First offer rejected with no option to increase offer

Sarahspangles

If the seller wanted a transparent process where everyone gets a chance to increase their offer when they see what others have offered, the seller would use an auction!  

If an estate agent is fielding multiple offers these will be emailed to the seller who can determine their own criteria.  They are entitled to take into account the length of chain behind the prospective buyers, how easily that buyer will be able to raise the cash, and if they started with a lower offer, whether they think that buyer will be looking for ways to reduce their offer on survey.  They could even take into account whether the prospective buyer might get on with the neighbours or be likely to appreciate the roses in the front garden.  

diystarter7

diystarter7 said:

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

Hi OP

Just wanted to add

As the thread appears to be going OT and I've given my help and personal expereinces, just Google stuff and IMO, the link below amy help but only you ca decide. Finally as stated before, seek gusiance from your EA but the more info you have yourself before that the better position you will be in

https://www.propertyroad.co.uk/negotiate-lower-price-property/

Good uck

jimbog

diystarter7 said:

the buyer that has the money and no chain, a serious seller will accept.  

But they didn't did they

diystarter7 said:

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

'King' of what exactly? They lost out

diystarter7 said:

Good luck OP and as I said previously, pick your EA's brains 

It isn't the OP's EA it's the sellers

Section62

diystarter7 said:

diystarter7 said:

As the thread appears to be going OT and I've given my help and personal expereinces....

What do you think is off-topic about anything in the posts so far?

Personal experiences can be useful, but relevance depends on the circumstances.  Someone with an extensive property portfolio will be in a somewhat different position to a FTB, for example.

lookstraightahead

In my opinion, make one offer that you can afford. Don't pay over what you can afford.
They've rejected it, so move on. Tell the EA you're moving on but leave the offer on the table.

There will be something else. Don't worry about upsetting people. It's a business transaction. Just say bye and move on to the next opportunity.

The way anyone loses out is by paying over what you want to pay. Or rejecting what you can afford to accept. 

The amount of disappointed people and then they find something so much better. 

Debbie9009

diystarter7 said:

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

Ready to go buyers are not Kings, I had a ready to go cash buyer offer on my previous house, they thought they could get a bargain because they were cash buyers and offered 30% of the asking price.  I gave a very firm no, and sold soon after for just a couple of thousand below asking.  So the first potential buyers were most certainly not Kings !!

OP it can be difficult to know what to offer, and although your son asked the agent to come back to him if higher offers were made, the seller may have vetoed that.

One thing to try and find out is how popular a property is, the more popular then the higher the price, it might help your son in trying to work out what to offer.

TheJP

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

Ignore this type of advice. If anything being an FTB can often be a barrier adding to the fact your first offer was rejected your son has no cards to his chest. The seller is the king here, multiple offers and interested parties.

Your son needs to figure out how much he likes the house and how much he is willing to spend. The comments already about surveys and offers subject to survey are a straight turn off to sellers. I myself wont entertain FTBs due to their inexperience and unrealistic expectations of buying a property.

A survey will tell you a story not a shopping list, just remember that when he's in the mix of a sale.

MFWannabe

Tbh I hunk your son just needs to move on and find another property
Sellers have accepted an offer, how would you feel if that was from your son and then he got gazumped by someone else? 

[Deleted User]

ahfat41 said:

My son offered £6000 below asking price for a flat in London. He told the EA to let him know if she gets a higher offer and she agrees. He put his offer on Monday and on Thursday she phoned to say an offer a bit higher than his has been accepted. He is a bit annoyed as she did not give him the opportunity to increase his offer and he is willing to pay asking price but not above. She replied there were so many offers and she could not chase. Is this a common practice among EA? Thanks

I am sure it is common practice. The vendor has instructed  the agent to accept the offer. The vendor did not instruct the agent to contact you again, canvassing you or others betteroffers, and in doing so messing about the successful bidder. Your son can still put in an increased offer, I suppose.

diystarter7

MFWannabe said:

Tbh I hunk your son just needs to move on and find another property
Sellers have accepted an offer, how would you feel if that was from your son and then he got gazumped by someone else? 

Hi

In the real world, that still happens as does what I have stated.
A seller wants the best price and a buyer wants the opposite, the EA just wants a completion at almost any cost with in the rules they steadfastly adhere to.

There was no guarantee eve if the OP's offer was accepted that the seller would sell to another.

As posted previously, anyone could easily back out before exchanging.

For every property, we have bought and our kids, I always instruct them on our strategy and its worked.  We have no real red lines re max price but do have red lines re how a buyer reacts, ie very slow i coming back and not prepared to budge a penny on the price when a second offer is made. We do make what are r[erceived as 'silly offers' and we, inc our kids have never messed a seller around for discounts etc once they have accepted our offer as some do at the last few days before the exchange as IMO that is out of order.

We have worked hard for our money and we are not going to throw away thousands of pounds becuse people may think we've hurt the feelings of a seller. Never forget that a seller can hurt a buyers fellings by accepting a higher offer than yours having accepted yors initially or back out and not sell

The link I posted is a good and easy read of what to expect, how to make an offer based on several factors etc

The OP is withi their rights to make another offer but what they must not forget is if the seller accepts their offer, what is stopping the seller from doing the same to them

Thnaks