Offer Rejected - Feeling hopeless

GigglySquid

We're FTBs and we've just had our offer (95% of the asking price) rejected on our dream house because the vendor wanted more money. We can't increase our offer without going over the Help To Buy ISA cut off (which we need to afford the house) and I don't know what to do. The house has been on the market for over two months without any other offers and I was sure our offer would be accepted

Everything else we can afford needs serious work doing to it, which we can't afford to do after buying the house. We're already looking as far out in the 'cheap areas' as we can. House prices are increasing faster than we can save so we'll soon be priced out .

Is there any advice you can give us, or are we destined to be renting forever?

lena_halo

Don't be disheartened, maybe it just wasn't the right house for you. Walk away, keep on saving, keep on viewing anything and everything within your budget. Keep an eye on the house, as if no one else offers what the vendor wants, they'll soon be forced to reduce the asking price and then you can go back to them with your offer again. But in the meantime, keep searching, the right house for the right money will come up eventually

mije1983

• Cut down on everything you can for a while so you are living on the bare minimum outlay.
• Get new jobs.
• Look for a smaller property. What about a flat?
• Look further away from your 'ideal' areas.
• Save more.

All the above are options, but some may or may not be possible for you. And some are more realistic than others.

What area are you in? There is surely more than 1 property in that area for less than £250k/£450k?


It may feel like the end of the world now and it was your 'dream house' but something else will come along.

TamsinC

leave the offer on the table with the estate agent, and walk away for the moment - keep an eye on the house but look at others as well. There is always another house.

need_an_answer

Don't give up.

You found this house and your offer was not successful but that does not mean that there wont be other houses that you like enough to offer on.

Its always down to the individual vendor what they will accept and it looks like with this one a 5% reduction was too much but that doesn't mean that others will think the same,and if that house is still on the market in a few weeks without offers then they may consider revisiting your offer then.


In the meantime continue to look,continue to save and hopefully it wont be long before you find the next place you can call home.

Browntoa

I've had an offer refused in the past and then got a phone call about 5 weeks later asking if my offer still stands

pinkshoes

Tell the estate agent that you will leave the offer on the table for 1 month.

Perhaps you offered too high??

In the mean time, save up some more money. How much money is the additonal 5%?

steampowered

As a first time buyer with a limited budget, you will have to make compromises somewhere. There will be an issue with every house you view.

You just need to find something that works for you, and there is always the possibility of moving in a few years.

Keep on searching!

Arklight

GigglySquid wrote: »

We're FTBs and we've just had our offer (95% of the asking price) rejected on our dream house because the vendor wanted more money. We can't increase our offer without going over the Help To Buy ISA cut off (which we need to afford the house) and I don't know what to do. The house has been on the market for over two months without any other offers and I was sure our offer would be accepted

Everything else we can afford needs serious work doing to it, which we can't afford to do after buying the house. We're already looking as far out in the 'cheap areas' as we can. House prices are increasing faster than we can save so we'll soon be priced out .

Is there any advice you can give us, or are we destined to be renting forever?

House buying is a numbers game I'm afraid. You have to keep looking and viewing and offering and the more times you do this the closer you'll get to success.

Nationally house prices are falling maybe cast your net a bit further if you're being outbid in a hotspot.

Smodlet

All of the above and, if you have not already done so, consider heading over to the Old Style Moneysaving board/post your SOA on the Debt Free Wannabee (or wherever it is) board, or just trawl around on here for loads of money saving tips. Unless you have already trimmed every last little bit of fat from your spending, there are always more savings to be had and more ways of making money. Have you checked out the Boost Your Income board on here?

I made a £10 Amazon voucher today purely for leaving my phone number on Ofgem's website and giving them a little bit of feedback when they called me. It was something I would have done purely for interest/possibly to help research but I scored a voucher for a few minutes of my time. Just an example.

ACG

I would explain to the agent why your offer is what it is and you will leave it on the table whilst you look for other properties but you literally can not afford to pay anything more.