Perils of rejecting a good offer

dekh

In defence of the seller:

They may have just dropped the 25K so may have felt that another 5K was just a slap in the face. Or they may just not want to drop another 5k just yet. The market is starting to look grim for sellers though.

To the OP:

Sell up and if you really like the house once you are sorted go back to them with a lower offer as a cash buyer. Remember you want the best deal for you and they want the best deal for them there should be room to compromise.

d900

my fathers property was on for 285 someone offered 280 - he said no. Next week 2 people offered asking price then one went to 287 so my father said yes.

he was in no rush to move and ended up with more than he asked for...

hermanmunster_3

must say being a cash buyer is not all it is cracked up to be. Can;t find any houses we like and people still want silly prices - trouble is too that being cash buyers just puts us at the bottom of the chain which can easily collapse.
Have been to see 2 this morning - both vendors moving locally becasue they have seen somewhere they fancy (hope it is not the same place!!) - if they don't get that place then I doubt they will carry on with the sale.

Conrad

Humans fascinate me.

Over my years as a mortgage broker I've been irritated by the type of person that wont drop a penny on the property they're selling, yet expects sellers to drop thier prices and welcome thier own offers.

Invariably what we are dealing with here is the control freak. They have this insecurity which causes them to walk away from deals that would otherwise be done. In thier own mind they are moral crusaders.

I've know such people walk away from a deal having incurred hundreds in leagal and mortgage related fees, for the sake of really piffling amounts. I suspect such people also make difficutl partners / parents.

themaccas

We recently reduced our price after sitting down and working what would be the absolute minimum offer we would accept. We then priced our house at this telling our EA that we would not be accepting offers and that viewers should be told that before viewing. It worked out really well, we had a flood of people through the door the following day and received 2 (new) asking price offers. We took the first one, unfortunately that fell through the following week so we informed the other couple who are now going through the process of buying it. We have (IMO) the best house on the development and spent around £8000 updating it last year, we have priced it at around £20K less than similar houses. We are still in a shaky chain though and are holding our breath that it all goes through!

Lotus-eater

Conrad wrote: »

Humans fascinate me.

Over my years as a mortgage broker I've been irritated by the type of person that wont drop a penny on the property they're selling, yet expects sellers to drop thier prices and welcome thier own offers.

Invariably what we are dealing with here is the control freak. They have this insecurity which causes them to walk away from deals that would otherwise be done. In thier own mind they are moral crusaders.

I've know such people walk away from a deal having incurred hundreds in leagal and mortgage related fees, for the sake of really piffling amounts. I suspect such people also make difficutl partners / parents.

Cut their nose off to spite their face you mean

A few years ago we had to sell a house and the idiot that bought it was being a pain all through the process, the day before the signing, the estate agent rang up and told us the buyer had noticed the dishwasher had gone (wasn't built in, we had just found out it was knackered so had taken it to the dump) and if he didn't get another one by the morning he was going to pull out
While I didn't think he was that stupid, I couldn't risk it, so took my own over there and stuck it in. What a kn ob. Not only did he really really p1ss me off, I just don't see how a human being could threaten someone they were doing a deal with like that. I bet he's a right bundle of fun to live with.

zebulon

hermanmunster wrote: »

and people still want silly prices

What amazed me is that not so long ago buyers were ready to pay these really silly prices ...

hermanmunster_3

zebulon wrote: »

What amazed me is that not so long ago buyers were ready to pay these really silly prices ...

Yep me too, we reduced our old house +++ to get it sold so we could get in with moving and be chain free.

Most of the vendors we have seen lately have not sold for years so don't ssem to know (yet) what they are letting themselves in for...

Commonsensesearcher

hermanmunster wrote: »

Yep me too, we reduced our old house +++ to get it sold so we could get in with moving and be chain free.

Most of the vendors we have seen lately have not sold for years so don't ssem to know (yet) what they are letting themselves in for...

...aye, and it'll be years before they do sell unless they start waking up to things...

Gorgeous_George

Conrad wrote: »

Humans fascinate me.

Over my years as a mortgage broker I've been irritated by the type of person that wont drop a penny on the property they're selling, yet expects sellers to drop thier prices and welcome thier own offers.

Invariably what we are dealing with here is the control freak. They have this insecurity which causes them to walk away from deals that would otherwise be done. In thier own mind they are moral crusaders.

I've know such people walk away from a deal having incurred hundreds in leagal and mortgage related fees, for the sake of really piffling amounts. I suspect such people also make difficutl partners / parents.

Maybe you are right. Maybe I'm a control freak (the truth hurts). Or maybe the vendor is a control freak. Or maybe the EA and all those involved in the sale process who scrape off a little here and there.

I'm in control of my finances. I wish the vendors well. I hope they get what they want. Just not from me. It took them 10 minutes to refuse my offer. They could have invested my £345K and recovered £5K in 3 months. I'd spent money on a HIP and I have decided to let my buyer proceed. Their offer was £10K less than asking but bang in the middle of three valuations. I know I might get more by fully marketing the property but there are not many people in such a good position as my buyer.



GG