Only offer on table...but rejected!!

Salemicus

@Mickey666 said:

The basic issue is that buying a home is a massive decision for most people and a massive decision demands a high degree of due diligence - hence searches etc.  Then there's the issue that most people need a mortgage so there's all that rigmarole to deal with as well.  Then there are all the legal and regulatory issues, so using a solicitor/conveyancer is high advisable.  Throw in the almost inevitable chain, because few people can buy without selling and the fact that relatively few people are experienced in big-money business negotiations and it all becomes a complex transaction. 

It's not just that. It's also that most house sales are by private individuals selling a single house, who are therefore neither willing to shoulder ongoing risk, nor reliable sources to recover damages from.

Someone made a thread here a while ago complaining that you get less protection buying a house than buying a kettle, but of course that's the case, because it was made by Zanussi and sold by John Lewis. They make and sell tens of thousands of kettles a year, know exactly what they're doing, and have deep pockets and reputations to maintain. So you're happy to buy the kettle, then, if anything goes wrong, try and get a refund, repair or replacement.

Meanwhile you bought your house from Mrs. Miggins, who bought it from Mr. Smith, who bought it from..., until it was built by some long-deceased builder in 1898. You certainly can't chase after the builder if anything goes wrong, and Mrs. Miggins doesn't know anything about houses or property law, so she's certainly not willing to promise you the roof will last 10 years or that the title is good. And even if she did, what good is that to you? How will you track down Mrs. Miggins, and how certain are you that she'll have enough money to compensate you for what went wrong?

So everything that could possibly go wrong needs to be tracked down and settled in advance, whether it's financial (valuation), physical (survey), legal (searches), or anything else. This is obviously hugely wasteful, because most of the time, most of these issues will be entirely unproblematic. But it's the nature of private transactions of very long-lived assets, so I don't see how it can be changed (although it could certainly be sped up).

emskiness

I am going to end the thread here because this is just like flogging a dead horse. I am grateful for those who offered their experiences on house buying, which is what I was after, as well as advice and even constructive criticism. Some of the other responses where people are picking apart my answers is nothing short of juvenile. I know the house buying process isn't going to be easy or rosy and some of you have helped open my eyes to that. I know I am to expect disappointment and a long, rocky road possibly even losses along the way. I know all this. I know that now I have two rejections and thus two experiences what to expect from the vendor. But just as you lot of you tell me that the vendor has the right to reject or pull out of the process if they wish, us buyers also have the right to feel disappointed from that as it also affects us even if you think the buyer is in the wrong, it's only natural to feel dejected. Unless anyone has anything constructive to offer or their own experiences from a buyer's standpoint, then I am really not interested in anymore posts about how greedy or inconsiderate or anything else you think I am. Feel free to post but I won't be responding as several times I have stated I am moving on and will take onboard feedback. Appreciate it. Thanks

Justonemorecupoftea

One day you'll be in a position to sell your house and you'll see that challenges sellers (who are often buyers themselves) face. Selling a house doesn't put you in a particular position of power, there's always the "what if..."

I'm selling my house and our buyer has screwed us around putting our onward purchase at risk and potentially costing us £000s. It seems to have settled now, but the anxiety of them "feeling wobbly" again makes me feel very anxious. But they offered the highest and were in the best position to move quickly (something important to us) so we've stuck with them.

verytired11

Justonemorecupoftea said:

One day you'll be in a position to sell your house and you'll see that challenges sellers (who are often buyers themselves) face. Selling a house doesn't put you in a particular position of power, there's always the "what if..."

I'm selling my house and our buyer has screwed us around putting our onward purchase at risk and potentially costing us £000s. It seems to have settled now, but the anxiety of them "feeling wobbly" again makes me feel very anxious. But they offered the highest and were in the best position to move quickly (something important to us) so we've stuck with them.

Exactly this!  We are all vulnerable at times and feel the other person has more power than us, whether buying or selling.  When you are buying and selling at the same time, it can feel like being squeezed between two difficult parties, each of whom have the power to dash your hopes and pull out of the deal at any moment, not to mention the banks who can also throw a spanner in the works.  There is so much potential for things to go wrong and it all relates to something so key to our lives - where we live.  I think the answer (although I have not managed to get anywhere near this myself) is to acknowledge you have some power and be assertive, whilst also acknowledging the anxieties and concerns of the other parties too.  For me, a big one is also about having to learn to let go of control - I can't control what happens.  There is also something about having reasonable expectations.  Inevitably I have got less for my house than I would have liked and I have had to spend more than I would have liked on my onward purchase, and my plans have had to be scaled back from what seemed possible on paper.  I actually did factor in quite a wide margin to cover things going wrong, and this has helped ease my stress a little bit.

emskiness

Justonemorecupoftea said:

One day you'll be in a position to sell your house and you'll see that challenges sellers (who are often buyers themselves) face. Selling a house doesn't put you in a particular position of power, there's always the "what if..."

