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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?

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[Deleted User]

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

[Deleted User]

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?

[Deleted User]

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.