Offer rejected what would you do next?

paddy's_mum

Don't forget that before very much longer (depending on the rules operated by that particular Local Authority) the vendors will be having to pay council tax. We are also heading into winter and keeping an empty house heated is a drain on money.

Some vendors in our lane decided not to keep any heating on while a deceased relative's house was empty, came nonchalantly wandering along several days into last winter's big freeze to find a burst pipe had flooded the place, ceilings destroyed, kitchen under a foot of water and a huge water bill to boot. Hopefully, your vendors won't be so shortsighted. Good luck.

ItMightBeUsefulOneDay

Fangg27 wrote: »

Thanks for the advice everyone. I will call the agent again tomorrow and let him know that our offer of £155k is still available for them to accept.

Keep the conversation short and to the point. They will try and use every trick in the book to make you up your offer right then and there using high pressure sales banter. You may think you're immune but very, very few people are. Cut them off mid sentance, hang up on them if necessary but don't get drawn into a protracted argument about why your offer is good enough or whether you should up it. Steel your mind to what you're going to say and stick with it - have it written down on a piece of paper in front of you and just repeat over and over if necessary, "My offer of £155k still stands."

Ignore all requests to "see their financial advisor".

DVardysShadow

Fangg27 wrote: »

Thanks for the advice everyone. I will call the agent again tomorrow and let him know that our offer of £155k is still available for them to accept.

Yes. Agent will try to get you to up that. But remind them that because of the offer from the previous buyer, yours was not put to the vendor or discussed at the time, so you can say "I would like you to put our offer of £155000 to the vendor. There is nothing to discuss until you do that"

Agent will probably say he has put it to the vendor and their response was it needed to be closer to the asking price. At which you need to say that you are unable to split the difference over the asking price [true] and ask the vendor to come back with a more specific offer.

MrRee_2

Being a bereavement sale means that my earlier post doesn't apply completely - as the executors do not need the sale to buy another property .... simply to get the best price for those who are named in the will. It is usual in cases like this to see the selling price announced in the local paper asking for any higher offers within a certain timeframe. thus demonstrating that the best price was achieved.

That said, the dependants who will benefit will be looking to get their part of the pot sooner rather than later (they may even have ideas to use the money to move property for themselves).

As stated above, winter is fast approaching - this has two effects on the house:-

1. There will be fewer viewings and fewer potential buyers.

2. The property will need to be well maintained over the cold, expensive, winter months.

The advice above is still good, stick with your £155k offer ..... they have shown their desperation by coming back to you, you are clearly all they have to save the day - make sure your rescue of them has a decent price in your favour!

hazyjo

Agree - whatever's been offered previously has naff all to do with you. You've no reason to 'compete' against another buyer as there isn't one! Why would you get into a bidding war with, erm, 'nobody'?

The previous chain apparently collapsed because someone pulled out. Could that have been the actual buyer? EAs can be very clever with their wording, so bear in mind that could still mean what others have said above in that the valuation came back low or something.

If the chain did collapse, they'll be keen to now go 'chain free' which, being FTBs, you are. It appears you are in a far better position than the previous buyers anyway.

Good luck at the £155k level.

Jx

googler

hazyjo wrote: »

If the chain did collapse, they'll be keen to now go 'chain free' which, being FTBs, you are. It appears you are in a far better position than the previous buyers anyway.

Exactly what I was going to say.

Fangg27

I spoke to them and they said the same thing about the offer needing to be close to the asking price. I've told them my offer is still on the table.

YoungBaker

Fangg27 wrote: »

I spoke to them and they said the same thing about the offer needing to be close to the asking price. I've told them my offer is still on the table.

Ah good luck - let us know the response!