Page 4 | to think the vendor will accept our offer?

LucasTheSpider · 2024-02-04T11:33:04+00:00

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?

hjkvb · 07/02/2024 12:01

House prices are dropping almost everywhere still yet more houses are coming on the market than last year, so you might well find exactly what you're looking for soon

MrsSkylerWhite · 07/02/2024 12:03

hjkvb · Today 12:01
**
House prices are dropping almost everywhere still yet more houses are coming on the market than last year, so you might well find exactly what you're looking for soon”

Was reported on the Today Programme last week that prices were up in January?

Original poster

LucasTheSpider · 08/02/2024 20:25

Update.. I emailed the EA this afternoon and told him that we aren't in a position to increase our offer as it would be too much of a financial stretch for us. I said I'd get back to him if things change.
This evening.. I get an alert from Rightmove. They have reduced the price of the property from 550k down to 535k.

OP posts:

Unbeknownsty · 08/02/2024 20:48

LucasTheSpider · 08/02/2024 20:25

Update.. I emailed the EA this afternoon and told him that we aren't in a position to increase our offer as it would be too much of a financial stretch for us. I said I'd get back to him if things change.
This evening.. I get an alert from Rightmove. They have reduced the price of the property from 550k down to 535k.

That's in your favour...

I'd go back with £505k and say that really is your max, you understand if they don't want to accept but you're happy to leave it on the table, and in the meantime you keep looking.

Hopefully they'll see you're a genuine buyer, and think on it :)

PackingupTime · 08/02/2024 20:58

Unbeknownsty · 08/02/2024 20:48

That's in your favour...

I'd go back with £505k and say that really is your max, you understand if they don't want to accept but you're happy to leave it on the table, and in the meantime you keep looking.

Hopefully they'll see you're a genuine buyer, and think on it :)

Show quote history

This! I'd do exactly this. £505k final offer.

Giveupnow · 08/02/2024 21:02

I always thought 10% under asking is appropriate to offer, depending on circumstance. Pre covid 10% under asking was fairly standard, was it not?

Original poster

LucasTheSpider · 09/02/2024 09:23

I had an email from the EA this morning, thanking me for letting him know our position. He also mentioned that the house has been reduced to £535k, and says the vendor might take £525k, but he doesn't think they would take much less.

OP posts:

rainingsnoring · 09/02/2024 09:52

LucasTheSpider · 09/02/2024 09:23

I had an email from the EA this morning, thanking me for letting him know our position. He also mentioned that the house has been reduced to £535k, and says the vendor might take £525k, but he doesn't think they would take much less.

Perhaps email the agent back and say that you are happy for your offer to remain on the table at present but that you will continue to view other properties. Ask him to let you know if the vendor's view changes.

Personally, I think it's unlikely that a small reduction of only 3% will bring in the offers that they are hoping for. If potential buyers had wanted to offer 3 or even 5% below asking price they would already have done so.

Original poster

LucasTheSpider · 21/02/2024 17:52

Latest update.

The vendor had an offer from another potential buyer... £520k. They rejected it. The EA said it was because the buyer's chain is incomplete.

We increased our offer to £510k. It was rejected. The EA said the vendor will not accept anything lower than £525k.

I've had a rethink on our budget and if we take a bit more from our savings and increase our deposit.. I think we could manage £525k.

What to do? 🤔

OP posts:

Slavetomycat · 21/02/2024 18:06

I'd offer 120k if you think you really want it and can stretch. In the scheme of things it is not much more for you and not much less for them!

And remember, if it is not meant to be it is not meant to be. Good luck, whatever you decide.

Roselilly36 · 21/02/2024 18:08

Try 515k and stress your position, good luck OP

Unbeknownsty · 21/02/2024 18:14

If the EA said they had another offer of £520k I'd be inclined to not believe them. Sounds like they could be trying to get you to match it? I'm skeptical.

You could go up again to £515k but my guess is they'll reject again.

If you really love it and it's everything you want though, just forward £520k as your final. Or maybe try £517k to give them a dilemma!

Choux · 21/02/2024 18:29

The vendor had an offer from another potential buyer... £520k. They rejected it. The EA said it was because the buyer's chain is incomplete.

So £520k was an acceptable price but the chain was the issue. Make another offer between £510k and £520k and - this is the crucial bit - find another property with the same estate agent for a bit less than £520k that you can go and see. Tell the agent you don't hold out much hope that they will accept your offer so are keen to keep looking. The EA will tell that to the vendor and they will be under pressure to accept your offer in case you find a house you like better.

