Reasonable price rejected what to do next?

zappahey

Gentoo365 wrote: »

In the current situation I never really understand why buyers would change their offers so quickly. Houses are taking months to sell so a few weeks scares the vendor way more than the buyer.

Well, maybe.

We're finding that there's a scarcity of good quality houses around here, and those that do come on are in demand, so they go quickly.

sejdee

AlistaireCook wrote: »

They have got back to me this morning and said they will accept 173,000 but I have stood my ground and said that I cannot offer anymore for the property, as it is 97% of the asking price which is a very good offer, so they are rethinking there decision.

Once again I would like to thank all of those who have given the time to comment, it is very much appreciated.

Good for you, and I hope it works out (assuming it's THE one)

Originally Posted by Gentoo365
In the current situation I never really understand why buyers would change their offers so quickly.

I'd say this depends on so many factors that are different for every deal.
Here's our reasoning. We are in rented, and now our house has sold, we want to buy again, asap. We have seen the house we want, and want to secure it quickly. I don't want to spend weeks or months negotiating a deal, so we start with a prospective offer, because we are in a very strong position and ready to proceed, and then increased it to the point we are comfortable paying. I was hoping they would see us as serious buyers due to the speed we reacted and I was hoping a deal could be done quickly. We're not trying to get it as cheap as possible, just want to secure a deal, at a fair price, and quickly.
They are obviously happy to wait and in no hurry to move, which makes me more nervous as we would have to push to complete quickly, so maybe for the best that we haven't secured it.

sejdee

We were right to be nervous, as they have now withdrawn it from sale, and even the EA doesn't know why (or isn't telling!).

Just as well really, as we have now seen THE one and will be submitting an offer tomorrow

Nynaeve

We put a cheeky offer in for the first house we negotiated for. Outright refused. Upped our offer a few days later, refused again. Made a final offer very close to the asking price (and to be truthful, over the odds) but again rejected. We could have afforded more but by this time were so frustrated with their tactics of non negotiation we walked away.

A few weeks later it was removed from the market. Turns out the vendor had next to no equity in the property and couldn't accept a resonable offer. It was a lovely house but in a way we had a lucky escape as we are about to complete on Friday on a house which is much nicer and still within budget.

Moral of the story? Always more fish in the sea...

robatwork

If it's worth 172 to you, offer it and say it's your final offer. Are you in love with this place?

Scabarella

We have put offers in on 2 houses marketed for 180,000 and went up to 173,000 maximum. Both vendors turned us down however we have found that the more you look, the more you find houses better suited to your needs. Personally I wouldn't stretch the budget unless you are 100% sure it's the one or you are desperate to move. Let the vendor sweat there are plenty of other houses on the market.
Also be firm with the EA, if they think that they can push you into offering more, they will. Always remember who is paying their wages on completion!!

lei_armstrong

I'm in this situation at the moment as a FTB - found the perfect flat which neither me nor my builder Dad could find any faults with. On the market at £190k but i can't physically afford any more than £185k so went straight in with that as my one and only offer but was rejected. I actually saw the flat before it was even published on the web though, so think they want to test the waters. I've told the estate agent that my offer still stands and if the owner changes their mind I want to be the first to know but am continuing to look in the mean time (though nothing quite compares)....

tommie1shunt

Get a Del boy Relaint, park outside of target house, place sign in back saying "Looking to buy in the area". Drop your offer another 10 grand.