offer just been rejected, what next?

tetchy

Just to clarify, I would like to buy the property for my Mum & Dad who are 83 & 86 so they can be closer to me to help look after them. I really do want the property & think that realistically it is worth £130-£135 to me but it will take about £35K to renovate the property. As I haven't been in the market for many years and due to the current 'recession' I was wondering if I should state a figure or wait to see what the vendors are willing to accept then try to negotiate a 'happy medium'. Thanks for your comments,

kunekune

What we have found is that vendors are very reluctant to counter with another figure. I offered 164 on a 175 property earlier this week. Instead of coming back with a counter offer, I was told No, and then, did I want to reconsider. I said give me time. Today, I said, No, that offer stood. Half an hour later, I got another (unexpected) phone call to say the vendor would think about it. I thought that it had finished when I refused to up the offer. Perhaps it did. We'll find out.

But the wierd thing was I expected a counter offer, and then us reaching some kind of mid-way point (which we might have done). From a negotiation point of view, this approach was disastrous, it just made me grumpy and stand my ground!

tetchy

how strange, I feel exactly the same as you. I thought by the tone of the EA yesterday that it was a no go with our offer but now I feel slightly nervous, worse than yesterday really. Let's get things into perspective, its only a house.....but I want that house!

Robert_Sterling_3

tetchy wrote: »

Just to clarify, I would like to buy the property for my Mum & Dad who are 83 & 86 so they can be closer to me to help look after them.

Very commendable so good for you.

A house does not have a single value.
It can have different values for different buyers.
In a case like yours the house could be worth more to you than to someone else because of its proximity to your parents.

However you are in a good bargaining position.
Do not mention your parents etc to the Estate Agent.
If at the end of the day you you are invited to meet them half way then say that if they will come down a further £5,000 they have got a deal.

When I last moved, quite recently, I got an extra £5,000 for my house and paid £5,000 less for my purchase in this way.

tetchy

Unfortunately, the EA knows our position only too well as I had a good chat to him while my parents viewed the property a couple of days ago. Never mind, at least he knows it is a promising sale! I am a very honest and open person which may go against me at times like this but hey ho, that's life.

Swipe

tetchy wrote: »

Unfortunately, the EA knows our position only too well as I had a good chat to him while my parents viewed the property a couple of days ago. Never mind, at least he knows it is a promising sale! I am a very honest and open person which may go against me at times like this but hey ho, that's life.

Only tell the EA the very minimum and play down any eagerness, no matter how keen you may be.

hethmar

You could mention to him you are looking at sheltered housing instead - just drop it in next time you speak/up the offer a bit. But how long are these renovations going to take for your parents? Do they have a house to sell?

tommy75

You dictate the prices now not them, buyers market remember. It depends how much of a rush you are in also? Do you have time to let them sweat on it... Theres also plenty more fish in the sea

thebaldwindowfitter

bungalows also tend to get slighty more money because older people want them for ease and they generally have the money ready to proceed.what are the reasons for sale?.if its berevement my mums family(sisters) rejected an offer of 100k on a property which when refurbished (needed gutting even for renting)was worth 135-140k from myself and my mum they eventually got 107k but had to pay solicitors fees. estate agents ,hips fees and also had to pay for asbestos garage removed and house emptied

tetchy

hethmar wrote: »

You could mention to him you are looking at sheltered housing instead - just drop it in next time you speak/up the offer a bit. But how long are these renovations going to take for your parents? Do they have a house to sell?

We don't have to sell any property at this time as we do have funds to renovate the property without the sale. Thanks for the idea about 'Sheltered Housing' really good.