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Original poster

To accept lower offer?

25 replies

Pearlsofmadness · 08/05/2018 20:17

Just wondered if anybody had any advice. We’re currently selling our house and want to move fairly quickly as we have a property we like but they’re unwilling to negotiate until we’re in a position to proceed. Therefore, we need a buyer pretty sheepish if we are to secure the other property.
Our house has been on the market since January with some interest but not loads. We recently lowered the asking price by £10,000 and put ‘Offers in excess of’ on the listing. Today we had an offer for £4000 below this. I am willing to negotiate for about £2000 more (£2000 below asking price) but DH says to hold out for the asking price and that it’s just a cheeky offer as it clearly says ‘OIEO’ on the listing.

I love the other property and just want to go while we have a willing buyer. I’m worried we’ll lose them if we push for more & then lose the property we love. DH is adamant that we hold out. Any advice? Really don’t know what to tell the EA tomorrow.

OP posts:
AornisHades · 08/05/2018 20:21

It does depend on what % that 4K is and whether you need it to proveed but generally a bird in the hand and all that.
I'd take it if you can afford to.

Original poster
Pearlsofmadness · 08/05/2018 20:27

Sharpish not sheepish Confused

OP posts:
Original poster
Pearlsofmadness · 08/05/2018 20:29

It’s not a really expensive house so is quite a big % of the asking price. But I agree- we could afford to take. DH is adamant though and will take some convincing.

OP posts:
restorrestore · 08/05/2018 20:37

I'd accept it (if you can afford to). I'd rather that than lose the house you love.

YankeeDad · 08/05/2018 20:39

IMO, if you can clearly afford to take the hit, then that’s what money is for — provided you do, as a result, end up being able to buy the house that you want to buy.

As I understand it, if you make an offer for their house and tell them you’ve got a serious offer for yours, it’s not legally binding on you, and that way you can start to sniff out which is the price at which the sellers would proceed. That might be one good option for you. If you can get it for £4k less than you expected, then it ends up working out for everyone.

Els1e · 08/05/2018 20:39

The figure you sell for and the figure you buy for are irrelevant really. It’s the difference between the two. Perhaps the house you are going after would drop by £4K too.

TwoBlueFish · 08/05/2018 20:41

I think most people would expect a counter offer so maybe go back with a price of £1000 below asking and then maybe accept £2000 below.

Angryosaurus · 08/05/2018 20:41

I was in this situation and said I could accept their lower offer if the house I wanted accepted an equal lower offer. Luckily they did 😄

Racecardriver · 08/05/2018 20:41

Nobody actually takes OIEO seriously anymore. In the current market it is treated the same as an asking price.

MakeLemonade · 08/05/2018 20:42

In the current market I’d bite their hand off. Your house is only worth what someone is willing to pay for it and you’ve been on the market since Jan. It could be another four months before you see another offer!

Stinkbomb · 08/05/2018 20:43

Don't accept a first offer. Everyone expects to negotiate and puts in a low first offer then meet part way.
I'd say no, and see what they come back with.

MessySurfaces · 08/05/2018 20:44

Unless your asking price is under 50k, that is not a cheeky offer!!
I'd ask if that's their best offer. See what they say, see what you can pass up the chain.
For heaven's sake accept it though!

sausagedogsmakechipolatas · 08/05/2018 20:51

I’d ask them to meet you in the middle and up their offer by £2k. The worst they can say is no, and if they do you can decide what you want most, that extra £2k or to secure the house you want to buy.

Magstermay · 08/05/2018 21:09

I don’t think that’s particularly cheeky, but as pp have said it’s all relative to what you need to buy what you want. I wouldn’t turn down an offer out of principle if it will allow you to get the house you want.

You also need to look at the position the people are making an offer are in - eg if they can move quickly it may be worth more to you?

thecatsthecats · 08/05/2018 22:37

Sorry, but I think OIEO is - rightly - treated with little regard by experienced or savvy buyers. It only means what - in this case your husband - doesn't want to accept less than. It doesn't mean the house is categorically worth more.

OP, your instincts to haggle a midway are dead on, if it's right for your circumstances.

Mosaic123 · 08/05/2018 22:45

Would you want to lose the house for the sake of 4k or can you not afford the one you really want if you don't get the full amount of the extra money?

How much you he be willing to lose the house for?

Remember, a house is worth what someone is willing to pay for it, and no more.

Minniemountain · 09/05/2018 06:16

Maybe it's a cheeky first offer? Our house was priced as OIEO £252,500. We offered £250,000 but were willing to pay £252,500 (and did pay) which we viewed as the asking price.

MintyT · 09/05/2018 07:26

Accept the offer and putt in an offer this lower on the property you want to buy,

SamHeughansLeftEyebrow · 09/05/2018 07:54

Unless the house is on for less than £40k, making it 10% or more below, it really isn't a cheeky offer. Even taking into account your recent £10k drop, unless the house is under £140k, it is still less than 10%.

OIEO means nothing. You have an asking price. Unless it's a buoyant market with people falling over themselves to make offers, and therefore go higher thank asking price.

A bird in the hand is worth two in the bush etc. You risk losing this offer for the sake of your DH being stubborn on the off chance that someone offers a little more.

Original poster
Pearlsofmadness · 09/05/2018 16:09

Thanks everyone. Sound advice.
DH came around-he asked them to negotiate for around £2000 more and they came back willing to pay the asking price???
Then had our offer accepted on the other property! All happened in the space of about 20 minutes.
Need some Wine now to process everything and I just hope the next part goes well too!

OP posts:
Amunamun · 09/05/2018 16:20

Hard to tell when we don't know the asking price. If the property is on the market since January... I wouldn't bother because of 4k. We placed a good offer on one flat and the seller refused to agree to anything but asking price, EA told us it was the first offer he got. We let it go and it is still on the market (currently 9 months). We found another property that we wanted very very badly and we got 4% off the asking price. And because the market is dying, I really feel bad that I didn't negotiate harder :D

Els1e · 09/05/2018 17:47

Hey, congratulations OP. Hope all goes well.

MessySurfaces · 09/05/2018 19:02

Hah! Excellent OP! Great news

mum2015 · 09/05/2018 19:42

Congratulations OP WineWine

Magstermay · 09/05/2018 20:24

Well done OP!

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