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Original poster

I'm fed up. Just had an offer on lovely house refused.

15 replies

Sparklemagic · 09/03/2006 11:22

Sigh. We only offered four thousand under the asking price which we thought very close, specially as this house is NOT immaculate - new carpets needed and a very dated kitchen.....

And we are dream buyers, have mortgage agreed, deposit in bank and are in rented so able to move within weeks!

Why are people so - ya know!

OP posts:

Normsnockers · 09/03/2006 11:26

They've probably got their heart set on a dream house which costs a certain amount and they need every thousand they can get from selling their existing house to you.

£4,000 under does sound really close though. Sorry.

WigWamBam · 09/03/2006 11:28

Maybe they thought that as you'd only offered 4k under the asking price, they could get you to up your offer to the full asking price by turning down your first offer?

Perhaps if you let them know that your offer still stands but is your final one, in view of the fact that the kitchen and carpets need replacing, they will change their mind?

Original poster

Sparklemagic · 09/03/2006 11:28

thanks Norm, the thing is they have told us that they are selling up to move in with his parents so that they can 'start again' in a few months when they have done a bit of travelling in his van....perhaps they're in huge debt, but I wouldn't think £4,000 would make or break them.

Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

OP posts:

Original poster

Sparklemagic · 09/03/2006 11:30

thanks Wiggy. We told both them and the agents that this was a first and best offer, and I have explained to the agent that this is the highest mortgage we could get, put together with ALL our deposit money (only leaving us fees and stamp duty) therefore not leaving us anything to even do the carpets and kitchen! So we couldn't have been clearer that this was a genuine offer not an opening gambit.

Somebody get me my pills....

OP posts:

LIZS · 09/03/2006 12:14

Depends what % of asking price 4k was really. Perhaps they have a large mortgage and other financial commitments to clear from the porceeds. Just because you perceive there is work to be done, doesn't mean that a lower offer should automatically follow since it may have already been priced with that in mind. Agree you are in a strong position though.

GDG · 09/03/2006 12:15

Oooh, never accept a first offer!!!

GDG · 09/03/2006 12:17

And you might know you can't go higher but buyers always say it's the most they can spend and then, more often than not, come up with an extra thousand or two when their offer is rejected.

Plus, they may need a certain amount for any number of reasons - £4000 is still a lot of money and it might be money they can't turn down.

Wills · 09/03/2006 12:25

Give it a couple of days (if you bare it leave it a week at least) and then tell the agent to repeat the offer + £1.00. Make it clear that this is it.

The problem is that spring is the start of the sale season and if they have just put their house on the market they may still be full of the confidence that most people trying to sell their house DON'T feel.

It is a buyers market but that doesn't stop people out there feeling what they feel about their houses. We've just exchanged on our dream house and as we'd already sold our previous house and moved into rental we, like you, were the dream buyers. They did drop the price but then we offered on 10th Jan when the market was yet to move.

If they still wont see sense (and they sound like they may be that sort) then... move your heart away from it but file it away as one to watch. THEN if it is still on the market after August (the market slows in Sept and stops in Nov) make another offer on it then but this time drop the price £20,000.

Have you discussed this with the Estate Agent. He too will be gutted at such a close offer being refused.

Wills · 09/03/2006 12:27

Sorry. Meant to say. Seriously involve the Estate Agent. If you can bare it show him your calculations so that he can validate to the owners that you can't go higher.

zippitippitoes · 09/03/2006 12:30

If people are on a tight budget then it's the relatively small amount that is what they actually walk away with so that £4000 might actually represent half their equity

it does rather depend on what percentage 4000 is

I'm sure you will find something else

Original poster

Sparklemagic · 09/03/2006 13:07

thanks guys. The offer we've made is 96% of the asking price.

Because we are such good buyers, and we've made a good offer, I am happy to sit it out, and have just spoken to the agent to explain that this is indeed a first and best offer. Love your approach Wills of offering loads below, will bear it in mind if this house stays on the market for months.........

OP posts:

jalopy · 09/03/2006 14:19

Hang on in there, sparkle. They might come back to you about your offer. The whole process is so unpredictable.

tahira · 12/03/2006 18:04

Sparkle
Anyone who puts their house on the market and doesn't expect to lose £5k is stupid!!!Everyone puts £5k ontop of the value because they know someone will try to knock down the price!!!
Me and my husband went to see a house which I totally fell in love with. The owners mucked us around for weeks and in the end said they wanted to sell to their friends-I was heart-broken!!! Sounds stupid but I actually cried. We went to see another house in the local area but kept comparing it to the one we'd lost-nothing seemed to compare.
I was heavily pregnant so we went to sit down and have a coffee at a local bakery. Right opposite we saw a for sale sign and made enquiries. The house knocked spots off the 1st one we'd seen, we exchanged contracts and haven't looked back!!!
We've just had our garden done and love this house to bits!!! It's prime location with local amenities, everything the 1st one was lacking!!! We only paid £10k more!!!
You'll find what you're looking for-just have to be patient and keep bouncing back!!!!
Good Luck!!!!
xxx

GDG · 12/03/2006 18:24

tahira - that's not always true. We've certainly got our asking price in the past and I know people are getting the asking price at the moment. I wouldn't particularly add money on but obviously expect purchasers to put in a lower offer than asking price. It totally depends on teh circumstances of the vendors whether they will take a lower offer or not.

If a vendor has already dropped the price, they might be adamant about getting the new asking price.

Tbh, I don't know why we don't just have a price and that's it. I don't know why we have to have this awful haggling process.

tahira · 12/03/2006 18:39

Hi GDG
True some people do get their asking price with no haggling. From my experience, this is very rare, in fact I'm never come across it before. I wish I'd sold properties without having to go back and worth with the price!!!
As with the extra £5k on top, I was taught this from my very first estate agent (maybe just because he was dodgy). Me and my husband who have a lot experience in selling houses have always done this and as a result, always end up getting the amount we wanted initially. I'm actually quite surprised to hear that others don't.

As to Sparkles problem-I certainly wouldn't lose a sale over a measly £4k!!!

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