Seller unwilling to negotiate

Gael23

What do you do in a case where the owner of a property is in no hurry to sell and nothing other than the full asking price will be considered?

Pay the full asking price.
Or walk away.

DubLad69

Gael23 wrote: »

What do you do in a case where the owner of a property is in no hurry to sell and nothing other than the full asking price will be considered?

You give them the full asking price. Or you move on and find something else.

Skipduke

Gael23 wrote: »

What do you do in a case where the owner of a property is in no hurry to sell and nothing other than the full asking price will be considered?

move on if you cant afford it or don't think it's worth asking price

is_that_so

Move on would be my attitude. You can't force them to sell below the price they want.

banie01

You decide whether you want to pay the asking price, or you walk away perhaps letting the agent know that in the interim your "best" offer stands.

You can't force the seller to negotiate nor to accept a lower price if they are set on their asking.

Move on, find another house and bid on that.

punisher5112

We were hoping to get 5k off ended up at asking price but it's what she wanted so I had to go along with it.

Wildly Boaring

It's their house.
Can do what they want.
They may be right or wrong. But that's their perogitive

Gael23

Even a cash offer with no chain doesn’t seem to matter. They are happy to wait for more money

Toulouse

Walk away. If you don’t want to give them what they want then I don’t really see what else you can do.

A similar thing happened us when we were house hunting. House was massively overpriced, (had already had a price reduction) but we offered more than we thought it was worth because we loved the area and they wouldn’t even engage with us so we walked. 4 months later we got a call to see if we would be interested in buying for the same amount but we were sale agreed on another property and well, after our previous dealings with them we weren’t interested in engaging with them.

6 months after that it sold for less than we had offered. I’m still glad we walked away.

pc7

Gael23 wrote: »

Even a cash offer with no chain doesn’t seem to matter. They are happy to wait for more money

You could say here is my offer, I will leave it on the table for two weeks and then I'm going elsewhere. But ideally if its what you want and they aren't in a chain then you need to decide if its worth it to you or not. If it is then offer the asking price. How does it compare to similar in the area? How far apart are you on what you feel its worth and what they want?

Wildly Boaring

Gael23 wrote: »

Even a cash offer with no chain doesn’t seem to matter. They are happy to wait for more money

Did the same myself.
Got all sorts low-ball offers.
Sold for 18k over asking

Every sale is different. Every seller is different.
They might not even really want to sell but will only if the price is right

GreeBo

start looking at other properties from the same agent.

jrosen

Lay your cards on the table, make it clear this is your highest offer and leave it with them. They may come back to you if they dont get other offers but I would keep looking elsewhere.

Gael23

pc7 wrote: »

How far apart are you on what you feel its worth and what they want?

Offer is 320k cash and it’s asking 350k

Wildly Boaring wrote: »

Every sale is different. Every seller is different.
They might not even really want to sell but will only if the price is right

I did think about that. They owners are recently retired and moving to be closer to family

ratracer

Is that not way off the asking price? I would think that’s a miserable offer and would laugh at it. If you were €3-5k off, then it might be acceptable

30k is not an insignificant amount of money. I wouldn't be entertaining anyone with a crazy low-ball offer like that either.

It must be, what, 9% off the asking price? That's crazy, in my opinion.

Xterminator

OP - you know the seller doesn't have to entertain your offer? they have plans, and a figure in mind. If you dont offer what they want, then they have to amend their own plans. they don't have to do that. your current offer is more than 30k below asking price. thats almost 10% of the house value!

i think you are just not putting yourself in their shoes. there is no harm in your offering less, and trying some of the pressure tactics suggested above, like a time limited offer etc. But at the end of the day, seller has the final say, and if they want the asking price they can reject every bid below, even in only 1K below! I would suggest you talk with the estate agent, and ask them about the sellers to better understand. See if they can say if they would be likely to accept a higher offer close to asking price

If the house is not worth it walk away. If it is worth it, then improve your offer. Set a max price and dont go above that - but be prepared to walk away!

pc7

I would consider that way to far away from the asking price, especially if that's what other properties in the area are going for. If they aren't in a rush, cash will make no odds to them. What are similar ones going for?

Wildly Boaring

OP as above that is well below asking.

Also when you say CASH do you mean, lump sum sat in a bank account ready to go.
If so make a big song and dance about it and try and get a nice chunk (not 30k though) off.

If you just mean you have mortgage approval, that means very little to sellers

GreeBo

Deleted User wrote: »

30k is not an insignificant amount of money. I wouldn't be entertaining anyone with a crazy low-ball offer like that either.

It must be, what, 9% off the asking price? That's crazy, in my opinion.

It really depends on how realistic the asking price is though.

padraig737

When my son bought a house in 2014, he offered less but ended up paying 20k more than the asking price for a finish with other people's offers pushing the price up.


