Offer rejected, thoughts on how we should proceed?

nomoneytoday

Can you stretch to £181 - 182k and make that the final offer?

(The mortgage payment will be £5-£10 a month extra)

rachel31a

We could stretch but just feel with the amount of work that needs doing to the property that we would be straining ourselves even further. Spoke to the estate agent yesterday who suggested increasing our offer by £500, I felt this was a bit ridiculous really and couldn't see what difference it would make. She then said that she will get back to the vendor and try to secure the deal for us. We're still waiting to hear, I'm hoping she will get back to us today. There have been no other offers so that's one good thing.

ognum

rachel31a wrote: »

We could stretch but just feel with the amount of work that needs doing to the property that we would be straining ourselves even further. Spoke to the estate agent yesterday who suggested increasing our offer by £500, I felt this was a bit ridiculous really and couldn't see what difference it would make. She then said that she will get back to the vendor and try to secure the deal for us. We're still waiting to hear, I'm hoping she will get back to us today. There have been no other offers so that's one good thing.

I think you have done the right thing. You have submitted an offer you feel comfortable with, most vendors will refuse a first offer unless its at asking price.
The fact that he suggests an extra £500 makes me think the he advised the vendors to refuse your offer thinking you would come back with more and he is trying to look good in securing them an extra £500. Of course I could be wrong!
I hope this works out for you.

hazyjo

Don't forget the EA works for the vendor and every pound is more commission for him. Don't be tempted to add another £500 here and there, just be firm and say that is your absolute top whack. Let them come back to you. Before you know it, you'll be paying another £2k.

Jx

rachel31a

They've accepted our offer of 180,000 :rotfl:! We're absolutely thrilled, thanks for all the advice, it's been a nerve racking few days!

martinthebandit

rachel31a wrote: »

They've accepted our offer of 180,000 :rotfl:! We're absolutely thrilled, thanks for all the advice, it's been a nerve racking few days!

Congratulations. :beer:

googler

hazyjo wrote: »

Don't forget the EA works for the vendor and every pound is more commission for him. Don't be tempted to add another £500 here and there, just be firm and say that is your absolute top whack. Let them come back to you. Before you know it, you'll be paying another £2k.

Even at a generous commission rate of 1.5%, an extra £500 on the sale would get the agency an extra .... wait for it..... £7.50 in commission.

hazyjo

But reckon they were trying for far more than £500... along with a pat on the back from the vendors.

Anyway, well done Glad you got it for that price.

Jx

ukcarper

googler wrote: »

Even at a generous commission rate of 1.5%, an extra £500 on the sale would get the agency an extra .... wait for it..... £7.50 in commission.

Lets lose the £2700 commission for £7.50.

rachel31a

I've just rang the estate agent to confirm that we'll be instructing a solicitor/applying for a mortgage this week and will pass on the details when we do. I mentioned about wanting the house being flagged as under offer on the website and rightmove and he said that they will do that but the seller has requested that if anyone shows interest to still show them around until our survey is completed. Is this standard practice?