First offer rejected with no option to increase offer

ahfat41

Is it possible making his offer subject to survey, contract and property removed from the market have put the seller off? We are just learning so as not to make the same mistakes. Thanks

Grizebeck

housebuyer143 said:

mark_cycling00 said:

EAs have a bad reputation but they've seen so many buyers and their personality traits that that they can predict how anyone will behave through the sale and what their motives are.

They'll advise the seller accordingly.

So your son is probably careful, does his research etc. They other buyer is probably impulsive and passionate about the flat 

The EA may predict that the other buyer won't be put off by things that come up in the survey for example.

I had two buyers bidding for my property. The EA advised that one buyer really wanted to live in my place whereas the other was likely to outbid but negotiate down afterwards.

I ended the bidding process by accepting the first buyer. 

This! Unfortunately I have had my sheett of flakey and annoying FTBs that I wouldn't choose to sell to one again if I can help it

yes they do seem very flakey at times

diystarter7

ahfat41 said:

Is it possible making his offer subject to survey, contract and property removed from the market have put the seller off? We are just learning so as not to make the same mistakes. Thanks

Hi
Just make the offer as most people get a survey etc, part and parcel of most offers. Then on results from survey, it would be sensible to walk away if there was a mass of problems and or the seller was not prepared to be flexiable,

Therefore, just make the offer and do your bits.  

If you were like us, IE cash ready to go, no lender, buying a chain free property, we told the sellers via EA there would be no surveys, loands etc, no ifs and buts our offer was sold - I guess any serious seller would chose us over someone in a chain even if those in a chain had offered a few percent more.

Every situation is different but the first paragraph is the way forward

Write down questions and call the EA and see what they say to put your minds at rest and if you really want the place, keep tabs on it

Again, dont forget, the seller or you can easily walk away until contracts exchanged.

Thnaks

Section62

diystarter7 said:

Never forget you are the king here as you/son have the money. Tell the EA re new offer and they have to put it to the seller and ask for evidence of this. The seller of can of course reject it but its worth a try

It isn't helpful to enter into a property transaction process imagining you are "king".  In any event, it isn't true in this case.  The vendor owns the property the OP's son wants.  The vendor can always say "no".  You appear to imagine the only thing the vendor cares about is money, but not only do we not know this, it is also quite common for people to take other factors (such as 'hassle factor') into account.

Offering more money after having a low offer rejected doesn't guarantee success (i.e. "king") - a savvy vendor will weigh up the possibility the would-be buyer will drop the amount they are willing to pay (perhaps to the originally offered amount) as the sale progresses towards completion.

diystarter7 said:

Lesson to those buying a hose and doing as OP's son, OP/son were correct in their offer and what the tolw the joker of an EA. Therefore, if you are really interest keep on the EA

It isn't helpful to think of anyone as a "joker", it is disrespectful.  The EA's job is to help facilitate a transaction which generates an optimum result for their employer.  Sometimes that means avoiding dealing with people who think they are "king".  Or recommending a vendor accepts an offer from someone who has the right financial situation/track record to go in with an offer and complete on the purchase without undue hassle.

If the OP's son was "correct in their offer" then it would have been them the vendor chose to sell to. It is self-evident that as their offer wasn't accepted, they called it wrong.  (No criticism of the OP's son intended)

Section62

ahfat41 said:

Is it possible making his offer subject to survey, contract and property removed from the market have put the seller off? We are just learning so as not to make the same mistakes. Thanks

If it is true there were several offers then it could be as simple as someone was willing to pay more than your son.

Offering 'subject to' is quite normal.  If that put the vendor off then your son may have had a lucky escape from a hard-to-deal-with vendor.

Chalk it up and keep looking.

lika_86

Section62 said:

diystarter7 said:

Never forget you are the king here as you/son have the money. Tell the EA re new offer and they have to put it to the seller and ask for evidence of this. The seller of can of course reject it but its worth a try

It isn't helpful to enter into a property transaction process imagining you are "king".  In any event, it isn't true in this case.  The vendor owns the property the OP's son wants.  The vendor can always say "no".  You appear to imagine the only thing the vendor cares about is money, but not only do we not know this, it is also quite common for people to take other factors (such as 'hassle factor') into account.

