Seller rejected my first offer at asking price - help!

ArcaneWishes

This one is 200,000; similar properties in the area sold at 175,000 two years ago - the only difference with this one is a brand new kitchen, fully legal loft conversion and installed sprinkler system. We thought it was worth the 25k extra for those reasons which is why we put the offer down. 

The reason it failed last time was because we think it failed a survey when it came to having a sprinkler system installed. But that is now in and above board. We can afford to wait until August and longer as we are in rental property - so we can be extremely flexible for them (but not enough for them to mess us around) - they've been trying to move for a few years now so we think they'd find a place in March pretty quickly. But it's a gamble. 

Angela_D_3

We were offered £15,000 over the asking price - my ex was being a !!!!!!,  put it on for less,  there was no way it was selling for that.  We had 30 viewings and a bidding war,  it seems  to be the new normal. 

If you love it,  offer what you’re prepared to pay and thats it,  walk awsy if need be. 

Aspiration

Hi Arcane,
Sounds really frustrating and I would be frustrated that the buyers are now asking for more than they originally marketed for.

My advice would be decide what it’s worth to you, if that’s more then increase your bid but after that move on.

It does sound like a very real possibility you could increase, wait until August and then they change their mind again and you’ve lost more than half a year waiting for it. 

Good luck with whatever you decide! 

anselld

Offers over X.  Offering X is not an asking price offer as the title suggests.

tink_1983

I'd walk away. They  playing a game and stringing you along 

Thrugelmir

ArcaneWishes said:

So over the weekend we viewed a lovely property and put an offer down for the asking price - we felt the it was fair and wanted to get it off the market. 

If you've gone straight in at asking. Then it's no wonder that the vendor is prepared to see what others are willing to offer. Before committing. 

anteguardian

I disagree with some of the other comments, I don’t think you’ve done anything wrong at all and have offered what you think the property is worth even if it was an ‘offers above’ asking price. 

I do think you need to play the poker game as was previously mentioned in the thread, the ball is in your court now and you can either stick with what you’ve offered, withdraw your offer and hope they get some sense, or increase your offer hoping that they accept.

It sounds to me though that they want a higher offer, and I hate to say it because I think it’s such a dishonourable practice, but you are more than likely succeptable to being gazumped if they do get a higher offer. 

peterhjohnson

You could tell the EA that you think his client could be difficult to deal with and put in a lower offer "because of the potential aggravation or gazumping" :-) EA might then have a "frank" conversation with his client!

AnotherJoe

I hate sellers who do this. They are pulling your chain. I also suspect this is a seller more likely to gazump you later on.

Withdraw your offer as all its doing is giving them an advantage, not you*, tell the EA you are looking elsewhere.

* because any other viewers they can say "we already have an AP offer so you'll need to go more" so you are unlikely to win, at least if you withdraw it you leave them hanging wondering if you'll still be around.

[Deleted User]

If they are asking for more than what it was valued at then theres a good chance your mortgage company will undervalue it. Worth thinking about especially if you don't have the funds to cover the shortfall.