First offer rejected with no option to increase offer

powerful_Rogue

diystarter7 said:

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

That seems to totally contradict your 'Never forget you are the king here as you/son have the money' comment.

theoretica

Selling a property isn't that far removed from selling anything else.  When I sold a sofa on facebook I advertised it, talked to one of the people who said they were interested, they gave me the £50 I asked and took the sofa away.  I didn't feel any requirement to contact the person who had offered £40 to see if they felt like actually offering £55.  As a seller you only need one acceptable buyer. 

eidand

Yeah it makes sense, the vendor liked an offer and picked it. That's the danger when a lower offer is made, I know everyone wants to feel they got a deal, but it does not always work out that way.

I bought twice and sold once in the last 15 years and I didn't bother with games, I just put my best offer forward. Even that however does not always work but it does give me my best chance to land a property I actually want.

I remember a specific case, I found a lovely property, owned by the same family for 70 years. It needs a lot of work, it was on the market for 420k, I offered 390k mindful of the work needed and the price of the area. I got rejected, but then kept an eye on it. The property did not sell. It only sold after 2 years and the buyer paid 390k. Funny how that went

It is what it is.
The moral of the story is that if you find that one property you really want, put your best offer through to give yourself the best chance to land it.

J63320

When I bought my house I had offered the asking price but there was another offer that was so high that even the selling agent said it was silly, and the sellers accepted it without coming back to see if anyone else would bid higher. Then that person’s chain collapsed, and the agent came back to me  - and maybe others, I don't know, but I had accepted an offer on my own house from someone who had sold to a FTB, so only a short chain.  I told them my original offer still stood, and it was accepted. 

So I suggest the OPs son puts his best offer on the table and if something goes wrong with the existing buyer he might be as lucky as I was.

caprikid1

As has been stated many times previously around low ball and cheeky offers, never underestimate that you are dealing with multiple people not strict legal frameworks.

It is important to engage carefully and professionally with the estate agents to understand as much as possible about how an offer might land and the level of interest in the property.

I appreciate this does not appear a  cheeky offer but in London terms it could well be if competitively priced with the EA expecting offers over.

You clearly were not taken seriously by the EA so there may be something other than the actual offer at play.

In terms of "You are king" you clearly are not !.

EssexHebridean

Returning to the OP - it may well be that the vendors had already told the agents that if a number of offers came in their plan was to evaluate them all, then accept the one they felt worked best for them. That's precisely how we plan to deal with things - much to the agent's confusion... Once we have accepted an offer then assuming that the buyer then proceeds properly and without dragging their heels, we won't be entertaining other offers. 

deano2099

Also someone putting in a "cheeky" low offer is clearly looking to pay as little as possible. And that's fine. Absolutely nothing wrong with that. 
And if I've got an offer elsewhere then yeah, if I want the best price, I might want to go back to that person. But realistically, by how much will that person up their offer? Because we know their mindset is that they want a good deal, more than they want that specific property. Yeah, they might end up offering a few thousand more than your current offer, but they're not going to be beating it by £5-£10K. They're going to be doing whatever they can to offer the smallest amount more than the current offer possible. To me that's often not worth it.

diystarter7

J63320 said:

When I bought my house I had offered the asking price but there was another offer that was so high that even the selling agent said it was silly, and the sellers accepted it without coming back to see if anyone else would bid higher. Then that person’s chain collapsed, and the agent came back to me  - and maybe others, I don't know, but I had accepted an offer on my own house from someone who had sold to a FTB, so only a short chain.  I told them my original offer still stood, and it was accepted. 

So I suggest the OPs son puts his best offer on the table and if something goes wrong with the existing buyer he might be as lucky as I was.

Hi

A good example of inflated prices and the possibility of people paying OTT.

We missed a house years ago, the town was new to us and in an area we had not previously considered and when we saw the advertisement, it was STC and no more viewings allowed.

We advised the EA we were seriously interested if the sale fell through and sent them evidence of our ready-to-go status, chain free.We advised the eA we would like a call ASAP if the sale collapsed. We also kep in touch with the EA via phoe calls and texts. The exchange of contracts  took about 6 months but that property has massive potential to build a seprate property on it subject to PP.

What you suggested in your last paragraph is a good idea, but personally if I was that interested I'd keep close tabs on the EA as well.


OP, I'd ask for an approximate idea about the offer accepted and if it was i a small, log chai etc as this would give you an indication of the probability of sale being completed.  

I'd suggest keep on looking and if you are seriously interested, ask as per my previous posts, IE what offers made or rejected, why, has the place been o the market before, is it chain free, have the sellers made an offer o a property they are moving to has this been accepted and is that property i a chain, All of this and your own research will give you a heads up how long it may take and how eager the sellers are to selling.

When we, my parents and us moved to London donkeys years ago - we lost a sale having completed the mortgage survey etc and no reason was given the house was taken off the market. The EA felt that the seller could not afford to move to the ideal next property, so at times even when an offer is finally accepted, sellers will back out just like a potential buyer can.

Good luck

Zerforax

People also commenting about estate agents being some kind of homogeneous group that all act the same. Every EA and every seller can/will be different. Offering on houses is an imperfect science, usually with limited information.

mi-key

deano2099 said:

Also someone putting in a "cheeky" low offer is clearly looking to pay as little as possible. And that's fine. Absolutely nothing wrong with that. 
And if I've got an offer elsewhere then yeah, if I want the best price, I might want to go back to that person. But realistically, by how much will that person up their offer? Because we know their mindset is that they want a good deal, more than they want that specific property. Yeah, they might end up offering a few thousand more than your current offer, but they're not going to be beating it by £5-£10K. They're going to be doing whatever they can to offer the smallest amount more than the current offer possible. To me that's often not worth it.

Also they are likely to try and reduce their offer for spurious reasons later on in the process...