Buying and furnishing my first home

river_kwai

My offer has been rejected!

What now? I guess I like the house but looking at the housing climate now, I might increase my offer by just £1k, ie making an offer of £171k? Is that to little?

The EA told me that there have been some interest on the property since the price reduction and the vendor thinks the price is low enough and would not accept discounts of £10k.

meanmachine_2

Only you can really judge the situation.

Did you say there were other identical properties up for sale in the area? Then it might pay to wait and see if they reduce in price.

I don't think an extra 1K is going to motivate the seller. What was the advice from the agent?

It's up to you. £170K is not a low ball offer on a £179K property, but having just reduced I doubt the vendor will want to take another hit quite so soon.

I guess, if you really want the property then offer £172.5K

John_M_Business

If you are in a position where you are keen on the property, but not set on it, then just inform the Estate Agent that your offer is still outstanding from your end and be patient.

It may be that it's been 'rejected', but if you think that's a fair price and there is no other interest, they may well come back to you. It's getting towards silly season (i.e. when everyone is booking holidays / on holiday / returning from holidays) and the market will be pretty quiet.

As soon as you get the call, it means (whatever the EA says) that there's a deal in the offing (even if the EA starts with 'if you offer £XXX,XXX then you may get it'). The call from the agent could be music to your ears.

Equally, keep looking... you never know what might be coming onto the market.

river_kwai

Thanks for your advices, I think I would be adopting John's advice and hold out for a while. I hope the holiday season would add to my advantage. (Is there any evidence that the housing market is cooler during the holiday period?)

All I know is that the vendor is keen for a quick sale and I have all the requirements to satisfy it (other than the price).

Another question: will the EA notify me if there is another offer on the property?

hopefulfooluk

Hi River_kwai,

Yes, the EA is obliged to inform you of other offers on the property once you have registered a formal interest in it (which you have, by making an offer).

ATB,

Chris

hopefulfooluk

PS, that said, it wouldn't harm to call them to check they will!

river_kwai

Thanks for all your comments, I will ring them to say that the offer is still outstanding and would appreciate if they keep me uptodate with any developments. Does this sound OK? I don't want to present myself as too keen on the property.

I previously told them that I am a FTBer and would just bid elsewhere if the price is not right.

river_kwai

I have put in an offer of £172k after much of your advice but the vendor have not make up their mind after one week. I rang the EA yesterday to check on the situation and was told that they are still waiting for the vendor's decision. I think I might be on to something as the vendor have not rejected my offer. But what is killing me is that they have NOT accepted it either and there are still no reply after more than a week's wait.

John_M_Business

Now is a time for patience. Even if another offer comes in, it is highly likely that the EA will come back to you for an increase in your offer if it does so. You're in a good position.

If you really want to turn the screw and find out (for better or worse) whether they are willing to sell, then call the EA and tell them that your offer is only going to be on the table until Friday and then you're going to move on. This should speed up the response.

mimi_money_saver

River Kwai,

We were in a similar situation and took John M's advice and said we would withdraw the offer in two days time. Low and behold I just got the call from the EA saying that our offer is acceptable. You are in a strong position and need to use it to your advantage. Good luck.