Offer placed and declined. Advice needed!

Henry_P_Chester

I would not increase in the offer if this one is rejected. Just say thanks but I'm not prepared to go higher. There's a good chance they will call you back in a few days saying yes if they have a place lined up. Turning down FTBs like you in this Market would not be wise.

Beware though this can be a risky tactic.

DVardysShadow

Basic principle. Decide what your max is. Decide what your opening offer will be. Go from opening offer to max in about 3 offers.

Doshwaster

DVardysShadow wrote: »

Basic principle. Decide what your max is. Decide what your opening offer will be. Go from opening offer to max in about 3 offers.

That's reasonable advice.

You should always expect your first offer to be rejected. It's a placeholder to show you are interested but not so low as to be insulting. If your third offer isn't accepted then you should seriously consider walking away.

I completed 6 weeks ago on a house with a £160,000 asking price (which had already come down from £169k)

Initial offer was £149,995. Rejected immediately
Second offer was £153,000. Rejected after "sleeping on it"
Third offer was £154,495. Accepted and with some freebies thrown in.

I was probably prepared to go up to £156-158k so I was pretty happy with the deal.

You can also make an offer more attractive by
- havingproof of funds, e.g. bank "agreement in principle" letter (even if you don't end up going there for your mortgage)
- being a first time buyer with no chain behind
- being able to move quickly
- having solicitor already appointed

boxrick

I rung the estate agent back and everyone who was dealing with it was either out on site or getting lunch I just had a telephone call back which went as follows:

"The vendor was looking for something closer to the 100k mark having just reduced from 110k probably around 97k", She used the words probably sounds to me like they havn't even passed my offer onto the vendor...

Shall i just say ill leave it then or increase my offer to a more "reasonable" 95k figure?

You can also make an offer more attractive by
- havingproof of funds, e.g. bank "agreement in principle" letter (even if you don't end up going there for your mortgage)
- being a first time buyer with no chain behind
- being able to move quickly
- having solicitor already appointed

Already got all the above which the estate agents know.

jozbo

its really hard to sit tight and resist increasing the offer but i'd try and play it cool for a few days - dont get in touch with them. next time you speak to them say you've resumed looking at other properties and ask if they are going to send you the offer rejections in writing.
Ps the fact that it was reduced has no bearing on how much you are prepared to pay for it.

Cannon_Fodder

Sleep on it.

If you are happy with £95k, try it.

Often they suggest a touch higher than they will really accept, in order to get you to "split the difference".

jozbo

lee636 wrote: »

You could always throw in a £94,775.00 offer, makes it look like your scraping as much as you can together.

why not try this after a day or two

boxrick

Was being cheeky at 90k and this is a detached property in an area where there are only terraced and semis available.

I am thinking get in contact and say i have scraped funds together and can increase a final time to 95k then if not then let them sit or lose me, going to talk to my partner and proceed from there. But any other advice is obviously greatly appreciated!

downshifted

Really - don't rush. Sleep on it. I guarantee the agent will be back to you in a few days asking if you have reconsidered. At the moment they know you are really interested and you have already increased from 90 to 93 - by going back quickly you are just showing them how keen you are and they will feel they can always get a bit more. Wait a bit - I know it's hard, but play your cards closer to your chest for a day or two :-)

davetrousers

Remind them that you're not in a chain.