Asking price vs selling price

Willapp_2

It sounds to me like you need to call their bluff, and submit a "final offer" that is time limited. It might also look more convincing if you don't offer a whole figure - like £215k, but instead offer "£215,490" or similar. It might not achieve much, but it looks more like you've actually calculated your absolute maximum offer, rather than plucking a figure out of thin air.

Tell them when making your next offer (if you make another) that this offer is final and only valid for a week (or whatever) after which you will look at other, more reasonable properties, and won't go back.

Edit: for what its worth, I can sympathize with the sellers - it must be sad for them to have had an offer of £223k on an asking price of £225k. They will want to hold out for a similar offer, or it will feel like they've "lost out" on the difference between your offer an their previous one.

However... time will tell if they manage to get that sort of price again - if they've already found a house they like, this isn't a luxury they will have. Wait a while and see how their attitude will change if they see their new home slipping away!

fiji_dave

Hi willapp,

cheers for the advice.

I agree that they might feel they're losing out on the difference, but my view is that the previous offer would only be valid if the potential buyers had actually been able to raise the finances!
I could view houses I can't afford and put in offers very close to the asking price but would that be a valid offer?

We'll see how it goes later on, though I expect the owners are reluctant to let the previous offer figure go.

Doozergirl

I pretty much agree with Willapp.

I can see why you don't think that the £223k was a valid offer but it doesn't offer any proof that the house isn't worth that much.

If you're prepared to walk away, that's great. It is how you'll get the best deal in the end.

ruggerboy

Hi

I also agree with Willapp's advice.

Also, are there any similar properties in the area but at lower asking prices, say £220k? If so, you could keep your offer on the table but say that you're also looking at other similar, but cheaper, properties - making sure that you prove that there are cheaper properties available to the estate agent.

Chris

Mrs_Optimist

We were in a similar position a few months ago - saw a house with amazing potential but was way overpriced for the amount of work that needed doing. We called ths EA and registered an interest and told them the top price we would go to and the reasons why (ie we weren't taking the mickey but knew the house was overpriced for the work that needed doing). The house eventually sold (not sure how much for) but we were prepared to walk away and have now found a much better house for a much better price, with bags more potential and is actually habitable. The moral of the story is stick to your instincts, be prepared to walk away and something ALWAYS better comes along. We are so glad now that someone else was gullible and stupid enough to pay over the odds because we have found somthing far, far better which makes it a lot easier to laugh about with hindsight.