to think the vendor will accept our offer?

[LucasTheSpider]

Been house hunting for the best part of a year now. Needless to say, last year was pants and there were not a lot of properties coming to the market.

Things seem to have started to improve now and we've a few viewings these last few weeks.

Our budget is 500k (we could maybe stretch to 505-510k at a push, but no more).
We viewed a house last week that has been on the market since October 2023. The asking price is 550k. The vendor has found a property they want to buy and is obviously waiting on getting a buyer for their property. We are chain free (staying with family) and have offered 500k. Should hear back from the EA tomorrow.

Am I being ridiculous to think they'd accept our offer? I'm expecting the EA to call tomorrow and tell me that our offer has been rejected. It's been on the market for a while now though, and if they want to move, they need to sell.

Your thoughts? Anyone else been in a similar situation and had their offer accepted?

I’ve seen flats in our area drop by 10%. It’s a buyers’ market particularly if you’re chain free. The vendor may well go back to his vendor and readjust his offer. I would always advise looking at properties above one’s budget because many are optimistically priced!!

Good luck OP, I hope you get the house. I my experience first offer is often not accepted, but if you can increase £5k-£10k, there may be a deal for a motivated vendor.

If it's on gor £550 I'd be surprised if they accepted less than £525-30.

We wouldn’t accept 10% under. Possibly 5 if we were keen to move on.

What you are prepared to accept depends on what offers you have and how much you want to move not an arbitrary value the seller has in their head.
Most sellers are being v unrealistic with their asking prices in a (predominantly) buyers market.

rainingsnoring · Today 15:02

What you are prepared to accept depends on what offers you have and how much you want to move not an arbitrary value the seller has in their head.
**
Most sellers are being v unrealistic with their asking prices in a (predominantly) buyers market”

Seems very much a sellers market here on NW coast. We’re getting EA letters through the door regularly asking if we are thinking of selling and on our (long) street, properties (flats to detached, family houses) seem generally to be under offer within a month or two.
It feels, certainly here anyway, there isn’t enough stock to meet demand 🤷‍♀️

Why are people always suggesting this random YouTube channel on here (or is it always you)?

Maybe it is, I don't know your area. Or perhaps they are low on stock and low on buyers or perhaps they aren't selling anything and want more stock to have more chance of sales. Most places are buyers markets though.

Because he has some v helpful advice which might, you know, help people.
Why does it upset you so much?

rainingsnoring

Maybe it is, I don't know your area. Or perhaps they are low on stock and low on buyers or perhaps they aren't selling anything and want more stock to have more chance of sales. Most places are buyers markets though.”

Will let you know! We’re up for sale in spring.

Good luck!

Thank you 😊 Downsizing, can’t wait!

If they refuse you could see if the house needs much spending on it and if ok offer £510 if you really love it. Then just see where the chips fall.

It's worth a try. You're not playing games and are honest about your budget.

Terrible advice, it's on the edge of the budget and they might accept

Have you had surveyor's report done yet?
Often there's a valid argument for price reduction due to findings in report

If the same EA is on for all, they might be able to negotiate across the chain.
Good luck!

I think they’ll accept - as you’re in such a brilliant position! Good luck!

Make the agent do a little work, after all he wants the commission.

so if the vendors come back with an offer of £525 for example, suggest the agent goes to the vendors agent of the property your vendors want and get a reduction of say £15000, to pass onto you. That way you pay 510 your max and they get their purchase £15000 less.

@Caroparo52 No surveyors report at the moment. We would only instruct a surveyor if our offer was accepted.

I suspect the EA just wanted to show the vendors that he's getting them viewings.

@JSMill I hadn't even thought of that. That's a good point considering it was listed in October last year 🤔

@Move22 I really hope you're right. It ticks all our boxes and doesn't need a great deal of work.

From the chat I had with the EA, I think that might be what he has in mind. Just not sure if our offer of 500 is just a bit too low to make it all come together. I have a feeling we'll have to go to 510 and then I'm not sure if that will be accepted or not. I think it's definitely worth us having a shot though. If we don't try, we might regret it and always wonder "what if"

I once got a £465k for 415k so it does happen though that seller lived abroad and it had been rented so…

fingers crossed for you though!! If you’re supposed to live there - you will!