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My first offer on a house is rejected without a counter offer. What should I do next?
sam.ssrs
Posts: 41 Forumite
I am a first-time buyer. I recently put an offer on a house that we liked. I agree that I put an offer a lower side hoping to get into a negotiation as I was told that the vendor would be flexible. However, the seller has rejected my offer, which is not a surprise to me. But the seller has not put forward a counteroffer.
What should I do next?
What should I do next?
0
Comments
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Offer what you think it is worth"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Make another offer or offer asking price or find another property.Mortgage started 2020, aiming to clear 31/12/2029.0
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Maybe your low offer was so low, the vendor doesn't want to engage with you?I agree that I put an offer a lower side0 -
Common negotiation strategy. Ignore the first offer, counteroffer the second one.0
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The vendor does not have to respond with any counter offer. They may be open to offers but you still have to be sensible.
You need to be able to present yourself as a credible buyer who is worth spending time negotiating with, not a tyre kicker.
Do your research and get a feel for what similar properties in the area are selling for at the moment and make an offer closer to that.0 -
Either make a higher offer or find a different property.0
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Yes this happens, but don't be put off, this is the convention in property negotiations, the seller will simply say no to any unacceptable offers hoping that a higher offer may result.
Remember this might not just be a 2-way negotiation, there may be others interested and offering and the seller has already received a better offer than yours.. When the seller gets an offer they like they will accept.
A seller will only come back with a counter-offer when they have 'tested the market'( i.e put the house on the market for a few weeks), and realises that they are unlikely to get any asking price offers.0 -
If I was a seller and had a clear idea of what price I was willing to accept, and someone put in an offer way below that, I'd simply ignore him unless/until he came back with an offer close to (or = / above) what I had in mind.0
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