First Offer Rejected - What to do?

Surrey_EA

lookstraightahead wrote: »

It sounds like greed to me

In my experience it is a rare property transaction where greed doesn't play a part, in one way or another.

Picara

I see where you're coming from, and I don't like the style either, but the issue is - I don't have loads of choice. There's barely anything available where I'm looking (currently just 1 property I'd look at, and that's a bit of a hike away). If there were a few other choices, I would have walked away as well. The asking price for this one is pretty good for the location and size - not much comparable around that isn't going for £190K+

I also think it's greedy and a bit underhanded, the way they do it. Vendor is a company in this case, so they won't care who they're selling to, just the money they make, and same goes for state agent.

Surrey_EA

Picara wrote: »

a bit underhanded

Can you explain why you feel that is the case? Nothing in your posts suggests anything underhand has occurred.

AdrianC

Picara wrote: »

If they go for full asking price and I do £177.5K, I wouldn't get it though. I'd hate to lose it for £2.5K, which is not a big increase in monthly mortgage payments.

I have no way of knowing if they exist. It is a gamble. Can estate agents lie to that extent? Isn't it illegal to make up stuff like this?

Does it even matter whether they exist or not?

The vendors have rejected your £175k offer. Full stop. End of.

Will £177,500 be enough for them to accept? <shrug>

Picara

It does to me Adrian. I'm a first time buyer, I have saved -a lot- to put together a deposit with zero help from family (because they can't), and I want to get a place I'm happy with that I can afford. They haven't rejected my offer, they've pitted us against each other to see who comes up with the highest one. If a vendor is saying there are other offers to see if I'll pay more and it isn't true, I think that's underhanded. I know not everyone agrees with this and they just see it as part of how the industry works though.

Surrey EA, in this specific case, I've been told different stories by the 3 estate agents working in that office - that there had been no viewings but had some next weekend, then another one saying that they had had lots of viewings over the last 2 months already 3 days later. That there had been no offers so far, then another one saying they had had one and it was rejected for being low. It makes me wonder how much truth there is when they tell me things. Not generalising though.

Anyway, thanks for the help everyone.

Surrey_EA

Picara wrote: »

If a vendor is saying there are other offers to see if I'll pay more and it isn't true, I think that's underhanded

If either the vendor or the EA are saying there are other offers and no other offer exists, then that would definitely be underhanded.

However, if there are other interested parties, which when the property is in an excellent location and the price is not unrealistic would not be improbable, it can hardly be considered underhand on the part of the vendor to establish which one of the prospective buyers is prepared to pay the most.

AdrianC

Picara wrote: »

They haven't rejected my offer

Great, so they accepted it!


No, they didn't, did they?
So - yes - they have rejected your offer of £175k.

If a vendor is saying there are other offers to see if I'll pay more and it isn't true, I think that's underhanded.

Perhaps it is, perhaps it isn't.


The end result is the same.


Your offer of £175k has not been accepted, and if you want to buy the property, you'll need to offer more. £177,500 might or might not be enough. There's only one way to find out, and we can't tell you.

BrassicWoman

first place you have ever offered on?


It's easy to believe there will never be another one you like.. but there will!



Get your business head on. How much REALLY to fix it up? Do you have it in the bank? Have you got estimates?


I promise. This is all false tension. There is always another place to buy...

BrassicWoman

for example, I'd buy this which has room for a lodger if I want one...


https://www.rightmove.co.uk/property-for-sale/property-76110944.html

Picara

Agreed, Surrey EA. In the same way that most buyers will try to get a cheaper deal, vendors and estate agents by proxy will try and get the higher price possible. I was referring to some things I heard from these particular ones that made little sense.

Understood, Adrian.

BrassicWoman, I do agree on more places coming up eventually. For personal circumstances, I'm looking at flats much closer to the centre, so wouldn't be looking at that particular one. I do however realise that it's easy to get tunnel vision when you see something you like.

Thanks all, I know you can't see the future and tell me with any certainty what will happen, but you have helped clarify things a bit more.