Offer Rejected on house, now what

wls52

zeusofwar said:

Ftb2019_3 said:

Comments on here are ridiculous. Its been on the market for a year. 10% isn't too ridiculous. A property near me was on the market for over a year at 270k. Just came up on land registry for 235k.

Good luck selling the house for close to asking in a few months time when you haven't for the past 12.

Glad I'm not the only one who thinks this! It's like there is no such thing as a greedy seller. £625k and hasn't sold for 12 months.. maybe a prime example

Yeah, the property is just not worth what it's on the market for. We don't want to end up overpaying, especially if we in the future would like to sell it and then would have a situation where we'd have negative equity. 

eidand

wls52 said:

Wow, lots of comments on here. So our thoughts were that the property has been on the market since June last year, one agent that we spoke to told us specifically that the asking price was "ambitious". Another house that we just missed out on was at £550k in the same area and was bigger. Our budget allows to pay their asking price, but we don't want to be overpaying for something. We're also chain free and we gave them proof of funding when we submitted the offer, so yes, we are serious buyers.

We put in a new offer closer to £600k today after everyone's advice, but the vendor quickly rejected that and firmly wants £600+ so we are walking away. 

I think you did the right thing in walking away. There will be other houses, no worries. 

wls52

eve824 said:

Ftb2019_3 said:

eve824 said:

If I was the vendor I would think you were a dreamer and dismiss your interest. The offer would have been insulting to me. I would be much more likely to take another offer, even if it was lower, from people who were reasonable and serious about it from the get go. I really think you've shot yourself in the foot here. Why go in so lowball if you are happy to pay close to asking?!?!

What are you talking about? Why would you take a lower offer than an offer that 'insulted' you? How would them be more serious that the op was?

Its been up for over a year, its simply overpriced, clearly. That's why proprrty hasn't sold.

Because, I would have serious doubts about how genuine / serious a buyer was if they started with such a lowball offer and then went up to near asking. And a real fear of them gazundering. So much so I would take a slightly lower offer (within reason) from someone who was genuine and realistic from the start. That's assuming there was another offer of course.

Based on bitter experience I am afraid to say.

Very interesting to read this. I don't think offering roughly 9% under ask as a starting offer on a house that's been on for 15 months was totally unreasonable. 

zeusofwar

wls52 said:

zeusofwar said:

Ftb2019_3 said:

Comments on here are ridiculous. Its been on the market for a year. 10% isn't too ridiculous. A property near me was on the market for over a year at 270k. Just came up on land registry for 235k.

Good luck selling the house for close to asking in a few months time when you haven't for the past 12.

Glad I'm not the only one who thinks this! It's like there is no such thing as a greedy seller. £625k and hasn't sold for 12 months.. maybe a prime example

Yeah, the property is just not worth what it's on the market for. We don't want to end up overpaying, especially if we in the future would like to sell it and then would have a situation where we'd have negative equity. 

You did the sensible thing walking away. It's sounds like they are not serious sellers, and would be worried they'd have an eye open for higher offers during the process if accepted.

We followed a property which started off at £600k and 24 months later went for £525k. We offered £550k at the beginning which got rejected.. glad it wasn't accepted now.

wls52

So interesting turn of events. We offered £590, they rejected it flat out and said it has to be OVER £600 for them to consider it. Well, the vendor has now said they'll accept £600k which was our absolute max we wanted to pay. 

Before we make a decision, we are wondering if we should ask to see the house again to make sure we are happy to go with that amount as we only saw it once.  Is it odd to ask to view again in the middle of negotiating? I remember the house clearly, but it's more to make sure we are happy with our decision. 

Doozergirl

wls52 said:

So interesting turn of events. We offered £590, they rejected it flat out and said it has to be OVER £600 for them to consider it. Well, the vendor has now said they'll accept £600k which was our absolute max we wanted to pay. 

Before we make a decision, we are wondering if we should ask to see the house again to make sure we are happy to go with that amount as we only saw it once.  Is it odd to ask to view again in the middle of negotiating? I remember the house clearly, but it's more to make sure we are happy with our decision. 

It's fine.  Not a problem at all.  

theoretica

Certainly go and see it again - you need to decide if you really do want it at that price, or have just got sucked into bidding.

AdrianC

wls52 said:

So interesting turn of events. We offered £590, they rejected it flat out and said it has to be OVER £600 for them to consider it. Well, the vendor has now said they'll accept £600k which was our absolute max we wanted to pay. 

Before we make a decision, we are wondering if we should ask to see the house again to make sure we are happy to go with that amount as we only saw it once.  Is it odd to ask to view again in the middle of negotiating? I remember the house clearly, but it's more to make sure we are happy with our decision. 

I'd most certainly want to view again.

AnotherJoe

wls52 said:

So interesting turn of events. We offered £590, they rejected it flat out and said it has to be OVER £600 for them to consider it. Well, the vendor has now said they'll accept £600k which was our absolute max we wanted to pay. 

Before we make a decision, we are wondering if we should ask to see the house again to make sure we are happy to go with that amount as we only saw it once.  Is it odd to ask to view again in the middle of negotiating? I remember the house clearly, but it's more to make sure we are happy with our decision. 

You are thinking of spending SIX HUNDRED THOUSAND pounds !

For sure go and see it again ! 

Sammie1987

Definitely go for a 2nd viewing before committing to the sale... Then I'd be tempted to go back to the EA and say right we've offered 590, you've counter offered 600, let's meet in the middle at 595... Like you've said, you're slightly worried about over paying... 5k either way is not a great deal to fret about so on a 600 property,  surely the owners could meet in the middle.