Buyer offered £485k on £510k listing, seller wants 8 weeks. Counter-offer strategy
Right. £25k gap (4.9% under asking) and an 8-week completion ask. That's a workable deal, not a problem deal. Here's how to play it.
First, read the signals:
- £485k on £510k = serious applicant. Not a lowball (that'd be sub-£475k). They've left themselves room and want you to meet in the middle.
- 8-week completion request = they have a constraint. Chain position, mortgage offer expiry, sale of their own property, or school catchment. Find out which; it's your leverage.
- Vendor hasn't said no, which means vendor is tempted.
An applicant who's cash, no chain, solicitor instructed at £485k is often worth more to the vendor than a chain buyer at £500k. Price isn't everything; certainty is.
The counter-offer strategy, three scenarios:
Scenario A. Strong applicant (cash / no chain, proceedable)
Counter at
£500k. Hold the 8-week completion as your concession. Frame it: "Vendor will do 8 weeks at £500k. That's a £10k move from asking, and you get the timeline you need." Expect to land at £495k to £497.5k.
Scenario B. Mortgage applicant with chain
Counter at
£502.5k and push back on 8 weeks. Say 10-12 weeks is more realistic given searches, surveys and chain. You're trading: "We can be flexible on price OR timeline, not both at the bottom of each." Land at £497k to £500k, 10 weeks.
Scenario C. Applicant is weak, no AIP
Counter at
£505k and require proof of funds plus AIP within 48 hours before vendor takes it off-market. You're not desperate. £485k from a wobbly applicant isn't worth £505k from a solid one.
Scripts:
To applicant's agent
"Thanks for the offer. Vendor's reviewed it. £485k doesn't get there, but there's a deal to be done. Vendor will accept £[500/502.5/505]k with the 8-week completion, subject to proof of funds and solicitor instructed this week. If your applicant's serious about the timeline, that's the cleanest path."
To vendor
"This is a real applicant. They're £25k under but they want speed, which tells me they're motivated. I'd counter at £[X]. We're likely to land around £497k to £500k. Holding out for full asking risks losing them and sitting another 6-8 weeks for the next offer, which historically comes in lower than the first."
The trap to avoid
Vendor digging in at £510k out of pride. First offer is often the best offer. Stat holds up across most UK markets. £497k in the bank in 8 weeks beats £510k "maybe" in 16 weeks, every time.
To sharpen this further, tell me
- Listing's market history. Days on Rightmove, viewings, prior offers?
- Any survey or structural issues the applicant might use to chip later?
- Vendor's situation. Onward purchase, divorce, probate, just testing?
- Local market. Is stock moving or stale?
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