Reasonable price rejected what to do next?

AlistaireCook_2

Hi,

Me and my girlfriend have seen a house we like it is currently up for £174,995 and it has been reduced from £179,995. However i tested the water with an offer of £165,000 which was firmly rejected. I was then told they were looking for something closer to the offer. So i offer £171,000, £4,000 below the asking price but there still wanting more.

I can only afford to push myself to £172,000. So what am i meant to do next?

Many thanks for your help

evansmummy

We've had the same situation. We've left the offer with them for a while and hopefully they'll come back when they realise they might lose a sale due to 2k (in our case). You could look at it the other way and say we're being akward for the sake of 2k but in our case the house will need renovating to make it as we want it so I would feel cheated paying the asking price.

You've got to work out how much you want it and whether if it went under offer you'd be gutted or if you'd move onto something else

G_M

Let's see.... you could either offer more....or look for another property?

AlistaireCook_2

It does not need any work in all honesty but i would certainly say there being awkward and will lose a sale if they keep wanting more. The market at the moment is up and down so you have got to compromise both ways in my opinion.

Can they change there mind about the rejected offer and wish to accept?

baskerville_2

Offer the £172 and tell them thats final - and walk away - I think there are a couple of things to think about when buying a house,

a) how badly do you want it? A house is only worth what someone is willing to pay for it.

b) be philosophical - if its mean't to be, its mean't to be. If they don't accept the maximum you are willing/able to pay then it was never mean't to be your house anyway and although you may feel gutted something else will turn up, usually better!

To be honest - regardless of the fact they've reduced (obviously overpriced to start with) I think that £172 is a more than healthy bid that most vendors would be happy with.

AlistaireCook_2

But once an offer is rejected can they go back on the rejection and decide to accept?

sims01

AlistaireCook wrote: »

Can they change there mind about the rejected offer and wish to accept?

Well, they can.

I've had this happen a while ago with a property I was bidding on.

Made an offer.. rejected straight away. A few weeks later, EA comes back, asking if I want to increase.. When I say no, next comment is they'd like to accept my original offer after all. I'd already found something else though, so no sale happened, but still.

It all depends on market condition and the negotiation tactic of the two sides involved really.

AlistaireCook_2

Thanks to everyone who has commented, it is very much appreciated. And all comments will be taken onboard

menollyke

AlistaireCook wrote: »

But once an offer is rejected can they go back on the rejection and decide to accept?

We had it with the house we were buying. We put in an offer which got rejected, increased our offer with 3 thousand, which got rejected straight away. At that time I was going away for a weekend so we decided to leave it till I was back on monday. On monday we were discussing what our next step would be when I got the message that they reconsidered the offer and would like to accept the offer we made the week before.

They might have rejected it with the hope you would increase, however when you don't increase they might reconsider.

Mr_Thrifty

I am in a very similar situation.

I've told the agent that my offer stands until Friday (they told me that have some more viewings at the weekend of that they want to go ahead with, to see if they get a better offer). I told the agent that, if they come back to me after the weekend to accept my offer, I will in fact reduce my offer. The reason for that is that it would indicate to me that other viewings have not resulted in an offer greater than the one I have made, hence the property's true market value is probably at best equal to my offer or more likely less than it - and on that basis I shall reduce my offer.

I also told them that I will continue setting up viewings for other properties via other agents in the meantime. I advised that "a bird in the hand is worth two in the bush" and right now they have a bird in the hand. Who knows, in the time that they're dithering and trying to get a better offer from somebody else, I may find somewhere else that I prefer... and then where does that leave them?

Given the above, rather than taking my offer for granted and sitting on it at their leisure to see how things pan out with other potential buyers, the question for the seller now becomes: do they feel lucky (bearing in mind that proceedable buyers are as rare as hens teeth right now)?

As you might gather from this, I'm really not the sort of person who likes being played off against other people. The key is to make your "threat" (if you can call it that) a credible one.

DVardysShadow

Mr_Thrifty wrote: »

... I've told the agent that my offer stands until Friday (they told me that have some more viewings at the weekend of that they want to go ahead with, to see if they get a better offer). I told the agent that, if they come back to me after the weekend to accept my offer, I will in fact reduce my offer. The reason for that is that it would indicate to me that other viewings have not resulted in an offer greater than the one I have made, hence the property's true market value is probably at best equal to my offer or more likely less than it - and on that basis I shall reduce my offer.

Very sophisticated line of reasoning, which I applaud, MrT.

But if anyone else tries it, you need to recognise that not only are you forcing the seller and agent to gamble, you are gambling yourself. Which is fine if you understand the implications and are willing to accept the outcomes.