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Original poster

FTB help! Negotiating price

17 replies

Bakingmom · 23/05/2024 21:49

We’ve viewed a house last weekend and decided to put an offer in. We went for a cheeky 7% less than asking price expecting a counter offer of some kind… the house has been on the market since Jan & the owners are chain free. The owner showed us around and told us that a sale had already fallen through. So we had an idea they were keen to get things moving and encouraged to put a low offer in. First offer rejected, we upped our second offer by £5k… this was rejected. EA told us the owners were looking closer to asking but not expecting asking. Today we upped again which comes in around 3-4% under asking. Waiting to hear back. I guess just wondering how many offers would you try before accepting defeat on a house. If they reject this offer, the next would be our fourth, which seems like a lot of back and forth. The EA would not tell me a number they were looking for. We also believe no one else is interested in the property.

OP posts:
m00rfarm · 23/05/2024 21:51

No one knows what they are going to say! You will just have to wait.

AutumnFroglets · 23/05/2024 22:04

If they need a certain figure to be able to move then they won't accept less than that. The EA has given you a large clue by saying they want very close to asking price. What is that, and what's your offer?

I suspect your next offer will be the last they consider as they might be thinking you as awkward chancers so be very sure of your final offer.

schloss · 23/05/2024 22:16

Offering numerous times increasing by small amounts or pecentages can be seem as a negative. It also can lead to the EA thinking you can be pushed to keep offering higher and higher amounts.

If you want this house, offer the amount you actually will pay, so your highest offer, advise the EA/vendor of it, stating this is your final offer. If it is rejected, then walk away or leave it on the table for a short, limited time. Do not contact the EA again. The vendors may come back to you, they may not.

In the meantime, start viewing other properties.

Original poster
Bakingmom · 23/05/2024 22:45

@schloss this is what I was worried of. We’ve maybe pushed it too much the amount of offers and now it feels awkward to offer again.

OP posts:
Original poster
Bakingmom · 23/05/2024 22:56

Someone tell me you put in multiple offers that eventually got accepted! We clearly don’t know what we are doing as this is our first time and also didn’t want to get pushed in to offering too much by the EA. But now I feel a bit embarrassed we have offered so many times in small increments 😩

OP posts:
JeremyFischer · 23/05/2024 23:05

Don't feel awkward for a second. It's the biggest purchase of your life so far, and you don't know or owe anything to these people. Feeling like 'you're not doing it right' is part of the EA's job to get you to pay top dollar.

However, I'm a bit concerned (for your wallet, not how it appears) that you've offered so many times in what looks to be less than a week, as it seems you're being played on price. You're in a bidding war against yourself, if you're right that there is no other interest. I'd have stuck to your guns with the 7% and let them sit on it for a couple of weeks. If you don't offer again, they may come back to you in a couple of weeks ready to eat some humble pie.

However there is a life decision here. It may be worth it to you to pay top dollar if you think the house is worth it (maybe it won't be if no other interest!). But there's no point in paying more than it's worth.

Good luck!

Original poster
Bakingmom · 23/05/2024 23:10

@JeremyFischer Honestly, we probably have made ourselves look very keen. Although we are offering under asking. This being our first time, we’re not sure what we are doing really but we are also very keen to get moving quickly. I hadn’t thought about it from that perspective if bidding against ourselves. We just want to get this right.

OP posts:
schloss · 24/05/2024 00:17

It is always a bit of a minefield, especially for FTB. Ok you may have been a little keen and given the EA the impression you can be played a bit, but take back control of the situation. My suggestion would be to email the agent and say something along the lines of "we have shown how much we are interested in purchasing NN property and have shown our willingness to try and achieve an agreeable figure with the vendor, as none of our offers have been accepted, we feel the best course of action is to continue viewing other properties. We can leave our final offer on the table, should the vendors wish to reconsider".

If you do this, you then must not contact the agent for a period of time. It really is like a game of chess and EA are masters at playing people.

DrySherry · 24/05/2024 06:11

You can always use a survey and valuation to come back down later. The seller will be more invested in you by then. That's assuming the survey gives reason of course ! If it doesn't you know you bought OK. Use an independent surveyor and valuation. Don't rely on the banks cursory glance.

Twiglets1 · 24/05/2024 06:21

At this point it sounds like you are just bidding against yourself and the EA will be encouraging their client to keep saying No as you seem to keep increasing the offer immediately every time they do.

Fair enough the first offer was unacceptable to them, and the second. But now you have reached a point where your offer is only 3 -4% under asking (& they don’t expect to achieve asking price) they really ought to accept it.

If they don’t then I would signal to the EA that you have reached your limit in the negotiations. Tell them that you won’t be going any higher but will leave your offer on the table for a while should they change their mind. However, you will also be booking other viewings.

qwertyqwertyqwertyqwerty · 24/05/2024 06:47

Slow down! If they reject this offer, just say you need to reflect as you have some other viewings lined up. Tell the EA to make it clear you're in a position to progress and you'd like to leave your offer on the table.

Scousefab · 24/05/2024 06:51

I wouldn’t offer again if they reject the next time I agree with the above poster leave the offer on the table and walk away. Houses always need some work doing on them.

Tupster · 24/05/2024 08:36

I would just ask the estate agent to tell me what they will accept and until they do that, no more offers.

augustusglupe · 24/05/2024 11:34

schloss · 23/05/2024 22:16

Offering numerous times increasing by small amounts or pecentages can be seem as a negative. It also can lead to the EA thinking you can be pushed to keep offering higher and higher amounts.

If you want this house, offer the amount you actually will pay, so your highest offer, advise the EA/vendor of it, stating this is your final offer. If it is rejected, then walk away or leave it on the table for a short, limited time. Do not contact the EA again. The vendors may come back to you, they may not.

In the meantime, start viewing other properties.

Agree with this.

It’s a buyers market, so if you thought it was worth 7% less why is it suddenly worth more? Also, it’s not cheeky, it’s a business transaction.

We’re cash buyers, no chain. We offered £550 on a house that has had little interest over the past 6 months. It’s on at £595. We are not prepared to pay more for that particular property.
The EA said they want nearer asking, so we’ve backed away and continue looking.
Everyone knows where they stand.

Decide on your price and stick with it or maybe up it once if it’s a property you love, but I wouldn’t keep messing around.

Original poster
Bakingmom · 25/05/2024 14:49

They eventually counter offered yesterday- which was still under asking price and in our budget so we were happy to accept! Thanks for all your advice! I think next time I would be more confident to negotiate. We are happy we got it for under asking anyway, so although a lower figure would have been great in this awful economy… we still feel we got a good deal!

OP posts:
Twiglets1 · 25/05/2024 16:21

Bakingmom · 25/05/2024 14:49

They eventually counter offered yesterday- which was still under asking price and in our budget so we were happy to accept! Thanks for all your advice! I think next time I would be more confident to negotiate. We are happy we got it for under asking anyway, so although a lower figure would have been great in this awful economy… we still feel we got a good deal!

I'm happy for you that you got the house you wanted... that really is the most important thing

schloss · 26/05/2024 20:01

@Bakingmom So happy for you, fingers crossed it all proceeds smoothly from her onwards - lets hope you do not feel the need to post about something like a missing certificate from works which was completed years ago!😉

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