Offer rejected - is it game over?

ReadingTim

Davesnave wrote: »

Depends where it is and the market there.

When I was looking at houses in West Wales, my idea of the value and the vendor's were sometimes £80k - £100k apart.

Time has proved that I was right. However I didn't have 3-4 years to wait around to say, "Told you!"

Time has proven you right thus far - in another 3-4 years, it could well have swung back to proving the vendors right.

But back to the OP, it's clear the vendors are in no hurry to sell, either at the price you've offered, if indeed at all. 6 months (over the whole summer) should be ample time, assuming the market's not completely dead, and/or they're realistic about price.

Given the EA's half-hearted attempts to contact you, I suspect they've already given up on this sale, and suggest you do too.

jules888

Is there another house or houses you like?I know for us the house we have now bought was the best for us out of the ones we looked at and ticked all the boxes.We went through an awful rollercoaster not knowing if we were getting the house or not.

Davesnave

ReadingTim wrote: »

Time has proven you right thus far - in another 3-4 years, it could well have swung back to proving the vendors right.

Pardon? I was right because the houses sold eventually, which is how I know what they went for. Even those fairly intractable vendors weren't waiting around for 6 - 8 years!

Frankly, what they sell for at some vague point in the future, seems pretty irrelevant.

m2786

We offered £115,995 on a property which was for sale for £125,985 5 months ago. They declined. Couldnt sell. Non on the market for £117,995 and they have now accepted our £107,995 offer!

moneyistooshorttomention

Davesnave wrote: »

Pardon? I was right because the houses sold eventually, which is how I know what they went for. Even those fairly intractable vendors weren't waiting around for 6 - 8 years!

Frankly, what they sell for at some vague point in the future, seems pretty irrelevant.

Though there are always some. I know someone hereabouts personally that had their house up for sale for quite some time and no-one ever offered more than quite a drop on their price and they just took it off the market in the end, rather than sell at a lower price.

Someone else hereabouts had their house up for sale for about 3 years (in this medium-speed area) and it was a nice house, all good-quality finish but had become a bit dated (eg only 1 bathroom for a 4 bedroom house) and I was mentally adjusting the price I thought they should charge for it because of those dated aspects. I figured they had it up for £100,000 or so more than it was worth, but they did sell it eventually for only around £10k-£20k less than the price they had had it up at all that time (that reduction being on a house they had priced at c. £400,000).

(mind you....they were "helped" in the end to be able to move on to make sure they did move......and provided with a chance to get near this unrealistic price they were after...).

So you can never quite tell...

Prothet_of_Doom

In 1989, my parents moved house for work, and the relocation package included a 12 month bridging loan, so of course for 6 months they were happy to price the house a little on the steep side, given that they had effectively broken one end of a chain.
House prices were rising, but gradually slowed down, and they had a number of offers below the asking price. In all cases, they said "Yes, if you had sold your house, but as you haven't we'll keep it on the market"
Eventually one of those people found a buyer, and my parents took the deal, knowing that the interest would stop being paid in about 3 months.
They only said no to an offer which was silly low, (as in 25% off)

Davesnave

moneyistooshorttomention wrote: »

Though there are always some. I know someone hereabouts personally that had their house up for sale for quite some time and no-one ever offered more than quite a drop on their price and they just took it off the market in the end, rather than sell at a lower price...

Yes, there are always not-too-serious sellers.

If I'd hung on to my old house for another 4.5 years, I could have made £80k more, judging by the recent sale of the neighbour's property.

But, so what? The great bulk of people who were on the market at the same time as me also moved, and moved on with their lives too.

The point of the post I made initially was that some people do sit tight...... for quite a while! It's up to the OP whether they wait it out in the hope of the seller relenting.

I would leave my offer on the table for a specified short period and move on.