Asking price question

[rebl]

We've accepted an offer on our house and have started the process. We have found a place we like. We've put in 2 offers now, the latest one being just 5% below the asking price. The agent has just got back to us telling us that they won't accept anything below the asking price and it needs to be higher than the asking price. It doesn't say anything on the particulars that offers over x. Is this normal? If it is we're up a creek without a paddle because we're looking at houses with a view of offering between 10% off the asking price and the asking price.

How much is 5% of the asking price. If it was for my dream home and I could afford it I may consider offering the asking price. There is no way iwould be paying anything above.

5% is £12.5k and we don't have it plus we don't feel that the house is worth it anyway. We have offfered £25k above the koopla price and the house is in poor condition and there are other properties in much better condition on for less. They just don't "feel" right iykwim. The agent does feel that the vendors are being unrealistic and if they want that much money they'd better do all the work that is needed and come back on the market in a couple of years time.

We're worried that we'll end up having nowhere to move to and having to pull out of our sale which we so don't want to do because if we could get moving we'd get into the right catchment for school application in time for application.

Sounds like they have had a lot of interest and the agent is offering feedback on what level of offer is likely to be successful.

The last few properties we have offered on have gone to closed bids and ended up going for more than the asking price. we have had to adjust the rage we are looking in slightly for this reason.

I take it the house is on for £250,000 as 5% is £12,500...the vendors are being very unrealistic expecting potential buyers ot offer above £250,000 as they will then incur the addtional 1% SD. Decide if you really want the house & offer what you can afford, even if it is just a few grand more than your current offer. Or leave your current offer on the table & walk away. We are also eagerly looking for a house & although we do not want to go into rented accommodation we will do that to prevent us losing our buyers. Good luck

Yes its on for £250k. They haven't had any other offers according to both the vendors and the agents and have been on 18 months.

SU good luck. Hope that you manage to get the house you want.

Perhaps it was 'priced to sell'. Ultimately the vendor can hang on for what they want, even if it is unrealistic.