Final offer rejected on house

Bonfire_Bride

Have you asked for a counter offer? This may put a line underneath the property for good or it may open up some further negotiation? Sorry if this has been mentioned previously...heading back to work.

moneyistooshorttomention

BJV wrote: »

We had to make 4 last and final offers and it took 4 weeks of sleepless nights but we got the cost of our house down.

This is where things get confusing in the housing market. There IS only one "last and final offer" or "final offer" (as in OP's case).

The vendors have probably done exactly the same as I would and believed those words "final offer". If someone says "final offer" to me then it IS their "final offer". If I say "final offer" to someone then it IS my final offer.

It gets very confusing if someone goes "That's that then...." and doesnt mean it. I would think most people take the exact words used literally (as I do)....

yakyak

I've put in my last and final offer as far as I'm concerned. I sort of get it from the vendors point of view, however there is a bit of give and take regarding house buying, at least there has been in the past when I've bought and sold.

I'm not going to ring up again for a while, as much as I want to ring up the EA, I think leaving the vendors alone might make them think that my last offer wasn't that bad after all....

Then again there is probably no point ringing the EA again, my offer isn't going to be increased.

buglawton

The price discovery mechanism is the same at a medieval Arab bazaar as for modern UK house buying: When the buyer actually walks away, the price was too high.

getmore4less

I trawled the internet and found that the same style of house on the same estate sold in May for £280k.

how long was that one on the market.
what was it's previous sale price
How motivated were those sellers

allthough probate and divorce can cause problems with motivation having properties on the high side they can also casue high motivation and quick(desperate sales).

One in each camp could easily account for the £40k difference.

I expect the EA saying £320 is potentially close, get their money back and pay the EA fees.

How long between those offers, these sellers have been playing the waiting game for ages with gradual drops, a series of offers relatively quickly just says keen.
could have delayed their next price drop.

yakyak

getmore4less wrote: »

I trawled the internet and found that the same style of house on the same estate sold in May for £280k.

how long was that one on the market.
what was it's previous sale price
How motivated were those sellers

Around 6 months

That one was on for 305k, I can't find previous sale price as they only go back to 1995

The property was vacant possession too, so I guess they were possibly quite motivated to shift it

AndyBSG

yakyak wrote: »

Vendors paid £310k for it 5 years ago

If I paid 310 for a property 5 years ago then I don't think a price increase of 25K in 5 years is excessive given the way house prices go up.

On that basis I can completely understand why the vendor is refusing to sell at a loss

getmore4less

yakyak wrote: »

Around 6 months

That one was on for 305k, I can't find previous sale price as they only go back to 1995

The property was vacant possession too, so I guess they were possibly quite motivated to shift it

I suspect that sale has set your expectations too low for this vendor,

time to move on.

Mickygg

Your last offer was 19% off what they originally wanted last year, in a period when most areas have increased in price.

You can't surely be surprised it's been rejected.

If I received an offer of 17% less than asking I wouldn't consider you to be a serious buyer.

Move on, it's not the house for you if you won't pay more.

kilby_007

We've seen a property for sale at £365K, and only think it's worth in the region of £300 - 310K so in a similar position to you, except that we haven't offered. What I've learnt during my years of house hunting, is that you won't change a vendor's expectations by offering low. Why would I annoy the vendor by offering 20% less than their asking price? They have to realise at some point that they're asking too much and revise their price. In our case, if they reduce to the region of £335K then we can start negotiating as we'd be within 5-10% of their asking price but this house has only been on the market for a few weeks, so we could be waiting some time!