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seb197

Offered 2.5% Under Asking Price. Still Got Rejected.

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situation:

FTB with approx 33% deposit for house I want to buy.

The house is a 3 bed detached with conservatory and garage inbuilt to the house. Big driveway. House is built in early 90's. Has been a rental property and the owners now want to sell up. They bought it in mid 2000 for 100k. Has been on since November for 185k. Was reduced on friday to OIEO 175k.

I think it is quite keenly priced, so bid 2.5% under asking price as I actually want this house.

Got rejected as the sellers have another interested party who has yet to bid on it. But this interested party have their house on the market for 135k and have not sold it. I told the agents , well if I was selling i'd snap the hand off a FTB who is 2.5% under the asking price... but there we go.

Ah well, they obviously want to hold out for another 5k or so... I can't just throw money at houses... took me ages to save up what I have (for it to get rinsed by a crapola interest rate on savings...)

Guess i'll just wait for the next reduction... or for someone to just offer 175k... with the banks adding in their own interest rate rises it makes things quite tricky. Many fixes have had almost 1% added on them. That effectively reduces my buying ''power'' by at least 5k.

Starting to get depressed now... The rent on my 2 bed flat is about £100 less than this 3 bed detached house would be...

Edited by seb197

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Look on the bright side. Lucky escape and plenty more fish in the sea.

The vendor has just dropped and wants a higher than listed offer. Give it a month and he might be biting your arm off.

If not I bet you find a better place down the line for a lot less. Its a buyers market and with 33% you are in control.

The things we own end up owning us and the best things come to those who wait.

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situation:

FTB with approx 33% deposit for house I want to buy.

The house is a 3 bed detached with conservatory and garage inbuilt to the house. Big driveway. House is built in early 90's. Has been a rental property and the owners now want to sell up. They bought it in mid 2000 for 100k. Has been on since November for 185k. Was reduced on friday to OIEO 175k.

I think it is quite keenly priced, so bid 2.5% under asking price as I actually want this house.

Got rejected as the sellers have another interested party who has yet to bid on it. But this interested party have their house on the market for 135k and have not sold it. I told the agents , well if I was selling i'd snap the hand off a FTB who is 2.5% under the asking price... but there we go.

Ah well, they obviously want to hold out for another 5k or so... I can't just throw money at houses... took me ages to save up what I have (for it to get rinsed by a crapola interest rate on savings...)

Guess i'll just wait for the next reduction... or for someone to just offer 175k... with the banks adding in their own interest rate rises it makes things quite tricky. Many fixes have had almost 1% added on them. That effectively reduces my buying ''power'' by at least 5k.

Starting to get depressed now... The rent on my 2 bed flat is about £100 less than this 3 bed detached house would be...

2.5% below asking price is a very reasonable offer in a buyers market. It should be interpreted as a 'keen offer' . I'm very suprised they didnt go half ways etc. Just hold your nerve. Does anyone know you have a large deposit??? Try to be a little more ruthless, but reasonable. I know I gave a pretty lame offer on my first property (1% below asking) in the last HPC, I was young and a little less hard nosed... So be a little harder and walk away... But leave a contact in case they get back later.

(well at least round here, there seems to be considerable variation from area to area, with some very cold spots where I live up north)

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Madness. There are plenty houses out there and not many buyers. Patience

this is pretty much what I was going to have said as well. It is exactly what everyone is saying to us at moment as well.

We are being patient but we need our own home and it is as we know only too well .... Very darn frustrating to be polite.

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It might be worthwhile time-limiting your offer in order to focus the vendor's mind. Perhaps call back and say that your offer remains on the table for 2 weeks, but at that point it will be withdrawn as you need to move on and there are other properties that you're interested in. Even though your offer was rejected, they may be thinking of you as a 'back up' in case the other interested party fails to make an offer, or something falls through, so it might be worth making it clear - in the most polite and professional terms, of course - that you're not playing games and will not hang around in the background whilst the greedy vendor tries to get another few quid out of somebody else. Good luck!

