Final Offer Rejected & Owner Won't Budge - Advice

Cirias

Hi everyone,

Wondering if you can help advise a first time buyer!

We recently put in a few offers on a mid-terrace house which is on the market for around £160,000. It's been on the market for a few months. The owner has done a lot of redecorating, so its in lovely condition.

We first placed an offer of £140,000 which we expected to be rejected as it was more to test the waters. Estate agent then said that the owner is looking for at least £155K. Our next offer was a few thousand higher and again rejected.

This morning, we placed an offer of £149K, made clear that we really like the property and want to get the right price and that we feel £149 is a fair price for the property. And I got a call a short while ago saying the owner has rejected again. I told the EA that we would leave the offer as it is and continue to look around at other property. The EA then told me "OK that's fine, just so you know there are several viewings booked on the property this week".

Now, I would really like your thoughts! We are thinking if we leave the offer on the table for a week or so, the owner might come around? The agent previously told us that there had been no offers on the house at all since it had been on the market. We've done some research on terraced house sales within the area and the average value is showing quite a bit lower than what this house is on the market for. We don't want to pay over the odds and then not make much of a profit (if any) further along the line.

We do really like the house, there are a couple of quirks which may have put others off. We don't want to lose the property but we also don't want to pay more than our offer.

What would be your advice/thoughts?

ThePants999

There really isn't much to say. If you don't think it's worth more than 147, don't offer more than 147. If the owner believes they'll get more than 147, they won't accept. None of us can predict whether the owner will change their mind, or how quickly!

G_M

I'm afraid I can't read the future!

* you leave your offer on the table and risk somone else 'snapping it up'.
or
* you up your offer again
or
* you walk away

If you lose this property and later hear that Joe Bloggs bought it for £149K will you feel

a) gutted that you lost it or
b) pleased that you didn't spend over the odds

?????

Cirias

G_M wrote: »

If you lose this property and later hear that Joe Bloggs bought it for £149K will you feel

a) gutted that you lost it or
b) pleased that you didn't spend over the odds

?????

Probably a bit of both to be honest! I know it's impossible to gauge what the owner will do. I think we possibly might go up to £149K, but at this point I feel like the agent thinks she can get more out of us if she plays hard ball. Can't decide if I'm being too stubborn or if the seller is playing games.

lincroft1710

You will only be in negative equity if the market value of the house falls below your mortgage redemption figure at the time you wish to sell your house.

starshapedbrick

I think it's pretty clear that the owner wants/needs at least £150k. If it's worth another £3k to you then pay that. Otherwise look elsewhere. We offered recently on a property where we were £3k under the vendors 'ideal' price (as advised by the Estate Agent) - they had been on the market for 7 months and after we thought about we felt they weren't really serious about moving and found somewhere else. The owner of this property might want it off their hands but they clearly have somewhere else to live and maybe are happy to wait for the right price..

AnotherJoe

I'd say its you that's not budging.
Owner has come down from £160k, and indicates would accept £150k but you cant / wont pay that. Fair enough that's your perogative but to state the owner wont budge is wrong, clearly they have already.

When you say they are "playing games" isn't that equally true of you? Leave it for a week, see if they change their minds, consider going to £149k, etc?

Anyway, since this was your final offer, why the questions, why do you need advice, you should now be looking elsewhere.

caprikid1

"Final Offer Rejected & Buyer Won't Budge - Advice "


I have lots of viewings next week and its a lovely house , I know its worth the £150 so I think I will sit it out for a few more weeks.

societys_child

It won't be the agent rejecting you're offer the difference is minimal to her.
She has told you twice what the vendor is willing to accept, you keep offering below it, it doesn't sound like it's working . .

Cirias

AnotherJoe wrote: »

I'd say its you that's not budging.
Owner has come down from £160k, and indicates would accept £150k but you cant / wont pay that. Fair enough that's your perogative but to state the owner wont budge is wrong, clearly they have already.

When you say they are "playing games" isn't that equally true of you? Leave it for a week, see if they change their minds, consider going to £149k, etc?

Anyway, since this was your final offer, why the questions, why do you need advice, you should now be looking elsewhere.

Yes, I suppose I'm guilty of playing games as well. I'm trying to get a good price, and (apparently) this is how its best achieved. To be honest, the amount we offered is what we would be comfortable paying.

The owner has budged, but not during our negotiations. The fact it was dropped in price suggests the owner knew it was on too high in the first place. I think £160K was too high for the area and based on other similar sales - there have been large semi-detached properties that went for close to that in the same town. So for a terraced right on the main road I'm just not sure it's worth what is being asked.

societys_child

caprikid1 wrote: »

I have lots of viewings next week and its a lovely house , I know its worth the £150 so I think I will sit it out for a few more weeks.

Nah, surely not
You're not the vendor, . . . are you?