Offer on Property

benidorm59

Our cousin Kate has had her house for sale for twelve months and has a figure in mind to what she would accept. To be honest I think the property is overpriced, needs kitchen bathroom and has a few 70s d!cor throwbacks. She has had a few viewers and finally an offer just 10k under her dream asking price so she rejected it. The buyer who is a developer didn't up the offer. Now two days later she realises its best to let it go and is trying to see if the deal can go ahead. She has heard nothing for a day and is not wondering if she has blown it

steampowered

There is nothing to stop her from going back to the buyer to accept their original offer or make a counteroffer.

societys_child

She has heard nothing for a day and is not wondering if she has blown it

I don't know, honestly, I really don't know.

benidorm59

Just was wondering If anybody else has put an offer in on a property had it rejected then seller changed their mind and did they go ahead. She is really in bad place with all of this and are trying to support her best we can

SmashedAvacado

She needs a reason that sounds credible for going back otherwise the developer will potentially go lower. She could say she now realises her finances work on the basis of the offer made or something like that. If she makes it sound like an internal mistake then she might get better leverage.

benidorm59

Yes think its wait and see. The estate agents don't help when they over value these houses they give false hope to some. Will let you know

csgohan4

if she's in no rush to sell, I suspect she will be waiting another year with a likely over priced house

eddddy

benidorm59 wrote: »

She has had a few viewers and finally an offer just 10k under her dream asking price so she rejected it.

To avoid looking too desperate, she can try to restart the 'discussion' by telling the EA to contact the buyer to say she's now willing to accept, say, £7k under asking price.

And if the buyer pushes back, she can still let herself be negotiated down to the £10k under asking price, if she wants.

Crashy_Time

eddddy wrote: »

To avoid looking too desperate, she can try to restart the 'discussion' by telling the EA to contact the buyer to say she's now willing to accept, say, £7k under asking price.

And if the buyer pushes back, she can still let herself be negotiated down to the £10k under asking price, if she wants.

Doubtful that an experienced developer would fall for that IMO, they will likely just offer less, saying that the market has dropped further.

steampowered

People often try to make offering on houses a very complicated psychological game. It isn't really. It is just finding a price at which the buyer is willing to buy, and the seller is willing to sell.

Negotiating up and down is very normal. Accepting a final price after the other side wouldn't budge any further is normal. I've certainly accepted offers after initially saying no.

I'm sure if your sister goes back to the developer and says she is willing to proceed with the sale at the last price he/she offered, there is a very good chance that the sale would proceed.

Crashy_Time

steampowered wrote: »

People often try to make offering on houses a very complicated psychological game. It isn't really. It is just finding a price at which the buyer is willing to buy, and the seller is willing to sell.

Negotiating up and down is very normal. Accepting a final price after the other side wouldn't budge any further is normal. I've certainly accepted offers after initially saying no.

I'm sure if your sister goes back to the developer and says she is willing to proceed with the sale at the last price he/she offered, there is a very good chance that the sale would proceed.

More and more nowadays it is about finding a price that the bank will lend money on.