Vendor coming back to us after a month

Doozergirl

Stick to the old offer of £380k

lookstraightahead wrote: »

In theory I think £380k was a very good offer - I would expect to knock 10% off any asking price. Clearly they want to sell and sounds like quite quickly. I would have gone off the property by now with that offer being rejected, but if you still want it, offer what it's worth to you now (bearing in mind the probability that no one has offered what you have).

What strange vendors rejecting an offer so near to the asking price.

Do you buy a lot of houses?

Vendors are optimistic initially and estate agents never suggest taking offers 10% under the asking price when valuing, so why would a vendor expect to accept that straight off the bat? Everywhere is different. Earlier in the year we were having to bid over asking price, currently I doubt that is true but I'm not sure why you think what you would do is normal or that it would normally be accepted.

I think most people would drop asking by 5% before accepting 10% less. It will show them the market better.

Buying a home is emotive, I also think it's odd that you'd go off a house after four weeks. That isn't how most people operate. If it's the right house in the right area and £380k was the right price four weeks ago - and nothing better has come up - then it indicates that the offered price isn't that bad because there is no competition.

The vendor has had a chance to consider the offer and wants to sell. It's turned out to be a good move on the part of the OP as they've considered this offer, simply because it is on the table, rather than holding out or reducing.

shortcrust

lookstraightahead wrote: »

In theory I think £380k was a very good offer - I would expect to knock 10% off any asking price. Clearly they want to sell and sounds like quite quickly. I would have gone off the property by now with that offer being rejected, but if you still want it, offer what it's worth to you now (bearing in mind the probability that no one has offered what you have).

What strange vendors rejecting an offer so near to the asking price.

I think they’d have been stranger vendors if they’d accepted the first offer they’d got despite it being 20k under. And you could say strange buyers for not agreeing to buy at a price they’d previously offered for the sake of 5k.

Around here most houses go for more than the asking price so you’d be mad to rush to accept a low offer.

RelievedSheff

johnathan45 wrote: »

Where I live, the house price inflation over the past year is about 0!

Where I live it is 3.4% so taking 1.3% as an average probably isn't that far off.

ThePants999

Stick to the old offer of £380k

1.3% wasn't a guess, it was ONS data. As I say, though, national average, and regions vary significantly, down to -2.9% in the worst performing area.

pinkteapot

Stick to the old offer of £380k

lookstraightahead wrote: »

In theory I think £380k was a very good offer - I would expect to knock 10% off any asking price.

Have you ever managed it?

Last three houses I sold:

1. 5% under asking
2. 6% under asking
3. 2% under asking

And when buying, the best we've ever done is 3% (to be fair, I'm particularly fussy about houses and when I find The Right One, I want it!). However, we only view houses where we think the asking price is about right. We don't bother viewing those that come on at hugely optimistic prices.

MysteryMe

johnathan45 wrote: »

Any suggestions?

Yes, don't listen to your partner. Do you want to buy the house or don't you?

The vendor was not being unreasonable rejecting the offer at the time if the house had only been on the market a week.

Crashy_Time

johnathan45 wrote: »

Yes, that's right. We are still looking. It is worth mentioning that some other houses we are not interested in have reduced their asking prices in the same period.

What postcode is this?

lookstraightahead

Reduce it to £375k

I have never ever ever bought for more than 90% of the asking price and have always accepted 10% below (or rather what I would expect to accept).

I've bought and sold many times.

lookstraightahead

Reduce it to £375k

Doozergirl wrote: »

Do you buy a lot of houses?

Vendors are optimistic initially and estate agents never suggest taking offers 10% under the asking price when valuing, so why would a vendor expect to accept that straight off the bat? Everywhere is different. Earlier in the year we were having to bid over asking price, currently I doubt that is true but I'm not sure why you think what you would do is normal or that it would normally be accepted.

I think most people would drop asking by 5% before accepting 10% less. It will show them the market better.

Buying a home is emotive, I also think it's odd that you'd go off a house after four weeks. That isn't how most people operate. If it's the right house in the right area and £380k was the right price four weeks ago - and nothing better has come up - then it indicates that the offered price isn't that bad because there is no competition.

The vendor has had a chance to consider the offer and wants to sell. It's turned out to be a good move on the part of the OP as they've considered this offer, simply because it is on the table, rather than holding out or reducing.

In my experience (of which I do have a lot) houses are always overvalued for negotiating room. Of course they are, that's what happens in England.

RailwayFTB

We had a similar scenario. Offered 15k under asking after a bit of negotiation. Got initially declined then they came back and said they would take it. We deliberated overnight about whether we would drop again but decided not to. It was the dream house and we wanted to show commitment and avoid any issues with sellers pulling out later down the line due to price (obviously can’t guarantee that but a bit of willing goes a long way). 5k over a 25 year mortgage is nothing.... is the house the worth it? Would you be happy if you lost it?