Offer rejected :-(

alx2010

Made an offer on a house on Monday - only 10k below asking price on a 325000 house, but we have been rejected - they want an extra 5k
I thought this was a buyers market!

Plans_all_plans

What position are you in - FTB, no chain etc would put you in a better place to put in offers and not budge a penny higher.

Can you afford to go higher? Are you happy the house is worth more? What exactly did the agent say?

When we were buying they really pushed us to go higher, so we offered £500 more and said that we'd had to borrow it off of relatives and that it was the final offer. It all depends on how desperate you are for the house. Personally, I'd be inclined to either say "we'll leave that offer on the table as our final offer" or go up a few hundred quid and stick there. I always think another good house'll come up though.

Gwhiz

All depends on how aggressively the house is prices or how motivated the sellers are.

There's no such thing as an "average" market

zappahey

Why do you expect them to accept your first offer?

They probably expected that you were making your low first offer and there was more to come and, frankly, your offer probably wasn't low enough as an initial negotiating position.

alx2010

yes we are cash buyers, in rental at the moment. And yes we could go higher, house is below budget.
Half of me is thinking they are just being greedy - and to walk away and see what happens.
Trouble is we live in a village and not many houses in our price bracket coming on.
I think OH is keener than me so we shall see what he says!

Gwhiz

zappahey wrote: »

Why do you expect them to accept your first offer?

They probably expected that you were making your low first offer and there was more to come and, frankly, your offer probably wasn't low enough as an initial negotiating position.

Have to agree that in this market Id have gone in at £30K below at least (assuming they have not already priced aggressively)

asharon

Some estate agents are stuck in the whole play the game mindset and love doing the deal.

Your best bet is to go back and offer a little bit more (£50+) and say that is our maximum and they take it or leave it.

alx2010

zappahey wrote: »

Why do you expect them to accept your first offer?

They probably expected that you were making your low first offer and there was more to come and, frankly, your offer probably wasn't low enough as an initial negotiating position.

Well we knew that they already have an offer on the table for 305000 so did not want to go in too close to that.
The house sold a few months ago for 325 but the buyer just pulled out so I think our offer was realistic.

gingertips

Go to agree - you as the buyer hold the cards here....to the seller they are risking losing a buyer (again) for 1.5% of original asking price...definitely sounds like making your offer a best and final and wait with baited breath...their perception is they will get the full asking price - well at the moment the only other offer has been 305k so you have nothing to worry about!

alx2010

Thanks for your replies - it's helping as i'm finding it hard to be objective here!

angrypirate

Is it worth that much?

If not go back and offer 5k less. Tell them they got 2 days then its withdrawn.