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AIBU?

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Original poster

To share the price I want with viewers?

66 replies

Hana89 · 09/09/2023 16:55

I am selling my house and have already found a property that I love and had an offer accepted. Initially I accepted an offer from a cash buyer that was quite a bit over my asking price of £220k. For personal reasons the cash buyer pulled out and my house is back on the market. I don't want to be greedy, but I do need my asking price which is a little below market average for a speedy sale.
At two viewings today with first time buyers who really loved the house, I told each of them outright that I want to get £220k and when they asked if there was room for negotiation, I said that honestly there really isn't because I can't afford to drop below my asking price and also with all the work I've done here, selling for less isn't really worth my while.
The estate agent seemed really annoyed with me about being so open about the price I want/need.
Was I being unreasonable? I didn't see the point in letting people try to make a low offer I know I won't accept and I don't need anyone to offer too much and stretch themselves too thin. It seems to me that if house sales were more transparent everyone could have a less stressful time but I've never sold a house before so I might be being naive or have made a blunder.

OP posts:
Original poster
Hana89 · 09/09/2023 18:54

@DixonD and @Montydin it's on for £220k, that is the asking price.

I agree @Montydin I think perhaps I should have put it on for more. I wanted a quick sale and to pass on some good fortune because I've been lucky too, so I opted for £220k because that was what I needed, and to be fair it's hardly been on the market 5 mins so I'm sure it will sell just fine. I think my query today was more whether it was okay to be honest about the price. I don't want people overpaying because it is tough out there and in all likelihood it will be a first time buyer (it's that sort of house) but equally I don't want people wasting their time offering low because I'll have to reject it so it seemed sensible to just be upfront.

OP posts:
londonmummy1966 · 09/09/2023 18:57

It might also depend on how you said it. DH and I looked at a lovely house when we were first time buyers and might well have offered on it. However, when we were looking around the seller was quite patronising and gave us quite an aggressive talk about how he didn't need to move so would only sell it if he got the asking price and didn't want "any nonsense" from us with low offers. We just decided that he would be a nightmare to deal with and told the agent that whilst it was a lovely house and in normal circumstances we'd have made a high offer we felt that the vendor was likely to be difficult to deal with given he was verging on aggressive at the viewing and so we wouldn't proceed. Agent wasn't happy and said they'd had similar feedback from someone else.

UsingChangeofName · 09/09/2023 19:02

That's a good point @londonmummy1966

I also agree with this What was it valued at? If 225k I'd have been tempted to put it on at that and then accept the lower offer. That way the buyer feels they negotiated.

When we bought this house, it was above the price of the others we were looking at. The EA persuaded us to view and we loved it so much we went away determined to find a way to make it happen. We'd never have looked at it without the EA persuading us, and we wouldn't have put in an offer if the owner had been there and said that. In the end, the EA worked really hard to complete the chain - then mend it when our buyers pulled out. As others have said, to complete a chain there is often negotiation so everyone give a little bit so no-one takes a big hit but the wheels are oiled.

Original poster
Hana89 · 09/09/2023 19:04

@londonmummy1966 oh that sounds horrible! No, I definitely wasn't aggressive about it. The first viewer was with her mum and her mum asked if I'd accept £210k so I explained my situation and said that unfortunately it just wasn't an option for me. The second viewer asked if I had a number in mind and I said that I wanted the asking price and again explained why. The agent said I should have been more vague about it but I just thought being upfront would save us all time and hassle. It might mean I don't get as much as I could, but hopefully I'll get what I need to move forward.

OP posts:
pepino · 09/09/2023 19:11

Buyers generally expect to get about 10% off of the asking price, so realistically the 210 offer would be about right.

You may find that by digging your heels in for the full asking price you will shoot yourself in the foot and lose your purchase as they aren't going to hold in forever...

EsmeSusanOgg · 09/09/2023 19:18

If your price is firm, your price is firm. They can see if you have priced the same/ more/less than other properties in the area.

I remember selling my first home, and it annoyed me no end when people tried to take money off the price for factors that had already been taken into account (will need new bathroom soon etc ) which meant my house was already on the market for £15k less than most similar properties in the area.

I think it doesn't help that some EAs massively over price some houses - assuming people like to get a deal (aka the real price) versus other EAs who price based on market/ condition.

Transparency is key. If we had a more transparent market in Wales and England (say, like Scotland) life would be a lot less stressful for many people.

Totalwasteofpaper · 09/09/2023 19:20

I had my flat on a few years ago for 475k i was upfront with viewers i needed a minimum of 450k to move and that was the lowest I'd accept.

i ended accepting 457k from a VERY sensible buyer. It was a great flat and she bought it at a fair price. The sale was also v straightforward.

I think asking 220k and bottom line price to accept is 220k is problematic but if its listed at 240 or 250 its absolutely fine.

EsmeSusanOgg · 09/09/2023 19:23

We offered asking price on our current home. It was priced to sell (so less than other properties in the area). The buyer needed close to asking price to proceed with their chain. We offered it and got a good deal. Another interested party initially offered £30k below were turned down, then offered £15k over asking when they heard we had made an offer. The seller went with us because we had not messed them around and were serious.

Having a good EA who is open and clear with the seller and prospective buyers is important.

