My Offer On A London 1-Bed Flat Was Rejected
What are some of the reasons why a London 1-bed flat seller has rejected your offer?
Unrealistic Sellers
Many London 1-bed sellers think that their property is worth more than people are willing to actually pay for it…
This could be due to their current estate agent overvaluing their property (well, technically it’s a ‘market apprasial’ and not a valuation, as estate agents can’t carry out ‘valuations’…!) to get the instruction or listing.
For example, a 1-bed property is realistically worth £1,150,000, but the estate agent tells the home seller that he’d put it on the market for £1,500,000.
Of course, the seller thinks that this sounds brilliant and chooses them over any other estate agent!
However, as the 1-bed property is on the market for £350,000 more than it should be, it doesn't get any interest!
You’re Not Prepared
It’s so important to know which solicitor you’re using before you’ve put in an offer and it can be a great idea to actually ‘hire’ them before you’ve even put in an offer.
This way, they will be ready to move things forward for you, in terms of buying your home, as soon as possible.
Also, it’s really important to get a mortgage in principle/ an agreement in principle so that you know how much that you can actually afford, but also so that the estate agent and home seller both take your offer seriously.
A Higher Offer
If the 1-bed property is particularly unique or is particularly beautiful, then it’s a pretty good bet that others will think the same!
If others think the same, then it may well be the case that another buyer has put in a higher offer, which the seller has decided to accept over yours.
This can happen…!
Try to move on as quickly as possible and view more properties!
“Many sellers think that their property is worth more than people are willing to actually pay for it.”
Exchange Of Contracts
If you have a particular date that you need to move in by (or want to move in by) and that doesn’t suit the seller, then that could be the reason for them rejecting your offer!
Your solicitors will work together to come up with an exchange of contracts and potential completion date that works for both parties - you and the seller.
Try your absolute best to be accommodating and to allow for some wiggle room with regards to this, as the seller may well be in the process of buying another home!
Add Ons
If you’re awkward and insist that you would like items such as their dining room table, or their fridge, or their TV (it does happen - you’d be very surprised what ludicrous things some people ask for when they’re buying a London home!) then the seller may well reject your offer.
The dining room table might be sentimental - a gift from their parents, as an example - and there will be no way that they will part with it.
They may well sell items to you, but at an additional cost!
It is always best to talk to the estate agent ahead of your offer and to talk with them about what the seller is and isn’t willing to include in the sale of their home.
Make sure that you include everything that you would like, in writing, when you make your offer and make it plain and clear what you would like to be included!
If your offer gets rejected, don’t take it personally - when a seller sells their home it can often purely be seen as a business transaction.
Try to move on as quickly as possible and keep searching!