Is it strange that the seller wont accept a higher offer?

Danielle_x

Hello,


I'm currently a FTB with a decision in principle already.
I have seen a property which I really like, it's got a lot of potential, ideally I would like to renovate the property and sell it later down the line.
Originally I saw this property a couple of days ago, I was so desperate to call up and enquire but had been working crazy overtime so hadn't had the chance, which I am totally kicking my self for now.
I finally rang up the estate agents on my lunch break today, i really wish i had of rang this morning like i intended but i had to sort other things out.
When I rang up to enquire about viewing the property and putting in an offer the estate agent informed me that apparently the vendor has had an offer on the property today which has been accepted, i enquired about the offer to which I was informed it was lower than the asking price.
At which point I was like oh no, and told her I was prepared to put in a far greater offer that the other buyer, i'm talking £5-10k and even mentioned that. I asked her if she could speak to the seller.
..The estate agent rang me about 5 minutes later to say that the seller wasn't accepting any more viewings on the property or offers as they wanted a quick sale.
Hmm, it almost seemed too quick that she got back to me, but maybe that was just how it was and maybe the other person is a cash buyer.
I enquired a little further, to which she told me that the property had previously been on the market but the sale had fallen through and that the vendor was older so didn't want to mess around.

So I completely understand that, but I just would of thought with wanting to put in such a significantly larger offer and being a FTB with a DIP it might of at least been considered...

Does anyone have any thoughts on this or been in a similar situation or have any advice?
Should I follow this up at all?

Thanks

cashbackproblems

Most likely a cash buyer, 5-10k more for a ftb who needs a mortgage etc is higher risk and not worth it.

I offered 15k above asking price in Feb and it got rejected due to a cash buyer who offered asking

But now after brexit and prices falling slowly this will be very rare. I would not worry you will find a better deal

Mrs_Imp

I turned down a higher offer on my flat simply because I'd already accepted an offer. I explained that if the sale fell through then I'd consider it, but otherwise not.
She could just be a seller who keeps to her word. Ask to be informed if the sale falls through.

Caz3121

Danielle_x wrote: »

I just would of thought with wanting to put in such a significantly larger offer and being a FTB with a DIP it might of at least been considered...

they maybe thought that your deposit/mortgage situation may not support the new offer
anything offered over the valuation would need to come from cash as mortgage amount based on lower of valuation or offer
Do you have an extra £5-£10k that can be used for the deposit or were you planning on increasing the LTV on the mortgage?
eg valuation £100k...planned £10k deposit £90k mortgage 90%LTV
offer £110k..either £20k deposit £90k mortgage (90% LTV) or, if keeping the same deposit £10k deposit £100k mortgage = 100% LTV which it is likely your lender would not offer

iantojones40

It seems to me like the seller has done you a big favour, you need to calm down and be a bit more rational in your approach to property buying. Considering the property had only been on the market a couple of days and you haven't even viewed it you seem to have got very "emotionally invested" in it and would have more than likely ended up overpaying for it.

glasgowdan

I'm glad the seller's sticking to their guns, it's the decent thing to do. There should be more stories like this. Just imagine if you were them, possibly a family with wee kids excited about their new home...

csgohan4

I'm glad gazumping failed in this case, it's the right thing to do from the vendor. How would you like it if the house you offered and agreed, vendor turns round and accepts someone else's further down the line.

Clutterfree

It's lovely to hear of a seller that has morales and keeps to her word.
:T

We accepted an offer £10k under asking price on our place to a buyer who absolutely loves it who is in a long chain.
Next day EA called to say a cash buyer was interested.
We declined the viewing.

We are happy with our decision

Our EA also told us that cash buyers can sometimes be less committed to buying because they don't have their own house sale to fall apart if they back out whereas those in a chain do.

Also, you've not even seen the house so who know what you would have offered.

Davesnave

iantojones40 wrote: »

It seems to me like the seller has done you a big favour, you need to calm down and be a bit more rational in your approach to property buying. Considering the property had only been on the market a couple of days and you haven't even viewed it you seem to have got very "emotionally invested" in it and would have more than likely ended up overpaying for it.

OTOH, sometimes a FTB knows exactly what they want, so a small overpayment may be justified in achieving it. The knowing may result from very rational thought.

I bought the first house I ever viewed internally, but I was pretty sure I'd be buying it before I set foot in the place. Like this property, it attracted buyers quickly, but unlike this one, the agent didn't close things down as soon as one party offered. Instead, after a few days, 3 parties went to sealed bids. .

My offer was highest. I never once felt that I'd overpaid; only that I'd got exactly what I wanted.

I sold the house 10 years later for > 6 times what I'd paid.

Davesnave

glasgowdan wrote: »

I'm glad the seller's sticking to their guns, it's the decent thing to do. There should be more stories like this. Just imagine if you were them, possibly a family with wee kids excited about their new home...

Aye, but if a family had employed the agent I didn't use in 2006 to sell a property I'd inherited, they and their poor wee kiddies might have been considerably out of pocket.......£18k in my case.

Sometimes, for a variety of reasons, a property is undervalued. When two or more parties wish to buy within days of it going on the market, the chance of this being the case is obviously higher.

I'm not saying this property falls into that cartegory, as none of us knows it. However, sometimes it's the vendor who is let down. Two sides to every coin.

dc197

Offers are not all about the money. An attractive office includes other factors such as perceived proceedability , mortgage dependency, reliability, likeability.....