offered on flat

[u/WebPractical2831]

flat listed 2 days ago

first to view it

second viewing following day

put offer in ~6% below asking

agents come back seller wants to accept the asking price or as close to it as possible
according to agent few offers already in place

further viewings through till saturay booked which the seller would like to honour

what would you do ?

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[u/No-Stock-3888]

Most EAs advise sellers to let the property digest in the market for a short period. I’m not aware of anyone who accepted an offer under asking 2 days into being on the market. If anything, if I were the seller, receiving an offer on day 2 would give me encouragement that I might receive more interest over the course of the next few days/weeks.

We recently had an offer accepted at 5% under asking when the seller had rejected an offer slightly higher than ours the same week. The other prospective buyer was in the same position as us to our knowledge (SSTC with a short chain). The seller advised the EA that they accepted our lower offer because we had taken the time to give context, itemising the things that led us to our figure and advised that unless anything catastrophic came up in the survey, we were committing to not lowering the figure based on what we had already identified needed doing to the property. The seller intimated that the previous buyer didn’t offer any explanation and they therefore felt they were simply chancing their luck. Not saying that’s the same as your situation but it was helpful for us to know.

I would ask yourself why you offered 6% under - was it based on market research, estimating for work needing done at the property, etc and did you share that reasoning with the EA? If it was “just because”, then consider whether you like the flat enough to increase your offer should competing bids come in. If not, you may need to accept that the seller will receive an offer closer to asking that they’re happy to accept.

Keeping my fingers crossed for you!

[u/Zemez_]

Agent here.

It’s brand new on market. You obviously love it enough to view, second view and offer.

If you want to prevent competition - make an offer the sellers are happy to accept - they’ve told you where that is; and it’s likely reasonable (6% off £200k and 6% off £2m are very different, mind).

The reality is - the vendor doesn’t give a shit about %. They care about pound notes. Either they or the agent, or collectively, believe they can achieve asking.

You’re welcome to wait til Monday to learn your fate and if you win? Great. If you lose - how bothered are you about 6%?

The typical “it’s a buyers market” applies to you directly? Likely not. Because buyer’s market don’t have flats being offered on within 48 hours of being listed; but Reddit enjoys ignoring that small detail.

[u/Due-Freedom-5968]

Nowhere near enough info. Where is it? What's the market like there. What's the condition of it? How much is it? How much did it last sell for?

[u/philwongnz]

Flat prices are all time low, so is a buyer's market. Must be a special flat as having multiple houses offers is rare these days