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Original poster

The psychology of greedy grabby buyers offe

49 replies

SandyBricks · 06/05/2024 19:28

After very little interest in our property and having reduced it significantly we got a very low offer of £673k - asking price was £799k. After much toing and froing we accepted their final offer of £759k.

They are getting an immensely good deal. In a more buoyant market it would have sold for far more.

The accepted offer included them getting carpets, curtains and blinds, a Dunhelm chandelier, a rusty pizza oven, some Ikea storage units and a birdbath! All this we would have left, sold or given away. Not talking top quality / high end.

Survey next week and we're guessing they'll be back agsin using the report to seek more money off.

It's an 80 year old house so bound to be some issues and was priced accordingly, but its structurally sound.

Now wanting to prepare ourselves for their comeback. What would be going on in the heads of these buyers who seem determined to get the lowest price possible? How should we play this?

OP posts:

sweetpickle2 · 07/05/2024 13:32

Genuinely thought the OP was a reverse.

BoudiccaOfSuburbia · 08/05/2024 09:41

Will you be paying the vendors of your onward purchase what it would go for in a more buoyant market?

BoudiccaOfSuburbia · 08/05/2024 09:42

After very little interest in our property

Has to be a reverse 😂

Bumblebeeinatree · 08/05/2024 09:46

You want to get the highest price possible, they want to get the lowest price possible, hopefully there is a middle ground where you are both happy, if not the deals off.

whatsappdoc · 08/05/2024 09:57

We had very little interest in our house for 2 years. We have accepted our only (low) offer and thanking our lucky stars that someone wants it! Yes, it's a bargain and there is plenty of profit if the new owners decide to just flip it. But who cares? It's different if there's lots of interest but beggars can't be choosers. And no one really wants the stuff you're leaving, it's more that it's just convenient for you don't kid yourself!

Welovecrumpets · 08/05/2024 10:01

They are getting an immensely good deal. In a more buoyant market it would have sold for far more.

But it isn’t buoyant. Nobody else is offering so your house is worth what your buyers have offered.

ABwithAnItch · 08/05/2024 10:11

Sprig1 · 06/05/2024 19:49

Sounds like sour grapes to me. A house is only worth what someone wants to pay for it.

exactly. It annoys me to nowhere when people say their house is ‘worth more’. The housing market is mainly driven by supply and demand. There is apparently no demand for your house right now. no one is forcing you to sell. Your buyers are doing nothing wrong.

HugeCwtch · 08/05/2024 10:13

Wheretogo123 · 06/05/2024 19:35

Some people might argue that the 'greedy grabby' ones are the people pricing their property way too high in the current market? Sounds like you are the ones getting an immensely good deal if you have had very little interest but managed to find a buyer who has offered a price you find acceptable. And they've asked for things you don't want anyway. I'd play it by being quite chuffed about my luck so far.

I agree

In a more buoyant market it would have sold for far more. Well, yes, but its not a 'more buoyant market' though

ladykale · 08/05/2024 10:16

Funniest thing is I bet OP bought her house for pennies and stands to make a killing.

Mortgage rates are the highest they've been in more than a decade - of course they want the best possible price!

Welovecrumpets · 08/05/2024 10:42

ABwithAnItch · 08/05/2024 10:11

Show quote history

They believe house prices can never go down, that what their house was worth at the absolute peak is what it is worth forever more so anybody who offers less is getting a ‘bargain’

If it was a bargain they would’ve had other offers, simple

ViveLaOeuf · 08/05/2024 10:47

A property is only worth what someone is prepared to pay

This! Also, 'don't ask, don't get'. They haven't got much to lose by trying to get more money off, whereas you have the hassle of going back on the market if you no longer want to sell to them. So they are holding more cards than you.

SpaghettiWithaYeti · 08/05/2024 10:47

I am guessing you didn't get any better offers though. So what they have offered and you accepted is what the house is worth

If they find defects it won't be unreasonable for them to try and renegotiate. You can either agree a new price or potentially lose the sale.

Whats happening with the property you are buying? Did you just offer asking price?

ItsFuckingBoringFeedingEveryoneUntilYouDie · 08/05/2024 10:54

I call reverse.
OP is the buyer who has been told what a great deal she is getting because it includes a pile of broken/rusty crap and a Dunelm chandelier that was no use to the vendor in their onward purchase.

All the buoyant market stuff is rubbish the vendor has said to try and argue for a higher offer.

Not really sure what OP wants other than maybe advice on how to renegotiate a lower offer in the face of a greedy vendor who wants more than their house is worth right now.

mondaytosunday · 08/05/2024 11:18

They aren't greedy - you could say the same about you as a seller! Listing the stuff you have left - so? Lucky you don't have to remove it!
Why anticipate something that hadn't happened? And I bet if you did a survey on your next purchase which pointed out a big issue you'd be asking to renegotiate!
The fact is your house is only worth what someone will pay for it, it's irrelevant what it might have sold for in a 'different market'.

