Offer rejected - advice please

chillertwist

Hi

We are first time buyers with a £30k deposit.

We've viewed a house currently on sale for £325k. The house was put on the market at £345k in Feb and has since dropped in 10k increments.

A house sold a few doors down last week for £325k. It is exactly the same house to look at but decorated immaculately with a garage and knocked through kitchen/diner and a downstairs loo.

I'm not sure how the owner of the house we want can still justify £325k. We have put in an offer of £300k which is the very top of our budget but he's rejected it saying he wants asking price and he doesn't care we have no chain as he has time (although the reason he is selling is due to divorce).

Should we just sit tight on this one and hope he has to drop down more? We could pay up to £310k but I really don't think it's worth any more than our offer. Problem is, we love the house and really want it!!! Any advice or tips from anyone?

lovinituk

Offer higher or find another house! It really is as simple as that.

[Deleted User]

Look at it from his prospective, if he's divorcing he may need as much as he can to sort out his own future house?

If you want it that much then offer as much as you can afford but don't go over your budget.

SevenOfNine

TBH the owner doesn't have to "justify £325k", he can do whatever he wants. If he's divorcing maybe he needs as much as he can to split with Mrs & get somewhere else, so he's willing to wait.

Only advice would be if you REALLY want it offer your top price of £310k or walk away. Keep an eye open for the price dropping further but don't wait for it to happen.

robatwork

You aren't really sure of your own mind as you have contradicted yourself. You really want the house.....and.....

£300k is the "very top" of your budget
You can go to £310k

These statements don't make sense.

If £300k is the very top, stick to it.
If £310k is the very top, go to it.

smile88egc

If you can afford 310 then I'd say keep this in your pocket for now, seller clearly not desperate enough to move yet.

If you don't think it's worth much more than 300 then chances are that others won't either so you are unlikely to be outbid.

Start looking at other houses And if in 2 weeks he still hasnt accepted another offer then go back in with your 310 offer.

Marktheshark

Find both owners and contact both with the offer.
I bet his wifes solicitor is not aware of the no chain offer.

AdrianC

Divorce sales can easily get entertaining, so if there's shenanigans going on even before the offer's accepted, gawd alone knows what would face you before completion. You may have had a lucky escape.

But it really is simple - if the vendor wants more money than you are WILLING to pay, then you ain't buying it. This is not the only house in the world for sale. If you can't reach a mutually acceptable price, then find another house, one you can.

glasgowdan

Couple of pointlessly abrupt/rude replies above...ignore them!

If your gut is saying don't offer more, then I suggest you adjust your emotions to allow for the loss of the house. We've done this a few times, and you soon realise there are plenty more (housey) fish in the sea. You may love this, but in 3 weeks you'll see another one you'll love too.

martindow

glasgowdan wrote: »

Couple of pointlessly abrupt/rude replies above...ignore them!

I'm not sure which posts come into this category. I agree that buying from divorcing (and possibly warring) couples can be very difficult. Both need to agree and sign documents for the sale to go ahead. Sometimes one person is remaining in the house and has little interest in losing the roof over their head.

You need to sort out your maximum offer. Your ceiling offer price may be limited to 300 so your deposit is not below 10%. You also need to be sure you can cover legal, removal and stamp duty costs while having enough cash left for unexpected extra expenses in future months. It is not wise to spend every last penny and hope for the best.

ess0two

glasgowdan wrote: »

Couple of pointlessly abrupt/rude replies above...ignore them!

If your gut is saying don't offer more, then I suggest you adjust your emotions to allow for the loss of the house. We've done this a few times, and you soon realise there are plenty more (housey) fish in the sea. You may love this, but in 3 weeks you'll see another one you'll love too.

??


At the end of the day the OP can't afford it.