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Original poster

Bound to keep the last offer

19 replies

Tesdor28 · 02/04/2024 10:43

I am beating myself up so much. We offered on a house, the sellers increased by just 2k (which brought the price to 10k less than asking price - by then it was clarified that there was no allocated parking as previously stated). We were still unsure so we said no. After thinking about it we went back to accept, and at the same time they received another offer and asked us if ours was our best offer. We raised a bit but got rejected. I panicked (sigh) and said we could offer asking price, just to not have regrets later that we could have got it. They still rejected it (rightly so). I was gutted. A week goes by and now EA emailed me saying the other buyers pulled out and if we want to proceed, based on our final offer (asking price). They said we could change our offer but they would ask the sellers if they accept it or want to go back on the market. I feel so stupid for panicking and raising till asking price. At the same time I wouldn't want to lose it again, for 10k (it's not so little money for us but still I realise compared to the full proce it's not...). Of course there is no way of knowing what was the other buyers' offer. I am quite stressed as our tenancy ends early July, so I would like to start the process as soon as possible, but I am also doubting we will be able to conclude by then. Could someone just help me realise whether I should just forget about the whole bidding catastrophy, suck it up and offer asking price now? Sorry if this doesn't make much sense, I am at a point where I don't know what to do next really...

OP posts:

eurochick · 02/04/2024 10:45

There's no right answer here. The place is worth what someone is willing to be to pay for it. You need to figure out what it is worth to you.

TennisLady · 02/04/2024 10:51

As PP, it's worth what you're willing to pay for it, only you can decide on that amount.

Toomuchgoingon79 · 02/04/2024 10:52

Is it worth it to you? Or are you just buying because you need something fast? In which case will you be happy with it!?

TinyYellow · 02/04/2024 10:54

Are you sure you want to pay full asking for somewhere that has no parking, even thought that appealed to you?

How big a pain in the arse will it be to have no parking?

GoingDownLikeBHS · 02/04/2024 10:56

I'd go back with the lower offer and see what happens, you can always increase to asking price later on and you sound like a "good" buyer.

Saschka · 02/04/2024 11:02

ignore what is happening with other buyers (who may or may not exist).

Do you love this house enough to pay asking price on it? Even with no parking? How long do you plan on staying in it, and will you still be happy you paid asking price if you sell it for £10K under in five years’ time?

You won’t be in this house by July given it is now April, so don’t rush to buy this one if it isn’t perfect. There will be plenty more houses coming onto the market.

Original poster

Tesdor28 · 02/04/2024 11:02

TinyYellow · 02/04/2024 10:54

Are you sure you want to pay full asking for somewhere that has no parking, even thought that appealed to you?

How big a pain in the arse will it be to have no parking?

It shouldn't be too much of a pain as the house is in a cul de sac location and it didn't seem to get too full. Of course having parking would be better. It just bothers me so much because of course I had to offer full asking price in a panic, so now I am not sure I can go back to a lower offer anyway without losing credibility...

OP posts:

Original poster

Tesdor28 · 02/04/2024 11:05

GoingDownLikeBHS · 02/04/2024 10:56

I'd go back with the lower offer and see what happens, you can always increase to asking price later on and you sound like a "good" buyer.

I thought once they came back to us after the other buyers pulled out we would be asked to offer again, but they just worked on our asking price offer. I am not sure I could lower it now without losing credibility. Feeling really nervous...

OP posts:

GoingDownLikeBHS · 02/04/2024 11:06

Sometimes you just got to hold your nerve and it's a buyers market! So last week they had another buyer, now they don't. If that was me (and I am selling at the moment) I'd bite your hand off!

LittleOwl153 · 02/04/2024 11:09

Tesdor28 · 02/04/2024 11:05

Show quote history

And they would like you to believe it is asking price or nothing as that nets them extra money for no hassle... when currently they are without a buyer.

It's a game... depends on how you want to play it?

Axx · 02/04/2024 11:13

Don't worry about credibility. Offer what you think it's worth. They take it or leave it.

Wotchaz · 02/04/2024 11:17

Problem is your argument works both ways - you’re thinking is it worth losing the purchase over £10k which is only a minimal % of the full price. If you offer £10k less, the purchasers will have to decide whether it’s worth re-marketing, doing more viewings etc for the sake of possibly getting £10k more. I’d have thought you were in a strong position, but if you love the house there’s no shame sticking at asking price.

sbplanet · 02/04/2024 12:39

Why did the other buyer drop out, have you asked the EA?
Just say you've reconsidered what you want to pay (and why not be honest) and say you felt pressured into raising your offer. But you've thought again and £x is as high as you want to go.

PoochiesPinkEars · 02/04/2024 12:48

Agree, just offer what you're happy to pay. You can't second guess their response and it's the only way you'll be able to be at peace with however it turns out.
You could be in by July, I bought no chain and it was done and dusted in one month (appreciate it is unusual)

LindaDawn · 02/04/2024 12:52

Don’t beat yourself up about it. I would have panicked too and increased my offer. If it is definitely the house for you and nothing available at that price and you have been looking for a long time then maybe keep to the offer if you don’t want to lose it but if not then reduce your offer to what you think is a fair price. Let us know how you get on.

NamingConundrum · 02/04/2024 12:57

Ask about why the other offer dropped out? I'd just go back and say your £10K less offer stands, you have a few viewings of other properties lined up. Won't cancel viewings until offer accepted and house off market. Even book another property to view with same estate agent that mildly matches criteria. You may be worried about losing house but they will also be worried about losing second buyer!

TinyYellow · 02/04/2024 13:21

If you don’t make an offer you don’t need credibility, but even if you did need it, you wouldn’t lose it by making a lower offer.

You aren’t here to make friends. Making a lower offer is just saying ‘we’ve already mentally moved on and considered other options and this is what we’re now willing to pay. We were fine when we lost it last time and we’ll be fine if you don’t accept our offer this time’. If anything you gain more respect by showing them you aren’t mugs that will do whatever they want.

rainingsnoring · 02/04/2024 14:39

Stop panicking. You are already aware that this didn't help you first time around. If you don't buy this house, there will be other houses available.

Are you happy to pay 10k below asking? Is this good value for money? Don't over pay in a falling market whatever you do. Find a figure you are comfortable with and offer this via email. Tell them that this is your max price. Mention other viewings to the agent too. Don't be pressurised this time.

Newgirls · 02/04/2024 14:42

It depends on their situation too. How long was it on the market? After Easter is the busy time for sales so they could simply give it another month so see if they get more offers? But also - won’t you end up spending more on rent if you delay much further? If you want the house go for it.

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