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Original poster

Please give me your views on this offer

29 replies

CobOnTheCorn · 19/10/2012 11:10

I know we're lucky to have an offer but I'm getting annoyed with the prospective buyers now so I need some objectivity.

Right, details are:
Asking prices £370k
Offer £340k (increased slowly from £330k)

They are renting so flexible, we haven't found anywhere yet.

We've asked for more money and they have said no.

Today they have said they feel like we're holding out for a better offer, they don't want to get into a bidding war, they don't want to leave their offer on the table for much longer, want an answer today and will go out viewing other properties this weekend.

This has got my back up a bit. Am I missing the woods for the trees?

OP posts:
FishfingersAreOK · 19/10/2012 11:14

Depends where you are and your situation. How long has it been on? How keen are you to sell? What is the competition like. We accepted in Feb an offer of 320 on something we started off marketing at 365. I would take it. No chain? Supposedly worth 10% of the asking price even in a better market than this.

Original poster
CobOnTheCorn · 19/10/2012 11:21

We've only been on the market for a few weeks and we're in Surrey. The market here is neither stagnant nor booming. Somewhere in the middle perhaps.

I don't want to appear greedy but I think the prospective buyers are cheeky and holding me over a barrel.

I'm starting to consider accepting (begrudgingly) and stripping the house bare when we leave. And the garden!

OP posts:
Shakey1500 · 19/10/2012 11:23

It's fair of them to offer what they think the property is worth/what they are willing to pay. It's equally fair for you not to accept if you think it's worth or you can realise more. It really does depend on your circumstances. How soon do you need to move? Can you wait for a better offer? Will there be a better offer? Are you financially dependant on achieving the full asking price?

Out of interest, what would you accept? £350k? £345? No harm in saying we will definately accept £x and take it off the market today. See what they say. But you obviously run the risk of them walking away. Have you had many viewings or any sniff of another offer?

mycatlikestwiglets · 19/10/2012 11:24

Put yourself in your buyer's position: they have upped their offer to a level which (presumably) is the maximum they are comfortable with, but you still haven't given them a definitive answer or taken your property off the market. In their position, I would be concerned that you don't really want to sell and that there is a prospect of you pulling out once fees have already been incurred because you think you can get a better offer. It's only natural that they will want to keep exploring their options if you don't seem serious about selling (to them).

Don't take it personally. Fwiw, I would think that £340k is a good offer on a property marketed at £370k in the current market, esp from buyers who aren't in a chain. What's stopping you from giving them an answer either way?

FireOverBabylon · 19/10/2012 11:27

It's 92% of the asking price which isn't bad. I guess it depends what money you need for what you want to move to next.

Maybe accept it but leave as few extras, dishwasher, shed etc, as possible?

FruitSaladIsNotPudding · 19/10/2012 11:59

Not sure why you're angry with them? They've offered what they think the house is worth, it's up to you whether you accept or not. There's no need to be spiteful and strip the house!

How do they have you over a barrel? You don't have to accept. They just want an answer, which is understandable.

bradbourne · 19/10/2012 12:08

Agree with Shakey - tell them what offer you would accept. I think they just want an answer.Are you prepared to let them walk away if they don't get closer to your asking price?
My guess (and that's all it is) is that they might go to, say, £345k, if you throw in the carpets, curtains and so on.

MontBlanc · 19/10/2012 12:21

Is your house going to be easy to sell? Ours was very difficult to sell because it had a tiny garden so we stuck with buyers who offered £30K below our asking price and I'm glad we did. Our neighbours with an identical house went on after we sold AT our sold price and are still struggling to sell 6 months on.

Chain-free are worth they're weight in gold at the moment IMO, I'd try and bump them up a little like others have said and go with them.

Also bare in mind, once you're house has been on a few weeks, everyone is going to try and put in a lower offer as they know you're not getting asking price.

notcitrus · 19/10/2012 12:33

Over 90% of asking price is a good offer even in good times - but whether you are happy or not, you need to tell them one way or another whether you are accepting that, or if not, what you would accept.

Chain-free buyers in the hand worth more than possible buyers in the bush, etc.

wendybird77 · 19/10/2012 12:52

Honestly, that sounds a good offer to me - 92% of asking and chain-free! If you need more cash to move I'd be looking to negotiate the price of the one you buy down by a similar %. We are in the process of buying for 82% of what the sellers were asking - we made similar low offers on others that were rejected and they are ALL still sitting on the market (in a desirable area).

Original poster
CobOnTheCorn · 19/10/2012 12:54

Ok, to clarify my answer to them was we need to recalculate our sums. Although asking price is £370, we hoped for £350 and prepared to be flexible to £345.

