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STALEMATE! how to procede is buyer and seller aren't budging ...
hamblettamaud
Posts: 224 Forumite
Hey, pals.
I'm in the position of having offered £5,000 short of asking price on a £125,000 property.
Seller, it seems, is having difficulty accepting this offer, despite the fact that there have been no other offers in the last month.
How do I proceed? I'm keen to see an end to all this. (Obviously I want to pay as little as possible and obviously the seller wants as much as possible.)
Thanks, Hamble
I'm in the position of having offered £5,000 short of asking price on a £125,000 property.
Seller, it seems, is having difficulty accepting this offer, despite the fact that there have been no other offers in the last month.
How do I proceed? I'm keen to see an end to all this. (Obviously I want to pay as little as possible and obviously the seller wants as much as possible.)
Thanks, Hamble
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Comments
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They don't have to accept any offer. Doesn't matter that they haven't had any offers, or that you feel they should.
Thanks, AL - I know that. But assuming we both want to see a resolution to this (because I know I do). Are we destined to be in stalemate forever? Or how do we put an end to it. Is it the job of the estate agent to get things moving? I'm not sure ...
(Anyway, I'm off to bed now. Good night, lads and lasses.)0 -
move on and find another property
plenty of sellers would be only too happy to accept a 120k offer on a 125k property at the momentIt's a health benefit ...0 -
don't fret so fast, it's a fair offer and they'll probably accept in due courseIT Field Service Engineer, 20 years with screwdriver and hammer
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There isn't any way of sorting it if it's a genuine stalemate. You just have to wait and see if they will lower their expectations. Someone has to compromise.
You can't force someone to do something they don't want to do, like they can't force you to pay more! Keep looking and hope maybe you get a phonecall shortly
Everything that is supposed to be in heaven is already here on earth.
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hamblettamaud wrote: »Hey, pals.
I'm in the position of having offered £5,000 short of asking price on a £125,000 property.
Seller, it seems, is having difficulty accepting this offer, despite the fact that there have been no other offers in the last month.
How do I proceed? I'm keen to see an end to all this. (Obviously I want to pay as little as possible and obviously the seller wants as much as possible.)
Thanks, Hamble
Will the seller agree to a private loan - something that does happen but few realise. Can you get a personal loan - you need to talk through with your FA.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Yes it is the EA's job to persuade the seller, (if they're getting a fair offer) and in your case, in the current market, they'll probably be doing just that. However they may not succeed, so you should do as m00m00 says and keep looking.
You never know, something better may turn up. Walking away is hard, but from personal experience I'd say that there is no such thing as an 'irreplaceable' property.0 -
ask the agent for other properties available. he will then get a little jumpy.0
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Quote:
Originally Posted by hamblettamaud
Hey, pals.
I'm in the position of having offered £5,000 short of asking price on a £125,000 property.
Seller, it seems, is having difficulty accepting this offer, despite the fact that there have been no other offers in the last month.
How do I proceed? I'm keen to see an end to all this. (Obviously I want to pay as little as possible and obviously the seller wants as much as possible.)
Thanks, Hamble
Will the seller agree to a private loan - something that does happen but few realise. Can you get a personal loan - you need to talk through with your FA.
Why on earth would anyone want to do that in today's market?
You simply tell the estate agents that's your final offer at the moment and walk away - and suggest that you may well find something cheaper so the seller needs to watch it because if he is not careful he will end up accepting less than £120K from someone else.
The main reason that prices are still artificially high is that buyers are often too scared to wait. They must buy a proeprty now and the only ones out there often have sellers who think their property is the best thing since sliced bread and won't reduce further - so a buyer can often end up paying more than he should.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
wait. they'll crack before you do. next month will be YoY negative house price growth according to halifax/nationwide so that will be well on their mind!0
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Richard_Webster wrote: »Why on earth would anyone want to do that in today's market?
I assume you mean my idea of loan. It is based on the times where there can be equally stubborn parties - the buyer and the seller, It is creative thinking to try and make the deal proceed. Solicitors do not like it so is that why you seem so shocked
?A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0
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