How much time to leave between offers?

rik_t

Hi,

I made an offer yesterday on a house which I have just found out has been turned down. TBH I expected this on the first offer.

The house is on at 186 and we offered 178. We do like the house and it needs no work doing on it. We know at the moment that there have been a few other viewings but no 2nd viewings.

With the current climate I do not want to offer the asking price as I don't think this happens much these days. How long should I leave it before I offer again? and would 182k be a good comeback offer or too high?

Thanks

Jorgan_2

There is no right or wrong answer to this, if you go back to quick, they may think you are keen & hold out for more. I think £182k is too high as the nesxt offer, I'd go up in increments of £1500, reducing to £1000 and leave anything upto a day in between making increased offers.

Gillibobs

rik_t wrote: »

Hi,

With the current climate I do not want to offer the asking price as I don't think this happens much these days. How long should I leave it before I offer again? and would 182k be a good comeback offer or too high?

Thanks

Well lots of other people on similar posts seem to be saying leave it a good few days, and especially if you know there have been no other second viewings recently. Maybe leave them stewing over the weekend. I know it's hard though as we have just bought a house (my first time although we are selling my partners flat so not officially an FTB)

Obviously your next offer entirely depends on how much you are willing to pay. If I were you I'd work out a definite limit for what you want this house for and stick to it. However I think going in £4k higher on your next offer when you only offered £8k less is quite a large jump especially in the current climate and if they reject the offer again you only have another £4k to negotiate before you hit the asking price. They may also smell desperation as you have jumped up quite a bit after only one rejection. Personally I'd go in less.

busydaffodil1

Personally, I would let them wait 4 or 5 days. Then go in another £1000. This will imply that your not going to go in with big jumps in your offer. It will probably get refused at £179000 and then try the old "this is our 3rd and final offer of £180000". Whilst making that offer to the agent, also make appointments to view other properties on their books. This will send a signal to the EA that the £180000 is your top offer and that you are serious and have already started looking elsewhere.

LandyAndy

busydaffodil1 wrote: »

Personally, I would let them wait 4 or 5 days. Then go in another £1000. This will imply that your not going to go in with big jumps in your offer. It will probably get refused at £179000 and then try the old "this is our 3rd and final offer of £180000". Whilst making that offer to the agent, also make appointments to view other properties on their books. This will send a signal to the EA that the £180000 is your top offer and that you are serious and have already started looking elsewhere.

You could play the old 'odd number' game. Offer them 179,000 and if they refuse that offer 179,700 and say "that is as far as we can go". The use of the 'odd' number is intended to emphasise that you've scraped the bottom of the barrel.

slipp_digby

leave it at least 2 days before offering again. if you have the nerve, you might want to leave it longer and wait for the EA to come back to you.

i would avoid big jumps and go up by increments of max £1k slowly slowly.

£182k straight away suggests there is more to come!

merlinthehappypig

Depends on how much you want the house.

I find it easy to let sellers stew when I'm not that bothered and it usually works. It's much harder when you actually like something.

We are in a stand-off at the moment. The sellers were supposed to have come back to us on Monday, but haven't yet. I've had to hide the phone to stop my wife chasing it up. I'm determined to make them crack first!

The decision for them is a little harder than most of us have experienced as the offer is £7000 less than they paid. Add in the stamp duty and legal costs and they will be almost £25000 down. Then they need to add the interest on the mortgage.

martinbuckley

How long has the property been on the market?

Has it been reduced already?

8K under on a £186K property is not unreasonable in this climate. If it hasn't been reduced already, personally I'd tell the agent you're not offering any more.

rik_t

I think it went on just before christmas, I think there has been a few more viewings apart from us since the xmas period has finished. It went straight on at 186 but the seller said they was given the option of 190.