Please help offer rejected and need a way forward

tawse57

Yes, I think you should pay more for this house so that the seller can buy her dream house and you keep the EA happy. In fact, offer 50K more than the asking price so that the seller can buy an even better house. Get yourself in bigger and bigger debt so that someone you hardly know can have a better house!

Are you serious?

Grow a pair.

The housing market is on the verge of a giant crash, buyers are virtually non-existent and you have numerous economists warning about a collapse in prices about to happen - so much so that the banks are demanding bigger and bigger deposits before they offer a mortgage.

Grow a pair! Tell them you original offer is your final offer and it will be off the table in 2 weeks. Did I tell you to grow a pair!?

This is not financial advice.

Bonny1

tawse57 wrote: »

Yes, I think you should pay more for this house so that the seller can buy her dream house and you keep the EA happy. In fact, offer 50K more than the asking price so that the seller can buy an even better house. Get yourself in bigger and bigger debt so that someone you hardly know can have a better house!

Are you serious?

Grow a pair.

The housing market is on the verge of a giant crash, buyers are virtually non-existent and you have numerous economists warning about a collapse in prices about to happen - so much so that the banks are demanding bigger and bigger deposits before they offer a mortgage.

Grow a pair! Tell them you original offer is your final offer and it will be off the table in 2 weeks. Did I tell you to grow a pair!?

This is not financial advice.

this has made me giggle so hard... :rotfl:

however, I have to agree, with every word... good luck

tawse57

Bonny1 wrote: »

this has made me giggle so hard... :rotfl:

however, I have to agree, with every word... good luck

I should have added that it is not medical advice either. I would hate for someone to undergo a sex change on the advice of a stranger on the worldwide wibble.

Then again, if I tell the OP that I could get my dream house if she did in fact... Hmm...

delmar39

We've just been through the buying / selling process - ours was on for £234,950. The eventual buyers of our property came in at £219 (no), a week later £225 (no), 10 minutes later £226 (no) 10 minutes later £227 (yes!). We wanted £227. More would have been nice but we needed to move asap. There's nothing wrong with you offering £235 and there's nothing wrong with them rejecting - you're both free to do what you want. However, I agree with comments on here that £235 is a pretty decent first offer. If they really do want and need to achieve the asking price in order to move on to the next place then that's that. If the EA had have come back and said they're looking for a bit more then you could have gone up a bit. I'd test the water with an offer around £239,950 and see what comes back, but say that you cannot afford to go any higher as you too need the funds to help with your next move. If it's rejected ask what they're likely to accept if the EA confirms that it's the asking price then either wait or go up another £2.5k if you're prepared to. Even at £235k I think you're both getting a good deal, but they obviously don't see it that way so you are where you are. Have in mind your limit regardless and as someone once said to me on here hold your nerve. It's hard, but they'll probably be suffering more than you will be and a day or two of no calls from you might just do the trick - they'll crack! Best of luck. Don't you just hate this house buying stuff!

tawse57

delmar39 wrote: »

I'd test the water with an offer around £239,950 and see what comes back, but say that you cannot afford to go any higher as you too need the funds to help with your next move. If it's rejected ask what they're likely to accept if the EA confirms that it's the asking price then either wait or go up another £2.5k if you're prepared to. Even at £235k I think you're both getting a good deal, but they obviously don't see it that way so you are where you are. Have in mind your limit regardless and as someone once said to me on here hold your nerve. It's hard, but they'll probably be suffering more than you will be and a day or two of no calls from you might just do the trick - they'll crack! Best of luck. Don't you just hate this house buying stuff!

Failing that, go around in the night and plant a giant flaming cross on their front lawn.



This is not a house buying technique advice

shortchanged_2

As others are saying on here it's a buyers market out there at the moment. Let the vendors sweat it out. They'll probably find they'll get no better offers no matter what rubbish the EA's tell you.

You'll probably find in a day or if you stick to your guns that your offer may well get accepted.

As I said before if £235,000 is all you feel it's worth to you, stick to your guns. Property buying at the end of the day is like a game of poker, except there are a pair of eyes watching both hands called the estate agent. The biggest load of bluffers around!

pinkteapot

Frankly, all of this advice is pretty much meaningless because we have no idea where the house is and what similar properties have sold for in recent months. Or even how long it has been on the market at its current price.

We bought recently and paid only £2k under the £233k asking price, despite being chain free. This was because everything comparable was marketed at £270-290k (though hadn't sold) and recent completed sales had been at £240-250k. Therefore, the asking price was extremely fair. Had we liked one that was marketed at £270k, we would have been offering £240-245k because that's what sales were going through at, and we were prepared to wait till we found a seller willing to take the market rate.

john_white

I find it amazing that so many people on here know the exact circumstances of this sale.

As has already been stated, in general, a property is valued in it's current condition. Updating is subjective, there's a big difference to needing updating I.e. poor electrics dodgy old boiler and 'it would be nice to have a more modern kitchen even though there's nothing actually wrong with the old one'!

The OP has already stated that demand in that area is strong. There's no point in the vendor selling at 15k less if it means they can't move on. It may be a case the vendor has seen something they would 'like' not that they need. It may be the house was valued higher but the vendor put it on at 250k for mass appeal. It may be the house is only worth 200k. The simple fact is you can only offer what you thinks it's worth to you.

We put offers in on a few places, didn't get any of them and they all sold for what the vendors wanted. So ignore the you must offer x below asking price brigade and offer what you think it's worth based your circumstances and the area you are buying in.

sarahmoo

Thanks for such interesting and varied replies !!!!! Lots of advice here....and no I won't grow a pair !! Errrr, this has given me the confidence to 1) wait a bit 2) realise that I prob would go up to about £242k as I do like the property but that's my limit and to give 2 weeks only for it to be on table3) Try and think with my head even though the old heart thing is going on....
How long to wait before putting in the next offer............I certainly wont this week anyway?

planemad

Sorry to be blunt, but it seems simple to me.

You made an offer - they rejected.

Your choices - Offer more captial if you feel that he property is worth it or start looking elsewhere

The estate agent may call back in a few days to stir it up a bit, when viewing a house try to give no indication that you like the property just look at it and save up what you need to say to your partner/family when you are away from the vendor.

if they ask what you think just say its ok. Don't say really love the way that your kitthen is arranged and your bathroom and living area are perfect, this goes for estate agents as well as soon as they sniff a strong interest from you they know you have a weakness and that weekness equals the extraction of more cash from your pocket.