Offer declined

J_Lovibond

Hello,

We have just had an offer for a property rejected, as we submitted an offer which was 5k (134k) below the asking price for a property.

Now is the ultimate question, do we fold and accept that we will have to pay the full price, or just hold out in the hope we will find another property that we will like? The market is very stale in our area at the moment.

The wife certainly likes this property, and I like it although it could have a bit more space!

Please any idea's?

Megarobbie

Can the estate agent give you any information? Has the place had other offers, is the vendor set on the asking price or might he accept something in the middle, etc?

We had an offer rejected last week, said we wouldn't up it, then they came back and accepted the (unchanged) offer two hours later. The EA had told us the vendor was close to selling so we knew he was just trying to squeeze a few quid more out of us.

Befriend your estate agent and you never know what they might tell you.

J_Lovibond

Megarobbie wrote: »

Can the estate agent give you any information? Has the place had other offers, is the vendor set on the asking price or might he accept something in the middle, etc?

We had an offer rejected last week, said we wouldn't up it, then they came back and accepted the (unchanged) offer two hours later. The EA had told us the vendor was close to selling so we knew he was just trying to squeeze a few quid more out of us.

Befriend your estate agent and you never know what they might tell you.

Megarobbie, The guy from the Estate agent just told us that the person who tried to buy the property before us offered the full price but his mortgage fell through. "So I think he is holding out for the full price"

The estate agent is hoping that we will pay the full asking price and not barter!

What I think I may do is offer 136K as a final offer and see what the guy comes back with.

wriggly

What you should do depends on how upset you would be if the property was sold to someone else.

If you would be only mildly upset, then I would suggest waiting a week. Play it cool. The seller may change their mind and accept the lower price. Ideally, wait until the agent contacts you again. If you are comfortable with losing the property, delay any capitulation by requesting another viewing.

In the meantime look for some more properties. It's amazing when you look how one "perfect house" can be followed by an even better "perfect house" (and you admit this house is not even perfect).

However, if you are certain that this is the house for you and no other house will be as good, go straight back with a full price offer. Why risk losing it for a relatively small additional cost?

mr_fishbulb

What have you valued the house at? If you are happy that the asking price is fair then are you only holding out because you don't want to pay full asking price?

Francesanne

Couldn't you test the water and add another £1,500 to your original offer.

poppysarah

Depends.
You've offered so nearly their asking price they'd be foolish not to ask for more...

You should imo say no, thats your final offer.
If they can turn away an offer that close to asking then is it very new to market?

J_Lovibond

poppysarah wrote: »

Depends.
You've offered so nearly their asking price they'd be foolish not to ask for more...

You should imo say no, thats your final offer.
If they can turn away an offer that close to asking then is it very new to market?

I would say that the property has been on the market a while, just thinking that after all the dross we have seen in the area for the same price we would be kicking ourselves in the teeth looking for something similar.

poppysarah

Well don't offer more then.

Let them stew. Some people are prepared to wait until somone offers the "promise price" the EA told them.

Blacksheep1979

Wait a couple of days and then add £575 as your final offer.

Eton_Rifle

If you think the price is fair (given that there's nothing else on the market) then I think you should offer actual/close to the asking price, be done with it and get on with your life.

Did you offer 5K less because you think the house is worth less or is it the principle of making a lower offer that suggested this figure?