Cash offer rejected, another party offer accepted with no chance for us to better it

lisyloo

Enterprise_1701C wrote: »

Capitalism is far fairer than any of the alternatives. Some people win, some people lose - better than everyone losing.

One could argue that everyone losing is technically fairer !!

martindow

eddddy wrote: »

But just a thought - how did your viewing with the seller go?

Was your tone with the seller similar to your first post? i.e. telling the seller it was only 3.5 bedrooms, and one bedroom is too small for a single bed, and generally being negative (or perhaps even insulting) about their house?

If so, the seller's reaction might be that they'd like to sell to anyone else, except you.

I think this could be a factor. People often say you should treat house buying and selling as a business transaction, but for most of us it is more emotional and we are affected by how much we like (or dislike) potential buyers.

In general it is probably best to be friendly to the seller, if they are the ones showing you round, and discuss your opinions in detail after the viewing.

If you really are drawn to a house it is unwise to go in with really low offers unless you have had some indication that they could be accepted.

Enterprise_1701C

lisyloo wrote: »

One could argue that everyone losing is technically fairer !!

So, if you were willing to work your heart out to earn a decent living for you and your family, and then someone comes along and grabs most of it off you because someone up the road could not be bothered to work and just wanted money, that would be fair?

It already happens to a certain extent, but personally I want the fruit of my labours to benefit me and mine, not everyone else.

Browntoa

I won in a similar situation by offering to buy some materials for the build that were already in the building ( complete kitchen in boxes for example ) as cash separately to the main bid

Mr.Generous

lisyloo wrote: »

One could argue that everyone losing is technically fairer !!

Can't really argue with that, very amusing.

OP You have gone about this in such a way that things didn't work out. Try and figure out for yourself what went well and what not so well.

I have never seen a first time buyer pay cash for a forever home that needed loads of work. I'm sure it happens, but not very often. If its worth 200k done up then its not really worth 180k if it needs bathrooms, kitchen and the usual decorating. There is ALWAYS more work than you think. I'm talking market value, it may of course be worth more to you for a home.

Offer whatever you think a property is worth to you if your letting your heart rule your head. You're not in this as a business to make a living, you're choosing a home.


But don't expect anyone else to behave in a similar way, or not to be wary because they have seen time and time again buyers make an offer (sometimes a high offer) that falls through later when reality bites. Loads of reasons this happens, plenty of examples on here.


I buy run down property with my brother and renovate. We never outbid anyone who is looking for a home, its worth more to them than us. Several times we have had offers rejected where EA tells us higher offer accepted and a month or two later EA is back on asking if we would up our offer a bit. They aren't playing games, the other buyer has pulled out and the seller is getting desperate.


I've seen houses that need at bit of work sell 3 times and each time fall through either at valuation stage, survey or maybe when they get some quotes for doing the work.


All estate agents will have come across lots of first time buyers who offer too much then pull out. This may not be you, but don't expect experienced professionals within the industry to ignore their own experience.


When we are selling we do also make judgements on buyers, and a ridiculous low offer would not interest us in the slightest, We'd tell EA to pass on our 'Kind Regards :rotfl:' and forget them.


Read a load of property threads on here, it will give you a better understanding.

74ace

When we sold our house we decided against a cash buyer as knew we they would rush us and at the time we hadn't identified another er property to purchase. As soon as we had our asking price we said no more offers from the cash buyer we didn't want them to match or go over and above.

AnotherJoe

Cash offer rejected, another party offer accepted with no chance for us to better it

This happened to me once, the owner accepted the very first offer which was a bit under AP, after an open house without waiting even a couple of days for other bids to come in. Irrational since it was a good house and a lot of interest judging by how many were viewing. We offered cash / no chain at AP and were told "no they are sticking with the first bid". Fair enough to keep to their word but rash to accept so quickly.

A few weeks later that offer fell through and they came back to me asking if we were interested but we'd had a bid on another house accepted by then (and it was a better house although more money). The house we did buy had rational sellers who waited a while for all bids to come in and then had a "last and final" round of bids.

So, yours could be a similar irrational seller, though as others have said your very low offer probably either annoyed them or made them think you wouldnt be able to get anywhere near the AP or even if you did would try and drop them back again after survey. The other buyer was also almost certainly a cash buyer as well and may have been more credible than soemone who came in too low. Its a tough call, maybe if that person hadnt been around you could have got it for £165k. No way to know.

missile

Learn from the experience, mum doesn't always know best.

With that cheeky offer, I would have pegged you as a time waster.

missile

When I was selling a house.
During one viewing I was asked "What is the minimum you would accept"
"It is priced to sell at offers over £XXXX and I will not accept less"

There were several offers. After it sold, Dumbo phoned me and was very angry that I did not sell it to him :-)

csgohan4

Your mother is not buying the house you are, you may have lost the house as a result.


Put yourself in the vendors position with that low a bid