Should I give up?

Amba_Gambla

Hi
I'm a FTB and have been offering on a house that I really like. It's on the market at £135k, and have made a series of offers up to £125k, all of which have been rejected, as the vendor is 'holding out for £128k'.

As far as I see it, Stamp Duty is 'wasted' money, and there is no benefit to me or the seller. Any increase above my £125k offer will cost me +£1,250. I also think that my offer is at the top end of the value of the house (I know you can rely on their figures, but Zoopla estimates it at £106k-£122k).

So, at this stage, I'm out of the bidding - the EA claims that the vendor has another viewing later this week, but not sure I believe her (house has been on market for 9 months).

What should my next step be? Should I:

• Give up and move on?
• Wait a few months and repeat my last offer?
• Wait and see if the EA/vendor get in contact with me?

Thanks for any advice!

richardw

Is it worth £4,280 more, if not leave it there and look for another home that is worth up to your budget of £125k.

artbaron

I'd keep your offer in and keep looking. Nobody's going to pay £3K above stamp duty so the vendor will either end up not selling, or selling hopefully to you. And if you find somewhere else then just withdraw your offer.

tim123456789

Amba_Gambla wrote: »

Hi
I'm a FTB and have been offering on a house that I really like. It's on the market at £135k, and have made a series of offers up to £125k, all of which have been rejected, as the vendor is 'holding out for £128k'.

As far as I see it, Stamp Duty is 'wasted' money, and there is no benefit to me or the seller.

Don't be silly, of course there's not "no benefit to the seller".

He's getting an extra 3K in the bank

tim

highguyuk

Just keep your offer on the table and continue looking. You've decided not to pay a penny over 125k, so stick with your decision.

mummyroysof3

Stick to what you want to pay. They may reconsider at a later date maybe

Amba_Gambla

Would the vendor ever come back to me, or is it case of re-offering a few months down the line?

sammyjammy

I would wait and see if they come back to you, I would even assume that if they did they had become somewhat desperate and say things have changed since I made that offer its now £xxx,000

Amba_Gambla

sammyjammy wrote: »

I would wait and see if they come back to you, I would even assume that if they did they had become somewhat desperate and say things have changed since I made that offer its now £xxx,000

That's what I was wondering. I know the vendor is in no hurry to move (not in a chain) so it's unlikely to be any time soon.

It's been about 4 weeks since my first offer, and I'm in no particular hurry either. I guess it's just a waiting game...

jmt

I had this situation 18 months ago. Vendor had house OTM for £135,000 but my limit was £125,000. They were in no rush as they were buying a new build that was not due for completion for 9 months.

I offered in July and left it 'on the table'. When I approached EA 3 weeks later the vendor said they were holding out for closer to £130,000. I told EA that I was going to leaflet drop all the similar properties in the area (which I did) and viewed 2 that were not on the market. I then went back to say I had found XXXXX and to speak to vendor one final time or I would buy what I had found. It worked and the vendor gave in. EA talked her into trying to get more discount off new home and I bought for £125,000

Amba_Gambla

Glad to know the wait can work jmt!

There is a repossession just up the road (current offer £85k), but with a different agent. This more expensive one would be my first choice, but I think I might have a look at the repossession. (I'm being put off by the possible pitfalls though)