Offer declined and vendor is thinking of remortgaging

maverickme

Hi,

Need some advice from gurus on how should I proceed. My stituation is as below:

I am an FTB, have an AIP in place. I have put an offer on a property (3bed semi) twice, first for £175, £180, both got declined. The property on sale is for £190k. The property earlier fell through a chain, earlier buyer offered £188k.

I did some research on the area, where 3 bed detached were sold for £199k, so I think this property is overvalued. And so I offered less then the asking price.

The vendor seems be in hurry, as he has already found a new property and is thinking of remortgaging his current property. I think he might put it on rent.

Only option I have is to increase the offer to £185k. Is there any other way? Any thoughts?

Thanks

Gwhiz

No one knows what's in your sellers mind. All you can do is offer a price and hope it's acceptable.

JimmyTheWig

The first question is what would you do if you don't go for this property?
That will give you a clue as to how much it is worth to you.

If your next best property is significantly not as good and would cost you £180k then it is worth offering more than £180k for the one that you like.
If your next best property is similar to the one you like but would cost you £190k then, again, it is worth offering more than £180k for the one that you like.
But if you can get one similar to the one you like for £180k then why not put an offer in on that one?
Or if you are happy to not buy anywhere for the time being and you think anything above £180k for this one is unreasonable then do nothing and see what happens.

Ultimately, you either agree a price with the vendor or you don't. If you don't then you don't buy that house.
If you take some time to agree a price with the vendor then there is a risk that someone else will come along and agree a price with them (or they will find a different solution than selling it). Whether you risk that is up to you and depends on how much you want this specific house.

Personally I find the whole thing a bit of a game. I wouldn't necessarily trust anything the vendor tells you, or anything that the estate agent says, that means you should up your offer. Of course they're going to say stuff like that! It's part of the game.

maverickme

Thanks for the reply. I will wait and let this one go for now.

Cheers,