Vendors offended by offer

[Uhohuho]

I’m in a good position as a cash buyer as I’ve sold and renting at the moment. The property has been on the market for a few months.

I offered 7.5% under their asking price. This means that the vendors will still make almost 200k on their investment 11 years ago (they bought it to rent out).

They’ve said no which is fine but they and the estate agent both seem super offended. I’ve had multiple phone calls from the agent asking me to increase the offer and hinting that the vendor is offended. So glad I’m walking away as they seem to be a nightmare but is 7.5% under really low? It really isn’t worth what they are asking I don’t think.

It doesn’t strike me as that low in the current market, we both bought our current and sold our previous house at around that under asking. I think we bought at 10% under (it has been on the market for over a year) and we sold for 7% under asking.

Has it been on for long?

It’s a buyers market right now for obvious reasons.

I think being offended is slightly over cooking it, so I’d hold your ground, within reason.

I’ve had multiple phone calls from the agent asking me to increase the offer and hinting that the vendor is offended.

This sounds like an estate agent's ploy. It doesn't sound extraordinarily low. Up to 10% is fairly normal.

I think your attitude possibly comes over as offensive even if your offer isn't that low did you tell them that they should be happy with 200k in 11 years?

Estate Agent bluster. Just hold firm.

They can't be that offended if they keep coming back to you. I think the 'offence' is a marketing ploy to try and edge up your offer.

If your current offer is your best offer - leave it there and see what happens

Haha, no not at all! I just made the offer to the agent without any comment at all! I only know they’ve made that much as it lists the previous sold price.

We’ve been looking for a year (recently bought) and most houses seem to be selling four around 5-6% under. We made two VERY cheeky offers; one was accepted and the other wasn’t but 6 months later they dropped so much they ended up at our price. An estate agent would be ridiculous to be ‘offended’. The vendor can feel how they feel, but if an estate agent behaved that way I wouldn’t do business with them because I hate that bullshit, so we always ask for honesty and it worked for us. It’s been a very eye opening process.

Why do you care what the vendors or the estate agent think? You don’t want to be friends. This is business. It’s a buyers market. The property is worth only what someone is prepared to pay - no more.

If the agent or the vendor behave like twats, just find somewhere else. There are so many places to choose from.

If they were that offended, then they wouldn't be trying to negotiate now.

Remember the estate agents reaction isn't necessarily the vendors reaction. The agents job is to get the best price for the vendor (and his comission), he'll say and do whatever he thinks is most likely to get you to put a higher offer in.

Your offer is fine BUT people aren't often rational about sales for various reasons.

I'd just say "Okay Mr EA. no problem - If they do change their mind my offer is on the table. Anywayyyy I'd like to book viewings this week at 123 fake street, 24 made up avenue - can you help with that?"

Exactly, who cares what the vendors think? You make an offer, they accept or don't, you decide if you'll offer more or not. The vendors feelings are totally irrelevant aad not your concern

but is 7.5% under really low?

It depends what is happening with the market in your area. In some places houses are selling under asking, in others it's substantially over.

Not low at all. Obviously nobody else is buying it at the advertised price.
They're going to have to take an offer or keep holding out and, if it's untenanted at the moment it's going to be an overhead for them.

If you want it, hang in there. I'd tell them oh sorry they're offended but since people are queuing out the door to buy it I'm sure they'll have it sold in no time.

Walking away would be cutting your nose off to spite your face. You only have to deal with the agents and the vendors till it's sold, then they can go and be fake offended elsewhere.

Where we are, the market seems to be flooded with btl properties at the moment and nothing is really selling.

Until this year everything seemed to sell as soon as it came on the market which is why I’d chosen to rent to put myself in the best position I could. I’m lucky in that there is a lot to choose from, it was just them being offended by the offer that rocked me a bit.

So you ware walking away so what does it matter just move on to the next one

Ugh IGNORE estate agents! They are the lowest of the low.
Either they will take your price or not.
Give them a couple of days then see if they’ll make a counter offer OP.

I think it depends on the price/area and how motivated sellers are. I am buying and selling in the northern home counties and you are looking at 5% off asking. That said there are houses which have been on the market a year and the sellers have clearly not clocked that that houses are over priced.

Sounds like a sales technique to me. It is normal to offer below asking if you feel appropriate.

Do you know for a fact that the vendor is offended? Because in any given situation most likely it's the estate agent lying.

If it's a fair valuation then I'd say it's a low offer. Generally speaking the first offer is the start of the negotiation.

They might not even be that offended, it could just be the agent and the vendor has nothing to do with the tone.

I think they have a sharky shitty agent. I wouldnt be suprised if the agent hasnt even sent them the offer.
Tell them its the offer or nothing. Call you if they decide they want to sell at that price or don't.

I remember offering 8% below the asking price for a house and being rejected outright. They didn’t even come back with a counter-offer. I was pleased to see they eventually sold for very little more than I offered, having made a few purely cosmetic changes.