Offer feedback?

[Gimmesomeskin]

We viewed a cottage late last week and made an cash offer on it the next day by calling the agent. We had done our research and thought this was a fair price in this market.
The agent tried to stop my partner talking after the offer interrupting and saying it was far too low but "legally I have to present it so I will".
Shortly after she rang back and said they would accept £25,000 more. We left it there and said we would have a think.
We can't go up £25,000 but have a little wiggle room.
There are no other houses available we like in the area and we've been looking for six months.
Any advice moving forward with this offer? Should we counter offer again or sit on it?

I’d just email back and say that you’re not able to go higher, but you’re happy for the offer to sit on the table for a few weeks.

There's lots of things I want too!

I think they are viewing you as a weak hand and expect you to go higher. I'd retreat back to your first offer and leave it with them for a week. Christmas is coming .....

Exactly as above - leave it with them and they may well come back to you in the new year or they might take it off the market and see what happens in spring. Of course you might spot something else you like by then too

So you've now offered 655k on a property listed at 700k and they are saying they want 675k? I think they are just trying to get a bit more out of you. It's like a game where as you're only 20k apart they think you may be willing to meet in the middle at 665k.

But from what you said before, the maximum you are prepared/able to pay is 660k. If it's the house of your dreams I would give a final offer of 660k and tell the EA you can't go any higher and will leave the offer on the table if rejected again. You've done all you can to secure the house.

Of course if you're not that bothered about losing the house you could play hard ball and say 655k was your final offer and no more negotiation.

I would check the price history and if this cottage was sold for 400k a few years ago I would tell them to just go and do one, LOL, I really think they are taking the piss on price, I can just sense it.

I would just reply with “sorry, that is our final offer, we are at the top of our budget”.
Then leave it at that.
I am a firm believer in, you will get it if it was meant to be.
DD and SIL offered on many properties and got knocked back or over bid. They ended up looking at 2 bed units just to get on the ladder.
Long story short, they now live in a 3 bed 2 bath fixer upper that is perfect for them.
Good Luck

I wish people would stop talking about "The Ladder", it is a debt ladder now nothing else.

There should be at least a 40% reduction. At least.

People won’t do it voluntarily, but bubbles don’t just deflate, first volumes drop, then the bubble just bursts and can’t be re inflated because you have fear in the market when at the moment you have greed.

Everyone in the current market is greedy, when that’s replaced with fear we’ll get price discovery.

Yep, and volumes have certainly dropped if you take a look at Plumplot.

https://www.plumplot.co.uk/