Offer rejected on a house we love, should we increase?

[BrummyMummy26]

Our house offer has been rejected. Gutted. We’ve seen a lot of houses and this is the first house we’ve both loved, and thought could be a forever home. All other houses we would outgrow in 5/10 years but this one has so much potential. Ticks all our boxes, except the price.

It’s up for 475 and we offered 450. Our deposit is in LISAs so if we go over 450 we would lose 25% of our deposit.

EA said lots of other interest, but is from people who have houses to sell. We’re FTB. Got the impression from EA that vendors want a quick sale (house is currently vacant and chain free), so we thought us being able to move quickly would swing it.

Don’t know what to do. Should we stand strong on 450? If we really pushed we could get to 460, but would then be a smaller deposit and bigger mortgage so would be a stretch. Although worried about stretching ourselves given current cost of living / uncertainty etc. But we love the house! We’re so torn.

Any advice appreciated!

Congratulations!

Well done for sticking to your guns.👍🏻

Yes, even with the 25k off they will probably have overpaid, the bond market moves today are multi-decade events, but if they are there for many years it doesn"t really matter, the seller sounds like they knew what they were doing actually.

No one ever accepts the first offer, usually you wait for them to come back with a higher offer. However, if you speak to the estate agent and tell them the reason for your offer, that unfortunately you’re unable to go any higher, but as first time buyers you are in a position to move quickly. Then if they still say no, I’d leave the offer on the table. Good luck!

This seller priced slightly high then knocked off 25k to get the sale I think, smart move really in this market.

Congrats OP!

Tell us you know nothing about the property market in so many words. 😆

Are you willing to lose it over an extra 10k?

if I loved a house as much as you say you do , AND it’s potential forever home- always offer full asking provided they remove
it from market .

So they genuinely tried to kite fly and got called out in your opinion?

How can anyone posting here have an opinion on this?
The OP has told us very little about the house so we have no idea whether the asking price of £475k was reasonable or not.
The OP has told us that an offer has been accepted. Again, no detail. She never said what the agreed price was.

Basically, you are assuming a lot and coming to a conclusion based on your preconceptions.

Fair enough, I am biased towards housing being cheap for hard working people, but it makes a refreshing change from loads of posters piling in to say "I would tell the buyer to fuck right off" etc. etc. Yawn. Don"t you agree?

Probably should have asked for a bigger discount TBH.