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Rejected Offer On A House
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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.
This is plain wrong. Its in their interest to get an assured sale. The extra commission on the £4k is nothing compared to losing the whole sale.
As for what the OP said abut the EA being "arrogant stating £90k", maybe they were just informing you plainly the minimum the vendor will accept?0 -
I wouldn't take it personally when you say the agent was brusk and arrogant... they're more likely to be frustrated and annoyed with the vendor for being stubborn and deluded rather than with you for making what seems like a very fair and reasonable offer.0
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Never set the price with your heart. It's nothing personal but business.
Let them sweat a little, if they haven't sold after 6 months means their price is too high."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
The EA gave you a guide as to what they would accept, and no the EA doesn't rub their hands at an extra 50 commission so ignore the nonsense about that - but they do have an insight into what thier client the vendor will accept. To go 20000 below on such a low value house it's quite clear that won't be accepted. 20000 on a 500000 is far more likely.
But if that is what you value it as then you need to walk away now and look for another house. If you have pitched your offer correctly then there will be no issue finding another house of similar standard for that value. If you can't find one, then you have your answer in whether your offer was pitched at the right level.
And just a little insight, when EAs value they look at what they can see so if you see an outdated bathroom and kitchen then they have seen that too and will have taken the replacement of that into account.
If they are telling you it is overpriced then what they are saying is that their valuation was lower than the asking price and the vendor has asked them to chance it at a higher price - against their advice. So if you piece that together you have a greedy vendor and you are offering someone of that mentality nearly 20000 less than the asking price - doesn't sound likely they will accept. The EA told you they would probably accept 89 so I would guess that is what the vendor has already said so go a little lower than that maybe 2000 and you may get it or another no as they really do want 89.0 -
If you're going to keep anything back make it at least £1k - it can be the £1k reserve you had for furnishings if you eventually have to throw it in the pot. £500 just looks like game playing. Although I actually think you need to top £85k here by a bit to have any chance at all based on signals the estate agent is giving you. You do see that making an offer so far below asking because you have lots of things you want to do to it can offend - it might be just fine to current owner ? Much better to leave it subject to survey when key issues will come out with a degree of impartiality.
Don't take such offence at everyone's stance - noone else other than you and your family is interested in getting you your dream house for your dream price. Estate agents work for the vendor after all. I sympathise - I can still remember trying for my first house over 25y ago and it was hard to be detached but you need to be. Yes you need to love the house but not to expect others to share your 'dream'.
I can see why an offer of £80k on an already reduced price of £95k didn't endear you to agents or vendor especially after 3 visits. They may perceive you as a time waster looking at properties you can't afford. Certainly after 3 visits, I as a vendor would have expected a bit more. You also look a bit dithery , needing 3 visits and 16 days to come up with a low first offer. These impressions do matter unfortunately - buyers like people that seem committed, keen to get on with it and know their own minds. I do get why you wanted to take your time but if you read on here most people make quick offers to signal genuine intent.
My comments are quite harsh but probably realistic (after 6 houses here). I have no idea what the house is truly worth but where 2 sets of expectations are quite far apart its bound to be difficult. They may not even like you bumping up from £80k to £85k as its quite a big leap at that price bracket and makes you look like you don't know what you're doing. I'd actually admit to that, say ignore first offer as naive FTB mistake and ask to start again.
If there really are problems the survey will give you another point to negotiate or rethink.0 -
Thank you for all your comments it's much appreciated.
I am going to ring to estate agents tomorrow and put a final offer in of £86,000 and see what gets said.
If it is too low for him then fair enough we have got other viewings lined up good luck to him getting £90,000.0 -
Everything that warby has said as an implied criticism of the buyer and their offer could equally be applied to the seller and their asking price.
Very unfair to label someone as a 'ditherer' for having 3 viewings and making a realistic opening offer inline with other recent sold prices rather than diving right in and offering full asking price after one brief viewing (which is what you seem to prefer the o.p. would do)0 -
Agree with that Ian, people will most likely spend 10x the time and energy deciding on a new car than a house despite the cost differential (and the ease of changing cars compared to houses!)
Seems entirely reasonable to me to make two or three visits before spending best part of one hundred thousand pounds !0 -
iantojones40 wrote: »Everything that warby has said as an implied criticism of the buyer and their offer could equally be applied to the seller and their asking price.
Very unfair to label someone as a 'ditherer' for having 3 viewings and making a realistic opening offer inline with other recent sold prices rather than diving right in and offering full asking price after one brief viewing (which is what you seem to prefer the o.p. would do)
I did say I was being harsh but with a purpose.Its the buyer asking for advice not the vendor so didn't bother with their side. If the vendor is a fool, he still won't take kindly to being told that or for OP to act as if he is.
I was trying to convey how sellers can see things, not that it is all fair or true - I don't want her to pay any more than she is happy with but she is the one leaping from £80 to £85 in a short time after taking a long time getting to £80k and realising that probably won't work and that can give a certain impression especially to a potentially 'greedy' vendor.
Vendors are just as fickle as sellers and form 'opinions/feelings' on things other than facts.
If its worth 80 and the vendor is unrealistic she still shouldn't change but in mine and plenty of other's experience a very low initial offer actually turns vendors against you.0 -
OP, I'm sorry if I was too harsh
I love seeing people get their first houses (when it goes well of course) but have lots of personal and work experience as to how the 'dance' can go. An amazing amount of decisions are on whether the vendor 'likes' you, odd but true. I suppose houses are a peculiar mix of highly personal/emotional issues tied in with business decisions.
Good luck0
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