first offer, too high?

bumgum

hi.

we accepted an offer on our house a couple of weeks ago, so we are in a good position.
we've seen a house we really like that's on the market for £145.000, ticks all the boxes, excellent location for schools for the kids etc...
now, we put an offer in at 135.000 which was rejected (the house has only been on the market for around 2-3 weeks), the EA said he priced the house at 145.000 & look for offers around 140.000, but we really can't stretch much further than our offer, due to the price we sold our house for.

the vendors are moving & need to move before sept.

how should i play this? any advice would be really welcome.

PasturesNew

If you can't afford the amount they're expecting, then say nothing/do nothing... silence is golden

There's a rule in sales "The one who speaks first has lost".

bumgum

well, the EA will be phoning for feedback next week, what should i do?

geoffky

wait and wait because at the end of the day if they do not find a buyer then the price is wrong..prices are falling at the moment.

bumgum

what stuns me, is that the offer we made was £10.000 less than the asking, was refused. Not many people will get asking prices for their house in the current climate. It's frustrating because they might not get another offer better than ours, hell....if we got £10.000 less than the asking 10 months ago when we put our house on the market, i would've snapped their hands off!

geoffky

I agree with you,We have just found out that a house that we offered on three years ago with a offer of 190k and a asking price of 270k sold three months ago for 183k. some people just have no sense when it comes to houses..sellers and buyers.

mcc100

I'm sure that if the property had been on the market for months rather than weeks then they would have accepted your offer immediately .....

bumgum

mcc100 wrote: »

I'm sure that if the property had been on the market for months rather than weeks then they would have accepted your offer immediately .....

i totally agree.
i suppose another thing in our favour is the fact they have to move before september.
do we tell the EA that we have cooled our interest or do we say that the original offer is still on the table?

dorset_nurse

Most people also expect the first offer to be rejected, so the sellers are assuming you will come back with a higher offer. Don't say anything- you may already have offered too much. Let them sweat!

CloudCuckooLand

Buyers rarely stop at their first offer. Vendors know this, and assume you will come up by some amount.

You could go back with another £2k, and say that's all there is...

If you really thought £135k was the right figure, you should have started at £132 and then allowed yourself to get talked up to £135k.

Chris55_2

Look at it from their perspective... they haven't been on the market long and they've already had a good offer. They will be thinking "someone will come along next week and offer more" or they may be thinking "someone is interested and has made an opening offer, perhaps they'll raise it". However, as time goes on they will be worried if they really need to move by September.

As others have said they probably don't know what it's like out there. If you really want it you could take the risk and press ahead with your sale (to rent if necessary for a short time) - then you'll be in a good position. Keep looking as well, as something else may come up.