Original poster
Hana89 · 09/09/2023 19:39

@EsmeSusanOgg 100% agree with you. It has been interesting to read the different responses and opinions but ultimately I think I just don't like the current accepted way of doing things in England. I didn't want to put my house up for more than I needed and then negotiate and/or risk a down valuation down the line if bids got silly, or have someone pay above and beyond. I wanted to put it on the market for a fair price and get that for it. And I think that will happen because the interest is there and the viewings are coming in quickly.
I'm glad it all worked out for you and your purchase 🙂

OP posts:
1willgetthere · 09/09/2023 19:40

I think it's fine to say the amount you want but the reasons behind it aren't a good sales pitch, so maybe that's why EA didn't look happy.

"That's the amount I want, to recoup my costs" vs "£220k is a great price for this house and below market value for a quick sale, so whoever buys it is going to get themselves a bargain, I'm confident we will find a buyer at the asking price"

UsingChangeofName · 09/09/2023 19:47

but ultimately I think I just don't like the current accepted way of doing things in England.

Well, nor does anyone else. The whole system is just flawed from start to finish but that is the system you are working in.

JohnNolan · 09/09/2023 19:48

Everyone wants to feel like they have bought at a bargain price so I would out your house on for £230K and accept £220K. Although you will still end up selling it for £220K, psychologically buyers will feel like they've got a better deal.

Thisisthedawningoftheageofaquarius · 09/09/2023 19:54

In my experience you prob shouldn’t have been there and also should not have said anything about the price. The reason you are paying the estate agent is because they are (hopefully!!) an expert /v experienced negotiator… what the buyers final /highest bid is now is potentially lower than what they might offer if they were in a small bidding war (2k per go with 2 bidders racks up pretty quickly!!) and they thought this final 2/3/5k could seal the deal. There is a whole psychology to it; I think you should leave to the experts - that’s what you’re paying them for!

best of luck with sale!

CantFindTheBeat · 09/09/2023 19:55

I can see why you've said it, OP, but I wouldn't do it again.

One of the reasons to have an agent is for them to unemotionally act on your behalf, and a good agent can and will do that up and down the chain, too (and for the pp who talked about commission - the difference between the net result on 220 and 215 is negligible so they really won't care).

Sounds like you have lots of interest which is great.

The outcome you want is enough money to be able to achieve your next move. If you reach an impasse, your agent could quite feasibly help get price reduction/contribution from those you are buying from, if all parties want to proceed.

determinedtomakethiswork · 09/09/2023 20:01

Why didn't you say you wanted £249,995 and then they would've thought they were getting a great bargain?

Curseofthenation · 09/09/2023 20:02

I think @1willgetthere is spot on and it's exactly what I came to say. No one cares about the sellers personal circumstances. Buyers care that they're getting a good deal. So while your response was honest and logical, it wasn't very strategic and this is probably what annoyed the EA.

AngelinaFibres · 09/09/2023 20:10

You have to bear in mind that your buyer will almost certainly have a survey . The survey will bring up issues, they always do. I have moved 19 times in my adult life and each time the offer I made initially was reduced after the survey. The same happened to me as the seller. Its perfectly normal. If your buyer asks for a reduction, but has already offered exactly what you need, you may lose the sale if you refuse to reduce. If you can't proceed without the initial amount you may find you can never move. Your EA knows this. That I why he is trying to get more so you have scope for reducing after the survey. Listen to him. It's his job.

cimena · 09/09/2023 20:11

Id love it if a seller told me this. House buying is such a weird terrifying mystery - you don’t know if there’ll be a bidding war or what the seller wants, last time we did it there were several where I just wanted to ask them straight up ‘how much can we buy your house for please’ but apparently that’s not allowed, as you seem to be finding!

I say carry on, and I hope you find a buyer as decent as you sound.

Thelittleweasel · 09/09/2023 20:14

@Hana89

It is perfectly possible to get the estate agent to mark the sale details

£XXXXXX - fixed price. We have always sold with that proviso and it rules out silly viewers. We also pay the asking price [or not buy]/ It saves so much aggro!

headcheffer · 09/09/2023 20:15

I know you're supposed to go through the agent but that aside, we did this with our last house sale. And actually, the viewer had been gazumped on their last house and appreciated the honesty. We said we need X amount to be able to move, and want to proceed ASAP and said if you offer exactly that we will not accept any more viewings. They did, and the sale proceeded really quickly and smoothly.

Ponderingwindow · 09/09/2023 20:16

If your last offer was over asking, the EA was probably hoping to replicate that. You just made that impossible.

Magicisuponus · 09/09/2023 20:17

We’ve bought a house in the last few months which was marketed as ‘offers over £…’, not asking price. So buyers know what is the minimum you are willing to accept. Has your house been marketed this way?

Original poster
Hana89 · 09/09/2023 20:25

@Thelittleweasel That's a good idea! I'll see what happens early next week with offers and if it is still on the market, I might ask the EA to do that.

@Magicisuponus No, it hasn't. It's really only been up a couple of weeks. It was snapped up straight away by the cash buyer who had to drop out due to her circumstances, and I've just had some more viewings on it yesterday and today. There are so many options for marketing! I do find it all a bit overwhelming! Really hoping this is the last house move I make! Haha!

OP posts:
Original poster
Hana89 · 09/09/2023 20:32

Thank you @cimena ❤️

OP posts:
Flyingalone · 09/09/2023 20:44

'No one cares about the sellers personal circumstances. Buyers care that they're getting a good deal. '

☝🏻 ☝🏻 ☝🏻

I think it was rather inappropriate for you to comment. Negotiations/price talks are left to the estate agent.

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