We told them we hoped for £345 and asked if they'd split the difference with us, ie increase by £2.5k. They said no. I guess I'm disappointed that they won't meet me just a little bit.

They are getting a very nice house for their money.

OP posts:
Original poster
CobOnTheCorn · 19/10/2012 12:57

I'm glad you're all saying that it is a good offer and I should accept because I'd probably regret not doing so.

We're buying in a different area where apparently it's a seller's market so we may get squeezed at both ends.

OP posts:
Bubblemoon · 19/10/2012 13:00

Is £370 a fair price? If so then £340 sounds cheeky. If £370 was always pushing your luck, then perhaps £340 is a good offer - only you know that.

The market is about to die a death for Christmas and you haven't found anywhere yet so there's no rush, decline if you want to, but be prepared to wait to the new year for another offer and for a house to come on which you might want to buy.

Original poster
CobOnTheCorn · 19/10/2012 13:01

I guess I felt I was being held over a barrel because they aren't prepared to increase at all but want a quick decision.

So saying they think we're holding out for a better offer - well of course we are because you're not prepared to increase a tiny bit to take it off the market.

OP posts:
FishfingersAreOK · 19/10/2012 13:19

But remember - they did increase.

MrClaypole · 19/10/2012 13:50

A house is only worth what someone is willing to pay.

If you have been on the market a while and that is your best offer then maybe that is what your house is worth?

Original poster
CobOnTheCorn · 19/10/2012 13:56

I think I've realised that I'm projecting my own values on others.

Yes, they increased their offer but it was frankly piss poor to begin with. I wouldn't have felt comfortable making such a cheeky offer initially. Perhaps I need to change tactics!

OP posts:
tedglenn · 19/10/2012 14:03

I'm with your buyers - you need to decide quickly whether to accept their offer (dispassionately) and tell them one way or another. Holding out for a better offer is fine (tho are you really likely to find another chain-free buyer?), but you need to tell them that, and allow them to get on with their own life. Can't understand why you are annoyed with them? We're chain free and in rented, and our recently accepted offer was subject to the vendors moving out into rented if they can not find a house to purchase in time to meet our deadline. You'd hate me!

PanicMode · 19/10/2012 14:09

Lots of house sales are stalling because vendors are being unrealistic about what their houses are worth. I would have thought an offer of over 90% in the current market, particularly from cash buyers is worth its weight in gold.....

We walked away from a lovely house because we made an offer of close to 95% but they wouldn't commit or give us a decision either way because they wanted more - made us nervous that they weren't committed. We bought close by for less money and watched them having to drop their price every month to far below what we had offered.

FruitSaladIsNotPudding · 19/10/2012 14:11

Was it really such a cheeky offer? I would have thought in the current market that is pretty standard.

Original poster
CobOnTheCorn · 19/10/2012 14:25

Ok, ok I hear y'all.

I did want honest opinions and I am listening.

To me it feels like they want everything on their terms but I can see that their offer package, ie flexibility not just the numbers.

I asked for more money to take it off the market there and then. They have said no, can you take it off anyway?

It's time for a nap, I was in bed all day yesterday with a suspected kidney infection so my discomfort maybe clouding issues slightly.

OP posts:
mycatlikestwiglets · 19/10/2012 14:27

OP, you definitely need to change tactics. You should expect any sensible buyer to knock at least 10% off asking price for an initial offer, if not considerably more. I don't think your buyers' original offer was cheeky at all. As someone pointed out up thread, your house is only worth what someone will pay for it - it doesn't matter what you think it's worth unfortunately. Use the market to your advantage and look at making low offers on your next purchase - you might be surprised at the discount you can get accepted.

mycatlikestwiglets · 19/10/2012 14:28

x posts - if you are prepared to take your house off the market for what they've offered, go back to your ea and confirm that. As long as they haven't withdrawn their offer you should have a sale - congratulations!

Pinot · 19/10/2012 14:34

My only advice is to take the emotion out of the transaction. The facts are:

we are in a recession and the market is slow

they are in a FANTASTIC position as buyers, and it would be to your benefit to have no-chain below you (when it comes to offering for a new property yourself)

they would like a commitment from you that their offer is accepted

If it were me, I'd bite their hand off. But be calm and decide for yourself, without emotion if you can manage it. Good luck :)

LillianGish · 19/10/2012 14:42

Ignore the asking price - you say you wanted £350k and they've offered £340k so in reality only £10k less than you hope for. The choice is yours - either wait for someone else to come along and offer £350k or take their offer. Personally I think if you were hoping for £350k then, ignoring the speculative £370k price tag, then £340k sounds quite reasonable. Also the fact that don't have anything to sell surely strengthens their offer. As for taking everything out of the house and garden when you leave - do as you would be done by!

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