Vendor won’t make a counter offer

[Firsttimebuyer91]

We saw a house we love on the market for £775,000. The house was initially on the market in January for £800,000 then came off the market and was put back up last week at £775k. The agent told us that the property had sold for £800k but had fallen through due to a change in the buyer’s circumstances.

It seems odd to put it back on the market for less than it had previously sold given it’s a much better market now (May rather than Jan) unless they’re in a rush to sell.

We made an offer of £745,000 yesterday which we thought was reasonable as a starting point for negotiations (3.5% below asking price). We agreed between us that we are willing to go up £765k but of course would like to pay less if we can!

This afternoon the agent came back and said the offer was far too low and so we went up to £755k. The agent came back again saying it was too low. I asked if the vendor had made a counter offer and she said no, they are willing to negotiate but won’t negotiate on £20k below asking price.

AIBU to now not want to go back with a higher offer? I think £755k on a £775k house is worthy of at least a counter offer to begin the negotiation process.

Any advice on what to do next?

Offer asking price?

Are you first time buyers?

I ask because if you've done this before you know that nothing is set in stone.
You offer, they say no, that's it.
Offer more or dont buy the house.
No one can make them sell it to you at the price you think is right.
They disagree.

They’re happy to accept £775k - that doesn’t mean they have to accept any less so up your offer or walk away.

I don’t think you read the full post. I said we are willing to pay more and weren’t expecting them to accept the first offer. The point was about the fact they won’t make a counter offer to begin negotiation which seems odd.

Look for somewhere else, it's not worth the hassle. It's been on for 6 months, probably overpriced to start with, it didn't sell for 800k, it was put back on the market and relisted at a lesser price.

Just go back and stipulate that £765k is your final offer. Or offer £760k and see if that does the trick. What more can you do? You've said you love it, so do what you're comfortable with to try to secure it.

There's no 'beginning negotiations' though. Offer the highest you're willing to pay for it and if they say no, that's it

They don’t need to make a counter offer. The house is up for the price it’s at and you may a very low offer as a negotiation starting point but decided it was going to be a negotiation all on your own. They just aren’t entering it with you.

I wouldn’t either. If someone wants to buy my house they tell me what they are willing to pay and I say yes or no.

They don't have to get into a negotiation with you. HTH.

Then they dont do counter offers.

It's not that hard.

Offer what you think, walk away if they say no.

It's a while since I sold a house, but I put it up at the price I'd like. If someone came in with a stupid low offer I'd tell them to walk away and not bother offering again.

If you have done this before, you know this.

Not everyone is a game player, and offering ever increasing amounts is playing games.

Ask directly why they haven't made a counter offer. I would as some people need more prompting than others.

They’ve probably been messed around already and don’t want the hassle of undecided buyers.

They don’t have to counter-offer, this isn’t a board game with set rules. Just up your offer, don’t sit there wondering why they’re not ‘playing’ properly 🙄

3% below asking price is not a stupid low offer. They said they’re willing to negotiate so much have been expecting lower offers. I don’t think it’s game playing to offer slightly less than the maximum you’re willing to pay as a first offer on a house.

Not everyone is a game player, and offering ever increasing amounts is playing games.

It isn't "playing games", that's a ridiculous statement. It's normal property market bartering. We've done it many times.

The market isn't better now than it was in January, unless your area is an unusual one. A lot of properties are still sticking on the market for ages. The story the agent has told you doesn't really ring true but who knows?!

What do you think the house is worth, having studied your local market fully?
It appears that the seller is pretty confident that they can get asking price. Do you think this is likely? If so and you love the house, offer your £765 with the stipulation that this is your max offer and then walk away if they so no.
Your initial offer was only a few % below asking and very respectable, especially in the current market, but they don't have to negotiate. Perhaps it might indicate that they might be difficult sellers- you need to consider that.

The thing is OP they had already reduced from 800k to 775k so I can see why they wouldn’t want to accept significantly below this. They are probably hoping to get the asking price.

I didn’t decide it would be a negotiation on my own, they literally said “they are willing to negotiate” like I said in my OP.

You've said yourself that the market in your area is better now than it was in January. By that logic, you must understand why they want the £775k or a very nearest offer.

Maybe they need the full asking price to proceed with their purchase. In which case they shouldn't be saying they are open to offers!
If you love the house go back with your best and final offer. If they don't accept it carry on looking for another property.

3% to me on my not nearly 800k house is a lot. And is a stupid low offer, to me.
However I'm not selling the house you want to buy. Maybe to them it is a stupid low offer.

You want to buy this house, so make your best offer, and walk away if it's not accepted.

I don't know what else to tell you. We here on the internet cannot make them accept your offer.
You try your best and if it doesnt work , it's not the house for you.

In this case the vendors dont want to barter.

So yes its stupid game.

I understand why they want to get as close to asking price as possible of course. My question is more about why they’d say they’re open to negotiation but then not come down at all or make a counter offer so it feels like a one-way negotiation!

If they have already reduced the price significantly they are probably expecting offers very close to ask. If you are too far away they assume you are not serious or can't afford it. And once you start playing like this they will be concerned you will try and reduce again after survey.

No the estate agent communicated that. If they said they would negotiate they would.