Offers in Excess of - reduced price advertised but they want the original price

Linton

Selkie56 said:

I have made an offer on a house which had been recently reduced from OIEO £195k to OIEO £190k. I'd been advised by the estate agent that the vendor was looking for more than £190k so I offered £192k. That offer was rejected so I upped my offer to £193k.
But I have now been told that the vendor wants more than the original £195k. So why advertise it with the reduced price?
The agents are reputable and I've had viewings with them before and they are very helpful but I am confused. Was that reduced price misleading?  Or is the vendor holding out for more now that I've made an increased offer? 
I really like the house but I am cross and unwilling to enter into a back and forth negotiation. 
Any suggestions as to how best proceed?

Dont go up £1K at a time, it wastes time and suggests to the seller that if they say no you will come back with a better offer.   If you are happy to pay £1K more would you really refuse to pay £2K more.

Better to jump to somewhere near what you are actually prepared to pay with the implication that this could be your final offer.  You are then putting the pressure on the buyer.  If it turns out they are not prepared to sell for what you are prepared to pay then walk away as soon as possible and use the time to look elsewhere.

caprikid1

Have to admit, every house purchase I have ever made when I look back the amount I got off was really academic on the whole scheme of things even though it felt substantial at the time (£30K lasttime).

It's a game , if you are happy not to get the property for the sake of £2K then stick to your guns. If you want it and £2K more will secure it offer it and move on.  Too many buyers try and make what is a very emotional purchase of a home a BTL commercial transaction, they are not and cannot be treated in the same way.

This is not a logical process, there could be 4 or 5 irrational individuals in the process.

Selkie56

Thanks everyone. Vendor asked for another £1,000 on top of my offer but we met in the middle. Happy with that.  

ThisIsWeird

Selkie56 said:

Thanks everyone. Vendor asked for another £1,000 on top of my offer but we met in the middle. Happy with that.  

Great news - congrats!

youth_leader

I'm sorry to read this. I hope your tabled offer is accepted.  

I was selling my listed building which needed work at £450K and received an offer of £395K.  The buyer pulled out when I told the EA I'd like £400K - they hadn't had a survey.

I changed EA and they suggested I remarket at OIRO £400K.  I then got an offer of £355K, the buyer reduced this to £305K after his survey, citing quotes for works that were obvious on viewing,  it just got ridiculous. 

I ended up going to auction and getting even less, it was a horrible ordeal and I still feel I let my late husband down.

ThisIsWeird

youth_leader said:

I'm sorry to read this. I hope your tabled offer is accepted.  

I was selling my listed building which needed work at £450K and received an offer of £395K.  The buyer pulled out when I told the EA I'd like £400K - they hadn't had a survey.

I changed EA and they suggested I remarket at OIRO £400K.  I then got an offer of £355K, the buyer reduced this to £305K after his survey, citing quotes for works that were obvious on viewing,  it just got ridiculous. 

I ended up going to auction and getting even less, it was a horrible ordeal and I still feel I let my late husband down.

Horrible experience, YouthLeader. A niche property, it sounds like, with a limited number of folk who'd be interested. Or was it just the timings - a slow market? Hopefully it gave you many happy years while it was yours.

I think Selkie - the OP - was telling us that they've had a success, and their compromise offer accepted - without any more shenanigans :-)

youth_leader

@ThisIsWeird, definitely niche as a disused railway station on a live line.  I did a few viewings and people would ask the times of the trains, we didn't notice them until bad weather/snow and they stopped running   Thank you, yes, happy memories and I do miss the bird song terribly now I'm in a bungalow in surburbia.

ThisIsWeird

youth_leader said:

@ThisIsWeird, definitely niche as a disused railway station on a live line.  I did a few viewings and people would ask the times of the trains, we didn't notice them until bad weather/snow and they stopped running   Thank you, yes, happy memories and I do miss the bird song terribly now I'm in a bungalow in surburbia.

Trains are quite magical

How long did you both live there for?

Bitter-sweet memories, I'm sure, but remind yourself that few folk are fortunate enough to have had even the chance to match them.

youth_leader

We bought in 1999, my husband died in 2016 and I went on the market in 2018.  Sold at auction at the start of lockdown in March 2020.  It was magical, I remember the Royal train passing with Prince Charles at the time, the driver waved at us!