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OzzMosiz

Offered On A Property - Turned Down

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I saw a property come onto the market recently. It's in an area I really like and is priced very reasonably so I decided to go view it.

Nice house. It's a 3 bedroom end terrace and being sold by builder (couple part exchanged on new build).

Mortgage for me alone would be less than 3 x salary and I could get half paid off in 5 years.

Decided to put offer in ~5% less than asking- this is a price I thought was reasonable, bare in mind. Got turned down as builder wants to hold out for more.

Greedy c****

Edited by OzzMosiz

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Decided to put offer in ~5% less than asking- this is a price I thought was reasonable, bare in mind. Got turned down as builder wants to hold out for more.

Greedy c****

Aren't you just as greedy for offering less? What's the difference?

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When you say recently, how long has it been on the market for? I could well imagine that if you've put in a newar asking offer in the first couple of weeks, he's probably being fair to wait to see if he gets a bigger bite... especially with all the green shoots talk that's about at the moment.

Give him time, you never know, he may be back to you...

Good luck!

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When you say recently, how long has it been on the market for? I could well imagine that if you've put in a newar asking offer in the first couple of weeks, he's probably being fair to wait to see if he gets a bigger bite... especially with all the green shoots talk that's about at the moment.

Give him time, you never know, he may be back to you...

Good luck!

If they are my offer has gone down.

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If in a couple of months he gets back to you asking if your still interested.

Say yes but now its 10% less asking price.

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I saw a property come onto the market recently. It's in an area I really like and is priced very reasonably so I decided to go view it.

Nice house. It's a 3 bedroom end terrace and being sold by builder (couple part exchanged on new build).

Mortgage for me alone would be less than 3 x salary and I could get half paid off in 5 years.

Decided to put offer in ~5% less than asking- this is a price I thought was reasonable, bare in mind. Got turned down as builder wants to hold out for more.

Greedy c****

How English offering 5% less, you should have offered 50% less

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No. It's an ASKING price not a market price.

I don't get the distinction. The OP is saying the builder is a greedy c**t because he won't come down 5% and the builder is probably thinking the OP is a greedy c**t because he won't meet the asking. Both parties are trying to maximise the outcome of the transaction for their own personal gain. Neither of them has any moral superiority to the other.

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No. It's an ASKING price not a market price.

and if he gets it, it's the market price. I don't get the OP, if he was selling a second hand car he'd refuse the first offer most of the time. The builder is seeing what you will do.

I suspect that the OP will go back and just offer more (but not tell us).

In which case, who will be right ?

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To add balance to my previous comment if it is where you want is a nice house etc... why are you F***** around over 5%?

Good question. I have my budget set and I refuse to move on it.

Also I can wait for the right price and right place so I'm not going to fall in love with the place.

Just surprised that they wouldn't go for that offer.

Edited by OzzMosiz

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To add balance to my previous comment if it is where you want is a nice house etc... why are you F***** around over 5%?

why is the builder?...5% could be £15,000 better 95% in the bank maybe...

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Mortgage for me alone would be less than 3 x salary and I could get half paid off in 5 years.

House prices will fall soon because there's no money around, people can't get that much credit, banks won't lend it, they have to FALL... blah... blah... blah

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Good question. I have my budget set and I refuse to move on it.

Also I can wait for the right price and right place so I'm not going to fall in love with the place.

Just surprised that they wouldn't go for that offer.

negotiating is a process, you can't expect them just to fold and it's a very unusual bidder who goes in at the top of his budget straight away.

You know that and the builder knows that. You also know it's costing him money to have the property sat there - and he definitely knows that so he will move, a bit. But are you prepared to lose out on a house you want for a few K - is what he is thinking. You'd do the same thing, so would I.

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I don't get the distinction. The OP is saying the builder is a greedy c**t because he won't come down 5% and the builder is probably thinking the OP is a greedy c**t because he won't meet the asking. Both parties are trying to maximise the outcome of the transaction for their own personal gain. Neither of them has any moral superiority to the other.

Agreed never included morals in my thinking it is a simple transaction unless of course you are baby eating boomer who is stealing from the younger generation by the heinous crime of letting them pay a price of their choosing in a free market ...... :P

Edited by Greg Bowman

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It used to be that it was the norm to offer 10% under... to a certain extent, I think I always presume that the asking price is always a bit above the expected price - it's all psychological - everyone feels like they're getting a good deal that way (vendor has been generous to give a discount, but still got the desired amount, and buyer feels happy as they got a discount...)

I know that there are some people who are waiting for the right house in the right location - and for some that's a waiting game. However, if you're after a victorian terrace in a fair part of town, then they're kind of ten a penny, and can afford to walk away.

It sounds like you're not too bothered by the place, and there'll be another one soon enough. I'm surprised he wouldn't take the 5% hit, but think he's right to wait really.

Can I ask why you're looking at buying? Fed up of waiting, wanting a place of your own, or starting to think you may as well buy with the way house prices are?

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your first line says that you feel the house is nice in a good area and priced reasonably. You then proceed to say you offered 5% less and refuse to offer more. So you obviously don't think it's priced reasonably. Or is it just out of some need to feel you got the upper hand? If the house was orgiginally on at 5% more than it is now i'm sure you'd still have viewed it. Assuming you'd put in an offer at 5% less and it got accepted would you be happy then?

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