Offers & rejection

shortcrust

If someone put in four offers in a day after such a short time on the market I'd be getting excited.

It sounds like if you had the extra 5k you would offer the full asking price. To me that suggests that that's what it's worth. Ask yourself why you're not going for the properties at 124 and 150. I've paid well above asking price to get my house because it's worth it to me. The price of properties I wouldn't dream of buying doesn't make me think I've overpaid.

Thrugelmir

Fleabag wrote: »

The fly in the ointment is that the house we like only came on the market a week ago.

So having received an offer of £150k very quickly. The vendor may well consider that a higher price is achievable. No harm in allowing further viewings. There's nothing better than a bidding war.

telling the agent that the Zoopla estimate was

People will pay what it was worth to them to live there.

AnotherJoe

The owners inherited a larger property, so are not in a chain themselves, nor desperate for the money. They did indicate that they want to rid
.

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Well yes, that's why they are selling! But everything else favours them playing a waiting game, you've gone from 140 to 150 in hours so they can wait a few weeks for a higher offer with you as a nice backup. I'd continue looking for other places.

brodawel

OP only time will tell. It's frustrating for you because you feel it's overpriced so it's likely they will not get a better offer, or from someone in such a good position. Unfortunately they won't realise this until it's been on the market for a while and they don't get other offers, and viewers stop viewing. By then they'll see that your offer was in fact fair and they should have snatched your hand off. So in three months time when no one else has offered they will probably expect you to proceed at the same price even though no one else wants it. However it could get snapped up tomorrow by someone else willing to pay more.

Fleabag

Point is, I don't think 150 is an unreasonable offer - it's the time on the market, not the price itself, that I feel is the greater deterrent.
Granted, maybe I came across too keen too quickly, but things are always clearer in hindsight (and research on articles & forums suggested that 10% below wasn't unreasonable - my father persuaded me to start a little lower due to our cash/no chain appeal).
We could find the 5k if we desperately want it, but it leaves us with so little after paying the 2nd house stamp duty (which I'll get back when my house sells).
I have a lot of cosmetic (and some improvement) work to do to give my home the best chance of a reasonably quick sale at a REALISTIC price (I want to offer a well-presented/functioning cheap house).
I don't know that I can afford to do what's needed in both my existing and the new properties if we spend so much of the last of our savings.

Fleabag

oystercatcher wrote: »

The thing is you aren't in an Indian Market you are buying a house in the UK. I would be massively annoyed at recieving multiple low offers and wouldn't trust that person at all. Especially if the house hadn't been on the market for long.
If you really want somewhere put in a decent offer with maybe a little wiggle room for negotiation.

I wasn't suggesting they are the same (and was being a little facetious). I was just making the point that it's not common sense to go in with your true final offer, as it leaves no room whatsoever to meet somewhere between the two 'ideals' from each side.

david1951

You may have been sensible to offer 10% below, but the seller not giving a counter offer to your first bid could have been your sign to let them stew for a week or so.

Don't get emotionally attached and just let sit on the market for a while. Tell the estate agent you remain interested but will look at other properties.

Or give them 155 If you don't want to risk losing it.

It's really nothing like haggling at an Indian market. For starters, you have no idea what sort of person you are dealing with.

Mossfarr

I would just leave it for a while, the vendors may not be in any rush but the reality of paying the council tax, insurance, gas & elec, maintenance costs etc etc will soon sink in.
You are in a strong position, cash offers are usually only made by investors and they definitely do not offer so close to the asking price, it's usually much much lower.
I would give it a week, tell the EA £150K is your final offer but as an added incentive you could offer to complete within 28 days.

Fleabag

david1951 wrote: »

You may have been sensible to offer 10% below, but the seller not giving a counter offer to your first bid could have been your sign to let them stew for a week or so.

Don't get emotionally attached and just let sit on the market for a while. Tell the estate agent you remain interested but will look at other properties.

Or give them 155 If you don't want to risk losing it.

It's really nothing like haggling at an Indian market. For starters, you have no idea what sort of person you are dealing with.

I'm not sure it's truly possible to be completely emotionless about the process - after all, when contemplating spending 150k, it's only because you've already made a connection with the place & can picture yourself making a home there.

I agree, in hindsight, I may have responded too soon, though at least I suppose I learned that he didn't consider 140 worth negotiating over, but his revealing his minimum at my 2nd offer perhaps means he saw 145 as a more serious attempt to find a mutually agreeable price.

Right now, I think we're fairly determined to stick at 150, but I do plan to email the agent and put it in writing and say that we will leave it on the table for them to consider until such time that we find an another suitable property.

If it's still on the market in a few weeks, we might remind them of the offer - or if we really feel nothing is coming onto the market that we like as much, perhaps we'll reconsider if they won't move & increase it to 155

Fleabag

Mossfarr wrote: »

I would just leave it for a while, the vendors may not be in any rush but the reality of paying the council tax, insurance, gas & elec, maintenance costs etc etc will soon sink in.
You are in a strong position, cash offers are usually only made by investors and they definitely do not offer so close to the asking price, it's usually much much lower.
I would give it a week, tell the EA £150K is your final offer but as an added incentive you could offer to complete within 28 days.

That's reassuring, thanks. I have already said we would be interested in completing as soon as possible - 28 days or less would suit us (and I have the time to hassle people we employ to do things).

I also thought of the costs of keeping the property. They don't have the horrendous stamp duty owed as I will (because they inherited), but keeping services switched on & paying council tax all mounts up