offer just been rejected, what next?

tetchy

Hi, just made an offer of £120K on a bungalow few doors from where I live, which is advertised for offers around £150K, only recently gone on the market. I am in the fortunate position to have a good deposit, not selling a property, have seen 2 mortgage advisors who confirm there will be no problem remortgaging my property and could have something in writing to confirm this with a week. When I made the offer to EA, I heard nothing for a day & when I phoned to check on progress, was advised another couple were due to view who were in a similar situation to me! However, this morning I received a call from EA to advise my offer of £120 had been rejected but vendor willing to negotiate. Just to clarify, property needs complete renovation as person who lived there died recently and the sale of the property is being split between 2 families. I did remind the EA that I am in a very good position to be able to move forward quickly and will get back to them. Should I now offer say £125 or ask the EA what they are looking for and negotiate down? Never been in this position for 25 years so looking for your good advice!
Many thanks :huh:

Premier_2

There's plenty more fish in the sea, or in this cases, properties in the EA.

Why not cut the messing and tell the agent you'll offer to buy any at 20% under the asking price.

But watch that door on the way out!

poppysarah

Wait.

If someone else pays more - then let them. If no one else is viewing give the bereaved people some time to think it over.

Planner

poppysarah wrote: »

Wait.

If someone else pays more - then let them. If no one else is viewing give the bereaved people some time to think it over.

They are obviously not suffering to much otherwise they wouldnt have been so prompt in putting the property on the market, however while I dont agree with your reasoning, I do agree that waiting a while is now a good course of action. When the property is still not sold in 2 weeks - 1 month, why not go back and ask the vendors to make a suggesion on the price somewhere in between your £120 and their £150 - and then negotiate.

The longer you wait, without it selling, obviously the cheaper its going to be. Its all about who blinks first, and in todays market sellers look like they have a nervous twich!

poppysarah

I wanted to write something other than bereaved but I thought that was most polite...

Planner

poppysarah wrote: »

I wanted to write something other than bereaved but I thought that was most polite...

It probably was!

lincroft1710

How much do you really want this bungalow and how much do you really want/can afford to pay?

I don't know if this still works in house buying, but if offer made, rejected but vendor wants to negotiate, then vendor would suggest price he's willing to accept and so on till (hopefully) deal is struck.

So, why not ask EA how much vendor wants, and whatever answer counter with £125K (unless he only wants £122K!!)

Blankie

If the property is new to the market has it been advertised at an unrealistic figure?? The point i'm getting at is i'd understand if it had been on a few months and prices have fallen but have they really fallen by 30 grand in the last few weeks?

Why have you offered so low??

Also, if the vendors are willing to negotiate and you want the property then why not negotiate now??

Bet you've guessed that i'm a SELLER.:p

spuds_2

Understandably they are a bit reluctant to accept a lowish offer when the house has only just gone on the market. If you really like the house you could offer a bit more. If you feel that £130k is it's true value, then just wait. You could tell the EA your offer stands and to ring you if they have reconsidered. They will want a quick sale and if none else makes an offer soon, you can bet they will ring you back.

However, if the house is priced to take account of the work needed, then £30k off is quite a lot to expect. You are in good position, but it's down to how much you like the property. Something else will come up, though, if this one doesn't work out.

SavingSteve

IMO the seller will likely hold out as the property has frankly been on the market too short a time for them to guage the interest it may generate.

thebaldwindowfitter

if the prpery has just gone on the market the estate agent would have put it on at a price to atract offers but every body seems to think they can offer way below asking price .maybe the seller doesnt want to accept less than 145k what are other prices in the area .why not get valuation on yours from a ea that you would say seems to value lower to give you some idea what to bid