Offer rejected Where to go next? Scotland

betti911

OH and I made an offer on a house in Glasgow of 250k and it has been rejected. Just wondering what to do next,if anything!

House has been on the market for over a year. It initially went on at offers over 270 k and was recently reduced to 265k fixed price. Vendors are desperate to sell to move in with family. They want to move asap. The house was valued in the home report at 280k over a year ago. The sellers bought the property for 285k.

House is three bedrooms one with shower room and small conservatory. A four bedrooms house in similar condition sold at 245k in January of this year. Sold house did not have extra bathroom or small conservatory but did have a bigger garden.

Our position is that we have sold our property and are living rent free with my parents. We have a mortgage organised and can complete in seven days.

The sellers took four days to consider our written offer including good entry date before rejecting it. Estate agents say sellers want 260k for it. With stamp duty this amounts to 16k over the budget we set ourselves for the house

Any advice as to what to do next? We like the house but do not want to overpay. Should we walk away or is there anything else we can do? Any advice appreciated.

Cash-Cow_3

I think I would write back and say your offer will remain on the table for another 5 days and see what happens.

Old_Git

how much is it worth ?
If you dont want to go above the £250,000 you could offer to pay the vendors legal fees and offer £250,000 plus legal fees .
Only you know what its worth

Wi88le

Unfortunately for them its unlikely to sell for 260 because of stamp duty. Personally I'd contact the agent stating that you won't go above 250, nor do you think others will because of stamp duty and you feel it is a fair price for the property, but tell them you will leave the offer on the table for two weeks. Then walk away if they don't get back to you.

This may just be the agent or owners trying to squeeze a little more from you.

betti911

That's a good idea. Emotionally I want to offer more, we could prob manage a couple of thousand more if we exhausted all sources, but practically we can't because of the implications of the stamp duty threshold. I also think from other sales we offered a fair price (not too high not insulting low).

The estate agent phoned last night at 8pm to tell us the bad news and left a curt message on my answer phone. Would you phone back or let the sellers sit on their decision?

betti911

Old_Git wrote: »

how much is it worth ?
If you dont want to go above the £250,000 you could offer to pay the vendors legal fees and offer £250,000 plus legal fees .
Only you know what its worth

That's a good idea. Will discuss that with other half.

betti911

Old_Git wrote: »

how much is it worth ?

The valuation of the property in the home report last March was 280k. From my research I think the valuation will go down substantially when the home report is refreshed on sale. The estate agents don't agree though.

Wi88le

I wouldn't agree to pay the fees, although if you do decide to, I suggest leaving it as a last throw of the dice so to speak once you know there is no chance they will accept 250.

hcb42

If they bought for 285 there is the possibility they cannot afford to accept your offer

betti911

Possibly so. I'm not sure how many people would offer then more though in this climate with a quick entry date. date I genuinely don't think we have offered them an insulting price though. We could meet in the middle if it weren't for stamp duty:mad:

yoyoegg

If they bought for 285 there is the possibility they cannot afford to accept your offer

Yep, a £35k haircut is a sickener. But £265k is a daft price with the stamp duty jump up, it's inviting buyers to put in £250k. £250k to £275k is a 'dead zone'.

A four bedrooms house in similar condition sold at 245k in January of this year

Sounds like the seller are locked into a mindset that it's worth more, because they paid over the odds. Are they really that desperate to move!?