Only offer on table...but rejected!!

emskiness

Thank you for your experience. Yeah we will put a pin in for now. Hoping they may reconsider if they don't get the outcome they are after but obv can't wait round forever.

Mickey666

emskiness said:

Thank you for your experience. Yeah we will put a pin in for now. Hoping they may reconsider if they don't get the outcome they are after but obv can't wait round forever.

Don't wait around at all . . . start looking for another property immediately.  If they do get back to you then fine, but if they don't then you won't have wasted any time.

Crashy_Time

NameUnavailable said:

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!

Yep, the SD stunt certainly seems to have juiced the market as intended, but can`t continue forever as they are throwing money about left right and centre to keep the plates spinning, will they eventually just make sellers cough up for SD I wonder?

emskiness

Thanks. We have a viewing booked today and are still looking. Noticed more properties on the market now where as last couple months there was a bit of a slump.

emskiness

So the EA called. The house has sold now. Presumably for 212 or more. Gutted tbh. Don't know whether we dodge a bullet though... If they are not willing to negotiate on price, then what happens when we get a full survey done and the house is valued less than what the sale was agreed at? Would they still expect us to make up the shortfall even if we couldn't? Would they pull out after us spending money on survey, searches etc. 

Irishpearce26

emskiness said:

So the EA called. The house has sold now. Presumably for 212 or more. Gutted tbh. Don't know whether we dodge a bullet though... If they are not willing to negotiate on price, then what happens when we get a full survey done and the house is valued less than what the sale was agreed at? Would they still expect us to make up the shortfall even if we couldn't? Would they pull out after us spending money on survey, searches etc. 

You'll never know but don't dwell on it, carry on looking.

Depends on what the survey shows, could be minor stuff that is reflected in the price. If you couldn't make up the shortfall you would be pulling out not the sellers. That's the risk with house buying you may lose money during the process.

comeandgo

emskiness said:

So the EA called. The house has sold now. Presumably for 212 or more. Gutted tbh. Don't know whether we dodge a bullet though... If they are not willing to negotiate on price, then what happens when we get a full survey done and the house is valued less than what the sale was agreed at? Would they still expect us to make up the shortfall even if we couldn't? Would they pull out after us spending money on survey, searches etc. 

Which is possibly why they would not sell to FTB as you may not have the money to make up the shortfall.

emskiness

Well, I don't understand how we are supposed to get on the property ladder if no one will sell to FTB... We offered 8 grand more than 200k and were prepared to make up the shortfall for that. But we couldn't go any higher. Like the other poster said, they were getting increasing amounts and probs just getting greedy and realised 212k was probably their sweet spot. I just know that agents do tend to overvalue houses but covid hasn't helped and I have also heard that house prices are set to drop but who knows? Thanks anyway. We will keep looking and fingers crossed. Hoping SOMEONE will sell to us lol Just not meant to be that one I guess.

AdrianC

emskiness said:

Well, I don't understand how we are supposed to get on the property ladder if no one will sell to FTB...

People will sell to FTBs.
They just don't always regard FTBness as something special.

Ignore the agents. They just do the marketing. Offers are accepted or rejected by the vendor, not the agent.

Put yourselves in the shoes of the vendors.
You're selling your house.
You've got an offer has come from somebody who is right up at the edge of their affordability.
You've also got an offer from somebody who isn't... AND they're offering more.
Which would you sell to?
Yeh, me too.
Anybody who says otherwise is lying.

emskiness

Oh well we are gutted but moving on anyway.