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?

The other house sounds great, id offer on that instead.

You just aren't listening, are you?!

In all honesty, if you are like this at the start, I imagine the sellers got off lightly and you'd be a complete nightmare throughout the process.

By that logic paying the extra 20k above your offer isn't a big deal either.

Wether it's a big deal or not depends on this couples next move.

Percentages don't really matter the amount if cash does to buyers. Especially, if they need it for their next move or plans.

All I would say, is stop being defensive and start listening. If you want this house, or the next etc. then have a hard think about what you're willing to pay and offer that.

It is playing games if all the OP has done is make that offer without stating why and offering a believable rationale for offering below asking. "Because I don't want to offer what you want because I want to chip the price" isn't a strategy many sellers would go for. Yes, a lot of people want to feel they've got a good deal, but you can't expect to chip the price every time.

Instead of straightaway upping your offer by £10k when the agent told you £745k was too low, you should have asked what would the vendors accept then. If £765k is your max budget then offer that and tell them it's your max budget. If you can afford the asking price and like the house, then offer asking and stop messing around.

A universal truth in house buying. You can offer the full asking price or over, if that floats your boat, but you still cannot make people sell you their house.

Pissing about with percentages and a few grand on a 800k house does not endear you to vendors. If you really want the house, you'll give the one offer of as much as you are willing to pay. And leave that offer on the table for at least a week. Also give the reasons why you want it above others.

I don't believe OP really wants this house. You dont fuck about when you really want a house. One you'll live in for years. 10k here and there is peanuts in a long term home.

I understand that you don’t think it’s personal and it’s money, but to them it couldn’t be more personal. The price they sell their home for will have long lasting financial implications for them, selling and buying is one of the most stressful life experiences going and although you’re looking at this from a business perspective, I would personally (speaking for no one else but myself) would use interactions with you at this point to gauge what sort of a buyer you would be. To come in with an extremely low offer immediately suggests that you either don’t think the house is worth anywhere near what they have put it on the marketplace for or that you are a chancer and are going to chance every step of the way. I appreciate that you’re saying it is within 3%, but that percentages wouldn’t even register with me. I’d just be really thrown that you had come in that many thousands below. If you were then to come back another smidge higher I wouldn’t care at all if you walked away. I’d personally just be relieved I wouldn’t have to play games with you. Selling is exhausting enough without dancing around playing psychological games. I would value open and straightforward interactions so much. If you feel like walking away then do, I’m fairly certain they won’t care. If you want the house then just submit your highest and the best that you would be happy paying and think that the house is worth and be done with it. That and go see the house opposite.

I’d steer well clear of buyers doing this so if you want the house just offer the amount you are willing to pay and stop playing games.

Vendors don’t really do counter offers. The “negotiation” element is more “we might take £5k less and still leave the light fittings.

In your position, just keep going up in increments you feel happy to pay.

Go up in smaller increments from now to suggest you are closer to your limit (doesn’t matter what the EA knows, it could be the limit you are willing to pay).

You can make endless offers, and if you lose the house, it wasn’t meant to be.

Are you first time buyers?

At that price?

They must be in London.

How is it a game though? Everyone just tries to get the best price.

You're getting a hard time on here @Firsttimebuyer91 god knows why.

I agree that your initial offer was a good starting point - not a cheeky offer at all - and if unacceptable to the sellers, their EA should have encouraged them to start negotiating with you by suggesting a counter offer.

Anyway, you are where you are now. I would increase your offer to 765k (if the house is worth that much to you) and tell the EA honestly that is your best and final offer as can't afford to increase any further.

When I sold my last house, I had people offering £20,000 below asking price. I didn't give a counter offer. One couple came back 4 times, with their final offer which was reasonable. We counter offered, then sold it to them. Your offer is too low for them, to even consider counter offering with you. Ring up the estate agent and give your best price.

I agree!

@Firsttimebuyer91 misses the point spectacularly 🙄

Go and see the other house and assess how you feel. The last house we sold, there were 3 on the same cul-de-sac that were also on sale. It actually helped us sell ours quicker. Ours was the mid-price one on the biggest plot that needed work but was completely fine to live in.

I hope you get what you want from this search.

I’ve listened to the people who have been helpful in terms of next steps. I’m not going to listen to people who seem to think any kind of negotiation is “playing a game” or being cheeky because I don’t agree.

I did ask exactly that and was told “something closer to asking price” hence increasing by 10k which is closer to asking price. It’s very difficult when they won’t come back with any figure to know how much to increase by. We are going to wait until we’ve seen the other house and then go back with our best and final offer if we still think it’s worth that.

The house only went back on the market last week. Probably why they haven’t bothered with a counter offer. They may already have more viewings booked and an offer close to asking price is not an unreasonable expectation when it has only been back on the market a week. Theres basically no need at this stage for them to negotiate with you.

Good idea.

Good idea - seeing the other house should help you decide whether it's worth offering more on this one or not.

I would think ‘willing to negotiate’ in this context means that they will accept below the asking price (ie not willing to negotiate would mean asking price or above only). But they probably only want slightly below that (5 or 10k). For what it’s worth, our current house was on the market for 775, we offered 725, they declined, we offered 735, they declined, we offered 740 and they accepted. I think it’s accepted that people often offer a hopeful low offer, expecting it to be rejected and they can increase it a bit. We didn’t do any funny business later with changing the offer like PP said, we just accepted that that was the price.

Not my experience at all. I've had buyers make lower offers, increase them and the sale has proceeded without any messing around down the line. Perhaps you have been messed around before and this has coloured your experience but it doesn't follow that it is universal.
What I do not understand is this strange, huffy attitude displayed by lots of potential sellers on here, where they take a below asking price offer or negotiation as some kind of personal slight. It's a business transaction, not a personal criticism.

@Firsttimebuyer91 I think you are getting an unnecessarily hard time on here and I would ignore these sort of posts. You've done nothing wrong making a below asking price offer in what you describe as a slow, buyer's market, where the initial asking price appears to be ambitious. If you genuinely think the house is over priced compared to others, take a pause, go and view the other house or any others that you currently like and think about things carefully. They don't have any other viewings booked, let alone offers so time is on your side.

So then offer the asking price?

if you want the house that badly and 20k in this size house is not a big deal, pay it.

I'd assume the vendors are waiting to see if another potential buyer offers more