How do you hold your nerve!

riverboat2001

I put in an offer on a property last Thursday, and made an offer the same day, on Friday I got a call from the EA to say it had been rejected. On Monday the EA phoned again to ask if we had any further thoughts, i explained that we had made our offer, and pointed out all the negatives of the deal/property, i said i would wait to hear back from the vendor via the EA. I assumed they would come back with a figure for us to haggle over, but nothing so far.

House has had two other viewings and no offers, seller "desperate to emigrate" (their words) house up for 265K, needs plenty of TLC. I offered 225k.
New house further down the street has dropped price by 50k to 299k, totally renovated house opposite on for 280k has had no movement. So i don't think it's going to sell in a rush. I'm also chain free, have my AIP, what else can i do to make me an attractive buyer.

BUT, how do you hold your nerve waiting to hear back, and stopping yourselves rushing back into making another offer!

I'm willing to negotiate, but don't know what their thinking is.

googler

I'd put offer in writing with a limit date/time for the vendor & EA to respond.

Standard practice in Scotland, can't see why folks in E&W don't do so....

rilou81

Hard to do, but find it and hold it!

Not anywhere near the same figures as yours but when we bought our house, we offered 9.5k under the asking price of 105K (could work it out in % ratio to yours) It was a while ago but id say more of a sellers market.
They declined so we offered 98K. They came back saying they'd accept nothing less than 100K. We held our ground and eventually gave up on the house. To be honest we did not like being dictated to to offer!

3 weeks later we got a call stating 'they'd love to accept your offer' Wish we had now said well its gone back to 96.5K ha ha!

In such a tough climate hold your nerve. Call the EA and asked to be kept in the loop. re viewing and things. Ultimately its about what you think its worth and if you would be gutted for another buyer to get it....... Good luck!

LittleMissAspie

By not getting too attached in the first place. It's not the only house for you, there are others even if you have to wait longer to find them.

nomoneytoday

A 225k offer on a 265k house would be unlikely to be accepted IMHO, unless the sellers were v desperate.
They would more than likely get more in an auction or from a "we buy any house" type a buyer.

Catatonia

It's just a waiting game really if you want to hold out, but I imagine you will be waiting a very long time with a offer that much below asking unless there is a reason for your low offer.

riverboat2001

nomoneytoday wrote: »

A 225k offer on a 265k house would be unlikely to be accepted IMHO, unless the sellers were v desperate.
They would more than likely get more in an auction or from a "we buy any house" type a buyer.

Hmmmm, yes i see you're point, agent seems to think they are leaning towards 240k, but not definate.

Amongst the negatives is the fact that the house backs onto the M25, and you can quite clearly hear it, also many people googling it will see this on the maps and not even view it (impo)

MobileSaver

riverboat2001 wrote: »

house up for 265K, needs plenty of TLC. I offered 225k. New house 299k, totally renovated house opposite on for 280k

To be honest, from what you've said the house sounds reasonably priced already so your offer may be way below their "walk away" price causing the vendors not to take you seriously.

Or the sellers may be waiting for this weekend to see if they get any more interest before coming back to you.

If I were in your shoes I wouldn't put another offer in yet but would call the EA up Monday afternoon to ask what the lowest price the vendors would accept is. The risk of course is that they do get more interest over the weekend, the only way to avoid that is by calling them tomorrow.

Doozergirl

Erm. If I were a vendor and I rejected an offer, unless they came back and specifically asked for a counter offer, or made one themselves, I'd forget about them!

Likewise, if I made an offer, it was rejected and then I left it, I'd not expect a call back. Lord knows I've made enough offers that have been rejected!

You have to keep the lines of communication open. One rejected offer does not make negotiations well under way.

You need to go back. Either with a revised offer, or a quite awkward conversation with the EA (which should have been had on the first rejection) of what they would accept.

I think you're holding out for something that isn't coming. Ball is in your court. Yes, hold out for as long as you dare in between offers, but don't expect the call to come from them....

geoffky

i held my nerve waiting for this house i live in..i gambled no one would offer on it....it paid off...but my wife wanted to jump in at every drop....bless her...

16 March 2010 13:07:59

* Status changed: from 'Available' to 'Under offer'

05 March 2010 11:26:31

* Price changed: from '£200,000' to 'Offers in Excess of £190,000' [Found by n/a]

14 November 2009 02:11:52

* Price changed: from '£210,000' to '£205,000' [Found by n/a]

17 April 2009 18:35:48

* Price changed: from '£249,995' to '£219,995' [Found by n/a]

06 December 2008 16:15:00

* Subtitle changed: from '4 bedroom detached' to '4 bedroom detached house ' [Found by geoffk]

08 November 2008 11:41:07

* Price changed: from '£264,995' to '£249,995' [Found by geoffk]

12 October 2008 03:05:33

* Price changed: from '£284,995' to '£264,995' [Found by dougie]

21 July 2008 13:46:41

* Price changed: from '£299,995' to '£284,995' [Found by geoffk]

Blacksheep1979

nomoneytoday wrote: »

A 225k offer on a 265k house would be unlikely to be accepted IMHO, unless the sellers were v desperate.
They would more than likely get more in an auction or from a "we buy any house" type a buyer.

That's only 15% off - they realistically aren't looking for anything over 250k so property is worth at most that, the we buy any house brigade will be offering at most 80% value so probably 200k.