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

david39

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?

It reads as though the OP is saying that the people he is buying from can afford to knock a few grand off the price of their house while he feels he can't afford to up his price - so it is they who should take the hit to complete the sale so that he can buy.

That's not the way life is - the couple selling their house will sell at whatever price they can get for it, and shouldn't drop their price below what they want just so that he, specifically, can afford to buy. That is unless there are compelling reasons for them to have to sell. If they can wait, then someone will eventually come along and give them their asking price.

Only they can decide that and, at the moment they are holding out - after all, they've only made an offer on another property, not entered into a contract yet. If it becomes critical for them to sell then, no doubt they will approach the OP again but, in the meantime, I'd look elsewhere.

rrf494g

It seems to me that the "middle aged couple" have had the best plan. You seem to want their house so much that you will pay more than the market would indicate. If I were you I, would reduce my offer by 5K, and say that in a falling market your offer will reduce by 5k a month until exchange of contracts. I would also look for other properties being sold by less skilled negotiators.

good luck

Iamdave

steve1980 wrote: »

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

Put yourself in their shoes, what would you do?

I'm guessing that's meant to read i 'shouldn't' be looking at properties i plainly can't afford?

I feel i can afford it and in a falling market i don't feel the house is worth £200k.

The offer is fair imo, and i havn't been upping my offer to the extent that they feel i will keep upping it, first and 2nd offer was a cheeky one i 99% expected to get rejected. i'm knocking approx 7% off the asking price when most would be expecing to lose about 10% in the current market.

Vax yeah i'm sure they agent has put the offer to them, to be fair to this agent they're one of the better ones in the area.


Anyone know what the situation is with the stamp duty increase? does exchange have to be complete by the date or can purchases in process be allowed to continue past the date?

the couple also dont need to move straight into any house they wish to buy so is it possible for me to exchange with them before they exchange with their vendors? not sure how the whole chain proess works.....

think i'll wait a week or so, see if i hear anything back from the vendors then if not arrange a viewing of another property to see if i can coax anything out of the EA.

China2

Iamdave wrote: »

i'm knocking approx 7% off the asking price when most would be expecing to lose about 10% in the current market.

This myth gets banded around a lot here. It depends on so many other factors and you shouldn't automatically knock 10% the asking price and assume that is what its worth.

I'd agree with the other poster who said you're probably looking at housing out of your price range. Just accept it and look somewhere else rather than ranting about the owners who you seem to think you are doing a favour by giving them almost 20k less than they are looking for.

phoebe1989seb

Iamdave wrote: »

Anyone know what the situation is with the stamp duty increase? does exchange have to be complete by the date or can purchases in process be allowed to continue past the date?

AFAIK you have to have completed by the deadline........

Iamdave

i'm not actually offering them £20k less than they are looking for, i'm offering them £6k less. The house they want is £200k and they want to sell there's for the same price roughly i'm guessing (via feedback from the EA)

It's not a house i can't afford its the having to borrow a few £k to keep myself in the current LTV bracket with my deposit or taking a greater monthly mortgage payment in a lesser LTV situation.

The house in question is similar to a friends house which was recently valued at exactly the same price funninly enough but they know that the house isn't worth the valuation the EA gives.

Zoopla prices mark it at less than my 1st offer (although i'm aware this isnt always accurate).

I'm not in any hurry to buy (other than having the stamp duty thing looming). could add another £15k to my deposit by the end of the year potentially. Feel i've offered a fair price so will sit tight. balls in their court.

DVardysShadow

Iamdave wrote: »

... I feel i can afford it and in a falling market i don't feel the house is worth £200k.

The offer is fair imo, and i havn't been upping my offer to the extent that they feel i will keep upping it, first and 2nd offer was a cheeky one i 99% expected to get rejected. i'm knocking approx 7% off the asking price when most would be expecing to lose about 10% in the current market.

That is the end of it then. They think it is worth more, but you disagree. So there will be no meeting of minds which would bring about a deal.

No theatre, just drop it, you can't force them to accept.

hazyjo

As above, you have to have completed by 24 March (actually 23 as 24 is a Sat). It ain't gonna happen before then (well, HIGHLY unlikely!) so I'd make sure you've budgeted for stamp duty!

Jx

Iamdave

Just a little update;

Give the vendors time to think over my offer, no reply so we arranged a 2nd viewing. Spoke to the bendors directly and stated what my absolute max offer was (£10k below asking).

Basically got the reply that they were looking for the asking price as it was what they had paid for the house 4 years ago. The house isn't worth that now that but they don't grasp that so guessing the house will be on the market for some while yet.

I'm in no rush to buy as i've said (FTB) so can continue to save and buy a house to the value of their asking price at the end of the year if i find one.

AFAIK they still have offer accepted on place they like so perhaps they may change their tune if their vendor gets twitchy.

Balls in their court but i'm not really fussed plenty more houses out there (just not on the market yet lol.

go_cat

Iamdave wrote: »

Just a little update;


Basically got the reply that they were looking for the asking price as it was what they had paid for the house 4 years ago. .

So they want the price they paid in 2008, not going to happen is it - look at other places walk away they would clearly be a nightmare to deal with anyway !

I would bet in a few months the price will drop anyway so you may get it cheaper than what you offered now