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Full asking price offered - but rejected

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  • Full asking price offered - but rejected

    I viewed a house last night and loved it! There are no other similar houses on the market in the village im looking at, and this property has attracted a lot of attention. I therefore offered the asking price this morning, however have been told the vendor is waitint until the other 9 people interested have viewed it. Can they do this?? can they now increase the price?? im a first time buyer, no chain, the vendor has no chain?! doesnt make sense???


  • #2
    Re: Full asking price offered - but rejected

    Hi Katie

    Unfortunately for you, the sellers can most definitely not accept the first offer they receive, especially one made so quickly after viewing as that shows them that you really, really want it!!!

    It makes perfect sense. They are only doing what every other seller would do who was lucky enough to be in their situation.

    If someone else puts in an offer higher than yours, it's up to you whether you want to get into a bidding war with them. It sounds as if the chances are that they will get more than the asking price. It might just have been a tactic to under-price it just to get people through the door.

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    • #3
      Re: Full asking price offered - but rejected

      Have to agree 100% with Kaz, they seller is in a no lose positition they may as well see if they can get more

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      • #4
        Re: Full asking price offered - but rejected

        You should actually try and talk with the seller. Sometimes it isn't always about the price itself. Perhaps they aren't ready to close when you want, you asked for other conditions they don't agree with. I'd first confirm that price is their main issue (which is highly possible). Then reverse the terms by asking them what they'd need to agree today.
        Canada rates |current mortgage rates comparison

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        • #5
          Re: Full asking price offered - but rejected

          No harm talking to the seller but if the property is in England/Wales it is unusual for a buyer to suggest any other terms or a completion date. We don't close in England, we complete.
          RICHARD WEBSTERwww.rwco.co.uk
          As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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          • #6
            Re: Full asking price offered - but rejected

            It surely depends if they advertised an asking price or asked for offers in the region of.. of they advertised a price you should call them up and argue!

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            • #7
              Re: Full asking price offered - but rejected

              Unfortunately there are a lot of sellers holding out for a higher offer, even though buyers are increasingly looking for a lower offer.

              It's entirely the seller's prerogative - but the chances of selling at listed prices are diminishing, which leaves them effectively burning money.

              Just move on and look for alternatives in case the seller is stubborn.

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              • #8
                Re: Full asking price offered - but rejected

                Originally posted by MW234 View Post
                It surely depends if they advertised an asking price or asked for offers in the region of.. of they advertised a price you should call them up and argue!
                No it doesn't depend on whether a specific price was advertised or 'offers in the region of'. Estate Agent valuations are not set in stone, they are a 'guide' and if a seller is lucky enough to get several offers, they'll usually accept the highest.
                If Katie followed your advice of phoning the seller and arguing about it, I'm pretty sure that would guarantee that she would not be the one buying it

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                • #9
                  Re: Full asking price offered - but rejected

                  Hi Katie, always frustrating when you find somewhere you like. Sounds like it is a popular house in a popular place, the best houses always get the most attraction.

                  I would leave your offer on the table, and ask the agent to keep you informed of when other viewings have been carried out.

                  Then if there are other offers on the table, you will need to think about your next tactic, or the other 9 people may hate it.

                  Do your research (if you haven't already) and see what others have sold for in the road.

                  Sometimes there are properties out their that buck the trend and achieve higher than the asking price.

                  Good luck

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                  • #10
                    Re: Full asking price offered - but rejected

                    First time buyers are always taken advantage of but it is important to know the legalities of whether the seller can just up the price whenever he wants to, just make sure you get professional help before making any rush decisions.
                    Michelle Alden- Property to Rent

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                    • #11
                      Re: Full asking price offered - but rejected

                      There are no 'legalities' - if a seller receives an offer £20k above their asking price they are totally free to accept it and there's nothing anyone can do about it.

                      In this particular instance, it has nothing whatsoever to do with the fact that Katie is a first-time buyer, it's to do with supply and demand. The house she wants to buy is the only one for sale in that village so it has no competition.

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                      • #12
                        Re: Full asking price offered - but rejected

                        Oh no, poor you, the obviously saw how keen you were and are waiting to see if they can negotiate better offers.
                        Unfortunately till it's all signed and sealed they can pull out of a sale / change instructions whenever they like!
                        Looking for a large mortgage?

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