What Does 'Or Near Offer Actually Mean'?

russellsnr

Hi, Just some advice please. We saw a house at £145,000 Offers In The Region Of so we offered £137,500 turned down, £140,000 agent came back £141,000 now in the scale of things that £1000 is not a big deal but what percentage would be ment by the Offers In The Region Of statment?

We assumed it would be around 10% of the asking price? And is the agent playing the honest game?

Thankyou

Doozergirl

It doesn't mean anything.   It's totally down to the seller what they will accept and even that can become fluid. 

It's got nothing to do with the agent.  They're just trying to get you both to meet at an acceptable point. 

It just means 'in the region of', which £141k is.  That's it.  

pinkteapot

There's no honesty issue here. Agent just wants you to offer as high as possible. They think you'll go a bit higher. Your options are to say "No, £140k is our max, take it or leave it". Or "OK, £141k". Seller's unlikely to turn down £140k if they'll take £141k so you could try calling their bluff. Nothing to stop you then increasing later. Alternatively, for the sake of £141k, you might just want to get the deal tied up. 

russellsnr

Thanks for the replies and it is sods law, not 10 minutes after I posted the agent was on the phone and saying he thought the vendor should down her expectations as ours is a good offer. Thanks again.

timeism0ney

Don't agents always say that? As the previous poster said, agent's main goal is to get you both to agree on a price. So he's just as interested in the vendor accepting your offer, as you offering as much as you possibly can. I wouldn't trust that he genuinely thinks your offer is a good one, and it certainly won't be a good offer once another buyer offers more (if that happens).

How long has this property been on the market? If not long, then the seller is more likely to be still hoping for the asking price. 

lisyloo

pinkteapot said:

There's no honesty issue here. Agent just wants you to offer as high as possible. They think you'll go a bit higher. Your options are to say "No, £140k is our max, take it or leave it". Or "OK, £141k". Seller's unlikely to turn down £140k if they'll take £141k so you could try calling their bluff. Nothing to stop you then increasing later. Alternatively, for the sake of £141k, you might just want to get the deal tied up. 

Just a caveat about calling someone’s bluff.
i.e. saying you will walk and then offering more.
some sellers will refuse to deal with such people, either because they are offended or possibly because they take a rational decision not to trust someone who does this kind of thing.
Ive certainly known sellers refuse to deal with buyers who do this kind of thing “at any price”.