First time buyer

Leash

Hi, me and my partner are FTB. We’ve seen a property that we’d like to buy. House is priced at 140 vendor said he won’t except an offer of less than £135 we offered £135 he then said £136 so we offered that and now he’s came back and said £137?! Even the estate agent has said he’s being greedy but I just don’t know what to do. I really want this property but struggling to settle on a amount. Any advice? 

Mnoee

There's absolutely nothing to stop the guy from letting you do surveys and solicitor searches, (spending a few grand in the process) have a mortgage in place and then demand £140k or even more right before exchange. If he's being like this now, there's no telling what he'll be like then. I'd walk at this point - if he's countered an offer and you agree, that should be the end of it. 

greatcrested

If you walk away at 137, will you spnd the next 6 months regretting and kicking yourself?

If you buy it for 157, or even the asking price, will your spend the next 6 months regretting spending so much?

It's a negotiation. The seller wants as much as he can get. You want to pay as little as you can get away with.

At some point you'll agree. Or not.

hazyjo

So stop increasing your offers! It may even be the EA saying to the vendor, leave it with me and I'll squeeze what I can out of them. Remember, they work for the vendor, not you.

Say absolutely not, 136 is your final offer. Leave the ball in their court. (Unless of course there's a lot of interest!)

niceguyed

I've been in both positions as vendor and buyer.  Your strongest card is you could walk away.  Theirs is if they have further interest to give them confidence of achieving a higher price.  It seems like you have found their lowest price at 135, and then they got sellers regret at 136.  Much depends on how much you want it but if I was a motivated seller I wouldn't be messing around accepting an offer for 136 and then risk scaring off my buyers for the sake of 1k.  I'd agree with other posters, offer 136 and leave it there if that's your best offer.  If the seller is remotely motivated they will take it but I'd let them stew.  

MFWannabe

Leash said:

Hi, me and my partner are FTB. We’ve seen a property that we’d like to buy. House is priced at 140 vendor said he won’t except an offer of less than £135 we offered £135 he then said £136 so we offered that and now he’s came back and said £137?! Even the estate agent has said he’s being greedy but I just don’t know what to do. I really want this property but struggling to settle on a amount. Any advice? 

Say 136 is your max and reiterate that you are FTB’s so no chain 
If you go back and say 137 then seller could carry on until you reach asking price 
Ultimately it will depend how much you want the property, how long has it been on the market? How much interest is there?