Full and Final Offer

opinions4u

Interested in opinions over a "full and final offer".

Asking price was £180k. Got viewings, no offers (all feedback reliant on viewers selling their own property).

Reduced to £165k.

Received an offer of £136k.

Been increased twice to £144k. Estate agent says it's "full and final". Said we'd accept £160k (there's no stamp duty).

EA has now gone in to silent mode.

Would like to know any theories on their gameplan before my next move.

Your thoughts please!

MissMotivation

opinions4u wrote: »

Interested in opinions over a "full and final offer".

Asking price was £180k. Got viewings, no offers (all feedback reliant on viewers selling their own property).

Reduced to £165k.

Received an offer of £136k.

Been increased twice to £144k. Estate agent says it's "full and final". Said we'd accept £160k (there's no stamp duty).

EA has now gone in to silent mode.

Would like to know any theories on their gameplan before my next move.

Your thoughts please!

The fact that the person who has offered has stated it's their "full and final" offer doesn't leave you any negotiating room.

If they are not prepared to increase to £160,000 and you are not prepared to reduce to £144,000 then there is no deal to be done.

ognum

opinions4u wrote: »

Interested in opinions over a "full and final offer".

Asking price was £180k. Got viewings, no offers (all feedback reliant on viewers selling their own property).

Reduced to £165k.

Received an offer of £136k.

Been increased twice to £144k. Estate agent says it's "full and final". Said we'd accept £160k (there's no stamp duty).

EA has now gone in to silent mode.

Would like to know any theories on their gameplan before my next move.

Your thoughts please!

Sounds to me like you dont have a next move unless you reduce the price or accept the offer!

EA has told you the offer was final but that doesnt have to mean it is but mostly does Either they have no more money or just dont think your home is worth any more EA probably just doesnt know where to go with you what was his advice with the offer accept or reject?

I think the problem is that you think its a game! I guess it depends how much you want to sell etc etc etc

amblondon

If your £160 is firm, then there's no point in you doing anything. If it was tactical and / or you're prepared to get screwed, go back to the EA.

Artica

Bought my first property 2 months. Was first listed for 190K, reduced to 180K, then 175K then 169 and finally to 160K
Offer 150K first and final. They wanted to sell, that's all I was ready to paid for it. No playing around. They have their money, I have my house.

I think it all depend on your situation but as we all know this is a buyers market and if you are not ready to accept this buyer's offer, you will have to wait for another buyer to come along but most of the time your won't have the upper hand.

I hope you sell your property soon

opinions4u

I think the problem is that you think its a game!

It certainly is. Unfortunately there's money at stake so before I cave in (which is possible) I want to see if anybody has a good theory on the psychology the buyer and EA are using. The EA certainly seems to have forgotten who the client is, that's for sure!

If the psycology is "the buyer really can't afford any more" then it's good to know, even if it's painful!

What I don't know is how much the buyer is really prepared to pay. They got to "full and final" rather quickly after an optimistic punt.

Appreciate all the comments so far. Realistic as to what the market holds at the moment, just a tad unwilling to roll over and die to the benefit of somebody trying it on.

MX5huggy

Talk to the EA , as you say they are working for you. But at the moment you are £16k apart and no one seems inclined to close the gap so the EA is right not to waste time.

bribri_2

As a buyer I put an offer of 195 on a house for sale at 250. Was rejected. Then offered 215 as final offer. I can't go higher. I want to show I am keen but I don't want EA to think I can be tempted to edge upwards. It will probably be rejected and so I will move on.

AFK_Matrix

I had much the same situation as Artica. House was on at offers in excess of 160k and thus I hadn't even looked at it as it was 10k over my budget. But EA said go and have a look and see what you think. It was lovely but I said my max I could do was 153k, so off he went with the offer to the vendors. Got a call back a few hours later saying could I do 155k, I said nope 153k was my absolute limit. The vendors thought is over for 2 days to see if they could make my offer work and in the end they accepted. It was probably to do with the fact they had a previous sale fall through at the last minute and I am also suspecting they had found their dream home and didn't want to loose it.

There are lots of reasons for the final offer from these people. All you have to look at is are you happy to accept that amount and if not say no we want 160k and leave it with the people who offered. They will either walk away or come back with a higher offer, and so the game continues

sugarwalsh

I don't think it matters about the buyers psychology particularly. You could counter offer, accept or decline. It all really depends on what you can afford to accept. Have you tried contacting EA to ask what the reaction was to 160?

Best of luck.

Megan

poppysarah

If you're convinced you'll get a better offer then wait.