offer query

st3w4rt

My partner and I are both FTB and have a query about an offer we recently made for a property.

The property in question was on the market for £134,950. Our broker from countrywide who had made us aware of vendor gifted deposits, and that lower rates would be available to is if we could get one.

We made an offer of 5% less than the asking price of just over £128,200, only to find out that a cash buyer was also interested and had made an offer of a few £100s less. The estate agent told us that the vendor was leaning towards the cash buyer as they had had two previous buyers pull out and were eager to complete the sale of their property hastily.

Our response to this was that we were prepared to offer more (upto the asking price if necessary) to secure the property. Following this the broker got back intouch and asked if we were prepared to put down a bigger deposit, we said we could use £15000 as a deposit.

Today we found out from the estate agents that the vendor had accepted the lower cash offer.


And we are unsure if our higher offer was ever offered.

Evilm

They should have sent a confirmation of the rejection of the offer in writing. If they haven't its possible they did not put the offer forward.

Its also possible that the vendor said "I am happy with (cash buyers) offer, I don't want to hear about any other offers/want you to take it off the market.

The estate agents are unlikely to deliberately go for a lower offer as it will reduce their commission so its unlikely that they did not put the offer forward. More likely the vendor met the cash buyer and feel comfortable with them so are not interested in a little extra funds over security.

Henry_P_Chester

This must have been the vendor opting for the cash buyer. The EA would have been pushing the vendor towards your offer as it would mean more commission for them.

Look on the bright side. At least you have been saved from overpaying for a house.

st3w4rt

Yep guess that must be the case...

It's a pity though we both loved the house, it was a victorian period terrace, with minton tile hallway and three original fireplaces. It was initially on the market for £145K and sold in the end for £128K

Back to searching

DVardysShadow

st3w4rt wrote: »

... We made an offer of 5% less than the asking price of just over £128,200, only to find out that a cash buyer was also interested and had made an offer of a few £100s less.

Henry_P_Chester wrote: »

This must have been the vendor opting for the cash buyer. The EA would have been pushing the vendor towards your offer as it would mean more commission for them.

Hmm. Say £300 less and a commission of 1.5%. They would do this for £4.50?