Vendor rejected offer without counter offer

missile

zaksmum wrote: »

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?

I got an offer 25% less on a house I was selling. Told EA I was not interested in negotiating with that buyer. IMHO buyer was a time waster who would more than likely fail to complete.

Bit strange not to try to reach a compromise over -10%. Maybe they are just playing hard ball putting pressure on you. Maybe they are not in a rush. Maybe ......... Who knows, if you want the house you will need to up your offer:rotfl:

sunshinetours

As noone knows what the house is on for and what similar type houses have sold for - noone can really say whether 10% below the advertsied price is cheeky or realistic can they?

As a couple of others have said make the final offer you are happy with and move on if no good. If they aren't desperate to sell then you don;t hold any cards whatever your position

G_M

mbga9pgf wrote: »

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.

Agree to pay what the vendor is selling for, or walk away.

I bet its a pair of greedy young 'me, me' compulsive retail shoppers that are buying.

LandyAndy

zaksmum wrote: »

Oh dear. does that make ME a greedy old crone baby boomer then? Because I'm between those ages:(:(

G_M wrote: »

Agree to pay what the vendor is selling for, or walk away.

I bet its a pair of greedy young 'me, me' compulsive retail shoppers that are buying.

Apparently not.;)

LandyAndy

sunshinetours wrote: »

As noone knows what the house is on for and what similar type houses have sold for - noone can really say whether 10% below the advertsied price is cheeky or realistic can they?

As a couple of others have said make the final offer you are happy with and move on if no good. If they aren't desperate to sell then you don;t hold any cards whatever your position

:T

But, hey, having no information whatsoever doesn't usually stop the opinions flowing on MSE.:)

zaksmum

Oh well. I've been giving it some thought and after reading the opinions on here I'm not going to offer any more. The vendors can just leave the place on the market and if anyone's happy to come along and pay more than 90% of asking price, good luck to them.

According to the media, house prices are dropping so if the vendors sit on it for another year it'll be worth a lot less anyway. It's not actually their house - it belongs to an elderly parent who's gone to live with the daughter (who's liaising with the EA and rejecting my offers on the parent's behalf). She said something about wanting to sell so there's no house for the parent to have to declare if they need to go into care in the future.

sunshinetours

zaksmum wrote: »

...... - it belongs to an elderly parent who's gone to live with the daughter (who's liaising with the EA and rejecting my offers on the parent's behalf). She said something about wanting to sell so there's no house for the parent to have to declare if they need to go into care in the future.

Tell them your reduced offer means they will have to "hide" less money and therefore it will be less of a hassle for them

They sound like caring kids looking to protect their future inheritance so the tax payer can pick up the care bill....

zaksmum

Ha ha! Don't think that'd go down too well. They are probably charging the parent rent too.

azkaban420

zaksmum if you feel you want to try one more time and raise your offer a bit then just go for it. It is difficult for anyone to know your exact situation except you - go with your gut feeling. Opinions will differ on every forum, don't let that sway you from getting a house if you really want to try for it

Good luck,

Az

zaksmum

azkaban420 wrote: »

zaksmum if you feel you want to try one more time and raise your offer a bit then just go for it. It is difficult for anyone to know your exact situation except you - go with your gut feeling. Opinions will differ on every forum, don't let that sway you from getting a house if you really want to try for it

Good luck,

Az

Thanks Az. I would've gone for the bungalow but you have to be careful not to fall in love with the place and pay more than it's worth. I think these vendors would only take about 2% under asking price (which is 200K) and it does have it's negative points which is really why it's best to walk away.

It's very small - just one reception room and 2 beds and no dining room, just a small kitchen, and leasehold too which puts me off. And very small windows.

I'm viewing another one tomorrow so we'll see how that goes.