Rejected Offer On A House

Steph1993

Hi
I am wondering if anyone can help me.
We are FTB (with a mortgage in principle ready) went to view a 2 bed Town house back on 15th July and fell in love with it.

Property went up for £99,950 back in March 2016 then on 6th July it was reduced to £94,950. When we viewed 3 different people from the estate agents stated that they had told the seller that it was overpriced and he knew that, also mentioned it had only had a couple of viewings and no offers.
One of the guys told us you could probably get it for £89,000
And the last person we viewed with said it needs about £8,000 of work doing which he isn't far off so you need to take this into account when you put your offer in.
I went back to view the house with my mum on 19th July and then again with my dad on 24th July as I wanted him to check what looked like damp spots but they were not.
Had a phone call and email off the estate agents on 26th July asking if we were putting an offer in and I replied we are currently looking at all our options and once we have made a decision we will come back to you.
On Sunday I phoned the and put an offer in of £80,000 the estate agent said it seems a bit low but he will go to the seller and see what he says.
Taking into account in February this year the house on the same street across the road which needed no major work unlike this one and was a 3 bed went for £85,000.
The estate agents came back to me and said he has declined the offer and is looking for £90,000.
Should I go back with another offer as the max we would pay for it is £86,000?
Many Thanks

AnotherJoe

Offer £85-86k and say it's your best and final.

Hoploz

The seller doesn't want to know what work you choose to do to the house. Perhaps they are living there quite happily and aren't interested in any of the changes you may wish to make.

Make the offer ... But don't expect the seller to pay for changes, or even repairs, you want to have the benefit of. Just give them the figure, say you think that's the value you put on it, and leave it at that. It sounds as if they aren't going to accept at this stage but it might be worth leaving it on the table until you find something else in case they change their mind.

Meanwhile, keep looking. Perhaps the property you should buy is in better condition for less money ... but I guess there isn't anything fitting that description available....?

Steph1993

Thanks for your responses I just didn't know whether there would be any point putting another offer in when I'm not willing to pay £90,000 but I think I will ring them on Thursday and put an offer of £85,500 in as best and final offer and if they want to negotiate I've got that £500 extra.
No Hoploz not much in our area for our price range. We don't mind buying something that needs work doing but at the right price.
The estate agent wasn't very helpful when he came back to me was quite arrogant and just said he wants £90,000 basicly end of.

walwyn1978

It's worth offering, but since you've been told by two seperate EA's (same company presumably) that they want 89-90k, you may be turned down.

That said, as with all house offers, you never know till you try. Go for it, but don't set all your hopes on it coming off.

AdrianC

If you're happy to offer £86k, then why on earth would you NOT offer £86k?
If £86k is your absolute max, and the vendor turns it down, then you keep looking.

I think I will ring them on Thursday and put an offer of £85,500 in as best and final offer and if they want to negotiate I've got that £500 extra.

One of us is not quite understanding "best and final offer".

smile88egc

Definitely give them your best offer but don't be in any hurry to do it.
And if they say no to 85.5 are you really going to go back and offer a third time for 86?

If theyve not got a huge amount of interest in the property then you could keep this card up your sleeve and see if anything else comes up this weekend?

System

Offer between £85,500 - £89,000.

KRB2725

It may well be that the vendor asked the agent for it to go on for a particular price, but if an agent (possibly more than 1) valued it between 95 & 100 then you can see why the vendor may feel 89/90 is reasonable.

You also never know what outstanding mortgage someone has or the price they need to achieve in order to move. Whilst a house is only worth what someone is willing to pay, the vendor may not be in a position to accept an offer lower than 89k.

I'd try again at 86, but I wouldn't bother holding back 500.

Prothet_of_Doom

Steph1993 wrote: »

Hi

fell in love with it. First mistake

people from the estate agents stated or lied

I went back to view the houseTWICE with my mum on 19th July and then again with my dad on 24th July
The estate agents came back to me and said he has declined the offer and is looking for £90,000. tell them to Try under the sofa
Should I go back with another offer as the max we would pay for it is £86,000? You should make a point of NOT upping your offer, but looking at other houses, with the same agent and pretending to fall in love with them, and then ask to speak to the senior negotiator.
Then give them a Final offer - and really mean it's final
Many Thanks

We are assuming it's a buyers market then ?

Obviously my opinion in Red is just opinion. You failed the negotiation at the start because you showed your hand - 3 visits ? Last time we bought a house, we viewed it once, and 18 weeks later when we got the keys, I'd forgotten what we'd bought. :rotfl:
Be clinical. Fall in love with 3 houses, and then offer on all in sequence. Tell the agent you have made an offer on another one, and are waiting to hear, but if they'd accept £X, then you'd withdraw the offer on the other one.

Fizzy11

Completely agree with P of D & never pay more than somethings worth. Remember everything depends on the survey & if there is work to be done not cosmetic stuff they should pick it up & may down value. Especially due to price of the one in the street.

It's in the estate agent interest to get a bigger commission.