Two offers rejected - what next?

Good_Old_Bakes

We've seen a house that we both really like. It's a 3 bedroom detached on at 240k and has been on the market for three months after being taken off last year. After doing our research and comparing to other similar properties in the immediate area (A 4 bed on the same road went for 185k late last year) we initially offered 211k which was rejected within minutes. 3 days later we upped that to 219k, again based on our research of what other similar properties were going for. The EA came back and said if it doesn't start with a 2 and a 3 forget it, so that's what we did.

About a dozen viewings of other properties and 6 weeks on, we're still interested in the first house and it's still on the market. We do feel that it's overpriced for what it is but we'd be happy to chuck another 2 or 3 k at it but no more. Is it worth having another punt at that or just leave it and forget it? The vendors aren't desperate to sell and they'd not got any offers on any other properties last we spoke so it's my gut feeling that they'll let it stay on at that price to see if anyone will come along and pay it.

If by any chance the vendors did lower the price, would the EA let us know or should we keep checking on Rightmove and such just in case? We're first time buyers with a large lump sum and a top up mortgage AIP, so we don't have a chain holding us back and are ready to rock and roll!

[Deleted User]

Offer the extra if they say no then that's it move on, if you think it's overpriced chances are the mortgage company will also..

mike_the_bike_2

The problem is of course that given what is currently the trend in the property market is that if I was the vendor and really not bothered about a fast sale I 'd think give it another 6 months and I will get even more for my house!

eddddy

Good_Old_Bakes wrote: »

If by any chance the vendors did lower the price, would the EA let us know...

An efficient EA would definitely let you know - but not all EAs are efficient.

Good_Old_Bakes wrote: »

Is it worth having another punt at that or just leave it and forget it?

Phone up and ask if the vendors are still holding out for £230k+. If the EA just says 'yes', leave it at that.

If the EA wants to carry on the conversation, perhaps the EA thinks the vendor can be persuaded.

dominoman

Sounds like you have been looking a while.

If you really like it I'd pay the price and get it. I've missed houses in the past for the sake of a few grand and really regretted it a few months later.

If the agent says it needs to be 230 or more then offer 230k.

Once you're in and happy the difference of a few grand will make not the slightest difference.

Good_Old_Bakes

Thing is, I’ve seen better for less that just weren’t quite right for whatever reason. I’d be ok paying 222k for it even though I think that is over the odds but anything more would leave a sour taste.

The other problem is that my missus got giddy and fell in love with it straight away and now compares everything else to it. Dangerous I know but she’s very one dimensional. During a recent viewing she even piped up “ but this hasn’t even got a heated towel rail..” :wall: You can see what I’m up against. If I didn’t laugh, I’d cry.

Good_Old_Bakes

mike_the_bike wrote: »

The problem is of course that given what is currently the trend in the property market is that if I was the vendor and really not bothered about a fast sale I 'd think give it another 6 months and I will get even more for my house!

This is exactly what's happening in my opinion.

tad104

Good_Old_Bakes wrote: »

Thing is, I’ve seen better for less that just weren’t quite right for whatever reason. I’d be ok paying 222k for it even though I think that is over the odds but anything more would leave a sour taste.

The other problem is that my missus got giddy and fell in love with it straight away and now compares everything else to it. Dangerous I know but she’s very one dimensional. During a recent viewing she even piped up “ but this hasn’t even got a heated towel rail..” :wall: You can see what I’m up against. If I didn’t laugh, I’d cry.

I was recently in the same position and had to think 'even though I think the property is overpriced, is it worth it to me?'. I thought about the the likelihood of finding another property we liked (we'd been looking for over a year), how much the market would have gone up while finding the right property and how tired I was of looking.

I came to the conclusion that in the grand scheme of things, I would pay the money and accept that it was overpriced but that the property was worth it to us.

Haven't regretted the decision and am much happier now that I've got a property :rotfl:.

trailingspouse

Decide the absolute absolute maximum you are willing to pay for this property.

Go in lower, so you have some wriggle room - but if they won't sell it for your absolute maximum you'll have to walk away. Unless you decide it wasn't your maximum after all...

We were house hunting last year, and had an absolute maximum of £230,000. We found the perfect house at £240,000. We started with an outrageous offer of 10% below the asking price (ie £216,000) - no surprises that it was turned down. That was on a Friday. I left it until the Monday (giving the vendors the weekend to ponder whether they'd been right to turn the offer down - it had been on the market for a while...), then went in to the estate agents in person and offered £220,000. This was also rejected, but they made a counter offer of £228,000. Wow!! They'd come down £12,000 from their original 'firm' asking price, without me really having to do anything. We finally settled at £225,000.

Foxy-Stoat_3

Good_Old_Bakes wrote: »

During a recent viewing she even piped up “ but this hasn’t even got a heated towel rail..” .

You do know that a heated towel rail is probably around 0.1% of the total value of the property?

If the lack of a £200 heated towel rail is a deal breaker then I think you need the help and guidance of Kirsty and Phil !!

greggymagic

Good_Old_Bakes wrote: »

Thing is, I’ve seen better for less that just weren’t quite right for whatever reason. I’d be ok paying 222k for it even though I think that is over the odds but anything more would leave a sour taste.

The other problem is that my missus got giddy and fell in love with it straight away and now compares everything else to it. Dangerous I know but she’s very one dimensional. During a recent viewing she even piped up “ but this hasn’t even got a heated towel rail..” :wall: You can see what I’m up against. If I didn’t laugh, I’d cry.

Phone up the agent and say "Hiya we spoke recently about the house on XXXXX road. We've decided to give it one last go as we really like the house and we see it's still not sold. We're ready to go, got a mortgage in place, no chain, a substantial deposit and solicitor at the ready. We'll give it one more chance and offer 222K - thanks"


Then leave it at that