Final Offer Rejected & Owner Won't Budge - Advice

Harryp_24

Cirias wrote: »

Hi everyone,

Wondering if you can help advise a first time buyer!

We recently put in a few offers on a mid-terrace house which is on the market for around £160,000. It's been on the market for a few months. The owner has done a lot of redecorating, so its in lovely condition.

We first placed an offer of £140,000 which we expected to be rejected as it was more to test the waters. Estate agent then said that the owner is looking for at least £155K. Our next offer was a few thousand higher and again rejected.

This morning, we placed an offer of £149K, made clear that we really like the property and want to get the right price and that we feel £149 is a fair price for the property. And I got a call a short while ago saying the owner has rejected again. I told the EA that we would leave the offer as it is and continue to look around at other property. The EA then told me "OK that's fine, just so you know there are several viewings booked on the property this week".

Now, I would really like your thoughts! We are thinking if we leave the offer on the table for a week or so, the owner might come around? The agent previously told us that there had been no offers on the house at all since it had been on the market. We've done some research on terraced house sales within the area and the average value is showing quite a bit lower than what this house is on the market for. We don't want to pay over the odds and then not make much of a profit (if any) further along the line.

We do really like the house, there are a couple of quirks which may have put others off. We don't want to lose the property but we also don't want to pay more than our offer.

What would be your advice/thoughts?

not sure what your problem is? you've repeatedly offered less then they want (by quite a bit as well) and they don't want it? What more can you do? Id say they probably don't even want to sell it to you now as you keep low balling them even after they say they wont accept it. Probably think you'll try and gazump them.

Whats this question even for?

edinburgher

I am glad that the sale of our last house went to a closing date.

Everybody got to put in their best offer (good and bad) and the best offer won

It was fascinating to see the 'buyers' who constantly dicked around, asked questions that were obviously intended to trip you up (3rd rate private detective stuff) and tried to make you doubt yourself.

At the end of the day, we had a price in mind that we were hoping for and so did our potential buyers. The offer that got it was the one where a) their intentions and b) ours matched.

I could not have bothered with all the games...

anotheruser

Don't get caught like we did!

House was £140k.
We started with £135k, which the EA said would be rejected straight away. Naïve as we were, we tried every trick in the book and ended up paying the £140k. To be fair, that's what it's worth according to the reports so not at a loss, but I know we should have stuck to our £135k.

So stick to your guns.
If you really want the house then pay what they're asking.

What the Estate Agent is saying is "buy this house for the asking price, or someone else will" meaning those people coming to view. However, those people coming to view may not want to buy it or offer less than you.

Buying a house is all a game of chance.
Some people offer way over what it's advertised at.

But then this is our first home.
I'm not too fussed about it earning me loads of money. It would be great but that's a bonus. I feel bad for the people who buy houses with the main driver of making some sort of profit.

teddysmum

As you are advised to set an upper limit and stick to it, when attending an auction, the seller may have set a lower selling limit and like the person at an auction, decided to stick to it, as the sale isn't essential.


I believe it's usual to set a selling price higher than you will accept as the buyer feels they have a bargain when they pay less, but if someone made me offers increasing in tiny steps, from one that is far too low and I didn't have to sell, I, too would decline.

System

You've made a final offer, they rejected it.
You know what they want for it, you don't want to give them that, advice: walk away.
I hate the games people try to play when selling and buying houses, low balling is one thing but persisting with incremental offers when you know where you have to be is absolutely pointless.

BrassicWoman

I've now bought 4 times; each time I offered what I thought was a fair price, said it was the only offer I was making, and each time I got the property.

I hate hate hate gameplaying and won't get into it at all. I may pay a little over what I "had" to, but as I picked a fair price, I'm happy neither party got stuffed.

yoshiyella

The home we bought currently went on the market for £250k, the second it came on I was on the phone offering £267k. The agent did everything he could to put me off. It still went to the open day and we went along to view and to hear some of the comments they were making to try and make more money was hilarious. That was 2 years ago, it is now worth £400k but this is our home for at least 10 years and the only reason for us selling will be to move to a more rural location when children are older.

AnieKitten

There is no guarantee that the other viewings will result in offers, and even if they do they might not meet the vendors expectations. You have offered what you think it is worth, leave it a week or two (these things take time) and see what happens. Even if an offer is accepted the sale can fall through.

The current house I live in had 3 sales fall through before we had our offer accepted (the vendor had done a lot of work extending the property and therefore thought it was worth a lot more than we did). However in the end we had our third offer accepted (less than our original in the end as we had already had another offer accepted on a different house and we weighed up the odds). So I would stick to your guns, if its meant to be it will happen.