FTB - What To Do!?

OWT4NOWT_2

Hi guys! Been reading all the stuff on here and it's been very helpful!

Here's the situation:
Seen a house we love on the market for £129,950 (for 4 weeks)
It's was a new build and the vendors purchased it in June last year for 115k. They have since spit up so need to sell and have 'invited offers for a quick sale'.

We placed an initial cheeky offer of 116,950 which was rejected, waited a day or so and placed a follow up offer of 118,500 which was again rejected then called back with our 3rd and final offer of 120,000 on the nose. They took a good few hours to get back to us and unfortunately rejected it.

We're a bit gutted now as we both love the house and 120k is really our limit... and to be honest thats what we feel it's worth (lower growth in Nottingham etc....)

What do you guys think we should do next? I told the EA that the offers still on the table...

Thanks!
Dan

BrandNewDay

Take a deep breath and try to remember that it's not the end of the world if you don't get this house. If 120k is all you can afford, that's that. Don't try to dig deeper. If the house isn't worth more, then they may yet accept your offer.

sm9ai

Most newbuilds fall in value for the first few years.

To suggest it has gone up by 13% sounds incredibly overvalued and unrealistic.

I would wait until the house is on there for £120,000 then offer £110,000

OWT4NOWT_2

To be honest i'm quite suprised they rejected our final offer... as when speaking to the vendor whilst viewing they're obviously desperate to get rid of the house.... I know it's a reduction of nearly 10k but is that really that unreasnable when we know they paid 115k 12 months ago?

dannyboycey

OWT4NOWT wrote: »

What do you guys think we should do next?

Because you upped your offer twice very quickly, I assume that they think you will do it again. Don't do it! Just sit tight. There are a couple of scenarios - you wont hear from them again, in which case find another property (it's not the end of the world). Or secondly, and more likely, the will call you back in a few days and say something like we'll accept £122,000 - Just stick to your guns. It's just my opinion, but I think they are trying it on.

wecanhelpu

The sellers are greedy chancers and they think HPI will come to their rescue.

Do not increase your offer any more.

In fact if they come back to you in a month or two, offer them less.

King_Of_Fools

I would expect a new-build in Nottingham to sell for less than it sold for a year ago in the current market.

I would just sit back and wait for the asking price to drop!

OWT4NOWT_2

Thanks for all your opinions guys... we'll defo not go higher than 120k so we'll just wait and see what happens. I can't see them taking less than what they paid for it a year ago (with them adding decking/carpets/decoration etc.)

I'll keep you posted!

OWT4NOWT_2

Just to update you! There was another property we liked with a asking price of 126,950.
We put first offer in of 106,950 obviously refused, 2nd offer of 115,000 (which we stated was our maximum). Since then the EA has called us 3 days running; firstly stating the vendor was willing to go down but only to 120k, 2nd day saying the vendors are willing to leave LOTS of stuff in the house (cooker, freezer, washer, dining table, welsh dresser, new facia's, carpets, curtains, spare double bed, sofa+chair), 3rd day asking if we wanted to increase our offer....

We said 115 was our limit but i'm tempted to meet halfway at 117,500 and get the benefit of all the furnishings too... what do you guys think? It is a lovely house (all beit a lot older than the previous one!)

Thanks!

poppy10_2

Meet quarter-way - £116,250 final offer.

OWT4NOWT_2

Well we offered 117 yesterday lunchtime and we've still not heard back... so maybe they're considering it....