Reduce by 10k but OIEO?

Surrey_EA

I'm not sure that I agree that if a property is overvalued at £250k the true price is £245k. A change of 2% in the asking price is unlikely to make a great deal of difference.

Personally I'm not a fan of quoting an OIEO price, some buyers find it confusing, and others ignore it altogether. If your bottom line is £240k I'd leave the price at £250k and see how you get on.

GrumpyTeacher

DaftyDuck wrote: »

Avoid "Guide Price", OIEO, or any of the equally irritating variations. Choose a price to market at, and sound confident {even if you are not.... }

If you have a dream home to buy, have the agent follow up any offers that could conceivably be chased high enough to grab the house you want. Faffing over five thousand that might be left in the bank is not worth it, under those circumstances.

If the possible buyer could stretch to £240k, and you could bottom out at £240k.... I'd get your agent busy right away, and see if the deal can be done.

So is it ok to tell my EA what we would accept?

Hoploz

I would suggest that the agent has deliberately told you this viewer's limit is 240k, to see what your reaction is.

As you've told them it'd be acceptable in principle they will probably go to work on those people to get them to offer.

However, my gut reaction is that, as has been said already, if they really wanted the house they would have reacted differently. They perhaps felt it wasn't quite right for them, didn't get 'the feeling' or whatever, and as there wasn't anything particular to feed back they just said the price was too high.

But now the EA knows you're not over-sensitive about getting the 250k he will explore other avenues as well. Sounds like he's doing his best. Remember you only need ONE person to fall in love with it!

ellie27

emmajanekitchen wrote: »

So is it ok to tell my EA what we would accept?

Yes, its part of the negotiations. But since you only have an offer of £225k then there is no point telling the EA to let them know you would accept £240k.

DaftyDuck

emmajanekitchen wrote: »

So is it ok to tell my EA what we would accept?

Well, yes, but possibly slightly guarded. Some estate agents are better than others at negotiating, others are better at lining their pockets. So, you could say that, if it did enable you to get your "dream home", you could just scrape to £240k... but I'd probably say £242k to them. If they come back telling you that the buyer really, really could only stretch to £240k, then you could "chat to your husband" {I know, sexist claptrap! } , or find a way of just managing to drop that last two thousand.

The agent would rather sell your house full stop than sell it for a better price. He'll make a tiny bit extra for the £5k (five to ten quid), so he doesn't really give a fig... he just wants to sell it at any price.

Equally, the buyer is actually more likely to be keen if he believes he's pushing you to the very limit, and even a couple of thousand beyond... he'll be certain he's got a bargain!

Thrugelmir

emmajanekitchen wrote: »

So is it ok to tell my EA what we would accept?

You can only consider the offers that people actually make. Setting a high bar may discourage people from even viewing.

Mallotum_X

Dont use OIEO or any of the other gimmicks these are ignored at best or irritate bidders. If you think its worth 240 then try 245 or even 242500 and see if you get interest. However it sounds like you may either have a long wait or have to accept that 240k is on the high side.

Davesnave

I have doubts that it's really your 'dream home.'

If it was, you'd postpone the refurb for now and grab it.

I did/would!

Daerve

emmajanekitchen wrote: »

Worried we will lose our dream home!

If it's your dream home then accept the offer on the table for yours.

jbainbridge

Sounds like you EA has rung people that can't afford it. They did that to us - come and have a look ... you could always make an offer!

Or you are being unrealistic - do you really think 240 is achievable? or is it that you 'need' that?