Final offer rejected on house

yakyak

Hi,

I've recently sold and have been looking at local property. One house I have found has been on the market since November 2015. It has been unoccupied since then. Vendors paid £310k for it 5 years ago, however they have had it up at £370k and have gradually being reducing it.

It currently sits on the market at 335k. The house has had numerous open house days however after getting speaking to the neighbors no one turned up, the house seems just too over priced for the local market. Looking at the old zoopla listing, they also haven't done anything to it, just lived there.

I trawled the internet and found that the same style of house on the same estate sold in May for £280k. It isn't a 100% eactly same house, as the one I'm looking at has a small extension. They are in the same ball park regarding number of meters squared.

I started the bidding process and initially put in an offer of about 17% less. They refused, I put in another offer about 13% off. Again they refused. I went back with a final offer of 300k which again they have flatly refused.

I know that this is probably the end of the line now for obtaining this property, and I have already started looking at other suitable property - it's just that this one ticked a lot of the boxes. I realize that people will probably say pay what it's worth etc, however seeing as there has been no interest and that I'm in a good position to move (small chain) is there any chance that they might reconsider?

Or am I being unrealistic?

Thanks!

getmore4less

If it has been unoccupied since Nov 15 then are they motivated sellers?
Probably not, probate and divorce can be deal stallers/breakers.
maybe no mortgage and low running costs so they can carry it for longer.
corporate move so someone else is picking up some of the costs.

What has the EA hinted they might accept

if still keen then try to find out the background to see if there is anyway you can change their motivation.

3 offers, £278, £291, £300, they think you have more to come.

anselld

yakyak wrote: »

seeing as there has been no interest and that I'm in a good position to move (small chain) is there any chance that they might reconsider?

Not impossible if you wait long enough, however you say "flatly" refused so it seems unlikely to be any time soon.

Tropically

When I was buying a house, an estate agent basically laughed at my offer. I moved on but she then spent the next 6 months calling me to see if I would make the same offer again. If it hasn't sold in so long, they may reconsider and take your offer at a later date.

moneyistooshorttomention

I doubt they're sitting back and waiting for further offers.

They probably think "Well - OP has made 3 offers. Never mind. Next please....." and waiting for a different person to make an offer.

yakyak

Good point about the corporate move, if it was due to work, then whoever the vendor works for may be picking up the costs of the mortgage. Not sure how long they would do that for though?

Yes, with 3 offers, which were over a couple of weeks, they probably think that we are good to go again with a higher offer.

I've gotten to the point though where things would become difficult regarding borrowing, plus I don't want to be saddled with more debt than I have to for the next 20+ years.

I really can't go any higher. I think I've made a fair final offer. The EA says they would take £320k, but to me it just isn't worth that.

Thanetia

yakyak wrote: »

I've gotten to the point though where things would become difficult regarding borrowing, plus I don't want to be saddled with more debt than I have to for the next 20+ years.

I really can't go any higher. I think I've made a fair final offer. The EA says they would take £320k, but to me it just isn't worth that.

I think you've answered your own question ? Time to move on .......

BJV

If you are not happy to pay the 320 then there is your answer.

The only thing I would say is do you want to lose the house for 20K.

Houses are never the same, never exactly equal, it could be the side of the road, the work it will cost to get the way you want it? The view, the neighbor's. We sold our old house and because it was on a particular side of the road it was worth £30-40 K more than the same house the other side of the road.

Strange but when it looked like we where going to lose our house we looked at another. We had gone a stage further and because of a mistake our house had exchanged and seconds before we exchanged on our new home a problem( massive problem came to light ) In brief we had to move out and had no home but cash in the bank.

We saw another house nice very nice but not the one we wanted, and again as no longer any chain thought we would get a good deal it has been on the market for 6 months and like yours been slowly getting reduced. We put an offer in which was rejected. We up'd it to what we thought ( had done loads of research and costed out how much it would cost us to make it the house we needed ) they rejected it. The EA thought the vendors we mad and could not understand why they did not accept and perhaps it was because they did not grasp the advantage of no chain what so ever.

The day that we finally moved into our new home 4 months later they called to say that they would now accept the offer.

It depends if this is really where you want to live. As sorry but there is no such thing as pride in love war and moving house.

You want to pay 300 they want 320 so somewhere in the middle ?

We had to make 4 last and final offers and it took 4 weeks of sleepless nights but we got the cost of our house down. Really down and now have a house that I never believed I could have. ( well it will be after the decoration extension ha ha )

You have to do what is right for you and no-one can tell you the right or wrong answer. I just know that for us every house we saw we compared to the one we managed to get.

Call the EA they will want you to buy it as they will get Their commission so ask them for help?

smile88egc

At 20k difference they are still a way off wanting to sell their house at this price, and you say you don't think its worth any more than 300 which is sensible.

Walk away and continue looking at other properties. As others have experienced, they may well come back to you in a month or so wanting to take you up on your latest offer.

G_M

So leave your last offer on the table, and start looking elsewhere.

If they call you back in a few weeks - great. If not, find somewhere else.

hazyjo

Well it's clearly not 'worth' what it's up for or someone would pay it. It's only worth what someone is willing to pay.


I had a similar thing with the house I'm in now. Up for months, I offered low and they said no, so I increased it and had to let it sit there for a while before eventually adding another grand to the offer before they accepted.


The EA didn't want to sell to me and they were convinced it would go for more. For some bizarre reason, it didn't (even though nearby houses were flying off the shelves).


I would make it clear your offer still stands and that you hope to hear from them soon if the vendor is in a position to accept. I'd probably ring in about 3 weeks to remind them (I had to several times).


Jx