Offer rejected, thoughts on how we should proceed?

rachel31a

We are first time buyers and last weekend viewed a property we really liked which was on the market at 199,950. We rang the estate agent on Monday to request a 2nd viewing for this weekend. The property was then reduced to 184,950 on Tuesday. We went and viewed it again yesterday and put an offer if of 180,000. Our maximum is 180,000 and we were going to start at 175,000 but there were 7 viewings this weekend so we wanted to look serious about the house. The estate agent contacted us today and said the vendor is looking for nearer to the asking price. We can't really afford to go higher than 180,000 and don't really feel we should either as the house next door sold for 175,000 last November (it is slightly smaller and has no garage but is presented to a much higher standard inside). As far as we know no other offershave been made. We are planning to just sit tight and see. Any opinions would be appreciated? Thanks.

hazyjo

Nearly everyone expects to negotiate, so putting down an offer without saying it's your one and only offer (or did you tell them?) and then not budging on it is unusual. Is it up as 'fixed price'? If no, they really should expect offers.

They might have just reduced the price, but that doesn't make it a bargain. It had no interest at the higher price, so was probably overpriced before. You could try leaving the offer on the table and letting the EA know that really is your maximum. Hopefully they'll bite your arm off for it in a few days.

Not sure how they magicked (how on earth do you spell that lol) 7 viewers out the air - if people can spend £185k, they'd have surely looked at houses up to £200k. Anyone who's now only looking up to £185k-ish would surely be looking to spend less than that. In which case, I'm sure your offer would be very competitive.

Good luck.

Jx

KateLiana27

If you can't afford to go higher than £180 000, you really have no choice but to sit tight. Don't stretch yourself beyond what you can comfortably afford. Stress your advantages as a buyer (no chain, mortgage agreed in principle, whatever) to the EA, be friendly and courteous, and leave the offer on the table with a reasonable time limit (2 weeks or so).

If the vendor has seven viewings lined up this weekend, it's entirely reasonable for them to hold out for an offer closer to asking, and they may well get it. At that level of interest I'd expect the vendor to wait at least another few weeks before committing to a below asking offer - but you just never know.

rachel31a

Thanks, we don't want to spend more than 180,000 so have been looking up to 200,000 thinking we could knock them down a bit. We expected a bit more interest once it had been reduced but were surprised that there were so many viewings over the weekend. That led us to putting in our best offer straight away. I may ring the estate agent tomorrow and say we've discussed it and can't stretch further but point out our strengths as you say.

tyllwyd

I am really surprised that the vendors reduced the price knowing that you were already booked in to have a second viewing a few days later - I'd have expected they would wait and see what you said before making that decision. It makes me think they are trying to sell quickly and generate interest by knocking the price right down, and if they have another seven viewings lined up it looks like that might have worked. If they have rejected what is your best offer, there's not much more you can do than wait and see what happens next week.

rachel31a

Yes we were surprised, we knew they were keen to sell as it had been flagged as "Open to Offers" on rightmove and the agent had mentioned this when we arranged the first viewing. Oh well will just have to wait and see what happens. It's so frustrating!

martinthebandit

Ring the agent and tell them you really like the house but cannot make an higher offer, let them know that you are continuing to look at other houses, mention you have a couple more to view next weekend, but you will leave your offer on the table until you find something else you like.

With a bit of luck that should encourage the agent to help persuade them to accept your offer.

HAMISH_MCTAVISH

rachel31a wrote: »

We can't really afford to go higher than 180,000 and don't really feel we should either as the house next door sold for 175,000 last November (it is slightly smaller and has no garage but is presented to a much higher standard inside). .

House prices have increased in many areas since last winter, by approximately £7,000 since December on average. (Nationwide)

Plus a garage and slightly bigger house should be worth at least another £10K, perhaps more, compared to the smaller house next door without a garage.

Presentation is less important. You're paying for the size/location/utility of the house, not how recently it's been decorated, and most people will redecorate anyway.

poppysarah

Don't offer more.

You have a limit. The previous sale price is a good guide that they're asking too much.

HAMISH_MCTAVISH

poppysarah wrote: »

The previous sale price is a good guide that they're asking too much.

Not for a different size house without a garage. That's meaningless.

InkZ

Look at more houses with the same agent.