180. They were as surprised as us when we had 5 offers at the asking.

So we had to go back and ask people to increase. Some were outraged but what else could we do? In the end it went for 20 over.

Good schools and all sorts can lead to lots of interest. Instead of being precious out your money where your mouth is if you want a certain house.

@ButchyRestingFace

I'm in Ayrshire. Just had a quick squint on Rightmove and you're right enough - most are on at Offers Over, but I know that a few of those on for this area have had their prices reduced at least once and have been on for a while.

A lot depends on where you are, and what's selling. Sometimes houses which were on at offers over actually did sell for less than the asking price.

Getting a house sale through to conclusion is very difficult. If you have the funds ready or a definite mortgage offer, and do not have a house to sell or are in a chain then trust me you are in a very strong position.

Crikey, I bit the arm off of my buyers who offered the asking price!!

If it says offers over then they want offers over. It’s to weed out time wasters. If it said offers in the region of 350 fair enough. Plus it’s worth trying the 350 but I seriously would have at least gone 350,500 just to show respect.

Nothing respectful about offering £350,500 - that's like leaving a 1% tip in a restaurant. The house doesn't have an intrinsic "worth" as pp have said. They priced low for a quick sale, you can bring them that quick sale at a low price but if they want a higher price they need to accept a longer wait for the right buyer to find them.

Be prepared to walk away and look elsewhere. Confirm that your offer is £350k but if that offer isn't accepted and the house is still being advertised/marketed/having viewings in 7 days then your offer reduces to £345k.

If the thought of someone else buying it at £360k makes you feel sad, and would make you wish you had offered £360k yourself then it is worth £360k to you and you could offer more. If the thought makes you think "more fool them what a rip-off" then you are best off walking away.

They can't be that desperate to sell.
If they keep trying to price themselves out of a sale, can they.
Mind you CF can cut both ways. We're currently trying to sell my dads property and were offered £25 less than the asking price.
Absolutely bartering is part of business.
I get that. However £25k less come on.
Its already been reduced!