Unsure how to proceed with purchase

Jhoney_2

...and which one of these examples do you think they see you as at the moment?

Neither? one or the the other?

WombleBat

Dan-Dan wrote: »

I already posted it to you half hour ago

Sorry mate, can't see where you said that but probably misread one of your replies

Dan-Dan wrote: »

The outstanding issue is that the vendor is not accepting 260 , never mind any renegotiated price

They have not declined it YET

Jhoney wrote: »

...and which one of these examples do you think they see you as at the moment?

Neither? one or the the other?

Absolutely no idea, at the end of the day I put in an offer, it was rejected, I resubmitted a revised offer. it will probably be rejected, I have no idea what other offers have been made, perhaps all they have actually had is offers of 200k and they refused my first one to push me further, perhaps they have turned down offers of £280k I just don't know and the EA is not going to help me with it!

I think the crux is I am overthinking it and it boils down to what jhoney said "Yea and pay, no and go"

ReadingTim

In the mind of the vendors, they've already knocked £40k off the price, and there are also 3 of them (and maybe their respective partners) whose opinions need to agree as to the attractiveness of your offer. So it's not going to be an easy process.

The vendors have indicated they want asking price. You have to decide whether that price is acceptable to you, given the state of the property itself, and comparable properties in the vicinity. I'd take the stories of "expensive issues" with a pinch of salt as they're effectively heasay - I'd be surprised if you knew exactly what they are, and whether it really would cost £16k to rectify. So put that to one side for a moment. Furthermore, you don't know whether the asking price has been reduced to effectively price in the cost of the remedial works - if necessary. What's the local market doing? Can the property be easily compared to others? Have you actually visited yourselves, or is all of your "research" been conducted via the notoriously inaccurate zoopla?

If you're not happy about offering asking price, walk away, forget about the place, move on etc.

If you're happy about offering the asking price, go ahead, offer and proceed with a survey. If that actually reveals issues, you have a basis for negotiation, but bear in mind that the vendors may choose to disregard it - it's not rational, but it's their house to sell, and they'll only do it at a price that's agreeable to them. Yes, you'll have 'wasted' £1k, but it's a drop in the ocean when you're spending nearly £300k, so get some perspective.

If you want the place, and can afford the place, go ahead and see if you can come to an agreement with the vendor as to price.

If you're fiddling around over a few hundred quid, or want to feel like you've "won" some kind of 'The Apprentice" type task, find a more straightforward purchase, or continue your lifetime of renting.

WombleBat

Dan-Dan wrote: »

You really need to tread carefully here, i have sold a probate property in the past with more than one beneficiary , they may be quite happy to just keep on waiting, or they may be just as happy to not deal with you at all and instruct the agent accordingly

Would the EA not tell me if this was the case?

WombleBat

ReadingTim wrote: »

...
The vendors have indicated they want asking price. You have to decide whether that price is acceptable to you, given the state of the property itself, and comparable properties in the vicinity.

We have viewed in total 7 houses, 1 was open to offers, the others were "the vendor is looking for asking/guide price" My understanding was that near all houses were overpriced by EA with exclusion of certain areas, London, Oxford etc. Perhaps again I am being naive?

ReadingTim wrote: »

I'd take the stories of "expensive issues" with a pinch of salt as they're effectively heasay - I'd be surprised if you knew exactly what they are, and whether it really would cost £16k to rectify.

Previous seller that dropped out had local tradesman quote for work, we knew who it was so we spoke with them and got a copy. It may be possible to find a bit cheaper but this is the price to get sorted.

ReadingTim wrote: »

Furthermore, you don't know whether the asking price has been reduced to effectively price in the cost of the remedial works - if necessary.

Asked the EA at the start if there were any issues/things requiring work that we should know about, they said no.

ReadingTim wrote: »

What's the local market doing? Can the property be easily compared to others? Have you actually visited yourselves, or is all of your "research" been conducted via the notoriously inaccurate zoopla?

All houses we viewed were in the same area, its a rural property and unique (as they all are) so not particularly easy to value, it has also not sold according to any sites so no past prices to look at.

ReadingTim wrote: »

If you're fiddling around over a few hundred quid, or want to feel like you've "won" some kind of 'The Apprentice" type task, find a more straightforward purchase, or continue your lifetime of renting.

Whilst I appreciate this point I'm not fiddling over "a few hundred quid" its thousands and I am thinking about how long it would take me to earn that! Easy to spend 10k in 10 minutes not so easy to earn it.

Jhoney_2

WombleBat wrote: »

Would the EA not tell me if this was the case?

Your first post suggested that you felt the EA may not have even have passed much info on the original offer TO THE VENDOR at one point, so why do you feel now that they would be so proactive when they have your offer on the table at least as a fallback if the vendor changes their mind ... eventually? They work for the seller, not you.

Not sure this would happen, i'm just trying to understand your thinking as the two positions you have taken appear to be at odds with each other and probably opposite to how most would view it.

WombleBat

Whilst I don't overly trust the EA I have no reason to believe they did not pass on the offer.

My opinions are at odds with each other hence the whole point of my post as I don't know how to go forward.

Jhoney_2

WombleBat wrote: »

Would the EA not tell me if this was the case?

WombleBat wrote: »

Whilst I don't overly trust the EA I have no reason to believe they did not pass on the offer.

My opinions are at odds with each other hence the whole point of my post as I don't know how to go forward.

Sorry I have amended my post to make more sense.:)

ReadingTim

WombleBat wrote: »

My opinions are at odds with each other hence the whole point of my post as I don't know how to go forward.

Well, in a worst case scenario it seems your choices are:

• Pay £280k+ purchase costs + whatever it costs to rectify whatever issues are uncovered
• Walk away

If you're willing and able to do the first, then anything you negotiate off the price is an additional bonus. If you or the mortgage company has an issue with any aspect of the first suggestion, find somewhere else.

Cakeguts

How many of the 7 houses that you viewed have been sold or are marked under offer on a website?