When to walk away

gashead1985

HI

Just in need of some advice. I am a FTB, currently in the position of trying to buy. First offer made on a house was the asking price and someone went over the asking price so we lost that

Then we found another house we liked - the asking price was 209.500, our max is really 200k, so we went in with 200k offer telling EAit was our max but we really liked the house. Vendors said it was too low and we re looked at finance and decided we could just about stretch to 202.500 so we put that forward, vendors came back saying still too low they really want 205, but that really is our max so said thats all we can offer, so vendors decide they need to think about it. A week later we hear from EA he says they are having a meeting with vendors to discuss our offer of 202.500 - were we still happy to offer? could we go higher? again we say yes offer still stands but still our max. So they meet - EA comes back to us saying they'd accept 203, so i explain AGAIN 202.500 is already 2,500 over our budget and even if it is only 500 we really cant afford that. So he is going back to vendors again and we are yet to here!

Vendors are apparently really happy with our position as looking for quick sale so don't you think they are being silly turning down a offer over 500 pound?Or this is usual?

Thank you - sorry its lengthy!

clutton_2

next time they come back to you .. reduce the offer by £1000 they are playing at silly sods...

Wee_Willy_Harris

clutton wrote: »

next time they come back to you .. reduce the offer by £1000 they are playing at silly sods...

Agreed, and let them know that as well. It's a buyers market, you have no chain to hold you up. Hold tight.

sonastin

Ask their EA to show you some of the other properties that he's got on his books within your budget. If that doesn't get the message across that you can't raise your offer, at least you'll have started the process of finding something better!

It might be that they are in a similar position - their finances on their next property might be so tight that they can't afford to drop any further and they're thinking "come on, how hard is it for you to find £500"! It might not actually be possible for you to meet in the middle. Sorry.

tealady

Hi
I would book viewings with the same agent for other properties.
Then the seller might get the hint.
Don't be pressurised into paying more than you can afford, walk away. Then if the property is still up for sale in a few months come back with a lower offer.

Grimbal

A good few moons ago, when I was a FTB, I was in exactly the same situation. A flat was up for sale for 65k, and offers had been turned down at 63K. It had been on the market a few months and I decided to take a punt at 60K, which was flatly refused. A bit of negotiation followed, and my offer of 63K (not so daft - I was the only FTB that had offered) was still refused, so I walked away.

2 months later, the flat was still on the market - I offerred 60K, stating that was my F&F offer & it got accepted !

So, message is, hold tight, you're in a good position. If you really can't afford the extra money then to be frank, that's pretty much all you can do. There's been good advice on here - don't be afraid to book viewings on other properties: you'll get a message through to the EAs & vendors, and there might even be another property that you find. Fingers crossed that the vendors see sense

Liz
x

missile

You could phone EA today and say unless your offer is accepted by Monday, it is withdrawn. The owner could have a long weekend to wory that they may not get another offer and I would be surprised if they do not accept first thing Monday morning. If they don't then you may feel they are just stringing you along and it is time walk away and look elsewhere.

Plans_all_plans

I would have walked away at 200k. By upping your offer to the 202.5k you made a mistake in my opinion, they are now just trying to squeeze every last penny out of you. You also made a mistake by offering the max you could afford as your first offer. I'd have gone in under and worked up to the 200k.

You are in a good position and therefore you should be more in charge. We walked away from two houses over a few thousand. The house we are in process of buying (on at offers over 110k) we were told by agent that they wanted 100k and no less. We went in low and worked up to 96k. The agent said, you'll have to hit 100k for them to accept. I said well you just go and offer them 96.5k and tell them that is absolute final offer and see what they say. They accepted the offer. We were prepared to go to 100k, but why pay more than you have to?

gashead1985

HI Thanks for all your great advice! Today EA rang to say vendors would accept 202.500 (finally!) however its 2 weeks since we have viewed the house and have seen lots since so we need a second viewing to make sure! Also we may be in a bit of a situation soon as we are keen on another house we have seen and this one is slightly cheaper and comes with kitchen appliances! Going to be a hard decision!

Henry_P_Chester

gashead1985 wrote: »

HI Thanks for all your great advice! Today EA rang to say vendors would accept 202.500 (finally!) however its 2 weeks since we have viewed the house and have seen lots since so we need a second viewing to make sure! Also we may be in a bit of a situation soon as we are keen on another house we have seen and this one is slightly cheaper and comes with kitchen appliances! Going to be a hard decision!

Phone the agent and tell him you have found something else in the meantime. Tell home you still like the house but the other one is cheaper. Reduce your offer. Under 200k if it was me. (I wouldn't have started anywhere above 190k as first offer) it's a buyers Market nothing is selling. You are in the best possible position. There are not many ftb's about. You have to use it to your advantage, you will never be in this position again.

mufi

Henry_P_Chester wrote: »

it's a buyers Market nothing is selling.

A rather sweeping statement, which certainly does not apply where I live.