ByUmberViewer · 08/05/2024 11:22

It speaks volumes that the OP won't tell us what she paid for her current house and what she's paying/what the asking price is for the house she's now purchasing.

Coldupnorth87 · 08/05/2024 11:32

Your EA deserves a medal for getting them to up their offer that much.

A property is only worth what a willing buyer will pay a willing seller. That's the textbook definition.

If you are not happy, you can relist right up to exchange.

User1979289 · 08/05/2024 11:35

WTF is the matter with you? You marketed it and NO ONE WANTED TO PAY YOUR PRICE. You repriced - and someone offered. YOU ACCEPTED THE OFFER. if they find things that are not listed yes they will haggle. This is what buyers do. They are not the greedy grabby ones.

ChateauMargaux · 08/05/2024 16:54

It's how the story goes ... most buyers think they have over paid and most sellers think they could have sold for a higher price if they had just held out.

You are where you are... your house has served you for the time you lived in it and it has allowed to move on to your next adventure. Hopefully your time in the house has allowed to build capital you would otherwise have paid in rent.

There will be things mentioned on the survey (there always is..), you will have to decide if you are prepared to negotiate, pay to rectify or to relist your property.

Don't take it personally, it is part of the 'game', a business transaction - it is no longer 'your house' but the means to purchasing your next house. Be prepared for the outcome of the survey and maybe have a contingency plan / red line in mind.

Buy a bottle of Champagne to crack open on completion! Never look back. (if only that advice were easy to follow!!)

PineappleTime · 08/05/2024 16:58

They are getting an immensely good deal. In a more buoyant market it would have sold for far more.

If your uncle Bob had a fanny he'd be your auntie but he doesn't. Blows my mind how sellers hold on to this idea that when the value of houses drop they are somehow selling 'cheap'. No. Your house would only be worth 8 pound 50p if that's all anyone ever offered to buy it for.

OpusGiemuJavlo · 08/05/2024 17:01

No property is worth more than a willing buyer is prepared to give you. If they reduce their offer you are quite at liberty to decline and take your chances to find a different buyer. You aren't obliged to sell until contracts are signed but don't kid yourself that the property is 'really worth' a lot more. If it really genuinely is worth more you would have no hesitation in re-listing it at the higher price confident that someone will snap it up. If you can't have that confidence then its worth is the offer on the table. Don't believe estate agents lies, they will tell you a house is worth £800,000 when their plan all along is to market it at that price for 10 days maximum and then start slashing the price until someone is interested.

WitchyWay · 08/05/2024 17:08

I'm sorry, I also don't understand how you can value your property today on the basis that it could be worth more money in a more bouyant market. The market isn't bouyant at all and therefore your value decreases. If you want more, you need to wait for the market to improve but then you'll also pay more for your next property. You can't have it all ways.

I suggest you have a hard think about what your bottom line is, then stick to it. If £759k is your absolute lowest, then you tell them that and be prepared to walk away if they come back wanting a discount. It's your house and you can market it for whatever price you want. That doesn't mean you'll get it, but ultimately it's your decision.

IwishLifeWasDull · 20/05/2024 10:16

You have no offers and little interest. These are your only buyers. They've stated what your house is worth. And that's what it's worth. Unfortunately for you, it's lower than you wanted, but you don't drive the market. Buyers do. I think you should count yourself lucky. I'm not sure if your home is a fixer upper, but Vendors who have fixer uppers today should definitely be praying because barely any buyers are interested in the huge renovation costs today.

It's a buyers market.

Toastiecroissant · 20/05/2024 10:25

It’s not greedy, it’s business
why would anyone pay more than they have to or more than something is worth

Of course after the survey, if it has problems they’re not currently aware of, that changes the value of the property to them, because they’re going to have to pay to repair those issues? Again that’s not being greedy that makes perfect sense?

is this actually a reverse because I can’t believe you mentioned what a good deal they’re getting at almost 800k because it’s got an old pizza oven and a bird bath.

it’s no good saying in a better market it would have sold for more, because it isn’t a better market and clearly no one is willing to pay more right now so that is irrelevant.
everybody is paying a lot of money for housing, most people are stretching themselves and interest rates have gone up, people want to feel like they’re making a sensible decision that is a good purchase, not like they’re being ripped off. Really confused how you don’t get that, unless you’re so rich that that money doesn’t mean anything to you anyway.

MrsSkylerWhite · 20/05/2024 10:28

Waffleson · 06/05/2024 20:26
It's not greedy or grabby, it's what they offered and you accepted! They could be stretching themselves to the max for all you know?”

Thats not the vendor’s concern, is it? No idea why people do this. What happens when interest rates go up again?

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