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?

Simple really. They want to see how high they can push you before they enter into the negotiating realm. Perhaps £760k is their opening offer. I can see why it would be frustrating, but you've offered twice now, they know you're interested, they're pushing it.

Have you made the mistake of letting the agent know how much you're prepared to pay?

So that you show your hand. That's why pretty basic, surely? They have already shown theirs by marketing first at £800k and then again at £775k.

The estate agent said the vendor is willing to negotiate - it seems odd to assume the agent is making that up!

They said they wouldn't negotiate at £20k under ask, you're too low.

Yes so my question is what to do next without any indication of what they don’t consider too low. 3% below asking price is usually considered a fair offer. Do we go to 2% below asking price? Do we go straight to our best and final offer without leaving room to negotiate?

They clearly think you are way off the mark, so no point in showing their hand.

It's up to you now. Jumping up quickly like you did, if I were them I'd be sticking out for full asking for a while. Moving the offer price up quickly implies a certain weakness on your side so they may just be prepared to leave it and see how far they can push you until your pips squeal.

You can either up the offer, withdraw or leave it on the table and continue to look.

No but as a condition of making an offer the agent did require us to send proof of funds (bank statements etc) which means they know what we can afford but not what we’re prepared to pay.

Negotiating on a house price isn't usually like haggling at a car boot sale IME. The buyer normally just keeps increasing their offer until the seller is happy with the price. I think not buying a house just because they haven't made a counter offer is a bit strange.

They won't want to negotiate when you're giving offers tens of thousands below asking.. when you're closer to the mark, I'd assume that is when they will engage

They are under no obligation to counter offer just because they may be willing to negotiate. Your offer isn't yet good enough to make them want to counter offer.

You in turn don't have to buy the property if you don't think its worth going closer to the asking price.

It was on at 800. Maybe they were hoping for close to that. It sold and then fell through. Maybe it sold for less. They remarked at less to get it sold. That doesn't mean they want to sell fir considerably less. I am about to sell mine. I would not be interested in all this bullshit negotiating. Offer what you want and if you think its too much, walk away.

So you offered £30k below asking price and they said no (unsurprising).

Then you offered £20k below asking price and they said no and told you they weren't prepared to negotiate when you were £20k below asking price. Also unsurprising, unless you know that other similar houses in the area have sold for that price.

TBH, it sounds like you're just low-balling them, despite knowing that the house is worth what they have it listed for and that's annoying them, unsurprisingly.

Currently, I doubt they think you're serious about the house.

So offer your best and final price and see if they bite. If they don't, walk away.

But it was the EA who said they were open to negotiation, not the vendor themselves. Chances are the EA isn't following their instructions by accepting too-low offers and saying they'll counter.

I guess their idea of negotiation was more like £5 or £10,000 off - either that or the EA lied to get you to put in an offer. You offered £30,000 off so now the seller isn't taking you seriously.

Why not offer £760 or £765 and leave it on the table for them to think about.

If you want the house I would go to your best offer, which is still £10k under ask. If they were willing to accept much less than that they may have come back with a counter to your last offer. I think they really want the full amount of the reduced price (or very close) and have only reduced for a quick sale.

Edit: You may still be too low.

I would leave it for now and think about it carefully over the weekend with your partner. Raising your offer immediately by 10k and then again by another 10k does would make you seem a bit weak and desperate. Try to keep your cool a bit better and say you will think about it and let them know next week.

How upset would you be if someone else got it for asking price next week? Devastated or pleased that you aren't paying more than you wanted to. Are there many other houses on the market? Do you really need to buy now or can you wait and keep looking?

The point was about the fact they won’t make a counter offer to begin negotiation which seems odd.

They may not be willing to offer you a lower price, especially as they've already lowered the asking price.

So I guess their 'counter offer' is the asking price.

They've said, via their agents, they won't accept your current offers so you now have to decide how much you want the house.

Reading the above posts is like watching the negotiating skills of Phil and Kirsty. Just offer everything you have and so long as you tell them to take it off the market then you're a winner! Not!

But they have come back with a suggestion to you, you just don’t like it.

“She said no, they are willing to negotiate but won’t negotiate on £20k below asking price”

They have clearly told you that they are willing to negotiate, but that your opening offers are way lower than they are looking to accept.

You need to go back with an offer much closer to asking price and then you are in with a chance.

If I were you I would go back with a best and final offer as close to the asking price as you can afford. Make it clear to the agent that this is your absolute top budget and you cannot go above it.

My guess is that after one sale falling through, dropping the asking price by £25k, that they just want a quick sale at very close to that price, without loads of back and forth and negotiation.

I'm selling a house at a similar value and I'd not deal with you. Pissing around with some kind of negotiating game? Simply make your best offer. Why mess people around. Luckily my buyer isn't playing at being some kind of Alan Sugar wannabe.

Sold another place earlier this year - buyer tried this power play shit. I explained that I had priced it at exactly what I needed to clear the mortgage and pay the fees - offer that or go away. Completed in 6 weeks.

They don't have to make a counter offer, where ever did you get that idea? 😂

They are willing to negotiate but only when you get near to a price they will accept and clearly you are nowhere near that yet.

Stop playing games and just offer what the house is worth to you and what you can comfortably afford. If they still turn it down then walk away.

3% below asking price is not a low ball offer. It’s been on the market since January. There is a near identical house but slightly bigger house across the road on for the same price which has been on since March. To say we are “low balling them despite knowing what the house is worth” is just not true.

Our house had just been reduced to 780k having been on at 800. We've had three offers fall through in a year. We want to sell but not at any price. We would accept 780 for a decent buyer but we certainly wouldn't accept an offer as low as the one you're suggesting.

We also wouldn't counter offer. Our house is on at 780k so that's the offer to the market.

The market is crap round here at the moment which is why we have reduced. Unfortunately it hasn't got us any viewings or offers so has been a waste of time.

Good grief op do you want to buy or play games. You’re so far away they have not countered, just make your best and final, then if you don’t get it, walk away.