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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To not play the estate agent game and just give them my best offer straight away?

64 replies

saturdaycoffee · 18/03/2019 12:22

Buying a property.

I put in an offer last Thursday, which was turned down as it was too low.

The agent suggested the vendors would accept an offer half way between my offer, and the asking price.

AIBU to just put in an offer at that price (which is the highest price I would pay for the property because I don't think it's worth more than that), given that if they turn it down, I can't put in a higher offer?

Family have suggested putting in another offer but lower than the halfway offer, and then at least I can increase it to my "final" offer if they turn that down.

I hate all this game playing.

OP posts:
Happilyacceptingcookies · 18/03/2019 12:25

Ultimately it's your choice, not your family. The games get so old so quickly don't they. If you think it's worth asking much as your highest offer, you are happy to pay that much and you know it will be accepted the do it!

Ask yourself how you would feel if you went for a slightly lower offer knowing it would be rejected and then another offer came in from an different buyer and you lost out.

Gizlotsmum · 18/03/2019 12:26

If you are happy to pay that price just go in with it. If you think you'd regret not trying a bit lower play the negotiation game

Original poster
saturdaycoffee · 18/03/2019 12:27

If I put in my highest offer, do I tell them that's it? Or just put it in and see what they say?

OP posts:
Gizlotsmum · 18/03/2019 12:30

I'd tell them it's you best and final offer and be prepared to walk away

Happilyacceptingcookies · 18/03/2019 12:31

Yes be straight and tell them it's your highest offer. If you aren't prepared to pay more than that then it doesn't make a difference if they reject it.

Yorkshirepudding1987 · 18/03/2019 12:32

I told them my best and final offer. It was turned down and I walked away. A week later the vendor changed their mind and accepted it

Blobby10 · 18/03/2019 12:36

If they would accept, for example, £600 and you offered £400 which they rejected, I would suggest you offer to meet them halfway at £500 and see what happens! Don't tell the agent that £600 is the highest you are prepared to go especially as they have already indicated they would go down to that.

NotSuchASmugMarriedNow1 · 18/03/2019 12:46

I think standard procedure is to offer 80% of the asking price inititally and then to go up to 90% final offer.

What percentage of the asking price was your original offer.

Original poster
saturdaycoffee · 18/03/2019 12:47

My first offer was 90%

OP posts:
Original poster
saturdaycoffee · 18/03/2019 12:48

Actually it was 91%

OP posts:
thedisorganisedmum · 18/03/2019 12:53

I would be really worried if the 1st offer was accepted.

I would just give a best and final offer and walk away. Some vendors like to play a game, others will get pissed off if you increase offers a bit at a time.

I think standard procedure is to offer 80% of the asking price inititally and then to go up to 90% final offer
absolutely not true!
It depends on the market above all, the house, the vendor, your situation (chain, cash buyer, first time buyer). There's no such thing as a 80% of the price nonsense.

NotSuchASmugMarriedNow1 · 18/03/2019 12:57

I think 90% would be my best offer to honest. I'd walk away after that. Offering more just encourages the awful housing affordability mess we are currently in.

longestlurkerever · 18/03/2019 13:02

Well that’s very noble of you Notsuch, but might not actually secure you a property, if it’s been priced fairly in a bouyant market!

CuriousaboutSamphire · 18/03/2019 13:03

If you want the house and think you couldhandle payig abit more then tell the agent how much as your final offer, no more money forthcoming.

We did just taht, first offere rejected, counter offer which we rejected and then we made a final and best offer, which was accepted. Good agents are fairly straightforward about such things.

Original poster
saturdaycoffee · 18/03/2019 13:03

I guess markets are so different in different locations.

6 months ago here pretty much all properties ended up with sealed best bids, and going for over the asking price.

Bit better now, but still a buoyant market

OP posts:
NotSuchASmugMarriedNow1 · 18/03/2019 13:06

It did secure me a property. and the vendor also made 50% profit on the property compared to what he paid for it.

beachyhead · 18/03/2019 13:08

If you decide to go higher, put it in writing as your final offer and say it is on the table until Thursday, for example.
Then if they come back to you at a later date, you can go back to your original price..

Bluntness100 · 18/03/2019 13:11

I've never really played the game either.

Tell them it's best and final and on the condition the propert comes off the market immediately and no oth viewings permitted.

Then if they say no, walk away.

Unaware · 18/03/2019 13:12

When we bought our house it was "offers over x" we went in slightly under to begin with as it needed work but that was turned down.

So went back in with bang on the x price and explained it was our best and final offer, I made it clear we wouldn't be stretching again even when estate agent came back to say oh someone has come in slightly higher.

I don't think theres anything wrong with it at all

EllieNor · 18/03/2019 13:14

Last time we offered we were rejected for being too low and went back with our best offer and said it was the highest we could go and it was on the table for 2 days, got the property within 15 minutes. Good luck!

havingtochangeusernameagain · 18/03/2019 13:14

I always think that if you really want to buy a house, you won't play games, you'll offer what you can afford and either you'll get it or you won't. I can never understand playing games. I shout at the TV sometimes when I am watching Location Location Location because they offer such silly amounts. Yes sometimes it pays off but often they get told to bog off. Do you want the house or don't you? No I'll never be rich but I can't be doing with the game playing.

thedisorganisedmum · 18/03/2019 13:16

I think 90% would be my best offer to honest

that makes no sense, you don't know the market, how the house is priced, and how many other buyers are potentially interested.

ZippyBungleandGeorge · 18/03/2019 13:16

We did this, we put in an initial offer, rejected, then went back with the highest we were prepared to pay and we stay about it with the agent -the house needed a lot of work and we couldn't afford to go any higher on the purchase price. The owner rejected it and asked for more we stood our ground and said we've been honest, we can't go any higher (the estate agent then asked if we'd be able to borrow from family!!!!). We got the house for the price we offered but it had been on the market for five months and the market was fairly sluggish and we were prepared to walk away

Tatiannatomasina · 18/03/2019 13:18

I put in an offer and was turned down, i thanked them and said i was glad as i found somewhere else i wanted to offer on. Next news estate agent is back on the phone with a decent counter offer that i accepted. If you can walk away and be ready to do so it sometimes works.

Kedgeree · 18/03/2019 13:20

Ours was priced at £180k. We went in at £160k, non negotiable, this is our only offer, expecting to be turned down. They turned it down and came back a couple of days later to accept. We were prepared to walk away because the house ticked a lot of our boxes but we didn't love it, so wouldn't have been heartbroken if we hadn't got it. So many different circs make up the environment around an offer.