Rejected Offers

V46R

Hi all,
I am a FTB and recently viewed a property that I had seen on Zoopla. It was originally listed at £104,950 in May, it then dropped by £10,000 in June, then a further £5,000 in August, so the current price is £89,950.

When I viewed the property the guy told me he no longer owned the it as he sold it to the builder of his new home and he would be moved out mid September (I thought maybe the builder would prefer a quick sale and be open to offers especially as he dropped it £15,000). As we walked around he pointed out the hall way was half carpet and half laminate, he said he was in the process of laying the laminate when they decided to move and that he will finish it before he leaves, he stated it was like that for the purposes of moving moving out and that he could use the carpeted area to drag furniture out of the adjacent room. I found this odd as he no longer owns the house and shouldn't worry, after some thought I wondered if he did actually still own the property and was trying to increase his chances of higher offers.

After seeing the property I called withing the hour and offered a cheeky sum of £82,000, I knew it was low and would be rejected but thought it's worth a shot. I didn't hear anything over the weekend and finally had a call from the EA after 4 business days asking if "I had thought more about my declined offer" when I stated this was the first I had heard it was rejected she told me that it was rejected and another offer which was higher than mine was also rejected. I asked her what the seller was willing to drop to and she said £87,500.

I made a further offer of £85,500 in the hopes the seller would meet halfway, I received a voicemail telling me that the seller has stated he will take nothing less than £87,500 and would I be willing to increase to that. However,Ii also received an email that states "Should you wish to increase your offer closer to the asking price, our client will give the matter further consideration". I was a little confused by this as she had stated he would not take offers into consideration in the voicemail. Is this just a tactic to make me increase my bid

The property is a flat and I noticed that another flat in the same building is on the market but has no pictures yet. This flat went up at £90,000 in August. 3 days after the seller of the flat i viewed dropped his to the £89,950 that is currently advertised. So he is aware of the competition for finding a buyer.

What would my best move be? Do I sit and wait in the hopes they have a re-think on my offer? Do I forget all about it and view the other flat as soon as possible? Or do i offer more ( Which i don't want to do as i feel £85,500 is a fair price)

Any advice would be greatly appreciated .

stingey

It's a tactic to get you to offer more. Estate Agents want the best price for their clients and they're trying to push you.

View the other flat.

Don't pay more that what you think it's worth.

System

stingey wrote: »

It's a tactic to get you to offer more. Estate Agents want the best price for their clients and they're trying to push you.

View the other flat.

Don't pay more that what you think it's worth.

I agree. Do not allow them to play you like a fiddle. Just put in an offer you think it is worth and you would pay, and then move on and forget about it. They will try to play games by waiting a few days and then phoning you with some scheme to pull you into their games, but best not to allow yourself to get sucked in. Stick to your guns.

ethank

The seller may make you wait also. Just offer the maximum you think it is worth and be prepared to walk away

RelievedSheff

It is perfectly plausible that the guy has part exchanged the flat and it is being sold by the developer of the new build.

We were in a similar situation in April when we had part exchanged our old house against a new build. The developer marketed our house straight away with a local estate agent and we took the viewings even though it was not us selling the property.

It was a strange situation to be in on our part as we had no further attachment to the property. Luckily for us the property proved popular with six sets of viewings in the first weekend and it being took off the market on the Monday as there were a lot of offers on the table. It was the first people through the door that bought it for the asking price.

Don't offer more than you think the flat is worth. Leave your offer on the table and continue to look at other properties.

eddddy

stingey wrote: »

It's a tactic to get you to offer more. Estate Agents want the best price for their clients and they're trying to push you.

I very much doubt that it's a tactic by the EA.

The EA will be interested in getting their commission.

The EA would much prefer that £85.5k is accepted today, instead of faffing about for a few days trying to get to OP to offer £87.5k - with the risk that the OP gives up and walks away.


At that price level, I suspect the EA's fee is fixed, so an extra £2k on the purchase price would make no difference to them.

But even if they're on a 1.5% fee, the extra £2k would earn them an extra £30. They won't want to mess a buyer about for the sake of £30.


So it's almost certainly the seller who is pushing back.

PasturesNew

Re dragging furniture. Some people are simply mindful of their behaviours and results that could be achieved - and have enough moral fibre to think of others and to ensure others get the best experience possible.

highguyuk

It sounds like the seller to me - do consider that the asking price has already considerably dropped, even if it wasn't worth the original asking price.

You've already offered twice, so you don't want to be making a 4th, 5th offer. Put in your final offer, or re-confirm your £85k offer, and let fate decide.

Fire_Fox

V46R wrote: »

Hi all,
I am a FTB and recently viewed a property that I had seen on Zoopla. It was originally listed at £104,950 in May, it then dropped by £10,000 in June, then a further £5,000 in August, so the current price is £89,950.

When I viewed the property the guy told me he no longer owned the it as he sold it to the builder of his new home and he would be moved out mid September (I thought maybe the builder would prefer a quick sale and be open to offers especially as he dropped it £15,000).

<snip>

The property is a flat and I noticed that another flat in the same building is on the market but has no pictures yet. This flat went up at £90,000 in August. 3 days after the seller of the flat i viewed dropped his to the £89,950 that is currently advertised. So he is aware of the competition for finding a buyer.

What would my best move be? Do I sit and wait in the hopes they have a re-think on my offer? Do I forget all about it and view the other flat as soon as possible? Or do i offer more ( Which i don't want to do as i feel £85,500 is a fair price)

Any advice would be greatly appreciated .

Welcome to MSE.

If this is a leasehold flat it is unlikely to have exchanged contracts within a few weeks: there is usually a lag whilst the freeholder is contacted.

Why wouldn't you go on other viewings? Plenty more fish in the sea!

V46R

Hi all

I received a call on Monday from an estate agent to tell me the second flat in this building was ready to be view so I booked an appointment. Weirdly, the first EA called 10 minutes later to discuss if I had thought anymore about increasing my offer. I told her that I was seeing this other flat on Thursday and that I would not be increasing my offer, especially not before seeing this other flat. Was it wise of me to tell them the full truth of the flat being in the same building or should I have just said I have other viewings booked?

P.S Thank you all for your replies :beer:

edgex

V46R wrote: »

Hi all

I received a call on Monday from an estate agent to tell me the second flat in this building was ready to be view so I booked an appointment. Weirdly, the first EA called 10 minutes later to discuss if I had thought anymore about increasing my offer. I told her that I was seeing this other flat on Thursday and that I would not be increasing my offer, especially not before seeing this other flat. Was it wise of me to tell them the full truth of the flat being in the same building or should I have just said I have other viewings booked?

P.S Thank you all for your replies :beer:

Nothing wrong with telling them that.

You have various bits of information, & you have to decide what is useful to let out, & what to keep back.
eg. If your a cash buyer, or have a firm mortgage offer, then letting that info out could be useful, as the EA then knows that the sale could be quick, & they are likely to pass that onto the seller.
If there is a development going up in the area so the current block is no longer 'new', again that could be useful to drop into conversation. (could say that your looking at the show flat or something)