House seller wants a minimum of...

[User725465]

Hello,

A house was put on the market 7 days ago for offers in excess of £435,000. We viewed within 2 days and offered £437,000 the same day. It's not the best property but in a good location and we could see potential. Immediately the estate agent came back to us and said they would like £450,000. We left it for the weekend and then didn't hear anything further.

Today we called for an update and the estate agent now said our offer has formally rejected because the seller would like at least £450,000. There was no mention of any other offers on the table, or whether they had rejected offers higher than ours.

AIBU to think it's unlikely the property will go £15,000 over asking if it hasn't already given it's now been a week? We sold our house for £15,000 over asking price in October but there were lots of viewings and people were putting in offers very soon after their viewing and it sold within 3 days of listing after 10 bids in that time.

Why would you market at £435k if you want £450k ??????

It would in our area. Markets are very different depending on the small area.

If you aren't prepared to pay 350K walk away and find something else. The seller has told you their price. OIEO are annoying.

There's nothing you can do about it is there? So don't give it headspace. The agent will come back to you if the vendor changes his mind.

It might still sell for 15k over if there's a flurry of offers in the next week or 2 , but the whole thing is mad, why would they ask for more now without having had a 450k offer?

You want the most you can get! If the reaction to it going on the market is more positive than you thought you'll hold out for more money. Estate agents "valuations" are never more than a guess. The true value emerges only once its on the market. (Although agents usually seem to err on the side of overvaluation rather than under.)

It's a seller's market at the moment, that's why. A lot of interest and the seller is led to believe the house was undervalued. What will be interesting is to see what the bank values it at when a mortgage is applied for.

Interest is one thing but what matters is offers?

Of course, and the seller rejected yours because it was too low.

Does it matter?
Even if you're right, the sellers could be hard-headed, and insist on getting 450. They might get lucky and get a buyer at that price.
Or they might not, and you might get back in.
Either way...surely better this... than being gazumped later on?

It’s a way of attracting more buyers

Agree

You can't know what the really situation is and there isn't much point agonizing over it. It's always a bit of a crap shoot. If they had mentioned other viewers what difference would it have made. Just try and isolate what you and your partner think is the amount you are ok paying then go with that.
We've always taken the view of almost pretending that other buyers don't exist. Not sure that would work at the moment though.

It is the way the market is at the moment especially if it is a desirable area where not a lot comes on the market. Tail end of last year a house I drive passed everyday went on the market for offers over £800k. Within a month of it coming on to the market it sold for £865k.

I've had this. Somewhere I was interested in has been on the market for months and refused all offers. It is bizarre because the market will have to give soon.

Some vendors will always want more than their house is worth - this could be why, and the house will just sit there.

There's no point being annoyed. They've only had in on the market for a week and have rejected your offer as being too low. To be fair, a couple of grand over at that price is very little 'above' the offer they hope for.

They aren't desperate enough to grab the first offer within days of putting it on the market, and who can blame them?

How do you know how much it sold for? Do you have a long time till land registry updates?

Are you in Scotland? Traditionally it’s offers over and the market is so hot in places that houses have been going for 15-20% over that.

The offers over thing is annoying, because every time it turns out that they mean quite a lot over. But it is what it is. It’s only been a week so I don’t blame them for wanting to test the market a bit more.

It’s just the market at the moment. Unfortunately. House in our road sold in a day at £70k over the “offers over” price. We looked at a house that went to best and final offers and in the end the sellers rejected everyone’s offer and put the house back on the market at £40k more. Not sure what it went for in the end as the sale hasn’t completed yet but that house wouldn’t have sold for £50k less two years ago, never mind £40k more. It’s all about supply at the moment.

It is easy to get emotional - but it is the sellers right to dictate the terms in which they are willing to sell.

there is no point getting annoyed with them. They might have the right strategy, they might not. But they don’t want to sell to you at that price. That is their right. Move on.

so many people come on here arguing why they are right and the person selling is wrong - it doesn’t matter what you think.

you might get a call in a few weeks asking if your offer is still on the table. Who knows

I hate offers over. If they want £450k they should have put it on for £455k or £460k.

Your offer whilst technically over 435 was a bit of a piss take.

A week is nothing. Lots of people won’t have had time to view yet. In a month’s time your offer is going to be of more interest than right now.

It’s a gamble for them: snap up the first reasonable offer or hold out for more. We all go through these dilemmas when buying and selling houses.

You’re in a similar position taking a gamble on whether to up your offer now or hang on in the hope no one else offers higher.

It’s all a bit of a game really, isn’t it?