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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

House seller wants a minimum of...

70 replies

User725465 · 12/05/2022 15:43

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.

OP posts:

WallaceinAnderland · 12/05/2022 23:18

OP you already have a thread about this here

larkstar · 12/05/2022 23:48

In Leeds my daughter has been told houses up for offers in the region of £310k are going for up to £40k over the asking price..and they need £40k of work doing on them. She's been looking for 2 years and has now stopped looking.

alltheteeshirts · 12/05/2022 23:58

You haven't said where you are.

In Scotland, offers over has always meant offers way over. It's always been a bit less stupid in England, other than when the market is hot. (I'm not sure what it's like in Ireland and Wales; I have no experience there.)

If it's an investment property and they don't get the offer they want, they'll just rent it out again at a grossly inflated price. It's not as if the owners are desperately trying to upsize because they've just had twins and one of their parents is unwell and has moved in. There's no pressure to take the first offer - they can afford to wait it out.

They've told you the price is really £450k. Do you think it's worth £450k? Can you afford £450k? You made one offer, so don't get emotional and move on if you genuinely think it's overpriced and/or it doesn't fit in your budget. You can't get emotional about a property until the keys are in your hand and it's definitely yours. You have to stay really cold about it all and just consider whether the numbers stack up. They might, they might not.

And good luck - buying something is, and always will be, a bloody nightmare.

Kite22 · 13/05/2022 00:30

Hollygolightly86 · 12/05/2022 16:25

It’s a way of attracting more buyers

Show quote history

It doesn't though. It just wastes everyone's time. It is SUCH an annoying tactic.

Whereas I understand in a fast moving market, houses do sometimes go for more than the asking price (it has certainly been the case here for the last 18m or more), saying you aren't prepared to take less than a made up number considerably more than what you have advertised it at is just ridiculous.

OP I think I would just say to the EA that you will leave your offer on the table but then continue to look elsewhere.

RoscoePeachPie · 13/05/2022 01:30

It's a negotiation. They obviously don't have an offer at £450k as they'd just tell you if they did, but 7 days isn't long and it's a rising market.

I'd counter with £442,500, so you're splitting the difference, but say that's conditional on them taking it off the market.

QueenCamilla · 13/05/2022 01:57

That really was a low-ball offer.

Doesn't indicate what the house is worth or how much it will sell for in the end... but if it's fresh on the market at "offers over", that would mean a good chunk over.

I just bought a house where I paid 10% of the house value on top of the asking price. That would be over 40k in your case...
And I wasn't even the highest bidder!

SingingSands · 13/05/2022 02:02

Blimeyherewegoagain · 12/05/2022 19:26

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.

This is so true.

My parents sold at the end of last year and accepted an offer at 26% over the asking price. My dad nearly had a second heart attack!

Changechangychange · 13/05/2022 02:09

user1471538283 · 12/05/2022 18:59

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.

There’s one like that near me. No offers for the best part of six months. They took it off the market, changed EAs and remarketed it… for 10% more! Still no offers. No mate, the issue wasn’t that it was underpriced.

KermitlovesKeyLimePie · 13/05/2022 02:24

As PP's have said, a week is nothing and I also agree that your offer of £2k over the asking price was a bit of a joke tbh.

gothereagain · 13/05/2022 02:24

QueenCamilla · 13/05/2022 01:57

That really was a low-ball offer.

Doesn't indicate what the house is worth or how much it will sell for in the end... but if it's fresh on the market at "offers over", that would mean a good chunk over.

I just bought a house where I paid 10% of the house value on top of the asking price. That would be over 40k in your case...
And I wasn't even the highest bidder!

Yes, my most recent house wasn't even offers over and yet we paid £27k over the asking price (8%} and weren't the highest bidder.

KermitlovesKeyLimePie · 13/05/2022 02:29

What advice are you hoping to get that you haven't already had on your other thread?

Pickabearanybear · 13/05/2022 03:17

This reply has been withdrawn

Message from MNHQ: This post has been withdrawn

Womencanlift · 13/05/2022 05:43

Agree with pp that offering £2k more than asking is a piss take and if I was the seller I would assume you were not that interested.

That view is probably skewed by the fact that I have bought several properties in Scotland where offers over has been the standard for years and where I bought it was the norm to offer 20% more than asking

SlatsandFlaps · 13/05/2022 06:14

I would offer 344k/345k

SlatsandFlaps · 13/05/2022 06:15

Correction - 444k I need to wake up!

girlmom21 · 13/05/2022 06:31

The sellers probably a Mumsnetter who's watching all the threads saying it's a sellers market.

We're selling a house for £5k over asking. We're buying a house for £50k under. The house is only worth what you're willing to pay.

girlmom21 · 13/05/2022 06:32

QueenCamilla · 13/05/2022 01:57

That really was a low-ball offer.

Doesn't indicate what the house is worth or how much it will sell for in the end... but if it's fresh on the market at "offers over", that would mean a good chunk over.

I just bought a house where I paid 10% of the house value on top of the asking price. That would be over 40k in your case...
And I wasn't even the highest bidder!

If you want 'a good chunk' over you advertise with the amount you actually want and an OIRO.

Tontostitis · 13/05/2022 06:40

I've just sold a flat for 10 grand over asking. It was put on at 240 as the agent said marketing at 250 will mean less people look at it as buyers now expect to pay over not under. I've been buying and selling properties since the eighties and this market is very strange. Buyers are being very honest with their offers and sellers very upfront with their demands.

custardbear · 13/05/2022 06:55

ginislife · 12/05/2022 15:44

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

They want to attract people and start a bidding war maybe?

BellePeppa · 18/05/2022 21:30

God I hate offers over! If this is going to be the norm in England it will really piss me off. Buying’s hard enough without having to deal with that crap. Giving offers under (don’t have to be accepted) has worked well for years and was much easier to deal with. Everything is designed to make life harder, I’m getting sick of it!

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