Seller refusing offer as they owe more on house

rjs2014

Hi everyone

We have found a house we like and have gone about putting our offer in. The house is up for 210k, my first offer was 195k. The agents have come back as the offer has been rejected (I thought it would be) they have told us the seller will be moving to rental after selling this house but in order to cover what she owes, legal costs, fee's etc the lowest she can take is 205k. Could they just be saying this to get the offer higher? Me and my wife dont want to spend more than 200k and we dont believe the house is worth anymore than this

What would you do?

Thanks

kinger101

Walk away. Or suggest they get an unsecured loan for the balance. It's not your fault they have no equity. If you do make another offer, make it firm and final, and give them a deadline to accept.

Talc1234

Either

Offer £200k as your best and final offer. See what the sellers do

or

Offer £205K as your best and final offer. You should find some reason to lower your offer after the survey

ManuelG

Talc1234 wrote: »

You should find some reason to lower your offer after the survey

Isn't that slightly... immoral?

And if they're telling the truth, means you end up spending cash on a survey to end up with no house?

greatgimpo

Ask their estate agent to lower their fees a little to help the sellers out.

:rotfl::rotfl::rotfl:

Thrugelmir

Walk away and find another property.

ManuelG

Anyway, it seems simple to me.

OP thinks house is worth, max, £200k.

Therefore, to me, the offer should be £200k. The seller is under no obligation to accept, but you never know.

And pointless offering more than you think a house is worth. If someone gives them £205k then more fool them if it's not worth that.

And if it is, c'est la vie.

duchy

Depends what the house is worth but in terms of comparative propertuy also on the market.....and what it is worth to you. (not always the same thing)

You could walk away and find another house but be stuck in a chain for months........but then that might not be a problem for you

Offer higher if you want but be prepared to walk away if the offer isn't accepted. There's always another house another time.

rjs2014

I have gone in and said I'm only prepared to pay 200k for that house. They have said they will put it to her and see what she can do, they did say they have reduced there fees a little to help (i don't believe them, there the most expensive in the area anyway). The estate agent also said there is another couple interested, i guess to get me to go to the 205k. It was quite satisfying when i called there bluff as i know the other couple aren't in a position to buy yet (we're related)

Old_Git

rjs2014 wrote: »

I have gone in and said I'm only prepared to pay 200k for that house. They have said they will put it to her and see what she can do, they did say they have reduced there fees a little to help (i don't believe them, there the most expensive in the area anyway). The estate agent also said there is another couple interested, i guess to get me to go to the 205k. It was quite satisfying when i called there bluff as i know the other couple aren't in a position to buy yet (we're related)

do you know what the vendor paid for the house and how long ago .

Crashy_Time

rjs2014 wrote: »

Hi everyone

We have found a house we like and have gone about putting our offer in. The house is up for 210k, my first offer was 195k. The agents have come back as the offer has been rejected (I thought it would be) they have told us the seller will be moving to rental after selling this house but in order to cover what she owes, legal costs, fee's etc the lowest she can take is 205k. Could they just be saying this to get the offer higher? Me and my wife dont want to spend more than 200k and we dont believe the house is worth anymore than this

What would you do?

Thanks

I would politely tell them it is not my role to bail them out of their debts, and make a slightly lower offer, as the market is obviously slowing. Sometimes people just need to be brought back to awareness of their own responsibilities.