Offer on flat-have I done a silly thing?

pokey128

Hi all!
Our flat has been on the Market for 2 months and we have had 20 viewings. Today we had a call from the ea to say that someone had made an offer of £210k. (flat is on at offers around 225 which was the home report value). We turned the offer down and now I'm having second thoughts. Ideally we were looking for 215-220 but 210 isn't that bad really. My main thinking was that buyers dont normally make their best offer straight away and sellers don't normally accept a below asking price offer without some negotiation.

The offer came in at noon and we haven't heard anything since so now I am panicking that we have lost our buyers!

What do you guys think?
(it's a 2 bed flat in Edinburgh)

Cheers

McKneff

Just hang fire for a couple of days, it's normal practice to make you sweat.

The offer has shown that they are at least interested. The EA will probably be in touch tomorrow offering more or to let you know that they are not interested.

KateLiana27

Maybe, maybe not.

Treat each offer on its own merits and never assume that buyers will come back with a better offer. Some more sensitive/inexperienced buyers may even be put off by an outright rejection. It's usually best to sweeten the refusal by saying something along the lines of "we'd really love for you to have the house, but we just can't go that low; is there any way we can meet in the middle at x price?" (and get the EA to repeat this verbatim to the buyers).

That said, you've had a decent amount of interest in your place in a short period of time, and their offer was less than you wanted. I wouldn't sweat it.

firsttimetom

I only ever put in one offer, and the vendor can take it or leave it. I'm not interested in ping pong negotiation.

I do stress the point of one offer only to the EA so he can inform the vendors. I feel it makes the vendor actually consider the offer rather than just blindly say no with the expectation of a higher second offer.

This is an unusual tactic though and one EA rang me back to say an offer had been turned down, but they would accept £xxx more. I said it really was one offer only and he said he thought I was joking as 'that's not the way it works'. Ended up selling for less than I offered too!

Assuming your buyers do things the normal way, and if they do like your flat, they will probably just be holding fire whilst they discuss things and plan finances. It's such a big decision to make and a few thousand pounds extra could really be pushing it for them.

If I were you, I would wait over the weekend. If they are going to increase their offer, they will probably do so next week.

pokey128

Thanks guys! The couple buying are looking for a city flat to stay in at weekends and for their children who go to a nearby private school. I just have a horrible feeling that we turned them downtoo quickly or the ea were rude to them or something! I hate the fact it's the weekend now!

elljay

firsttimetom wrote: »

I only ever put in one offer, and the vendor can take it or leave it. I'm not interested in ping pong negotiation.

Gosh that is so refreshing to read that - I've always done the same too, whether buying or selling (though when selling I've mostly done private sales not through an agent)

It may be an unusual way of doing things and my own useless protest against the system but it's worked fine so far, we all know where we are and there's no wondering as you are at the moment.

Once you've made the decision to sell then your mindset is usually on your move and where you're going to next rather than viewing your current house as your home - in which case £5k makes no difference. If I was ready to move I'd have taken it do do the deal and look forward to moving day.

Don't things work differently in Scotland though?

EchoLocation

I don't know the context of the market in your area so I can't say whether it was a silly thing or not, however - and I hope you don't take this the wrong way - did you turn it down out of neccessity or greed? I think that may ultimately answer the question for you.

pokey128

no offence taken Echolocation! I'm trying to decide the same thing! our market is fairly bouyant at the moment but not so much so that i can just disregard an offer! Whilst we will not be in negative equity or anything if we accept £210 it will limit what we can buy to a certain extent (it will take us over the 75% ltv barrier). I'm really wanting to contact the buyers and explain all this to them but its just not the done thing in scotland

EchoLocation

pokey128 wrote: »

no offence taken Echolocation! I'm trying to decide the same thing! our market is fairly bouyant at the moment but not so much so that i can just disregard an offer! Whilst we will not be in negative equity or anything if we accept £210 it will limit what we can buy to a certain extent (it will take us over the 75% ltv barrier). I'm really wanting to contact the buyers and explain all this to them but its just not the done thing in scotland

Problem is, everyone is now fully aware of the current negativity and state of the housing market, so even in the bouyant areas buyers will have this in mind.

Not to add to your worries, but personally I'm another buyer who will make only one offer, take it or leave it. And whilst I'm pretty much at the other end of the country to you, 225k for a 2 bed flat to me is beyond insane, so the fact you got an initial offer so close to asking I guess you should see as a positive.

pokey128

Thanks for your input! Edinburgh, unfortunately, is stupidly expensive even for flats and ours was pretty cheap for the area. I think I might go back to the buyers on Monday and accept their offer if it is still on the table. If they have withdrawn it then it's my own fault and I have to hope someone else wants it too!

sooz

pokey128 wrote: »

Thanks for your input! Edinburgh, unfortunately, is stupidly expensive even for flats and ours was pretty cheap for the area. I think I might go back to the buyers on Monday and accept their offer if it is still on the table. If they have withdrawn it then it's my own fault and I have to hope someone else wants it too!

Why would you go back & accept it? You've already said no- rather quickly, but it's done now. Go back, & say you've had the weekend to think about it, & it's really not far off what you would accept. Would they care to revise it upwards by £5k. Then wait.