Only offer on table...but rejected!!

emskiness

Hi guys I'm first time in this forum and a FTB so may be a little green so please bear with me!

We got our DIP after hiring a mortgage broker and going through credits checks etc. Started a few viewings. We put an offer in on the first house which was well within our budget but slightly poorer area. 20 other offers were also placed so we had no chance. Didn't get it. So we moved on.

Saw another house we fell in love with and promptly put in an offer. The asking price was in excess of 200k and there was another on the table so we offered 206k as the sellers actually wanted 212k and agreed it would be taken off the market at that price. We settled at 208k and stated we could not go any higher. The vendors have rejected offers all week after having many viewers. Ours was still left on the table. After hearing nothing for a week, we called the EA today to hear that the initial couple who are in a chain (we aren't, so ready to move whenever) pulled out presumably because it had been a week and their offer was just sitting there. So the EA said only ours was on the table now. So we felt some ray of hope. 

However the EA got back to us a couple hours later to tell us the viewers were declining our offer, even though it was the only one left, as they had more viewings and some had made private offers though the EA told me nothing had been submitted to them in terms of an offer and also they had a few viewings left but they were starting to taper off.

We are gutted especially since we were so keen on both the house and location. We have other viewings booked in the meantime but it's a bit depressing when even the only decent offer to them, (and the only offer at all, may I add!) and FTB with solicitors and DIP in place, still is not worthy of acceptance lol. 
We even got on so well with the vendors that they said we could come back any time and that they wanted a lovely family like ours to live here. They even initially said when we asked what price they were after, shrugged and replied "Just anything over 200 really" so I don't understand how they suddenly jumped to such a high figure.
I guess it's back to the drawing board. *Sigh*

RelievedSheff

The vendors are under no obligation to accept an offer even if it is the only one on the table.

They want more than you are willing to offer so move on and find somewhere else.

NameUnavailable

Nothing you can do but keep looking. They may well come back to you if no better offers come through soon.

emskiness

Ok thanks. Yeah, I understand they can decline any offer and keep going for as long as they wish. But wish they'd made their intentions clear from the start instead of upping the price. If they'd been honest at the viewing and said ideally around 212k we might not have allowed our hearts to rule our heads so much. Thanks for the advice though

lookstraightahead

You will find it's not ever straightforward. They are messing you about - which they are allowed to do, just as you could pull out if you wanted to. Move on and find something else. They may come back to you then you can lower your offer.

emskiness

Yeah you're right. Appreciate the advise. This won't be the first and probably not the last. Just needed a rant I guess haha

NameUnavailable

They wanted offers over £200K and were getting increasing amounts - sounds like they're getting a bit greedy and hoping for more and more.

The market is starting to cool - mortgage deals slumped during April https://www.reuters.com/world/uk/uk-mortgage-lending-slumps-april-over-stamp-duty-uncertainty-2021-06-02/

As we get closer to the end of the stamp duty holiday this will continue. They might well regret not biting your hands off! If they do come back you could think about dropping your offer, if you wanted to be cheeky!

emskiness

Thanks for the advice. It's all welcome as we are new to this game and starting to understand how soul destroying it can be at times lol. Yeah they stated private offers so maybe people were stating they would offer X amount but seems those offers have not yet materialised. I am guessing they are not that desperate to sell then our offer was still not enough as there surely has to be some give and take. Oh well. See what happens

Mickey666

All sellers (of anything) want the highest possible price they can get, it's just human nature.  Sounds like these sellers have pushed things to the limit but who knows what the new viewings will bring?  If they bring no offers then it's quite possible they'll get back to you.  But who knows what's going through their minds?

emskiness

I know you're right. They have rejected on the basis we told them we are looking at other properties and don't want to wait round for too long. Otherwise I think they may have still kept it there as a backup. But if they have viewings going for another couple weeks or so then us saying "get back whenever" might just be their safety net and they can keep viewings going as long as they want. Hoping no offers currently might make them reconsider. And although he are being patient, we would love to move at some point this year.

Sunsaru

Leave your offer on the table and then move on. They'll either come back to you or not.
In my case (and your may/will be different) I put my bid in and despite numerous attempts to get me to up my offer I stuck firm. I was rejected. Just over a week later I got a phone call....