My offer on flat rejected, what to do?

tharsos

There is a flat that I am interested in buying and it is marketed as "offers in excess" of 70k. The thing is that during the last two years the two flats that sold in the area and they sold for 65k and 55k. From 2009-2011 the price of similar flats was ranging from 60k to 85k. Pretty big difference in price in my opinion and most of them were in similar condition (I looked at pictures of sold properties on Zoopla) to one another except the one for 55k which required renovation.

I made an offer today for 65k and just got informed that it got rejected. I told the estate agent that I will need some time to think about it, so I did not offer more at this time. I was not presented with a counter-offer or anything like that.

Even though I would be willing to potentially offer up to 70k I am wondering whether I would later be able to sell for this amount as recently a similar flat sold for just 65k. However if I would decide to offer up to 70k, then I am wondering what to do so that I won't look like I am desperate to buy it. Should I wait a couple of days before giving a higher offer?

I am a first time buyer so I am hoping to avoid any mistakes and I am sure that there are people out there with a lot more experience in these matters.

BitterAndTwisted

Sit tight or the agent will be playing you like a violin. If you really want them to think that you've offered what you think the flat is worth and won't offer any more, just ask the agent to make you appointments to view other properties on their books.

hamster2013

i would request a second viewing
and then dont hesitate to make the offer infront of the owner
as sometimes EA's dont even put your offer forward, which they legally are suppose to do (unless seller has instructed them to filter anything under 70k explicitly)

Fizzymartini

Be careful. I'd be loath to go for an overpriced property - besides, that effectively pushes prices up for the rest of the area.

Are you planning to make any changes to the flat when you move in (e.g. doing up bathrooms/kitchens to your taste, etc.)? It's easy to get carried away and plough a lot more into your property than will get a return - i.e. you go beyond the ceiling price of your property.

I heavy-heartedly walked away from two flats for the same reason. One was a lovely place in need of renovation, but terribly overpriced for the area. I ended up in a bit of a bidding war with another buyer who eventually stumped up the asking price. I could've afforded it, but had I then redone the place afterwards, I'd have crossed the price boundary too far to ever recoup the costs upon selling, so I just left them to it. Yes we're buying a place to live, but then we also have to think of the future...