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Original poster

Accepting First Offer?

20 replies

ScarletsMum · 29/04/2012 22:15

I've never sold a house before so just a question about accepting offers. Background is:

We've had the same person (FTB) have three seperate viewings on our house, her brother travelled up North from London this weekend to view it too. They previously narrowed down their search after about 25 house viewings to ours and another house and wanted to be sure they were choosing the right one between the two.

They called me tonight to ask a couple of questions and to tell me they love our house and it is definitely the one for them, they really want it and will be putting an offer in with the agent, in the morning.

So my question we have a figure of what the least we will accept below our asking price. If they offer that on the first offer, would you just accept it or would you try and hold out for a bit more?

Thanks.

OP posts:
An0therName · 29/04/2012 22:55

Unless its an asking price offer I would say no to the first offer - unless of course you have been on the market for ages - and by ages I would say 6 months plus
Have to say - don't mean to be negative - but from what you say those buyers may be quite tricky- sound fussy - so I wouldn't assume its all ok until completion

Original poster
ScarletsMum · 29/04/2012 23:00

Thanks An0therName. We've been on the market about 5 weeks now, so not too long. I know what you mean about them sounding fussy, there is a long backstory to them which kind of explains them being the way they are, so hopefully if we can agree on an offer, it will be ok. But you are right, you never know!

OP posts:
Sinkingfeeling · 29/04/2012 23:05

I think I'd hold out a little longer too, Scarletsmum - unless it's very close to the asking price. Have you found somewhere you want to buy yet? If you have, you're obviously likely to be more keen to seal a deal.

Clary · 29/04/2012 23:05

Depends I think on a number of things.

Do you need to move awap (eg for relocation etc)?

Have you had a lot of other viewings - if not then I might accept. If yes but no more interest then ditto. If a lot of people are makign positive noises, then I might hold out.

We just accepted the first offer on our house - but we had had about a dozen or more viewings over a period of about 5 weeks or more, and all had said the same thing - too much work - so I felt the FTB who said it was their top tp price was too good to miss.

If you feel that yr asking price is reasonable (be honest!) then hold out for more. I was beginning to feel we were asking way too much.

An0therName · 29/04/2012 23:10

in my experience many people do a "test" offer - they go in with something that they think is reasonable -or at least worth a try - but are prepared to go up at least a bit - so I would say turning down the intial offer is a reasonable thing to do - in the kind of terms of we were looking for nearer to the asking prices - and see what they come with - they can only say no that's the highest offer we are prepared to make

Original poster
ScarletsMum · 30/04/2012 13:36

Thanks everyone. Still waiting to see what the offer is, so will take it from there but An0therName will probably do like you suggest with their first/test offer.

I'm nervous!!!

OP posts:
Montblanc · 30/04/2012 14:27

Only a fool would offer their top limit on the first offer, so definitely go back and ask for more (unless of course it's the asking price). As another poster said, they can only say no, you have nothing to lose!

Springforward · 30/04/2012 18:56

OP, I'm going to be the voice of dissent (and bitter experience) here, I'm afraid.

On the last house we sold, we rejected the first offer (made within a few weeks of coming to market), and the buyer walked away. We sold it over 12 months later for around 15% less than the first offer and at 75% of the original asking price. We only ever got two offers.

Turns out our asking price just wasn't right - we were a bit too willing to believe the agent, even though in our hearts we thought it was a bit optimistic.

We are in the Midlands, don't know where you are so guess your local market could be different, though.

exoticfruits · 30/04/2012 19:23

It depends on your asking price. When we bought ours years ago the sellers lost out, they had it on too high and eventually they had to move out and leave it empty. We then bought it after they had reduced and reduced, but if they had sold to their first offer they would have had much more.
When we came to sell the first people made an offer straight off-the estate agent told them that we wouldn't accept it because we had only been on the market 48 hours-so they came straight back with the asking price.
You have to know your market and whether your price is realistic.

Original poster
ScarletsMum · 30/04/2012 19:28

Thanks everyone. Apparently the offer is coming in in the morning after they have checked a couple of things, but they have told our agent they think our house is realistically priced and it won't be a silly offer. So we'll see tomorrow. Wish they'd just get on with it! All these "what ifs" are driving me mad! I'll keep you posted.

OP posts:
Sinkingfeeling · 01/05/2012 13:04

Any news yet, ScarletsMum? Keeping my fingers crossed for you ... the waiting and wondering is very stressful.

thomasbodley · 01/05/2012 19:03

Agree with Springforward - if you've already waited 5 months for an offer, this is almost certainly the best if not the only offer you'll get. If you say no and wait longer, the next prospective buyer will use that delay as a bargaining chip (especially as this kind of info is now readily available via propertybee).

Having said that, only a fool goes in with their highest offer. The trick is to go back to your buyers with a number that is slightly higher than one you'd be happy with, aiming to meet halfway. Don't ever give a serious buyer the silent treatment or the "I want closer to the asking price" throwaway line. They may well interpret it as a snub, or think you're a kiteflyer, and start looking elsewhere. If your prospective buyers have an "also ran" house, you may find negotiating too hard will drive them into the arms of the other vendor.

Sinkingfeeling · 01/05/2012 19:36

Not 5 months, thomasbodley - 5 weeks.

thomasbodley · 01/05/2012 19:52

Doh! Sorry, misread Confused

In which case you're hopefully the recipient of very good news today Smile

Original poster
ScarletsMum · 01/05/2012 20:25

Sorry - have been busy at work today. Good news though!

We accepted an offer of £2.5K under the asking price. Initially they offered £4K under asking which we were overjoyed with as we were willing to accept much less, but the agent said we may as well try and see if they will increase it and they did!

Celebrations here!

OP posts:
nowwearefour · 01/05/2012 20:29

congratulations! well done! have you somewhere in mind to buy or does your search now begin?

Original poster
ScarletsMum · 01/05/2012 20:38

Thanks. We are in a very lucky position that the house we want gave us 6 weeks to sell ours and didn't let anyone else view it. Thankfully we sold within that time frame with 1 week spare! Fingers crossed everything else falls into place!

OP posts:
exoticfruits · 01/05/2012 22:03

Glad it worked out.

Sinkingfeeling · 01/05/2012 22:04

Fantastic news - very glad to hear it's worked out so well!

RCheshire · 01/05/2012 22:11

Great outcome - especially given the chain requirements

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