offer rejected but sellers have had offer accepted on property they want.

Iamdave

Have offered on a property a few weeks back. Property was on for £210k and I offered £185k. offer rejected, went up to £190k offer rejected. So i left it for a week or so.

Had a reassess of finances and spoke to EA who suggested vendor was looking for about £200k. explained in current market didn't think the house was worth that etc etc.

went back in with an offer of £194k as EA detailed that the vendor had an offer on a house they like accepted (around the £200k mark) and now need to sell their house to proceed.

I am a FTB and i'm just stretching into a decent LTV percentage with my deposit with my bid of £194k. this offer has been rejected but i have left it on the table to the end of next week for vendors to consider.

Vendors are holding out to get for their house what they are paying for this house they like i think (so no extension on their mortgage)

Thinking surely it's easier for them (middle aged couple) to take a few grand hit on their house than it would be for me to find more?

What would everyone else do? let the vendors sweat it out....?

dimbo61

Its a buyers market so look round at other properties.
Its a good job you did not spend hundreds/ thousands on searches, surveys, legals already

Iamdave

Yeah i am looking around at other places and vendors are aware of that. I'd prehaps be willing to go up £1k or £2k more but on the proviso that if keys havn't been handed over by the time i get hit by stamp duty then that amount comes off.

will wait it out for now and see if they change their mind. Buyers market still isn;t it?

mandi

Their offer is worthless if they need to sell to buy because they cannot proceed , however they may need to sell at £200K to do so .


You have 3 options .

1. leave the offer as it stands.

2. Increase your offer .

3. Withdraw your offer & look for another property .

It depends how much you want the property really .

Just because they are " middle aged " doesn't mean they can " take the hit "


.

Iamdave

think it would probably be easier for them to scrape together a few £k extra than for me to do so (as i'm at an LTV limit nigh on). working couple as far as i can tell rather than single first time buyer.

Time will tell.

picardygirl

Iamdave wrote: »

think it would probably be easier for them to scrape together a few £k extra than for me to do so (as i'm at an LTV limit nigh on). working couple as far as i can tell rather than single first time buyer.

Time will tell.

Dont assume anything Another way of looking at it, they have had years of racking up debts/loans ... i agree with Mandi, just because they are middle aged, doesnt mean they can take a hit .....

BUT, saying that its not your problem how much they've offered on another house (IMO they are not in a "offering" position as they havent got a firm offer on their current house, i wouldnt accept an offer from them anyway) .... you should only offer what you think its worth/willing to pay, you cant "up" your offer just so they can go for a slightly more expensive house than they can maybe afford!

Good Luck x

steve1980

To be fair, you should be looking at properties that you plainly can't afford.

Put yourself in their shoes, what would you do?

GAH

If there is going to be a chain, then you its highly doubtful that you will avoid the stamp duty, that would be all parties exchanging and completing within 7 weeks.

If these vendors are haggling over a few grand, then their not going to agree to knocking off the stamp duty if everything doesn't complete.

IF it were me, I'd go back and raise my offer by £1k and say thats my best and final offer and put the ball back in their court.

Guess it depends on how much you want the property as well.

vax2002

Are you sure the agent has put your offer to the couple ?
I would check directly with them.

hazyjo

Just wanted to say if they've found a house they love, the chances are (I reckon, anyway) they'll cave in and accept your offer. Do you know how long it's been on the market? Any price drops in that time? Just remember if you lose it, there will be others!

Good luck I think you're doing the right thing. Hope you get it.

Jx
PS Agree with those below - don't keep upping your offers! Until they believe you won't pay a penny more, they'll keep rejecting your offers.

DannyboyMidlands

I'd stop making offers. Why would they accept one if you're coming back every few days with a few grand more?