Negotiating sale price (as the seller)

alexlyne

After being on the market for a week, had our first offer.
Asking price - 95
Offer - 90

We got back to EA saying that if he offered 92, then we do the deal. A good compromise I thought.
They came back, and this guy 'has looked through his finances' and the most he can offer is 90.5.

Now, as we have already bought a property, we said the same things as he did. He has spoken to a mortgage adviser after seeing our property and got an agreement in principal, and chances are they would have looked at the scenario that he bought for 95 (i.e. worst case). I also knew he has a reasonable deposit.

We have another viewing this afternoon, although with a girl who has had any mortgage advice yet. We're hoping she's keen, and able to speak to a FA quickly to counteroffer. Until the EA has got back to us with the feedback on this one, she will not speak to the orginal guy.
We are disinclined to go with his 90.5, as this is only a bit over his first offer. We may take 91 though.

Does anyone think we should hold out for 92K.. and make this guy think about it while we get more viewings?

This is our first time selling, and is more stressful than buying!

Thrugelmir

alexlyne wrote: »

After being on the market for a week, had our first offer.
Asking price - 95
Offer - 90

We got back to EA saying that if he offered 92, then we do the deal. A good compromise I thought.
They came back, and this guy 'has looked through his finances' and the most he can offer is 90.5.

Now, as we have already bought a property, we said the same things as he did. He has spoken to a mortgage adviser after seeing our property and got an agreement in principal, and chances are they would have looked at the scenario that he bought for 95 (i.e. worst case). I also knew he has a reasonable deposit.

We have another viewing this afternoon, although with a girl who has had any mortgage advice yet. We're hoping she's keen, and able to speak to a FA quickly to counteroffer. Until the EA has got back to us with the feedback on this one, she will not speak to the orginal guy.
We are disinclined to go with his 90.5, as this is only a bit over his first offer. We may take 91 though.

Does anyone think we should hold out for 92K.. and make this guy think about it while we get more viewings?

This is our first time selling, and is more stressful than buying!

How long is your seller willing to wait? Are you willing to risk losing your buyer?

Ok so you've another viewing this afternoon. From someone who hasn't even got a MIP. So would you accept an offer from them?

£500 is not a significant sum in the scheme of things. Particularly if you have a chain that will proceed.

alexlyne

No chain - he's got nothing to sell, and we've already bought (well, 4 weeks into the process anyways). We weren't expecting to get an offer quite so quickly.

I think my past experiences of buying have made me a bit annoyed actually. We want one price, they want another, so we meet in the middle (this is what we did with the house we are buying). Him increasing his offer by a fraction makes it look like he's trying to drive a hard bargain, and I don't want to encourage that too much ( a matter of principle?). Especially as we can wait 6 or 8 months if necessary, not that we want to.
Yes this guy is in a hurry to move (he says), but we also know that he has seen other houses and not been interested, and our one is perfect for him. £500 is not a significant sum - if he increased his final offer by that then we might accept.

wheresmydoshat

i'd have taken 90 (and he should probably have started lower than 90), so think very carefully before pricing them out of a deal

Thrugelmir

alexlyne wrote: »

No chain - he's got nothing to sell, and we've already bought (well, 4 weeks into the process anyways). We weren't expecting to get an offer quite so quickly.

I think my past experiences of buying have made me a bit annoyed actually. We want one price, they want another, so we meet in the middle (this is what we did with the house we are buying). Him increasing his offer by a fraction makes it look like he's trying to drive a hard bargain, and I don't want to encourage that too much ( a matter of principle?). Especially as we can wait 6 or 8 months if necessary, not that we want to.
Yes this guy is in a hurry to move (he says), but we also know that he has seen other houses and not been interested, and our one is perfect for him. £500 is not a significant sum - if he increased his final offer by that then we might accept.

Why have the cost of owning 2 houses? Over 6 -8 months it will cost you more than £500.

Why take the risk of a sudden change in the market in the autumn. Any potential buyer would then have the upper hand.

As a buyer I would still be looking as well.

poppysocks1

I also would have accepted £90 as well, he is a first time buyer, keen to buy your house, wants to move fast, why hold out for more when you may not get it. The fact he is not in a chain makes a massive difference, and he didnt make a stupidly low offer in the first place so I would go for it if I was you.

poppysocks1

Just a thought, he will then get a survey done, are you sure that nothing will come up in the survey to make him possibly make a lower offer further down the line?

alexlyne

First he's not a FTB - i think he's a divorcee (or widower), he has a daughter who may be moving in with him (she's 'older' though not sure if that is teenager or older). As for the survey, I dug out mine from 4 years ago, the only thing that was urgent (or should I say, not 1/3 where 1 is good and 3 is urgent) was the dialpidated garage, but I quickly sorted that out after moving. Don't believe anything else has gotten worse.

I am taking everything on board, if we get nothing this afternoon (which is likely), me and 'er will have a talk about it later.

poppysocks1

Sorry assumed "no chain" was FTBuyer, but that is still good!
Good luck, let us know how you get on.

Doozergirl

I wouldn't look a gift horse in the mouth.

Negotiating is negotiating - don't take offence to it and start talking about matters of principle. If you will accept £91k then tell him that and if he can truly afford it then the likelihood is that he will go for that.

Ther is no rule that says you offer once to be rejected and then end up meeting in the middle

Not having the stress of an unsold house for months on end is worth more than £500, let alone the extra mortgage repayments you'd incur.

Don't get hot headed about it!

alexlyne

Tried to get 91, but ended up a little short - but I'm happy. Thank you all for keeping me grounded! I always have the "Am I being taken for a ride?" thought lingering in the back of me head.. makes me very cynical.

Still, onwards and upwards.. and getting all our crap down from the attic!