FTB offer refused, now what? tactics required!

Swafe

Dan-Dan wrote: »

You have given them the impression you love it , no wonder they are hanging out for more

I guess this is true, no way of throwing them off the scent now though, I guess they know I like it, but if they know Im at the limit of my budget then Im not going to increase my offer?

TBagpuss

If you can't increase your offer then chances are they will find another buyer who will.

Unless they are in a desperate hurry to sell, they are likely to be very reluctant to accept a lower offer, particualrly if the property hasn't been on the market very long.

If you find in another month or so it hasn't sold, it may be worth going back and repeating your offer, but as you have described things I can't see any reason why the sellers would want to accept your offer.

Also (for any further offers you make) I think most people tend to make an initial offer with the expectation of there then being some to-ing and fro-ing, so if you offered £140,000 as your first offer they and their agents are likely to see this as a starting point for negotiations, not your best offer. In most cases, I would recommend giving yourself some room to increase any offer, when you first make an offer.

yorkshire_terrier_owner

Swafe wrote: »

I guess this is true, no way of throwing them off the scent now though, I guess they know I like it, but if they know Im at the limit of my budget then Im not going to increase my offer?

How do they know you are at your limit? Lots of buyers will say they are at their limit but actually aren't. And as I said, if you've offered early on, there is significant interest and the likelihood is someone who isn't at the limit of their budget will be along shortly!!

Dan-Dan

In this case , going on the info provided , i think your as best if you can offering 145k , take it or leave it , if it`s a no , move on , you will find what you want in the end!

somethingcorporate

You've gone in too quick and too high.

I think your only hope is if there is no further interest if you cannot up your offer. Otherwise it'll probably go for more than your offer.

DRP

TBagpuss wrote: »

If you can't increase your offer then chances are they will find another buyer who will.

Unless they are in a desperate hurry to sell, they are likely to be very reluctant to accept a lower offer, particualrly if the property hasn't been on the market very long.

If you find in another month or so it hasn't sold, it may be worth going back and repeating your offer, but as you have described things I can't see any reason why the sellers would want to accept your offer.

Also (for any further offers you make) I think most people tend to make an initial offer with the expectation of there then being some to-ing and fro-ing, so if you offered £140,000 as your first offer they and their agents are likely to see this as a starting point for negotiations, not your best offer. In most cases, I would recommend giving yourself some room to increase any offer, when you first make an offer.

Yes I think this is really important.

The offer we accepted n our previous house was ridiculous low for the area (>7% off asking price) but looking back we accepted it because a) the house had been marketed for a couple of months and some previous offers had fallen through and b) the psychology of the buyer starting really low (>12% off asking) and working her way up via 2 subsequent offers.

Swafe

I dont get why you would accept a 'ridiculously low' offer just because of the psychology of them starting lower and increasing, if it genuinely was 'ridiculously low' then why accept it?

I had to say 7% lower than asking price doesnt seem ridiculously low, seems quite normal to me

Foxy-Stoat_3

You do know that £5,000 paid over 25 years is going to be a round of drinks a month.

If you love the house then pay for it, if your mortgage allows, or it may get picked up by another buyer.

DRP

Swafe wrote: »

I dont get why you would accept a 'ridiculously low' offer just because of the psychology of them starting lower and increasing, if it genuinely was 'ridiculously low' then why accept it?

I had to say 7% lower than asking price doesnt seem ridiculously low, seems quite normal to me

Well it was ridiculously low as most houses were/are selling at or above asking.

The point is that when your house has been hanging around the market for a few months, your expectations can change...hence why we accepted the offer.