Final offer rejected l - FTB need advice

changingmyways

Hi there!

So basically we, we found a property we love. It is on the market for offers over £174,950. However, it is been on the market for just under 3 months and only two other people showed interest, 1 of which couldn’t afford it, and the other one has to sell their house first but apparently the sellers weren’t infested.

We decided to make a final bid of £170000 which was rejected. We discussed it and decided that we really didn’t want to pay any more and that it was our final offer. We are first time buyers with our deposit ready and chain free.

What I want to know is, is it common for them to reconsider a rejected bid of they don’t get anymore interest on the property?

cooltt

Yes, they think you'll come back with another offer but don't, you'll only regret it later. It's now a case of who blinks first.

HOWEVER>>>> you said you love the house so is 5k worth smashing your dreams to pieces?

personally i will only pay what i think the house is worth no matter how much i like it, for me it's the principle of not giving in to greedy people.

Hasbeen

Personally I would not reconsider. I would know that someone has offered £170000 so would now be looking for a bit more. Probably £172500, minimum.

If you have only offered once how can that be your final offer??

If too expensive walk away

TBagpuss

There's no reason why a first offer can't also be a final offer, although I think with house buying most people do expect a bit of negotiation so if your offer of £170,000 was your first offer, they are probably expecting that you would be willing to move a bit from that.

You can tell the agents that you will be looking at other properties but to let you know if the seller changes their mind, as your would still potentially be interested.

And of course there is nothing to stop you going back, if on another month or so you haven't found anything else, and making the same offer again!

Hasbeen

cooltt wrote: »

Yes, they think you'll come back with another offer but don't, you'll only regret it later. It's now a case of who blinks first.

HOWEVER>>>> you said you love the house so is 5k worth smashing your dreams to pieces?

personally i will only pay what i think the house is worth no matter how much i like it, for me it's the principle of not giving in to greedy people.

Would not consider being greedy, if you wanted the market price or at least pretty close to it if selling.


Its a buyers market there is always a better property out there.

lisyloo

What I want to know is, is it common for them to reconsider a rejected bid of they don!!!8217;t get anymore interest on the property?

That really depends on how committed/desperate the seller is.


I have a property I HAVE to sell so I would certainly take a few Ks less especially if the buyer was proceedable with no chain.
It sounds like this buyer is willing to wait for a higher offer.


Yes they could come back and accept your offer or you could go back with a higher one, it's a bit like a mexican stand-off.

Its a buyers market

This is not what I'm hearing anecdotally, although it's obviously going to vary by area.
The stats show transactions are down generally.

Alikay

It's possible they may come back later and accept, but I'd say it's unlikely. They may have reasons for needing a higher offer other than the pure greed vendors are often blamed for: If they're moving to a more expensive area (say, for schools), every penny may count. If you can't afford to pay more, and they can't afford to take less, it's not the house for you.

With our last 2 houses, we had to pay the full asking price but we loved them and they each had something unique that other similar houses didn't have and couldn't be added. A few years on, those extra few thousand ££'s became irrelevant.

lisyloo

They may have reasons for needing a higher offer other than the pure greed

Yes this is a factor too.
Some people can't afford to drop the price for various reasons e.g.

1) their mortgage limitations for new property
2) need it for care fees and may have to answer for actions to LA in future.
3) need to satify ex in divorce case



I am in situation 2.

I may be able to accept a bit less, but if I accept a lot less and the money for nursing home fees runs out then my actions might be called into question by the Local authority.



Absolutely nothing to do with greed on anyone's part, just that there are other parties to satisfy.


Everyone want the best deal that they can get, both buyers and sellers, why wouldn't they?

Cakeguts

Just to put this in perspective. Nearly 30 years ago we paid £191,000 for our house. We offered £190k and there was a bit of haggling and we agreed at £191k it was either £191k or £192k I can't actually remember. Anyway nearly 30 years later and we are still here.



A quick look on Rightmove and the cheapest property I can find near here is a 1 bed flat that is sold and was listed at £270k.



So in 30 years time you may not notice the extra 5k paid for on the mortgage it up to you do to decide how much you want this house.

G_M

Just tell the EA your offer remains on the table if the vendors want to reconsider at any time.


Then start looking at other properties.

spadoosh

Depends on the seller.

Youre talking about a 3% difference in price. When you consider the whole of a building it amounts to what is probably an airing cupboard.

Its the kind of value that is dictated by personal tastes. Things like artex ceiling, a country v a modern kitchen etc etc. If youre not willing to pay (but can) 3% more you probably dont love this property as much as you think. Its usually because you can see better value elsewhere. Can you? If you cant, youre probably being guided by the general consensus that you shouldnt pay asking price for a house.

Looking back on how i negotiated my first house i was stupid. I strted low and ended up getting it £1000 cheaper (less than 1%). My only justification was that i didnt want to pay asking price to be able to say i bought it cheaper and got a 'discount'.

If idve spent more time concentrating on my mortgage, idve saved that money in that first two years.