Offer on house rejected..not sure how to proceed.

Scrappycoco

Made an offer on a property today. Im chain free having sold my house so can proceed immediately.

The property is being sold by the son who inherited it after his mother passed away. Is empty, needs some updating. ( worse than brochure photos - the kitchen is not safe therefore not liveable)

I offered 3% below asking to allow me to do the work. Got a rejection back stating that they had received a ‘provisional’ asking price offer but the person who offered had a house to sell. The property was on at ‘Offers In Excess Off’ but apparently has accepted the other offer not OIEO 

This persons house is on with the same EA who tell me that they have not even had one single viewing on their property so they cannot proceed.

The property I am looking to buy had an ‘open house’ 2 weeks ago and no other viewings  or offers other than mine and the other potential buyer

Not sure how to proceed with making a counter offer would appreciate some advice please.

hazyjo

At only 3% under, I'd bung another grand max on the table and say final offer. Give them time to get back to you. They'd be mad not to accept.

Forget the other buyer. They're prob offering less than you, and even if they had a buyer, you'd easily still be their preference.

cymruchris

How much do you want THAT house compared to other houses around? You haven't mentioned how many £'s 3% equates to, but if it's a couple of thousand pounds, would you be happy to lose the house over it? If it's £30k maybe that's a different story. If you're prepared to walk away and find another property, then stick to your guns, if it's what you really, really want, up your offer.

Scrappycoco

cymruchris said:

How much do you want THAT house compared to other houses around? You haven't mentioned how many £'s 3% equates to, but if it's a couple of thousand pounds, would you be happy to lose the house over it? If it's £30k maybe that's a different story. If you're prepared to walk away and find another property, then stick to your guns, if it's what you really, really want, up your offer.

Maybe should have stated: House ‘offers over £260000’ which is my very max. I would be willing to offer this if I didnt need to do the work. 

 I offered £252000 to allow to at least redo kitchen. So £8k under his ‘over’ asking price.

I could go up a couple of thousand but not sure of approach. Do I do it now..if so do I appear desperate OR leave it a few days.

If i do it now, will he think Im desperate and try to push me further?

Further point: if he wants ‘offers over’, why accept asking price from someone not able to proceed and why tell me how much the other offer was? Surely better to say had a higher offer and leave me wondering what they offered.

By the way, its a bungalow, rarer than hens teeth compared to houses so not a lot of choice.

MultiFuelBurner

Something doesn't add up, EA says lack of viewings, you say rarer than hens teeth.

If it is rare than hens teeth in your opinion don't mess about. 

housebuyer143

I imagine the house is already priced taking into account all the obvious work you can see and want to do, so asking for money off because of that seems strange, but you can of course offer whatever you want.
I would ask if they have probate yet because if not you could be waiting endless months for this to be granted.

Dustyevsky

Scrappycoco said:

cymruchris said:

How much do you want THAT house compared to other houses around? You haven't mentioned how many £'s 3% equates to, but if it's a couple of thousand pounds, would you be happy to lose the house over it? If it's £30k maybe that's a different story. If you're prepared to walk away and find another property, then stick to your guns, if it's what you really, really want, up your offer.

If i do it now, will he think Im desperate and try to push me further?

Further point: if he wants ‘offers over’, why accept asking price from someone not able to proceed and why tell me how much the other offer was? Surely better to say had a higher offer and leave me wondering what they offered.

By the way, its a bungalow, rarer than hens teeth compared to houses so not a lot of choice.

No, you won't look desperate if you say it's 'best and final.' Then try to book another viewing with the same agent to show you aren't fixated, even if you are!

Why do people do daft things? Wish I knew. Maybe the inheritor is new to selling property. Sometimes agents suggest OIEO to placate owners who think their house is worth more than it is. Many seasoned buyers take no notice of that, of course. Like you, they go in under it.

Has the bungalow some other USP, such as a large garden? Sometimes, people will pay a premium for that, but for every person extra garden attracts, there's another thinking, 'extra work.' 

bobster2

Scrappycoco said:

I offered 3% below asking to allow me to do the work. Got a rejection back stating that they had received a ‘provisional’ asking price offer but the person who offered had a house to sell. The property was on at ‘Offers In Excess Off’ but apparently has accepted the other offer not OIEO 

Take what the EA is saying about the other buyer and offer with a pinch of salt. No idea what a "provisional" offer is anyway - as all offers are provisional. So it's a provisional provisional offer? 

Scrappycoco

housebuyer143 said:

I imagine the house is already priced taking into account all the obvious work you can see and want to do, so asking for money off because of that seems strange, but you can of course offer whatever you want.
I would ask if they have probate yet because if not you could be waiting endless months for this to be granted.

I will definitely ask that. Property been on and off the market for a year. During last winter the property had burst pipes causing a flood and lots of damage which has been repaired ( or covered up..would be getting a level 3 survey in this case)

Scrappycoco

MultiFuelBurner said:

Something doesn't add up, EA says lack of viewings, you say rarer than hens teeth.

If it is rare than hens teeth in your opinion don't mess about. 

They are, the ones that stick on the market are the ones that need renovating. Unfortunately, when comparing prices of ones that require no work, fully modernised with well tended gardens the ones left on the market are pretty much the same price with sellers who appear to think theirs are worth the same.

YoungBlueEyes

Just back up a bit. "The kitchen is not safe" - what does that mean? If it doesn't have a functioning kitchen, will buyers who need a mortgage have trouble with it? If so, that'll take out a whole swathe of buyers.... and I'd not be upping my offer in that case. I'd say "this is my offer, I'm leaving it on the table for a week, then I'm looking at other properties".