Speaking with others who have bought houses in the last few years, even 5k-10k less is rejected.


Is it on the market long? Maybe they have someone offering them 330k or 340k so they have no interest in your offer.


If someone buys it for 350k will you regret it or have you an interest in any other houses? 30k is a decent amount of money for the older generations and it doesn't sound like a fire sale. They may well be happy to stay for another year.

steinbock123

Years ago my brother in law bought a (very) large house at auction for €330,000. He had €300k and only intended to bid up to that. However, he wanted the house and kept bidding until he got it. He then had to beg, borrow and maybe even steal the additional €30k to close the deal. I remember, as I lent him a few bob myself at the time.
Years later I asked him did he ever regret going over his budget.
He said “ I never sit in my kitchen and ask myself why did I pay the extra 30 grand for this house? But if I wasn’t living here now, every time I’d drive past this house I say to myself why the hell didn’t I pay the extra 30 grand for it ?
So if you really want the house, pay the money. If you really want the house, it’s unlikely you’ll regret it.

Gael23

What would be a more reasonable offer?

GingerLily

Gael23 wrote: »

Offer is 320k cash and it’s asking 350k



I did think about that. They owners are recently retired and moving to be closer to family

If they're retired and now on a fixed income I can see why they are hesitant to move from their asking price.

Especially if they're not in a hurry.

Buddy Bubs

Gael23 wrote: »

What would be a more reasonable offer?

That depends on what the owners think its worth. 350 could be dream land or it could be a bargain, who knows.
A sale will only happen when the expectations of sellers and valuation of buyers intersect. You have to decide how far you are willing and able to go.
We could say 330/340 for you and mislead you, who knows. 325k might do it.
It might go for above asking price in the end.
It's an art, not a science, we have no idea what the seller is holding out for.

Atlantic Dawn

Gael23 wrote: »

What would be a more reasonable offer?

Is there any recent sales in the same area you can see on property price register to compare to? If asking is the same or lower than similar you will need nearer asking, perhaps 5-3.5% off asking would be next step, then asking.

Gael23

Atlantic Dawn wrote: »

Is there any recent sales in the same area you can see on property price register to compare to? If asking is the same or lower than similar you will need nearer asking, perhaps 5-3.5% off asking would be next step, then asking.

No it was built later than the rest of the houses in the estate so not really a fair comparison

Victor

ratracer wrote: »

Is that not way off the asking price?

So what? What makes you think the asking price is correct?

Victor

Victor wrote: »

So what? What makes you think the asking price is correct?

Doesnt really matter. The OP stated nothing but the full asking price would be considered

seenn00J

The way the greater Dublin area has gone the last few months, even offering the asking price seems to be a waste of time. 3-4 bed semi-D homes are all going for over asking from my anecdotal experience anyway - such is the current demand.

Wabbit Ears

my parents did the same. They were separating and had a fixed price they were willing to sell for as part of the split.

Had an offer 20k below asking, said, no, but if you give is asking its yours, no bidding war, no nothing, offer asking and its a done deal. They came back next day with the offer price and the house was sold. Mind you this was a house in Malahide in an estate where houses very very rarely go on the market. if these guys hadn't given asking somebody would have, and quickly.

Gael23

Wabbit Ears wrote: »

my parents did the same. They were separating and had a fixed price they were willing to sell for as part of the split.

Had an offer 20k below asking, said, no, but if you give is asking its yours, no bidding war, no nothing, offer asking and its a done deal. They came back next day with the offer price and the house was sold. Mind you this was a house in Malahide in an estate where houses very very rarely go on the market. if these guys hadn't given asking somebody would have, and quickly.

Well yeah in Dublin you start at asking and work upwards

ratracer

Victor wrote: »

So what? What makes you think the asking price is correct?

I presume from OP he has offered, and been politely refused. The owners obviously think their asking price is correct. The OP also asked for advice on what to do......... hence my point, his offer was deemed unacceptable by the sellers.

I have no idea what the asking price is.

knucklehead6

Gael23 wrote: »

.

It’s entirely up to you OP. If you feel the house is only worth 320K then that’s your sticking point.
If the vendors feel the house is worth 350K and they’re not in a rush then that’s their sticking point.

Personally speaking if I was selling and someone offered almost 10% less I’d get all stubborn and say I’ll never sell to them, especially if I’m not in any particular hurry to sell

Where is the house?

knucklehead6

ratracer wrote: »

I presume from OP he has offered, and been politely refused. The owners obviously think their asking price is correct. The OP also asked for advice on what to do......... hence my point, his offer was deemed unacceptable by the sellers.

I have no idea what the asking price is.