I'm selling my house and our buyer has screwed us around putting our onward purchase at risk and potentially costing us £000s. It seems to have settled now, but the anxiety of them "feeling wobbly" again makes me feel very anxious. But they offered the highest and were in the best position to move quickly (something important to us) so we've stuck with them.

Sorry to hear that. I know this can be frustrating and stressful for both the seller and the buyer especially where chains are involved. Even though we are lucky not to be in a chain ourselves, our landlord is very old now and he wants to sell up and move on at some point this year. We are looking for somewhere specious that doesn't require lots of work and won't cost an arm and a leg. The problem is, properties are getting snapped up. Booking viewings after a house goes live is almost impossible unless you are on the phone right away. We saw an ad for a house and instantly called up to book. The line was constantly engaged, when we did get through, we were told we were too late and they couldn't squeeze anymore viewings in. We had the same issues trying to book online. The house sold the next day. And this is the problem we have been facing ever since especially due to the SDH. We also have three kids, one a young 3-month-old baby so if we don't find something by the time the landlord sells, we are then having the rigmarole of moving into other rented accommodation which a lot of the time requires references and a home guarantor so we will be back to square one again. Although it may seem like 6 months is a long time, unless the selling market meets buyer demand, we are constantly facing the same issues. The only reason we got lucky viewing the other house is because the vendors are not in any rush to move and were happily accepting viewers all week. That's why we were disappointed having the only offer we made rejected, knowing it's now back to the drawing board and trying to find somewhere else quickly. As much as we empathise with sellers eho want to get the right amount for their homes, we also have to consider ourselves and our own needs as well. Thanks

Mickey666

emskiness said:
But just as you lot of you tell me that the vendor has the right to reject or pull out of the process if they wish, us buyers also have the right to feel disappointed from that as it also affects us even if you think the buyer is in the wrong, it's only natural to feel dejected. 

Of course it's natural to feel disappointed when an offer to purchase a house you like is rejected, but that's life and all the tea and sympathy in the world isn't going to change things. 

How many times do you think a buyer has pulled out at the last minute leaving a seller feeling dejected, not to mention the effect all along the chain?

I don't think anyone is having a go at you, just pointing out the realities things out there in the big wide world.

badger09

@emskiness
Commiserations on your unsuccessful bid. Rather than wait until suitable properties appear online, have you thought about registering with local EAs? If possible, call in and explain what your requirements are & your current position. Most EAs keep a list of potential buyers & will email details of relevant properties before they begin to market them. 

Good luck 

emskiness

Thanks for the response! I'm starting to suspect a lot of people on here haven't actually bought a house before if they think a bid of 209k on asking price of 212k too low and too cheap. Do none of you negotiate? I have never known anyone to jump straight in at the asking or over the asking price before unless there are a lot of bidders however a lot of people here seem critical of my offer. Strange... I never once asked for sympathy but didn't expect so many people to pour salt on the wound either. And yes we have a few more viewings booked, thanks for the good luck. We have since heard the house still hasn't sold so not sure if the latest offer placed was rejected for still being under asking. If there's no room for negotiation at all, then what is the point? Has to be a bit of give and take on both sides surely? It is up to the vendors at the end of the day but we ar enot caving either so I guess we both just move on.

Gavin83

emskiness said:

Thanks for the response! I'm starting to suspect a lot of people on here haven't actually bought a house before if they think a bid of 209k on asking price of 212k too low and too cheap. Do none of you negotiate? I have never known anyone to jump straight in at the asking or over the asking price before unless there are a lot of bidders however a lot of people here seem critical of my offer. Strange... I never once asked for sympathy but didn't expect so many people to pour salt on the wound either. And yes we have a few more viewings booked, thanks for the good luck. We have since heard the house still hasn't sold so not sure if the latest offer placed was rejected for still being under asking. If there's no room for negotiation at all, then what is the point? Has to be a bit of give and take on both sides surely? It is up to the vendors at the end of the day but we ar enot caving either so I guess we both just move on.

In the current market I haven't seen a house go for under asking unless there is something wrong with it or it's already seriously overpriced. So currently negotiation is difficult if you've got other buyers offering over the asking price, which has happened on every house I've offered on so far.

In theory there should be negotiation but it is ultimately up to the seller what price they'll accept. I expect they've heard of houses going for over asking and expect the same. Unreasonable? Probably but there's not a whole lot you can do about it.

emskiness

I think it depends on the area and how desperate people are to sell. I do know people who bought for less than asking in my area recently so maybe it's a case of the vendors wanting a quick sale. If there are a lot of bidders then it makes sense to up the offer but it makes sense to test the waters first and go up in increments. However, the fact that the house is still on the market and the vendors still accepting viewings, tells me they are digging their heels in and won't budge on that amount. This is disconcerting as it also tells me that should an offer be accepted and IF it gets undervalued, they may still not budge from 212k either. I heard house prices are set to drop so it's indeed a tricky climate right now. Thanks