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It might be worthwhile time-limiting your offer in order to focus the vendor's mind. Perhaps call back and say that your offer remains on the table for 2 weeks, but at that point it will be withdrawn as you need to move on and there are other properties that you're interested in. Even though your offer was rejected, they may be thinking of you as a 'back up' in case the other interested party fails to make an offer, or something falls through, so it might be worth making it clear - in the most polite and professional terms, of course - that you're not playing games and will not hang around in the background whilst the greedy vendor tries to get another few quid out of somebody else. Good luck!

You should absolutely make clear to the EA and vendors that you're not just waiting by the phone for their call - and that you've seen other properties that you are going to try to offer for. Even if this is the only property you want, you have to create the impression that its just an OK property - and that if its not at the right price - then there are others you would rather buy.

Unfortunately sellers, like any other human being, can be unreasonable at times, and make illogical decisions. Its frustrating, but oh well.

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Tell EA if they come back to you your offer is now reduced by say £3K, then tell them it will be reduced by a further 1K a week until they have a reality check

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Tell EA if they come back to you your offer is now reduced by say £3K, then tell them it will be reduced by a further 1K a week until they have a reality check

I think the OP actually wants to buy this house. This type of advice is given a lot here and I think it is a good way of letting vendors know that they are taking the p***, but I doubt that this approach has ever led to someone actually buying the house in question.

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Tell EA if they come back to you your offer is now reduced by say £3K, then tell them it will be reduced by a further 1K a week until they have a reality check

Not an advisable stratergy, the only outcome will be to make yourself come across as someone who is difficult to deal with. Far better to ignore this one and find something else to buy.

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It might be worthwhile time-limiting your offer in order to focus the vendor's mind. Perhaps call back and say that your offer remains on the table for 2 weeks, but at that point it will be withdrawn as you need to move on and there are other properties that you're interested in. Even though your offer was rejected, they may be thinking of you as a 'back up' in case the other interested party fails to make an offer, or something falls through, so it might be worth making it clear - in the most polite and professional terms, of course - that you're not playing games and will not hang around in the background whilst the greedy vendor tries to get another few quid out of somebody else. Good luck!

Absolutely. Say the offer is valid only for 1 week. That's fair, and very business-like imo.

And make sure THEY TAKE THE HOUSE OFF THE MARKET immediately if your offer is accepted. There is a very bad practice being encouraged that they will accept the offer but still say the house is available in the hope of then attracting a higher offer, as yours is used as a marker for other bidders.

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Also, any idea how long it has been on the market?

It's well worth reminding the agent/seller sometimes why some houses spend months and months and months on the market because they hold out for the last percent. Point out you're a FTB with a substantial deposit - that is worth a lot in this current market.

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situation:

FTB with approx 33% deposit for house I want to buy.

The house is a 3 bed detached with conservatory and garage inbuilt to the house. Big driveway. House is built in early 90's. Has been a rental property and the owners now want to sell up. They bought it in mid 2000 for 100k. Has been on since November for 185k. Was reduced on friday to OIEO 175k.

I think it is quite keenly priced, so bid 2.5% under asking price as I actually want this house.

Got rejected as the sellers have another interested party who has yet to bid on it. But this interested party have their house on the market for 135k and have not sold it. I told the agents , well if I was selling i'd snap the hand off a FTB who is 2.5% under the asking price... but there we go.

Ah well, they obviously want to hold out for another 5k or so... I can't just throw money at houses... took me ages to save up what I have (for it to get rinsed by a crapola interest rate on savings...)

Guess i'll just wait for the next reduction... or for someone to just offer 175k... with the banks adding in their own interest rate rises it makes things quite tricky. Many fixes have had almost 1% added on them. That effectively reduces my buying ''power'' by at least 5k.

Starting to get depressed now... The rent on my 2 bed flat is about £100 less than this 3 bed detached house would be...

You don't say if you have a mortgage for the necessary amount lined up. If you have, then go round to the agent's office on a Saturday morning with your bank statement and your mortgage guarantee and thrust it under their nose. Then ask, loudly, if they are prepared to recommend your offer to the vendors. Would-be vendors, and other buyers will all be listening. You might not get the answer you want, but you will know where the agent stands, and so will every other customer.

If you don't have a mortgage deal lined up, then do so or no agent is going to back your offer, and only a desperate vendor will accept it - there are too many stories of buyers (especially FTBs) whose mortgages don't come through.

db

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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