How long to wait before making a second offer on a property

[Elvira13]

Need property negotiation advice.

We’ve seen a house we like which is on at OIEO 850k.

It’s in an ideal location for us and is the size we want. It’s a one off new build, so the vendor is the builder.

We’ve made an offer of 780k. This is based on what others have sold for nearby as well as the fact there’s no garage.

This offer was declined.

The highest we want to to go to is 800k based on the points mentioned above, plus that is the most we can afford.

Should we make a second offer straight away or wait a bit?

The house has been on the market for 1 month and hasn’t been reduced yet. No other offers on the table, and it would appear there’s not been a huge amount of interest.

Please let me know your thoughts!

Anything about 805k would be a win for them. They are correct that with the sellers “expectations “ at 825k and you offering 805k - a deal should be possible. You’re literally only 20k adrift now on a property that will sell for over 800k.

What they don’t know is that 805k really IS your top price. They are probably hoping you could stretch to another 5k say but it sounds from what you have said that this just isn’t possible. This means that the sellers will need to lower their expectations.

I would stand firm at 805k if any more would create real problems for you. I sense that you are close to doing a deal but obviously the EA has to at least try to get the maximum out of you for their client.

@Elvira13 As others have said, stand firm on 805k. You do not need to justify the price to the EA other than that is your offer.

What is in play is what I call the politicians statement - you just keep saying the same thing over and over again, eventually the penny will drop with the EA. Of course they are doing the same thing by saying 805k is not accepted.

You have the EA/builder where you need them, they are heading downwards in price towards your figure, just keep at it. It was 850k, they let slip 825k would be the acceptable figure, now you are at in the middle of 805k and 825k. This has all happened without you increasing your offer.

I would expect very shortly you will get an email for the EA saying someone else has offered 810k ish, and if you offer 815k the property will be yours.

Short emails to the EA, thank you for your email our offer remains at 805k.

I would keep fairly quiet now, you've made your position clear (and I'm someone who always politely offers the most I can afford and then the seller must take it or leave it) and there is no point in keep saying the same thing. Obviously you need to respond to EA emails and as PP says, keep it short, but don't proactively contact them. Yes the builder would have liked more, but that isn't how the market is working ATM, so he's either going to have to climb down to meet you, or lose the sale.

This is what I went back with:

‘Thank you for your email.

Would it be possible to see the property between the other viewings we have booked Saturday.

We are seeing one in xxx at 10.30, and one in xxx at 12. So would 11.30 work for you?’

We thought another viewing whilst we’re in the area won’t hurt and we’ll be able to compare it with the others.

Made sure to include the village names, so they can see what we’re looking at (2 other new builds, one is £800,000, one is £700,000).

Got an out of office. 2 minutes later got this:

‘Thanks for your reply.

‘I’m actually away from the office today so can’t see the diary for Saturday, so I will ask one of the team to contact you this afternoon regarding arranging a viewing.’

@Elvira13 Grass only takes a few days to grow provided you (gently) drench the seeds twice per day

What happened in the end? Did you get the property?

Haven’t read all the posts but I would have thought a vendor who built the house woukd be a very good buy and carry a premium.