If an offer is rejected?

dave76

should you wait a day or two before going back with an improved offer?

macaque_2

dave76 wrote: »

should you wait a day or two before going back with an improved offer?

It depends how important this particular place is to you. If it was me I would go and look at other properties. There is nothing like finding a Plan B to strenghen your negotiating hand.

Badger_Lady

Depends on the circumstances... if you're in a strong position and have made that clear (FTB, finances in place, buyers' market...), and you think your offer is reasonable then yes - leaving the offer on the table could give the vendors something to mull over, and they may rush back to accept your original offer.

But if it was very low, or the property market is swinging, this may just be a way to lose the house. It can also become very frustrating when both parties "play hard" and it takes days and days to either come to an agreement or part company.

Have the vendors given any indication of the amount they would accept, and is it anywhere near the amount you're willing to pay?

dave76

Badger_Lady wrote: »

Have the vendors given any indication of the amount they would accept, and is it anywhere near the amount you're willing to pay?

no they havent as yet - I wouldnt either though

Badger_Lady

dave76 wrote: »

no they havent as yet - I wouldnt either though

Fair comment - but very often a bit of discussion with the EA can reveal a lot! They will be in the know (as part of setting the asking price), and you can get some hints about the general direction they're aiming at...

Take it you're holding out, anyway - good for you! Let us know how you get on.

merlinthehappypig

Dave. As the other two posts above say it depends entirely on how much you want the property. If you are prepared to let it go, then sit it out and wait for the seller to get back to you. We recently made an offer on a house and the sellers said they wanted £15000 more. We didn't particularly care one way or the other about the house so started looking elsewhere. A week or so later they came back accepting our original offer, but we said it was no longer on the table. A few days later they said they would take £15000 less than we originally offered, a few days after that they reduced it to £45000 less than our original offer. I can't guarantee similar reductions for you, but usually the seller is in the weakest position, unless you fall in love with somewhere in which case you probably won't be able to hold your nerve!

kmate

Dave, you are obviously made of stronger stuff than us...I think we only managed to hold out with our next offer for about half an hour!

Im not convinced that the tactics work you know, I think people have a figure in mind and it doesnt matter how long you leave it, the figure is what they want. I know its meant to be a buyers market and all that, but try telling that to the vendors where I live!

although come to think of it, I am not very good at haggling at holiday markets either!!!!

merlinthehappypig

kmate wrote: »

Dave, you are obviously made of stronger stuff than us...I think we only managed to hold out with our next offer for about half an hour!

Im not convinced that the tactics work you know, I think people have a figure in mind and it doesnt matter how long you leave it, the figure is what they want. I know its meant to be a buyers market and all that, but try telling that to the vendors where I live!

although come to think of it, I am not very good at haggling at holiday markets either!!!!

That's certainly true to an extent, but things do seem to swinging the buyers' way. I'm sure there are some places where the market is still good for sellers, but where I am, which is very expensive sadly and usually somewhat protected from a downturn in prices, there is clear evidence that asking prices are becoming more realistic, though still stupidly high.

The constant drip of doom and gloom in the media about house prices is definitely making some sellers think twice about sticking out for a higher offer - even the estate agents by us are saying this. One thing for certain, the current uncertainty doesn't help anyone, buyers or sellers.

dave76

well I did tell the EA that I would have to discuss with my other half - I'll up the offer tomorrow and stress my circumstances. We could manage their asking price at a stretch but I dont want to be living on tesco budget beans while living in a nice house

BrixMorta

The only properties selling at the moment are those who have dropped their initial asking price by between 5 and 10%. So unless this house is realistically priced I would be inclined to hold back or increase your offer but only marginally. Having said that, if you want to be sure of securing it then you must do what you are happy with.

dave76

well we have come to an agreement with the vendors at 90% of the advertised asking price which isnt too bad we dont think :T

One thing they have offered is to take the price of the furniture (it is fully furnished place) out of the price and we could pay that seperately. It would save a little bit in stamp duty but we would still have to borrow the same mortgage amount - the big difference is in the percetage of depost we would be seen to be putting down. All in - so all our money goes into deposit would be about 20%, take the furniture out of the deposit and that would drop to about 15-16%. Would that make any difference at all to a mortgage?