Rejected Offer On A House

Steph1993

Thanks everyone the estate agent came back to me about an hour ago and said the vendor has spoken about it but wants 90,000 as she needs to make pay her mortgage off.
Then said but if your willing to pay 88,000 we could persuade her.
I haven't give an answer but I think I'm going to ring tomorrow and tell them £86,000 is my final offer.

brodawel

If you feel it's the one for you I'd be tempted to go up the extra £2K. You never know how it will pan out but maybe after the survey you can re-negotiate the price down a bit. All depends what the survey brings up and if you still want it.

Steph1993

Thanks Brodawel
We could probably squeeze an extra £1,000 but that's it.
Would you go in and say I'll meet in the middle £87,000 final offer?

brodawel

You've nothing to lose by trying an extra £1K. If you did go to £88K that's about 7% off the asking price which isn't bad tbh, but it's your money, do you like this house a lot?

bod1467

Only go as far as you can afford. I know the base rate has been cut to 0.25%, which might make things a little easier for you mortgage-wise, but it could just as easily go back up ... if you stretch too far now, an rate increase will kill you.

Mrs.CJP

Hi

I've read your post and waited with baited breathe to see how you got on.

Personally I feel as a FTB you're in the strongest position you'll ever be once you're on the property ladder. Without FTB the market can't move on.

Regardless of whether you fell in love with the property...Do you 'need' to move? if it's a no then I'd say to the EA 'im really sorry but £86k is my final offer' and let the seller come back to you.

If you're the sellers only offer and you're not desperate to buy, then I'd say let them make the decision whether your offer is worth it and come back to you.

I appreciate your seller needs a certain amount to clear her mortgage but if you are expected to scrimp around to find the extra money...why can't your seller could do the same.

That may sound harsh but without you your seller can't move on.

Steph1993

Yes I totally agree in what your saying we put in the offer as £86,000 as our final offer but left £1,000 to the side so we would be willing to go to £87,000 but that would be it.
I don't know whether to keep at 86,000 for a few weeks and if we don't find anywhere we like etc put another offer in of £87,000.
I just don't want to waste my time going up £1,000 if they come back for the third time and say she's looking for £90,000 as I shouldn't have to pay more just because the seller needs to pay debts off.
At the end of the day I need to get work done on the property which we are looking around £12,000.

AdrianC

You've told them this is your final offer, and you will go no further.

If you then offer more, do you think they might perhaps see you as a time-waster?

Steph1993

Hi Adrian
I understand where you are coming from but the estate agents have come back to negotiate with £88,000 so if I met in the middle how would that make me a time waster?

baldelectrician

The ball is in your court-
you could offer an extra £1000 subject to survey, then once you get a full survey (£400-£600) you know actually what it is worth.


Remember a mortgage company will base a loan on what its worth, not what a vendor or estate agent thinks.