Advice on putting in a low offer-updated, rejected :(

breadlinebetty

Cannon_Fodder wrote: »

ignore breadlinebetty, she used to be pickled pink, but her attitude upset so many she had to convert...

Another freak! Bore off! You get EVERYTHING wrong!

AppleCore

We're not overly worried about the structural problems, having a brother in law who's a structural engineer is very handy We just don't want to pay top whack for a house that needs work doing on it, it wouldn't be worth 370k in perfect condition, let alone in the state its in.

Trouble is its a lovely area where very very little comes up and the vendors obviously know this. I checked Zoopla and it appears that with the exception of that detached house that sold 2 weeks ago nothing else has been on the market since 2007.

I was thinking about sending a letter reconfirming our offer saying its valid til the end of the month. I can enclose a copy of the builder's estimate and reiterate our good position. Is this a good idea or should I stay quiet for a week or so?

Thermidor

Which area is the house in? It certainly sounds desirable and with few properties come on to the market it's something you should consider carefully. You could regret missing out on it, after all, you have said how much you love it and how stunning it would be.

For the sake of a few thousand pounds don't do yourself out of years of happiness living in the home of your dreams.

Some of the people on this thread amaze me - telling you to keep lowering your offer after the first offer is rejected is insanity. Don't listen to idiots - they'll only drag you down to where they are.

chewmylegoff

it sounds like you can't really afford it, and don't think it is worth it. are you getting a bit carried away? just because they want X for their house doesn't mean you need to pay X, especially if you are not convinced you can or should.

AppleCore

The property is in Abbots Langley, Hertfordshire. It's set in a quiet cul de sac with access to a lovely park. It is a lovely place and is just what we're looking for to stay in for the next 10+ years and has more than enough space for us to bring up a family.

My partner is being typically stubborn with the situation and wants no more to do with it so its up to me to see if there are any other ways to secure the property. As mentioned earlier my mum has offered to led me 5k of her savings which I'm not at all comfortable with taking. Should I maybe try and offer another 2k? I also want to make sure I time this right so should I stay silent for a week or so before coming back with my increase?

chewmylegoff

you said you think that £340k is too much for the house (not least because a bigger detached house nearby was only £10k more), earlier in the thread you said you couldn't afford more than £330k max - why are you entertaining putting in another bid at all, especially as you were surprised that the internal condition was poorer than you were expecting.

noone else has offered on this house, you said you got the impression there had been very little interest. in this context, i would personally suggest leaving it for more than a week, and then re-testing them with your original offer. for future reference the agent has to put the offer forward, if you get this in the future put the offer in writing and insist that it is put forward to the vendor. if the agent refuses, send it direct to the vendor stating that the agent refused to table the offer.

i suppose this all depends on how desperate you are to move, how many alternatives properties there are, whether you can risk losing out on this property etc. but it does sound like you would be overpaying, even at the level you have offered.

AppleCore

chewmylegoff wrote: »

you said you think that £340k is too much for the house (not least because a bigger detached house nearby was only £10k more), earlier in the thread you said you couldn't afford more than £330k max - why are you entertaining putting in another bid at all, especially as you were surprised that the internal condition was poorer than you were expecting.

noone else has offered on this house, you said you got the impression there had been very little interest. in this context, i would personally suggest leaving it for more than a week, and then re-testing them with your original offer. for future reference the agent has to put the offer forward, if you get this in the future put the offer in writing and insist that it is put forward to the vendor. if the agent refuses, send it direct to the vendor stating that the agent refused to table the offer.

i suppose this all depends on how desperate you are to move, how many alternatives properties there are, whether you can risk losing out on this property etc. but it does sound like you would be overpaying, even at the level you have offered.

Very sound advice, thankyou. The property would certainly not be an investment at the price we've offered but we'd be buying it to spend at least 10 years there so its more difficult to put a value on it.

We just have to hope it sits on the market for a while with no offers and the vendors reconsider the more than fair price we offered.