The op said 350K

mfceiling

Gael23 wrote: »

Offer is 320k cash and it’s asking 350k

Are you buying it on adverts?

endofrainbow

Their house - their rules.

delboythedub

Gael23 wrote: »

What do you do in a case where the owner of a property is in no hurry to sell and nothing other than the full asking price will be considered?

Walk

Gael23

Gael23 wrote: »

What would be a more reasonable offer?

If they have stated to you that they will not accept an offer below asking, what you consider reasonable does not seem to matter to them.

If you don’t think it is worth what they want, move on, you can’t force the sale.

MojoMaker

Housing stock is low, it's a seller's market in almost all regions, but especially within an ar$e's roar of a city, and is ALWAYS a sellers market in Dublin.

And why mention the word cash so objectively, when there is no other currency accepted for purchasing a house than cash.

Is Adverts.ie standard low-balling nonsense infecting real life now??

seenn00J

MojoMaker wrote: »

Housing stock is low, it's a seller's market in almost all regions, but especially within an ar$e's roar of a city, and is ALWAYS a sellers market in Dublin.

And why mention the word cash so objectively, when there is no other currency accepted for purchasing a house than cash.

Is Adverts.ie standard low-balling nonsense infecting real life now??

Wonder would the vendors be interested in trading for anything from OP's ads?

jimmycrackcorm

Gael23 wrote: »

Offer is 320k cash and it’s asking 350k

What are similar properties close by priced at? What do you see for properties there on the property price register as it's a quite good indicator of real prices?

I did think about that. They owners are recently retired and moving to be closer to family

So:
* Being retired they probably have the mortgage paid off already
* Being retired, 30k would make a significant addition to their reduced income.
* Being retired they have all the time in the world to wait it out without any pressure.

To answer your question, the only realistic option is to wait it out until they feel they cannot get 350k and decide to sell cheaper, but more likely that someone else will pay that price in the meantime.

Although we don't have specific property information, so it's hard to gauge, I just wanted to jump in and say that I think offering 10% less as a first offer is not at all unreasonable. There's every chance that could have got him the house for 320. I always aim to get 10% off car prices (different kettle of fish altogether, I realise, but I still wouldn't be offering asking straight out of the traps if I was interested in a house).

knucklehead6

Deleted User wrote: »

Although we don't have specific property information, so it's hard to gauge, I just wanted to jump in and say that I think offering 10% less as a first offer is not at all unreasonable. There's every chance that could have got him the house for 320. I always aim to get 10% off car prices (different kettle of fish altogether, I realise, but I still wouldn't be offering asking straight out of the traps if I was interested in a house).

People can offer what they want, but i know if I had my house for sale and someone offered 10% less than asking my immediate thoughts would be "yeah, you can go n do one, i'll sell to you over my dead body"

Grueller Baby

It's a sellers market at the moment. If the seller won't budge, you can be sure someone else is going to offer more.

To share my experience (from a sellers perspective), I've had an apartment on the marketplace for close to 9 months. 5 months ago I got offered 30k less than asking and I was told that it was the best I was going to get.


Two weeks ago the apartment sold for 2.5k over asking price.

GreeBo

GreeBo wrote: »

It really depends on how realistic the asking price is though.

Most sellers would have it priced accordingly. And almost everyone would be willing to accept a little bit under what they're looking for, unless there was a crazy amount of bidding going on.

I have never heard of anyone accepting almost 10% below asking. Ever.

Gael23

Gael23 wrote: »

Offer is 320k cash and it’s asking 350k



I did think about that. They owners are recently retired and moving to be closer to family

I’d be telling you to jump too.

hurleronditch

You’re miles off, and unless the seller is in a hurry, or they have completely misread the market they have no incentive to sell to you.

The only thing you could do is say to the estate agent “is there a number below asking that the seller would accept for a quick and clean deal, no chain etc”. If they tell you no, perhaps up your offer to somewhere between where you are and where they are, and say to the estate agent that offer stands for 1 week, but then we’re gone for good. Immediately book several viewings for other properties the EA has listed, so they might buy the story.

All in all, it will likely come down to you needing to pay what they are asking for. It’s their house.

Dubhurler4

Buying and selling really is a waiting game. If you’re buying and not prepared to go to asking, then you have to be prepared to sit it out. At least by having an offer on the table, you’ll be kept informed of any other offers and something else might come along in the meantime,
Waiting is hard when you’re buying. You have to put the emotion and excitement to one side and try remain calm. We missed out on a house because buyer was holding for asking. We since decided against the house and found out that it was sold for what we had offered. Sellers need a bit of time to move below asking.
It also depends on auctioneers strategy - some will guide low to attract interest, others seem to guide high with the aim of getting close to asking.

The chan chan man

Is this a serious question?