My offer was Rejected!

juniordoc

Wait them out! So many unrealistic sellers at the moment. Keep your eye out for other properties, you can always raise your offer on this one in a couple of weeks.

kinger101

glasgowdan wrote: »

Well it's a very specific/unique sale price listed ten days ago!

I very nearly bought a house in the same area (right opposite the park), but decided the commute would be too much.

kinger101

jodieleigh89 wrote: »

We have just sold are house and ready to make offers!
We are in no chain we have fallen in love with a house on the market at 176,250 but it needs a lot of work! Every room needs doing the kitchen & bathroom needs a lot of work!
We went in at a cheeky offer at 167 they declined so we have gone to 170 and again rejected the offer!. Looking at houses on the same street one sold last year for 173,000 but it was done out plus a conservatory! It's only been on 10 day's would you wait to see if they give in or would you offer 2k more? It's had a lot of viewers but nobody has made an offer. I believe the family is selling this.. We liked another one just before we sold on the same street up for 180 i believe it went for 175 but again it was done out more!

My advice would be to tell the EA you're happy to leave the offer on the table while you keep looking. But stress you're very active so it won't be there for long.

Tiners

Based on your description of the work required for this one and the other recent comparable sold prices then it is stupidly over priced and you've already offered far too much.

-taff

We ended up being wheedled into offering 180K for a probate house , they had put it up for 185K. When I checked ,the top selling price of a newly decorated house was 180K in the same street.
We withdrew the offer.
Just checked and it went for 173, latest sold price was 191 two years later.

Davesnave

Tiners wrote: »

Based on your description of the work required for this one and the other recent comparable sold prices then it is stupidly over priced and you've already offered far too much.

I would agree with this, unless the house really does have a unique selling point, which has wide appeal. Maybe not far too much, but more than enough.

FTBs, like yourselves, often see renovating as an exciting venture, which it can certainly be, but always add 10-20% to estimates of cost, as they will rise once you begin investigating the house's hidden depths. For example, a simple wallpaper strip and replace may turn into a replastering job, or a new oven and shower can lead to a partial/full re-wire.

jodieleigh89

Thank you all for your replies

We can offer the asking price but we don't think it's worth that, we have said we would go up another 2k but wanting to wait it out so we don't come across as been too keen.

They could reject my offer again thinking we are too keen and we will probably up it again! Estate agent told us to wait it out, i do think we have offered a good amount considering the work that needs doing. They go for so much because of the area
We went to mortgage advisor last night so i now have my mortgage in principe and can offer asking price we also have a buyer for are house

glasgowdan

It's really hard to hold back when you do want a house. I'd suggest you hold on and view others, keeping your current offer on the table.

juniordoc

Well done, it sounds like you are doing the right thing. You will only get buyers remorse if you let others pressure you into offering more than you think it's worth.
Hopefully the sellers will see sense sooner rather than later!

glasgowdan

Sold... did you up your offer or was it someone else? Must be a desirable area.