Offering more money after having a low offer rejected doesn't guarantee success (i.e. "king") - a savvy vendor will weigh up the possibility the would-be buyer will drop the amount they are willing to pay (perhaps to the originally offered amount) as the sale progresses towards completion.

This. I like to think that when we come to sell our property that we will price at a level we're happy with and sell to the first procedable buyer who meets that asking price rather than playing one potential offer against another to try and gain a few grand.

We offered asking on ours (we saw it after one price reduction) and had our offer accepted and the house taken off the market the next morning. No stupid games on either side and we were done in 10 weeks.

So much depends on the attitude of the seller but trying to be too canny is a risk if you're ultimately willing to go higher.

Slinky

I wouldn't have done the 'remove from market' bit with an under-price offer until the vendor has cccepted the offer. It's slightly insulting to the vendor's intelligence. There's nothing wrong with asking for it to be removed after the vendor has said yes.

Slinky

Also to add, we had a purchaser who offered £220K against an asking price of £237.5K, they then increased their offer in £2k increments up to £228K which we kept rejecting. Then we got an offer of £235K which we accepted without going back to the first people who had already shown how they were playing their cards.

diystarter7

Slinky said:

I wouldn't have done the 'remove from market' bit with an under-price offer until the vendor has cccepted the offer. It's slightly insulting to the vendor's intelligence. There's nothing wrong with asking for it to be removed after the vendor has said yes.

Hi

You may not have and that is your prerogative. However, we did and we have as have others and made a purchase.

A seller that is serious about selling may find it "slightly insulting" or even worse for that matter, but when push come to shove, the buyer that has the money and no chain, a serious seller will accept.  In the current market conditions you may have seen the threads and new items people cant sell the property and one of the reasons is many are still thinking about prices that may have been obtainable 12 months ago.

As buyers are sellers are dealing via thrid party, namely an EA, it is very easy to put i low offers and cash and ready to go buyers are kings especially in a market that is in danger of falling further

Most buyers will bite the hand of a chain free, ready to go buyer as you must have seen, heard read about stories about prperty chains and people losing a sale/purchase just because on in a chain backs out etc etc

There are no hard and fast rules when it comes to making offers other than do your own research, get yourdelf in a good positon and never make a full offer unless its one of those places where you rarely get a property on sale and even then, I would never offer full price unless someone before us has done that and we really wanted the place

I find the properties that go on sale as "offers over" are often advertised slightly lower and atteacts more people but having said that I saw a propert sell for slightly less. Its supply ad demand and what a seller wants to pay and buyer is prepared to accept.

If oe is serious buying a place, check the history of what they are buying ie was it on sale before and what price, sany sales fallen through, why etc etc. Dont be afraid to ask the EA's questions and chase them if you are really keen on a property as EA's often know who has the capacity to move quickly and is unlikely to back out

So our offers, often after the silly offer are always followed by, "markets to go STC" if buyer accpets offer or we are not interested and it works for us, usually by next business day once we have instructed our solicitors as we dont have surveys etc.
Works for us and many others I guess. It is what it is.

Good luck OP and as I said previously, pick your EA's brains re tips/etc as they know how the seller thinks and what they are likley to accept but only you can decide what to pay or not. Also as I said before as you said you are new to this, until the exchange of contracts, anyone can back out without giving a reason to you or you to them  (Ask EA about the history of any offfers, and pulls outs etc to build up a better picture of what may have happened before)



Thnaks

mi-key

diystarter7 said:

Hi OP

Never forget you are the king here as you/son have the money. Tell the EA re new offer and they have to put it to the seller and ask for evidence of this. The seller of can of course reject it but its worth a try

Lesson to those buying a hose and doing as OP's son, OP/son were correct in their offer and what the tolw the joker of an EA. Therefore, if you are really interest keep on the EA

OP, it could be the seller felt the other offer was not only a bit higher but meet their criteria of a sale?

(Btw, we have matched an offer on chain free place and we were ready to go, so we got the property and our offer was based on the condition proerty was advertised as sold subject to contract so got no new surprises. However, anyone can change their mind easily before echange of contrats takes place, just saying but I'm sure you are away of that

Further ref - do't be scared to put a lower offer but keep tabs on it as far as poss

Anyways, good luck

How are they 'the king' ? Their offer has been rejected and someone else has offered more. They don't have any power over the seller ?