Highest bidder, purchase offer refused

TonyTeacake

lookstraightahead said:

Hopefully soon vendors will have little choice and stop being kings of their (perceived) castles.

Yes I totally agree with you this will be what's going to happen in the near future when there aren't as many sellers around due to people not being able to afford these sky high prices for houses with this bubble that has been created and some vendors will be greeting FTB with open arms.  Higher interest rates and high inflation is only around the corner so let's see what tune they will playing in 12 months time..

RoseBerni

I had several offers all over the asking price 
one a family FTB offered 20k
The other buyer offered 25k but he is a builder and was planning on turning it into two flats 
I picked the family as I want my parents house to go to a family 

Sistergold

The truth is some vendors want FTB some don’t. The right property will come for you so just be patient, keep looking. Good luck

pieroabcd

sammyjammy said:

How many messages did you send to vendor on Purple bricks, you come across as ever so desperate, if that comes across in real life it would put me off and the more you hassled the more it would put me off!

one to ask about the council tax (that the EA wasn't able to provide and that he never replied to) and another to raise my offer.
Hardly a nuisance, is it?

Anyway, a seller that in 4 days has never answered a message nor provided any feedback, that keeps all doors open at his best convenience is not exactly desirable, so he can keep his castle as far as I'm concerned.

p00hsticks

pieroabcd said:

sammyjammy said:

How many messages did you send to vendor on Purple bricks, you come across as ever so desperate, if that comes across in real life it would put me off and the more you hassled the more it would put me off!

one to ask about the council tax (that the EA wasn't able to provide and that he never replied to) and another to raise my offer.
Hardly a nuisance, is it?

Assuming it was a question about what band the property is in and/or how much council tax that results in, yes, I would consider it a bit of a nuisance, as the answers to both are so easily found out by anyone online.

OiYou

I'm a FTB (36 years old and 7 years into a nursing career hence only just having a deposit!) - excited to buy but not nervous/jumpy.  2 siblings and one parent have bought in the last 5 years and are a mine of good, solid advice rather than interference.
I know the vendor for the house I am buying thought a FTB was a plus as they had had the house on the market for 3 months and had already found somewhere they wanted to buy so preferred not to have a chain.

Horses for courses I suppose!

housebuyer143

pieroabcd said:

Hi,
it's already the second time that I'm the highest bidder but my offer is refused. In both cases I've offered significantly more than the asking price.

The first time the seller chose a cash buyer. Time wise the difference is 2-3 weeks at most, as both the EA and the mortgage broker guaranteed me that the chances of not getting a mortgage in my situation for that price range are close to 0%. The deposit is 20-25%.
Even the cash buyer would have to go through the survey and the conveyancing times, so it doesn't really make a huge difference to the seller.

The second time the seller hasn't even provided a reason. He never answered any of my messages on Purplebricks.

So, what do sellers want nowadays? The money is no more enough? A sworn allegiance to keep the house exactly as is for the next 20000 years?

Sorry for the rant, but it's become extremely stressful.
Is there anything that puts the sellers off? Something to avoid at all times?

Having just lost my house sale because a buyer couldn't get a mortgage when he had a 50% deposit, I tend to side with the seller and would also pick the cash buyer in that situation.
Just remember it's nothing personal, the seller is just doing what is right for them. They may contact you in 3 months if the sale falls through giving you the chance to buy again.

BikingBud

housebuyer143 said:

pieroabcd said:

Hi,
it's already the second time that I'm the highest bidder but my offer is refused. In both cases I've offered significantly more than the asking price.

The first time the seller chose a cash buyer. Time wise the difference is 2-3 weeks at most, as both the EA and the mortgage broker guaranteed me that the chances of not getting a mortgage in my situation for that price range are close to 0%. The deposit is 20-25%.
Even the cash buyer would have to go through the survey and the conveyancing times, so it doesn't really make a huge difference to the seller.

The second time the seller hasn't even provided a reason. He never answered any of my messages on Purplebricks.

So, what do sellers want nowadays? The money is no more enough? A sworn allegiance to keep the house exactly as is for the next 20000 years?

Sorry for the rant, but it's become extremely stressful.
Is there anything that puts the sellers off? Something to avoid at all times?

Having just lost my house sale because a buyer couldn't get a mortgage when he had a 50% deposit, I tend to side with the seller and would also pick the cash buyer in that situation.
Just remember it's nothing personal, the seller is just doing what is right for them. They may contact you in 3 months if the sale falls through giving you the chance to buy again.

So buyer couldn't get a mortgage seems an affordability issue, perhaps not enough disposable cover the monthly costs! One would expect that if they claim a 50% deposit and are in work then they have done their figures and understand what their reach is. 

Offer again!

If there was an opportunity to buy again the OP would already be in possession of the house and could not buy from themselves!

BikingBud

Mutton_Geoff said:

pieroabcd said:

Even the cash buyer would have to go through the survey and the conveyancing times, so it doesn't really make a huge difference to the seller.

Cash buyers don't need surveys. My last two houses I paid cash and didn't bother with a survey. It's not the timing of these events, it's who is in the driving seat. FTB may be near max LTV limits, the mortgage company may come in with a lower valuation that the FTB either believes and/or is unable to ignore. Surveys are full of excuse clauses that may spook FTBs and gut feeling is they will always be banging on the door for further discounts as they haven't been through the process before.

"FTB with no chain and MIP" is not an attractive proposition to me either. A transaction, eg car, toothpaste or house is almost never anything to do with the price alone but a host of other things to throw into the mix.

Why don't they?

If you have the skills and competence or just cannot be bothered as you see them as a was of money then that is your choice.

Getting specialist advice on any purchase is normal due diligence. If the specialist advice tells you the asset is damaged or needs work and funds therefore the value the asset is lower, it would be foolhardy to continue to pay that higher amount.

A car may look shiny and new but when the expert tells you it's a cut and shut you run away, if they tell you it needs a new clutch then negotiating a reduced price to get the clutch replaced seems totally normal.  Why is purchasing a house any different? How were they supposed to know that the electrics need a full rewire because they didn't understand that round 5/15 amp plugs are not really latest safety standard!

Why should an inexperienced driver or potential 1st time home owner not refer to those that have experience to look after their interests. To any of those castigating FTBs, what would you advise your own kids? Get out there and suck it up sweet cheeks? 

Everyone says its caveat emptor, "you should have realised that those cracks meant he gable end was falling down" or "why didn't you realise that the boiler was 35 years old and the gravity hot water system was archaic" but then gets all uppity when the first time buyer decides to ask a few pointy questions as part of their due diligence. 

All houses have history, some of it will be good, some of it will be a potted history of bodges and poor fixes, add in the tales of woe that people consistently bring up here about plots being the wrong size, garages being excluded despite being on the sale particulars, ovens being removed and replaced with inferior models, hot tubs being left behind, not to mention page after page of issues with neighbours and fences/kids kicking balls agains fences/party walls/ring door bells/shared drives and hammerhead sharks

People are often too self righteous to consider that once they also knew nothing.

Cut the FTBs some slack and provide reasonable and honest information during the sale to them as you would expect for your own kids.

All helps to keep the wheels of the property market well greased

[Deleted User]

Lots of speculation. OP tells us that a cash buyer was prefered for house 1. There could be a variety of understandable reasons for that. No reason given for house 2. This is not really evidence of a wider pattern. Its just someone who didn't get picked 2 times. Unfortunate.