Overpriced house, offer rejected, what now?

itsthelittlethings

https://forums.moneysavingexpert.com/discussion/comment/81879102#Comment_81879102

If fair market rate is 715-725 it’s not massively surprising they rejected 700.

runningrafan

https://forums.moneysavingexpert.com/discussion/comment/81879108#Comment_81879108

Yes but offering that straight away isn’t a very good negotiation technique

itsthelittlethings

https://forums.moneysavingexpert.com/discussion/comment/81879156#Comment_81879156

I’d probably offer fair market value but that’s just me.

TheJP

Its not rocket science, they want more than you offered. Offer more or don't.

silvercar

https://forums.moneysavingexpert.com/discussion/comment/81879040#Comment_81879040

I disagree. Always be polite in case they have a change of heart or circumstances meaning they want to accept your offer at a later date.

bobster2

https://forums.moneysavingexpert.com/discussion/comment/81879230#Comment_81879230

⇑ This ⇑

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81879156#Comment_81879156

Sometimes securing the property you want is more important than saving a few grand which in the scheme of things with the amounts involved is next to nothing.

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81879102#Comment_81879102

If you missed this house over a few grand difference how gutted would you be?

WIAWSNB

Yes and no.

It's a game. And a gamble.

You'll only know what they are prepared to accept once it's accepted.

Until then they will hold out in hope, and the longer it takes, the more likely they are to compromise.

But also the more likely they'll get another offer. That's the gamble.

Part of the game is that 'final' offers are not. You can go back any time and change it. Some vendors will be affronted by this, some will even cut their own noses off as a result, but ultimately if your offer is still the best one, the EA will try and persuade them.

And, yes, the EAs have thick skins, and £25k either way makes next to no difference to them financially - all they want is a sale, and an ego.

What to do? Your call. But I agree with others - they have already dropped the price considerably, regardless of how silly their starting point was. You reckon £725k is acceptable to you, and it's a nice jump from the rejected offer. So, get the pros and cons together - but don't labour it - and put the £725k on the table, for which it'll need removing from further marketing (tho' that's no guarantee, as the EA is obliged to present any further offers made), and tell them you are actively looking elsewhere, dropping into the conversation the one you are genuinely about to look at which is marketed by their competitor (see? It's a game...)

So, "It's our fav so far, no question, but it ain't perfect - that neighbouring house right on the boundary could be awkward, and the garden isn't the biggest/facing the wrong way/access is narrow/would rather the kitchen was at the back/etc, but we'd go for it at £725k - it isn't worth more than that to us. The one were looking at this afa' is only £700k, and I think they'll take offers, and it's nearly as nice..." sort of thing.

A couple of things to sit down and ponder; just how gutted would you all be if you didn't get it even at £750k? And, £25k is a lot of money, yes, but in the scheme of £750k+ not so much. House buying is long-term deal, and should be seen that way. Adding 25 to a, say, 500 mortgage won't make much difference, sort of thing.

So don't you cut off yer snozz either :-)

Only you know how much you want this house, and how happy you will be in it.

Keep us posted :-)

horsewithnoname

imagine the house has gone to sealed bids - what price would you offer that you’d be happy if you got it, but if someone else bid more you’d shrug and think let them have it.
Then you have an idea of how high you’re willing to go