venders wont budge on price after crash

Davesnave

pickledpink wrote: »

Oh, before the Spelling Police pounce.....................I spelt LEISURE wrong!!!:p

Damn! I would have gained so much pleisure from putting you right!

linda4767

pickledpink wrote: »

What you need to realise,madam, is that the couple who own the house probably have no mortgage and can happily wait until they get what they are asking for. So effectively they are telling YOU to shove off!!

Further, the 'pittance' they paid for it was not a pittance 30 years' ago!

You sound angry because you obviously really like the house and you want a big fat discount too! I dare say you look upon the sellers as a couple of old codgers who would be grateful for your offer. Well, sorry to disappoint you, but they obviously couldn't give a toss whether you shove off or not. They've lived in the property for a quarter of a century so I'm sure they won't mind staying there a few more years'.

Older people have a LOT of leverage - they're usually mortgage-free and can sell 'at their leasure'!:p

So you either cough up your original offer or go take a hike and lose out on a property which may never come your way again.

? What you need to realise Mr headmaster is that they may be morgage free - good for them! they have lived in a house that is in a terrible state of repair and needs 50 k spending on it to modernise it. Now if i were to buy it at the price they are asking and spend that money on it, it would mean its value would be now 10k more than a house down the street that sold a year ago.
So like i said they need to be more flexible or take it off the market as they will not get any offers unless they drop the price
I am not angry, but some folks seem to think they are being ripped off when in fact they are not. The house is still on the market 12 months on what does that say ?
If i were in my early 70s and had the chance to downsize now and lose 10-15k and be able to move on with my life to a small house somewhere quaint i would take it. Rather than sit on the edge for another 3 years. Life is too short (codger or no codger):EasterBun

Muppit_2

Just make sure not to fall in love with anything, you will end up paying over the odds and in 5 years time when house prices are pretty much still the same as they are now, you will think that you probably should have taken your time and not been so impatient. I dont mean to be cruel, but elderly people will eventually need to move - and it will be quick smart. Just dont severe your ties with them and keep an eye on it.

Incisor

linda4767 wrote: »

? What you need to realise Mr headmaster is that they may be morgage free - good for them! they have lived in a house that is in a terrible state of repair and needs 50 k spending on it to modernise it. Now if i were to buy it at the price they are asking and spend that money on it, it would mean its value would be now 10k more than a house down the street that sold a year ago.
So like i said they need to be more flexible or take it off the market as they will not get any offers unless they drop the price
I am not angry, but some folks seem to think they are being ripped off when in fact they are not. The house is still on the market 12 months on what does that say ?
If i were in my early 70s and had the chance to downsize now and lose 10-15k and be able to move on with my life to a small house somewhere quaint i would take it. Rather than sit on the edge for another 3 years. Life is too short (codger or no codger):EasterBun

Yes, life is too short. We all like to think we know what is best for other people, but when you are thinking of buying something from them it is best to keep your opinions about what is best for them to yourself - at least until such time as you have no further interest in buying from them.

Personally, I don't think you stand a chance of ever buying this property at a penny less than your original offer - they would far rather sell to someone offering £20k less than your reduced offer. The more you are inclined to argue that this would not be good for them, the further you put yourself from sorting out the purchase you need to make with anyone. And if perchance you do get them to accept your reduced offer, you are at risk of the deal coming unstitched because they will resent it.

I suppose that is me quoting from the book of what is good for people.

StevieJ

Just out of interest why are you trying to buy a house that you are sure is going to drop in value (even lower than you are offering)?

halia

Incisor wrote: »

Personally, I don't think you stand a chance of ever buying this property at a penny less than your original offer - they would far rather sell to someone offering £20k less than your reduced offer. The more you are inclined to argue that this would not be good for them, the further you put yourself from sorting out the purchase you need to make with anyone. And if perchance you do get them to accept your reduced offer, you are at risk of the deal coming unstitched because they will resent it.

I suppose that is me quoting from the book of what is good for people.

I agree with this, if I'd had an offer from a buyer, then for whatever reason that buyer pulled out, only to turn up again 3+ months later with a LOWER offer I woudl be very very disinclined to sell to them. I'd feel that they were the type of person who may well have pulled out on purpose to try for a bargain, and if they were renegotiating now then they might be continually trying to get more and more cash of the price as we went forward.
I'd rather sell to somene else for the same figure as the first buyer is offering now or even for slightly less if I felt they were less likely to muck me about.

And I do think your opinions about why they should sell up (and for less cash) to be a bit of an assumption, you have no idea what is going on in their lives, and as others have rightly pointed out whatever they paid for the house 35 yrs ago it can hardly be judged in todays terms. Neither do you know whether at some point they took out additional mortgage to fund improvements etc.

Neither can you be certain there hasn't been any other interest, I know that an estate agent once told us there had been NO interest in a property and it was languishing on the market only for it to go under offer 2 days later to a buyer who had viewed it 2 WEEKS before our viewings.

If you want the house and they've knocked you back on this offer then how about going in with a higher offer and emphasising that THIS time you won't pull out or mess them about.

But ultimatly its up to them, if they don't want to sell at THAT price or they don't want to sell to YOU then you just may have to move on.

guppy

linda4767 wrote: »

So like i said they need to be more flexible or take it off the market as they will not get any offers unless they drop the price

Why do they?

Davesnave

Incisor wrote: »

Personally, I don't think you stand a chance of ever buying this property at a penny less than your original offer - they would far rather sell to someone offering £20k less than your reduced offer. The more you are inclined to argue that this would not be good for them, the further you put yourself from sorting out the purchase you need to make with anyone.

Absolutely, spot on. We had 'buyers' who after 3 months+ failed to secure a mortgage. This was at a critical period before the major downturn in the market. Later, after a second deal had fallen through, they were 'prepared' to view our house again, but on their terms. Knowing they were having major domestics about the whole business of moving, (wonderful thing the school gate grape vine!) and sensing the aggression in their response, we politely declined to accept those terms and ruled them out, permanently.

Now we might have been right in assuming they'd be just more bad news, or we might have been wrong but, frankly, I'd rather that we never know.

byrneand

I think you really need to think about what your buying this house for. If it's for an investment to move onto something else in a couple of years then you should probably walk away as your not going to get a deal that your happy with.

.... if on the other hand your looking to buy a home where you expect to stay for at least 10 years, where your children may grow up and really will be a big chunk of both your and your family's life then it could be worth just trying to broker a deal - even if this ultimately means paying the price you originally offered. In 20 years time you won't be bothered about the £10k (or extra £50 a month you've been paying in mortgage) as you'll have amazing memories and given historic trends (see chart below) if you've left it that amount of time then the £10k won't mean that much in the grand scheme of things.

Essentially just think about how long you think you'll want to stay in this property and what your looking for from it - accomodation vs. a home.

Bets of luck.