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Advice Needed.
Comments
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i would stick to your guns on this one, i think you have made a good offer considering your a cash buyer, time of year and the credit crunch.
i dout they will get a better offer at the moment, certainly not until the spring and in which time they will have to pay another 6 months mortgage payments. re submit your offer and politely say its your final offer as all you can afford otherwise you will buy another property and leave it at that.
keep looking though as you may find another house, remember its a buyers market at this time...0 -
Your story sounds very familiar saddo.
A few months ago, my girlfriend and I found a place we really liked that was on the market for £190K and offered £185 (the highest the bank said we could go) only to be knocked back. We are/were FTB, no chain and with an AIP for the mortgage too. The estate agent was pretty baffled too really, like yours seem to be, and basically told us he thought the owners were being 'a bit silly'.
I would recommend you look on a website that shows recent sales on that road such as house price dot com (i can't post links yet). It really helped us as it revealed that they had bought the property back in 2007 at the peak of the housing market for almost exactly the price they were asking for now! So it proved to us that it was overpriced but also gave us an idea why the owners were not willing to come down. Hopefully it should help you work out if the owner is being realistic or not.
Even if you really like a property, it's not a good idea to offer over the odds for it. For one thing it may cause trouble when you try and get a mortgage if the lender doesn't think it's worth the price you agreed.
In the end we had an offer accepted on a property just down the road for abour 15K less. Admittedly it is not in as nice condition as the first one but it's certainly not £15,000 worth less! The original property is still unsold and is now on for a higher price!!0 -
Have started a new thread as things have moved on a bit.
Thank you all for your support and advice.0
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