Offer rejected - advice please

Cakeguts

This house is worth what someone will pay for it. Not everyone wants to buy a house that is decorated inside because it might not be to their taste but if they like the house then they may not want a reduction on the house as big as yours.

How do you know what the house a few doors down actually sold for? Unless you have asked the sellers and they have told you truthfully you are probably guessing from the sold board and the asking price on the estate agent's advert?

The seller doesn't have to accept your offer. He doesn't have to justify what he is asking for his house. He can ask whatever he likes and he can wait as long as he likes to sell it.

Now what you have to do is to look at houses that are within your budget. If your top limit is £300k then you need to be looking for somewhere just under that. Houses that are over £300k are too expensive for you. Remember just because a house is advertised at under £300k doesn't mean to say that it will sell under the asking price. I hope you have also saved enough to pay for the solicitors fees and costs of moving house?

Some houses sell for more than the asking price.

chillertwist

Thanks for the replies. Just to clear up any confusion for those speculating my financial position. Yes I do have fees and related costs all covered. I have £30k set aside for a deposit but can do more if need be but would prefer not to. The estate agent of the other house confirmed it went for asking price of £325k, and the estate agent of the house we have bid on has confirmed that it's overpriced, they have told the seller he is being a little greedy, and urged us to put in a lower offer despite us telling his when looking around that we didn't want to go above £300k. That gave us hope and I now can't understand why the agent urged us to make an offer knowing his clients greed and our max on that particular property.

My original post was not to spark a debate of whether we can afford a house of that value because we certainly can. It's whether we should stick to our guns and hold out in hope that this seller will reconsider.

I'm actually more nervous with the divorce aspect.... We need to be in somewhere by end of August.

Perhaps I should just let this go. Really is horrible when you find somewhere you really like but it isn't gonna happen.

I do appreciate everyone's input, both the positive and negative so thanks.

csgohan4

if it's divorce settlement, they usually take ages to sort out unless they both have signed papers to agree to sale

kinger101

chillertwist wrote: »

That gave us hope and I now can't understand why the agent urged us to make an offer knowing his clients greed and our max on that particular property.

It's how estate agents like to lower their clients expectations. Get low offers in. You could say you're happy to leave your max offer on the table until you find somewhere else. You might be pushing it with end of August on this one however. Two vendors to deal with (who are going through a divorce) doesn't make it any quicker. Particularly if the settlement hasn't happened yet.

societys_child

his clients greed

It's not greed. He wants the best price for his property.

Oh, . . . and the agent was playing you.

indianabones

Don't go even £1 higher.

I've seen exactly the same at pretty much every house I've seen. The owners want more than the house is worth (judging by sold house prices). Later on when they realise that it won't sell at the asking price unless to someone who thinks like a headless chicken or who has more money than they dare to care about.

You've given your offer, stick to it and search for other homes as well.

GaggingOrder

I do feel for you. Our EA told us they normally add about 10% to whatever a prospective buyer says is their top budget and they will show you properties up to that. As a seller it's quite frustrating too because you end up with people who love to your house but can't afford it at a price you're willing to accept (based on sold prices as well as expectations).
As others have said, though, work out what your real true budget is (based on what you're comfortable spending, not necessarily the max), and stick to it. If you can't agree a price on this house, something else will come along.
And depending on where you are, now might be a good time to be buying because a lot of investors will be waiting for the outcome of the EU referendum.

Tygermoth

There is a house we have seen with a very odd layout (when i say odd it has a has a glass viewing gallery on the roof - would be brilliant at the sea side, but its in a new build estate looking at some pylons). To add to this the vendors have used the 'breakfast area' off the kitchen as the lounge and turned the dining room and living room into 'bedrooms'

As such they are basically marketing it at a four bed price point when infact its a large two bed.

We have put in a very reasonable offer not far off the asking price thinking as the property has been on for several weeks in a super red hot market they would consider the offer (5K off asking)

Here is a similar house (though the one below IS a four bed)



We were rather rudely told to shove it and they were only going to consider very significant offers over asking price - In my very humble opinion a potentially risky tactic as it's a love it or hate it house with a weird internal layout and puts it directly in amongst the 'actual' 4 bed house prices.

but what do i know - i am just a silly FTB and the vendor can choose at what price they look to market.

I will be interested to see if it goes and i am proved wrong - as my grandmother used to say there is a lid for every pot!

Cakeguts

Have you looked at any houses that haven't been on the market for several weeks? In a red hot market a house that has been on the market for several weeks is likely to be overpriced and has an owner that won't come down. They may already have had several offers. Have you contacted all the estate agents in the area that you are interested in and asked to be put on their lists for new properties coming onto the market? Start at lower than your maximum amount so that you can offer over the asking price if you need to.

Person_one

I think a 310K offer would be pointless, he's told you he'll only accept asking price, it'll just make you look desperate or daft.

You will find your house, I promise! Looking at ones with asking prices so far above your budget is only going to make it harder though, they are bound to be better/nicer than the ones you can actually afford and you're setting yourself up for disappointment if they won't accept a low offer.

If I were you I'd set my right move search for a max budget of 310, 315 tops.