Offer Refused :(

billybear1

I think the tennants will get sick like you suggest before the owner does. As you all suggest I question the motivation for sale.

DVardysShadow

If the house is for sale with the same agent who is letting it, it may be that the agent knocks back all buying offers to keep their rental revenue flow. So probably not the best thing to sell and let through the same agent.

dotchas

Hopefully their tenants are looking for somewhere else as they know the property is being sold and the vendors will have no tenants and no buyers!
I too would be wary buying a property that has tenants in situ during the buying process. There are too many potential problems.

billybear1

Spoke to EA today as he has another property we are looking at quite closely. He said that he was stunned and reitterated that being so close to SD, they should consider negotiating to that level. Apparently the vendor is notoriously difficult to communicate with (as someone else put they DO have rental through the same agent).

We do like the house, but we have a budget and it's not too good to change that for.

unsure

As everyone has said, hold firm. You know what price you can afford and you've made a reasonable offer. It's foolish of vendor to expect full asking price in a flat market unless the property is exceptional.Usually having tenants lowers the price rather than keeping it high. Even if he doesn't think so now he may have to reconsider his high-handed stance if he really wants to sell.

If as EA says he is a pain to deal with it, may be just as well to be looking elsewhere as he's likely to continue in the same way even if you did agree a price and proceed towards a purchase. Having a dodgy or difficult vendor only makes the process more anxiety-inducing and gives less chance of a completion. If someone likes to play games they are unlikely to resist the temptation when large amounts of money are also at stake!

When the right house comes up at the right price you'll know. Having a vendor you can feel confident in will save you sleepless nights in the long run!

ic

There seems a consistent view in this thread that the vendor is deluded over the price, yet only the OP here knows the location, size, condition, etc of the house - for all we know the price has been reduced several times and already represents a very good price. Just because it a house is listed at a certain price does not mean a buyer is entitled to automatically expect a discount. What the vendor is happy to sell at is for them, and them alone to decide. The OP has found they can't afford it, and has been advised with sitting tenants is probably a blessing in disguise. The vendor may not *need* to sell the house, or they may need a certain value for the house before they can justify or afford to sell the house, perhaps to pay off a buy-to-let mortgage along with the associated fees. We just don't know the situation. Just because Kirsty and Phil always seemed to manage to get a discount in Location Location Location, doesn't mean everybody else will in every situation.

The OP should keep looking. There's nothing stopping them making an enquiry about the house in a week or two to see if the vendor has reconsidered.

mirrorimage0

why is the seller being difficult, they have put a price they want and it may be realistic so they dont budge.

we have a flat up for sale its a realistic price for the area and has been fully refurbished and are in no rush so wont be budging anytime soon iether, it doesnt make me difficult, first viewer has already said they will agree with asking price they are just waiting to sell thier property, so will see wht happens

hazyjo

ic wrote: »

There seems a consistent view in this thread that the vendor is deluded over the price, yet only the OP here knows the location, size, condition, etc of the house - for all we know the price has been reduced several times and already represents a very good price. Just because it a house is listed at a certain price does not mean a buyer is entitled to automatically expect a discount. What the vendor is happy to sell at is for them, and them alone to decide. The OP has found they can't afford it, and has been advised with sitting tenants is probably a blessing in disguise. The vendor may not *need* to sell the house, or they may need a certain value for the house before they can justify or afford to sell the house, perhaps to pay off a buy-to-let mortgage along with the associated fees. We just don't know the situation. Just because Kirsty and Phil always seemed to manage to get a discount in Location Location Location, doesn't mean everybody else will in every situation.

The OP should keep looking. There's nothing stopping them making an enquiry about the house in a week or two to see if the vendor has reconsidered.

Fair enough if it wasn't near a SD threshold. Fact is, no valuer is gonna agree its value at £129-whatever when the threshold's at £125k, and any buyer would be mad to agree to pay that £5k extra plus the cost of the stamp duty.

Once they know they're gonna have to accept £125k, they are hardly gonna turn down an offer at £123k or £124k. If it was that much of a bargain, it'd have buyers crawling over it.

Jx

Soot2006

Your post reminds me of an experience I had as a FTB ... Viewed a lovely house, called EA to make an offer. EA said the vendor wouldn't accept it. I got all uppity and said he had to tell the vendor, my rights, blah blah. EA gave a long suffering sigh and said look he won't accept it because we have had loads of offers ... He won't budge, he won't sell, he doesn't want to sell ... I took the EA at his word (wouldn't do that now but turns out my gut feeling was right that time lol) and sure enough the house is still not sold, 3 years later ...

Blackpool_Saver

The owners are probably waiting for the tenants to finish making the place nice before they sell it right out from under them, me cynical? ........... nah