Vendor rejected offer without counter offer

zaksmum

We made an offer on a house and today have had the vendor's rejection of that offer in writing from the EA. The letter just says Offer Status - Rejected.

We phoned the EA and asked what kind of offer would be acceptable to the vendor - they have already said offers will be considered. They are refusing to say what offer they might accept and said we will just have to keep on submitting offers if we're still interested.

We offered 10% below asking price and we are fully proceedable which the vendor's aware of. No other interest in the property after a year on the market and they haven't made any price reductions.

Is it normal practise for the vendor to enter some sort of negotiation or is it just no to the offer and sit back and wait for the buyer to offer more, as the EA says?

azkaban420

Hi, I think it depends on the seller and their EA to be honest. I've had offers rejected with no counter-offers or hints on what might be acceptable, but I've also had it where the EA have clearly indicated what the sellers are looking for. It does seem strange that they're not prepared to counter-offer after being a year on the market but you could try either raising your offer slightly, or pushing the EAs a bit more for information on the seller's position? Perhaps focus their minds by suggesting you have another property you're interested in offering on and need to know if the seller is willing to enter into negotiations on this one or not?

Good luck,

Az

Doozergirl

There isn't a rule. I always think it's the best policy to ask, saves you money straight away iyswim but if they want to play their cards close to their chest, then they can.

I'd offer again, ask again. If they refuse, then I'd tell the EA that you need to know if you're ever going to get into the right ballpark.

I wouldn't make up any stories though. Agents can generally see straight through them, especially when they decide to ask you which other house it is you're looking at!

evoke

Find another property to buy. It looks like the seller and EA are dicking you around. Seller might be 'testing the waters'.

zaksmum

Thanks Az and Doozergirl. The property's actually a bungalow and although it's a lot smaller than I'd have liked - and leasehold too! - there aren't many bungalows in the area I'm looking at. But then again it's not a property that would appeal to everyone.

This is in fact my second offer on the property. They rejected the first which was 12% below asking price but we are ready to proceed immediately with no mortgage (or even survey) needed.

I really don't feel the place is worth any more than this latest offer, but if I thought there'd only be a couple of thousand more to get them to accept, I would reluctantly pay it.

I just can't be bothered with the stupid mind games some people want to play.

ILW

zaksmum wrote: »

Thanks Az and Doozergirl. The property's actually a bungalow and although it's a lot smaller than I'd have liked - and leasehold too! - there aren't many bungalows in the area I'm looking at. But then again it's not a property that would appeal to everyone.

This is in fact my second offer on the property. They rejected the first which was 12% below asking price but we are ready to proceed immediately with no mortgage (or even survey) needed.

I really don't feel the place is worth any more than this latest offer, but if I thought there'd only be a couple of thousand more to get them to accept, I would reluctantly pay it.

I just can't be bothered with the stupid mind games some people want to play.

Just make a genuine final offer then. Talk about pot and kettle.

Rabster8

zaksmum wrote: »

I just can't be bothered with the stupid mind games some people want to play.

The Vendors have set an asking price, and you have offered first 12% below and then 10%, both of which they have refused.
Is it really the vendors that are the ones playing games here?

Incyder

I bet you could get it for 5% below asking price.

If you don't fancy that much, then just up your offer by 2k but tell the EA to pass on the fact to the seller that this is your final offer.

Keep all conversations with the EA short and sharp at this stage.
Remember, he works for them, not you.

good luck.

G_M

zaksmum wrote: »

I just can't be bothered with the stupid mind games some people want to play.

What game? If you think the vendor is playing games and you don't want to play, there's a simple answer. Find another property.

But all the vendor has done is tell you how much they want to sell their house for, and reject your suggestion that they sell it for less. Very straight forward. No game.

myhouse_2

Rabster8 wrote: »

The Vendors have set an asking price, and you have offered first 12% below and then 10%, both of which they have refused.
Is it really the vendors that are the ones playing games here?

Do you really think that 10% below asking is unreasonable in this market? There are no buyers out there, and land registry shows people only pay 91% of asking price on average. Chances are if they lose this buyer their house will stay on market for months or years longer.
Since the OP is proceedable, they should use that as leverage - if not on this house then on another. It is too big an advantage in this market to throw away.
There's no mind games - just financial negotiation. Everyone is trying to get the best deal. If it were me, I might increase slightly and say this is my final offer. And keep to that promise - there are many stories of vendors coming back to accept previously rejected offers. You might reasonably expect that the value of their home will decrease over the next months too.

mbga9pgf

Drop your offer by 5% and tell them its final. Then walk away. I bet in 6 months of no viewings they are biting your arm off for your original offer.

I bet its a pair of greedy old crone baby boomers that are selling.