Offer on our house - how do we play it?

dodgy

If it helps ours was marketed at 234,950, and we took 230 after haggling. Nobody started with us as low as they have with you, however - and to be honest, even "in this market" I wouldn't accept that. If agents value your house at 235, then that's its price *in this market*, so accept only a token amount less.

Stand your ground.

mrsw1983

We're in a similar situation. On for £139,950, were offered £128 which has been increased to £130,000. Don't know whether to sit tight or take it and run!!!!

delmar39

Thanks Dodgy. We didn't expect such a low offer to be honest, but at the end of the day people can offer what they like and depends on how much they want it. It may be the old problem of people viewing properties that they cannot afford or they're just testing the water with a low offer. It's easy to get twitchy and start to panic, but like you say, on this one time to stand our ground and hope that they come back with a more realistic offer. I do worry about what the estate agent has said to them in terms of rejecting the offer, but, we cannot afford to accept it so rejected it is. Let's hope we have more to negotiate with over the next day or two.

dodgy

I was very open with the agent, told them what I'd accept and let them run the negotiation. Don't keep the agent in the dark, else as you say - you've no idea what they are telling your buyer.

We went from 220 (no) 225(no) 227,950 (apparently their 'final' offer), which I said I just couldn't accept quite yet - so if they were happy to wait and see what happened, they'd be welcome to wait, but the house would remain on the market .. they came right back with 230 which was what I told the agent I would be happy to accept all along.

Stand your ground! :-)

DVardysShadow

delmar39 wrote: »

Cheers guys and girls. We've rejected the first offer and will see what they come back with. If we don't hear back I'll follow the advice above and tell the Estate Agent to go back with a figure.

Not good tactics. Particularly in the current climate, but generally too If you are prepared to drop but reject without stating an expectation, they may well think that your expectation is asking price or nothing and walk. When you don't hear back and the agent goes back with a figure, it looks like you have become desperate, so they may be tempted to come back with a lower offer than you intended.

IOW, I think it goes best when both sides have a figure in mind and negotiate quickly to discover whether they can meet.

delmar39

mrsw1983 wrote: »

We're in a similar situation. On for £139,950, were offered £128 which has been increased to £130,000. Don't know whether to sit tight or take it and run!!!!

For us, we need a certain amount to enable us to buy the new property, so our hands are tied to a certain extent. If budget isn't a problem for you then £130k isn't a bad offer but it would be good if you could get a bit more for it. Have you got a benchmark figure? Tough one and isn't selling a house very stressful?!

DVardysShadow

dodgy wrote: »

... If agents value your house at 235, then that's its price *in this market*, so accept only a token amount less.

I disagree. The value is what the highest bidder will pay, not what an agent says. There seems to be a tendency to get agents in and 'give' the house to the highest bidder, who then sets himself the task of managing the seller's expectations down.

mrsw1983

delmar39 wrote: »

For us, we need a certain amount to enable us to buy the new property, so our hands are tied to a certain extent. If budget isn't a problem for you then £130k isn't a bad offer but it would be good if you could get a bit more for it. Have you got a benchmark figure? Tough one and isn't selling a house very stressful?!

We'll only break even on the mortgage with £135k, however if our offer gets accepted for the house we want then we may accept the £130k. I'm loathed to though as our 'buyer' is a buy to let. I don't want my lovely home to go to a buy-to let!!!! Needs must though...:mad:

delmar39

dodgy wrote: »

I was very open with the agent, told them what I'd accept and let them run the negotiation. Don't keep the agent in the dark, else as you say - you've no idea what they are telling your buyer.

We went from 220 (no) 225(no) 227,950 (apparently their 'final' offer), which I said I just couldn't accept quite yet - so if they were happy to wait and see what happened, they'd be welcome to wait, but the house would remain on the market .. they came right back with 230 which was what I told the agent I would be happy to accept all along.

Stand your ground! :-)

We have told the agent of our benchmark figure so they're aware. I've just spoken to the agent and basically she told them that the offer has been rejected because it is way below what we want to achieve. She asked them if they would like to make another offer, they said yes, so she told them to come back with the best and final offer - in other words cards on the table time. She also said that it's unlikely to be their final offer, so I'm comfortable with what's going on having checked. So, as things stand another offer will come in, but the estate agent has said that it's unlikely that we'll achieve our benchmark with these particular buyers - disappointing but we'll see. Keep you posted.

delmar39

mrsw1983 wrote: »

We'll only break even on the mortgage with £135k, however if our offer gets accepted for the house we want then we may accept the £130k. I'm loathed to though as our 'buyer' is a buy to let. I don't want my lovely home to go to a buy-to let!!!! Needs must though...:mad:

Hmmm I sold my first house to a buy to letter, who lied to me telling me it was for her daughter. I got a decent price out of her in the end by standing my ground. Hope you manage to get a bit more than the £130k.