Puzzledandpissedoff · 21/02/2024 18:39

I've had a rethink on our budget and if we take a bit more from our savings and increase our deposit.. I think we could manage £525k
What to do? 🤔

Given today's market with prices dropping in many areas, and a house that's gone unsold for over 4 months, I wouldn't even consider it - but then I wouldn't have increased the offer to £510k either, since that advertises that you didn't really mean the previous one was your limit and they'll now believe you can be pushed further

You said yourself that the position's improving on number of properties available, so frankly I'd just look for something else

rainingsnoring · 21/02/2024 19:50

Puzzledandpissedoff · 21/02/2024 18:39

I've had a rethink on our budget and if we take a bit more from our savings and increase our deposit.. I think we could manage £525k
What to do? 🤔

Given today's market with prices dropping in many areas, and a house that's gone unsold for over 4 months, I wouldn't even consider it - but then I wouldn't have increased the offer to £510k either, since that advertises that you didn't really mean the previous one was your limit and they'll now believe you can be pushed further

You said yourself that the position's improving on number of properties available, so frankly I'd just look for something else

Exactly this.

Prices are falling, the house has been on a long time with one proceedable offer (yours). I think it was a mistake to increase your offer to be honest and definitely a mistake to stretch yourself but it's up to you.

Puzzledandpissedoff · 21/02/2024 19:55

Obviously areas vary, but this just prompted me to search houses similar to my own in this region

With the exception of those listed within the last couple of months, every single one still being offered has been reduced ...

Cornflakelover · 21/02/2024 20:36

So they drop the price and get an offer straight away which they refuse

I think the EA is lying hoping you will go up to 525 or maybe 520 as your in a better position

schloss · 21/02/2024 20:46

LucasTheSpider · 21/02/2024 17:52

Latest update.

The vendor had an offer from another potential buyer... £520k. They rejected it. The EA said it was because the buyer's chain is incomplete.

We increased our offer to £510k. It was rejected. The EA said the vendor will not accept anything lower than £525k.

I've had a rethink on our budget and if we take a bit more from our savings and increase our deposit.. I think we could manage £525k.

What to do? 🤔

Personally I think you are being too open with the EA. If the other offer is real or not is open to question. If this is a house which you wil never find again by all means push yourself to offer £525k, but you have crucial info from the EA, the amount which was offered and most importantly from buyers who are not in a position to complete. If this offer is real, as I said earlier, it may or may not exist, you need to calculate how much you being chain free is worth financially to the vendor.

If me I would offer £515k and may it clear this is the last offer, if not accepted you will walk away (only you can decide it you are prepared to do it).

The EA thinks he can keep pushing you to £525-535K. You need to be firmer in your offer and keep it brief. Once you have made the new offer, do not chase or call the EA. I would also be tempted to say you want an answer by XX date so they cannot keep dragging it out in the hope you raise the offer again.

whoscoatsthatjacket2012 · 21/02/2024 21:28

This is what is local to me for that price

www.zoopla.co.uk/for-sale/details/65007992/

Original poster

LucasTheSpider · 21/02/2024 22:25

whoscoatsthatjacket2012 · 21/02/2024 21:28

This is what is local to me for that price

www.zoopla.co.uk/for-sale/details/65007992/

Wow! Thats absolutely amazing.

The area we are looking at is East Hertfordshire.

OP posts:

Bodgejobvendors · 22/02/2024 15:23

whoscoatsthatjacket2012 · 21/02/2024 21:28

This is what is local to me for that price

www.zoopla.co.uk/for-sale/details/65007992/

A short lease and weird shaped rooms. That doesn’t look like a good buy at all!

Candleabra · 22/02/2024 15:30

Do you think the house is worth 525 or are you only increasing your offer because you’re being pushed up by the EA. You’ve drawn your line in the sand at 510. It’s a good offer against an asking price of 535. Leave 510 on the table and reiterate your good position. Let them think it through. You don’t have to react straight away.

And keep looking. As more properties come on the market you will likely find one you like more.

ChaoticCrumble · 25/02/2024 10:59

I live in North herts and we saw a house that we LOVED but our sale had fallen through - they gave us a week to sell again.

Well, we sold again 8 days later and by then they had another offer of 510. We offered 515 but the seller wanted to be fair to her new buyers and wouldn't accept our offer because it came in over seven days. At the time we could've got a mortgage for a bit more, maybe up to 525, and I always wondered what if we'd offered a bit more? What if we'd offered 525, would we have got the house of our dreams? It was in the centre of town and had great rooms. I still walk past it and wonder.

BUT there's a downside to every house and this one was built with on a development with flats, so is technically freehold but also has a rent to pay (or something similar). And it was attached on one side.

We ended up buying a detached house for 515 instead that isn't as central but is peaceful and I love it. And cost wise, we could've pushed harder and given the other seller an offer she couldn't refuse, but actually it's still quite a big mortgage and I know our rates will go up in two years. If we'd gone for the other house we'd be a lot worse off right now.

I cried my eyes out when it all happened, but it was honestly for the best.

(can you look at other areas? I'm in Letchworth in North herts and love it)

whoscoatsthatjacket2012 · 31/03/2024 18:36

Any update OP.