declined offer

Apple45

Hi,
I asked for a reduction on four bed house of about 7.5%. The offer was declined. As we are in no chain I am not going to budge for at least two weeks on the price. Any tips? we are convinced they are very keen to move

Person_one

I would emphasise your ability to proceed quickly, and make it clear that this offer is a final one from you, then leave them to think about it for a bit.

tawse57

So you only offered 7.5% below asking price in a falling market where anyone who is lucky to sell is very lucky to sell at all and very, very lucky to get even 90% of asking price?

Edit:

May I refer you to look for my 'grow a pair' post from about a week back?

This is not financial advice.

brit1234

My advice is too be patient and hold your guns. The longer you hold out the more people realise prices are falling and you can haggle them down.

ghostbusters

Apple45 wrote: »

Hi,
I asked for a reduction on four bed house of about 7.5%. The offer was declined. As we are in no chain I am not going to budge for at least two weeks on the price. Any tips? we are convinced they are very keen to move

as others have said.. wait till they contact you.. and then drop another 2.5% off 'as are feeling less sure now'...

i have never understood why buyers put themselves under so much pressure by negotiating with themselves...

relax and let them come to you ..

poppysarah

Patience.

And look at other houses.

BornAtTheRightTime

ghostbusters wrote: »

as others have said.. wait till they contact you.. and then drop another 2.5% off 'as are feeling less sure now'...

If you do this you run a serious risk of alienating the sellers and never securing the house. If a buyer had tried this with me I would assume they were likely to try gazundering at the last moment and would refuse to consider them further.

ghostbusters wrote: »

i have never understood why buyers put themselves under so much pressure by negotiating with themselves...
relax and let them come to you ..

Great advice.

First offers are usually refused in the expectation of a second, improved offer. It is up to the EA to explain to the vendors that yours is your best offer, so you should definitely give it a few days to ensure the EA has truly got that message. I suspect by this evening the agent is contemplating ringing you with a counter-offer of 3% off anyway with a view to settling at 5% off!

Do bear in mind this is traditionally the busiest month of the year for the property market. Your vendors are likely to know this too, so you may well find by October that they are happy to accept your offer - if you haven't been outbid.

partickz

I made an offer in August. Was declined. I decided that it had been a fair offer after reviewing all the available information and refused to negotiate. Last week the EA phoned to say that the vendors were keen to sell and would maybe take my "cheeky offer".

Needless to say I had to knock a bit more off my revised offer given the fundamentals of the local market. His reply.... "They are not going to like that!"

My reply..... "I await your call in a couple of months my friend. Good luck!"

SouthCoast

Supply/Demand.

My unscientific research covering four postcodes in my corner of England reveals more properties on the market than at any time this year.

nearlynew

In a buyers' market with falling prices, patience is your best weapon.

sarah69696pink

Maybe they just will not drop though.
Some sellers have a set price in mind and despite being keen to sell will not drop below this....not the best way to be in current market I know.
But we were in a good position to move, upped our offer to the (almost max) and seller would not drop more than 1k off house price.
The EA was at her wits end - she clearly wanted her commission and was aware most people like to feel they have a bargain /deal etc and would want more than 1k off.
In the end after much looking around and not seeing anything else we liked we 'compromised' and he let us have £1.5k off......not much I know and I would have liked more.......but still sometimes that is what a house is worth. I didn't get a brilliant deal, but also I didn't get ripped off.