My offer got rejected, what to do now?

[Perp]

More updates: Called the agent to offer 8k more. The agent didn't even mentioned 'the other offer' but said will bring my offer to the vendor tonight and continue the negotiation...thanks for calling

What does this mean? The agent made up 'the other offer'?

Or the other offer wasn't acceptable. Or the other offer had conditions that haven't been fulfilled, so they want you as a "back-up". Or... one of a million other things.

You shouldn't be making decisions or acting based on what others may or may not be doing. Focus on your own game.

 

[cimbom]

The agent made up 'the other offer'?

That was my guess

 

[Brady]

More updates: Called the agent to offer 8k more. The agent didn't even mentioned 'the other offer' but said will bring my offer to the vendor tonight and continue the negotiation...thanks for calling

What does this mean? The agent made up 'the other offer'?

I'm currently in a similar situation.

I've offered $210,000 for a property (regional nsw), asking price was $237,000 after changing hands from a different agency (previously listed at $259,000 way off the mark)

I have a OK relationship built up with current agent, to the point of he suggested start my offer at $210,000 which was quickly rejected.

I then increased my offer to $215,000, which then the agent came back with a figure of $220,000 and its a deal. I asked the agent to send me through the contract (no doubt would of told the client this and got them excited)

Following this I put a final offer of $216,000 with a expiry date of Midnight Thursday as I would be looking at other properties on the weekend and expected to put offers on them and didn't want multiple offers on the table at different places.


Note I originally thought the property was a great buy at $220,000 and was originally going to offer this as my low ball and work up from there, but through speaking with this particular agent of different occasions and finding out more about the vendors situation (previous marital home, now seperated and wanting to sell along with current tenants lease expiring)

 

[Brady]

Or the other offer wasn't acceptable. Or the other offer had conditions that haven't been fulfilled, so they want you as a "back-up". Or... one of a million other things.

You shouldn't be making decisions or acting based on what others may or may not be doing. Focus on your own game.

Spot on don't be worrying too much about other peoples offers unless you actually know what they are. Yes could of had a offer of $300k, its still another offer, if it was a good enough offer they still wouldnt be speaking with you the house would be sold.

Focus on the task ahead of you.

What do you think the property is worth and what do you think you can BUY it for.

You can establish what you think its WORTH through your DD looking at compareable sales etc...

You can establish what you think you can BUY it for through talking with agent, understanding the vendors reason for selling, submitting the offer with different terms.

 

[Truly Exotic]

What to do now? easy!

Set fire to the house, resubmit offer, and it will be accepted!