Seller refusing offer as they owe more on house

ess0two

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

Find something cheaper,you cant afford it then?

samba

Stupid sellers wanting more money than buyers want to pay. Bloody typical.

duchy

moneyistooshorttomention wrote: »

Personally, I rather doubt a vendor would say they needed x amount of £s from a house not to be in debt unless that is actually true.

Whatever the vendors' stated/real reason is for an insistence on a certain figure, if that's what the house costs, then that's what it costs and so either agree it (and do pay it...rather than looking for excuses not to) or find another one. Simples...

.

Actually that is EXACTLY what a branch manager at Manns told our buyer to try and push them higher. It wasn't true and we had no knowledge he had done so until we and the buyer had cut him out of the process as he was hampering the sale with his malarky. The estate agent's name isn't Michael is it ?

rosie383 wrote: »

We are in a similar position to yourself. The vendor of the property we really want won't accept our offer even though it is a good offer for the house in its present condition. They need more to be able to buy the property they want. Honestly if we thought that another £3-4k would do it, we would offer it but the EA has told us they won't accept less than asking price. In our area house prices continue to rise but houses generally don't sell for full asking price. We are reluctantly walking away.

An estate agent is legally bound to pass on all offers ......and their fee is directly related to the price paid -and they work for the seller not the buyer................so to not submit your best offer is crazy if you really want it and are prepared to go a little higher. It's not like estate agents are known for their truthfulness. I can't see what you have to lose by putting in your best offer - the worst that can happen is that it is refused and you move on - the best that the seller accepts it -regardless of the EA's opinion.

rosie383

Good point Duchy. Food for thought.

fivetide

This sounds very simple "We'll see you in the middle at 200k and can have the funds immediately"

If they need to move, speed might help the case. If you get knocked back, that's it. Not sure what the issue is?

As an aside, a pal of ours didn't have his offer on a house put forward by an estate agent. EA put forward a offer from one party but didn't bother with friends offer for some reason.... luckily pal knew the vendor by association so was able to speak with them and let them know he had offered more than they had taken. EA was called, fired and pals offer accepted on the spot.

Dan-Dan

Talc1234 wrote: »

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

Cracking advice......not

Dan-Dan

OP , at the end of the day , 5k over the life of a typical mortgage is peanuts , if you love the house , offer the money , if its a short term buy , move on

easy

pinkteapot

Some vendors are simply unrealistic in what they want and you won't change their mind. Unless the house is one of a kind and you're desperate for it, don't pay more than you think it's worth.

If they refuse your offer, leave it on the table and say they're welcome to come back to you in the future if you haven't found something else.

bris

It's a typical buyer and seller scenario, when someone is buying a house they tend to think it's not worth that but when selling they always say it's worth more than that.


The OP doesn't get to say what the house is worth, they only have a say in what they are willing to pay. The banks surveyor will decide what the house is worth.

Hoploz

Dan-Dan wrote: »

OP , at the end of the day , 5k over the life of a typical mortgage is peanuts , if you love the house , offer the money , if its a short term buy , move on

easy

I totally agree with this. Houses all go up eventually. If its a long term home and you love it, it's worth paying next year's price if you can manage it. Otherwise you could still be looking for another perfect home next year anyway!

On the other hand if you only plan to be there a short time and there are plenty of others just as good available cheaper, then walk away. (if there are others as good but cheaper you probably would be looking at them not this one already??)