FTB - Difficult Sellers

BlueMini05

Hello all,

I've been keeping an eye on a property for over 10 months, finally decided to seriously look into buying and went to see it just over a week ago. As expected, I loved it as I knew I would. The sellers are a couple in their late 60's, and told me they want to move because the wife has had ankle surgery and can no longer manage the stairs.

It is an end terrace and up for £83,950 - a bit high for what it is but it is a great street.

I offered £75,000 since it had been on the market for so long. Offer rejected. Then upped to £79,000 to show I was serious. Again rejected. Only thing they said each time was "they were looking for closer to asking price as they needed enough to move on!"

I then put in another offer at £80,000 - really thinking they would accept...and found out they rejected.

I walked away, but then realised that for the sake of £3,950 I was going to loose the house I wanted... and it really didn't make much of a difference to the mortgage so I put in an offer at the asking price exactly. They came back to say they need to think about it!! A serious slap in the face..

So frustrating, I'm starting to think they aren't motivated to sell at all!

Anyone else think this situation is ludicrous or am I just a naive first timer?! lol

Cakeguts

The sellers probably think that you are going to be time wasters. No one who really wanted a house that was on the market for £83,950 would start with an offer of £75,000. They probably expect you to want to drop your offer after the survey of mortgage valuation.

ACG

Cakeguts wrote: »

The sellers probably think that you are going to be time wasters. No one who really wanted a house that was on the market for £83,950 would start with an offer of £75,000. They probably expect you to want to drop your offer after the survey of mortgage valuation.

Loads of people put in offers 10% below the asking price to test the water.

I would go back to the agent and ask what they are thinking about. No harm applying a bit of pressure to them if the competion is slim/non existent.

BlueMini05

Mm, maybe - but I've proved with the EA I have an agreement in principle with 2 lenders so I'm pretty serious. I went in at that price as it had been on the market so long and was expecting to negotiate up to £80,000! Now the asking price is on the table and they don't seem to want it! It's weird.

BlueMini05

I'm expecting to hear from the EA tomorrow... I think if they don't accept the asking price I will opt out.. no point in me putting on pressure and getting them to accept only for them to get cold feet when I've spent money on surveys and valuations.. I

Mrs36

Cakeguts wrote: »

No one who really wanted a house that was on the market for £83,950 would start with an offer of £75,000.

Completely disagree with this. No one in their right mind would be going anywhere near asking price after 10 months on the market. In fact, I think 75k is generous. I'd have gone in way lower :rotfl:

O/P They sound flaky and like they don't know what they are doing. They can't just suddenly decide they don't like their asking price and want more (well they can, and are, but really what does that tell you about the kind of people they are? Do you really want to be in a complex, stressful, legal situation with them?)

If I were you I would reiterate your position and your offer and specify a time limit for that offer. I'd also be making very clear to the EA that you will be looking at other properties too. You should also prepare yourself to move on, as it really doesn't look hopeful.

BlueMini05

It was done over a period of just over a week, but yes I do agree with you Penitent. I'm kind of kicking myself that i went in at the asking price and didn't wait a bit longer but I'm impatient and really love the house. It's perfect for me. They also flat out rejected so is there any point in waiting? Who knows.. it's all a big game with no definite rules - as far as I can see anyway!

BlueMini05

Mrs36 wrote: »

Completely disagree with this. No one in their right mind would be going anywhere near asking price after 10 months on the market. In fact, I think 75k is generous. I'd have gone in way lower :rotfl:

O/P They sound flaky and like they don't know what they are doing. They can't just suddenly decide they don't like their asking price and want more (well they can, and are, but really what does that tell you about the kind of people they are? Do you really want to be in a complex, stressful, legal situation with them?)

If I were you I would reiterate your position and your offer and specify a time limit for that offer. I'd also be making very clear to the EA that you will be looking at other properties too. You should also prepare yourself to move on, as it really doesn't look hopeful.

Thanks Mrs36.. I've been thinking along the lines of withdrawing my offer even if they accept.. If they are going to be flaky throughout the whole sale it will melt my head!!

shortcrust

It's a house that can be fallen in love with, you're prepared to pay the asking price, and yet it hasn't sold in all that time. I suspect it was never going to be a simple one.

shortcrust

BlueMini05 wrote: »

Thanks Mrs36.. I've been thinking along the lines of withdrawing my offer even if they accept.. If they are going to be flaky throughout the whole sale it will melt my head!!

If you really like the house that would be a daft thing to do. I think you need to make your peace with the fact that buying a house is a long, drawn out, stressful and frustrating process.

Mrs36

O/P why do you think it hasn't sold? Price, or something else putting other buyers off?

If you really wanted it, and they do decide to accept I guess you have to weigh up how much you want it, and if you can grit your teeth through the stress. Its not like you ever have to see them again once you've completed!