Heart vs Head!

davidmcn

elsien wrote: »

Unless I've misread it, they don't currently have on offer on house one to reduce. There's a previous offer which was rejected then the house withdrawn from sale, so I don't see why a lower initial starting offer couldn't be made now the house is back on the market again?

Ah sorry, misread the story.

pinklady21

The original offer we made was subject to satisfactory survey. It had to be, the house is in obvious need of serious repair. The Home Report had flagged up several 3s, and recommended a timber and damp specialist report.
The reason for going back to the vendors and suggesting a renegotiation on the price was due to the builders' repairs estimates being 3 times higher than the original surveyor had suggested.
We thought that in the circs we were being more than reasonable only suggesting that we renegotiate the price down by 50% of the difference. The vendors didn't and clearly took umbrage.

What was sneaky of the vendors and their EA, was them continuing to market the property when they had accepted our offer, and then accepting another offer instead. This was rather bad faith on their part.
Served them right that the new party could not get a mortgage.

It seems that now that their third sale has fallen through, possibly they realise that the property is not worth as much as they think it is.

Silly vendors, they could have had a deal concluded months ago, with very motivated buyers, and at only slightly lower than the original asking price. Heh ho.

loveka

I have just had a very similar situation.

Our house 1 went all the way to the day of exchange, when the sellers changed their minds, leaving us thousands out of pocket. We were all packed up, as we were meant to move 3 days after exchange.

We found house 2, which needs more work, has less land and no sea view.

House 1 then came back on the market (3 months after we were meant to move) and they asked if we were interested!

Although I loved house 1, especially the amazing garden and sea view,I went with my head.

We moved into house 2 last week and we love it! I walk past house 1 every day, and always swoon over the garden I could have had. But the vendors were totally unreliable and flaky, evidenced by the fact that they have taken the house off the market again!

catshark88

I've had a v similar situation!

I stayed with the second (sensible vendors) option as once someone has mucked you around, you lose confidence that they will ever actually go through with the sale.

Good luck with your choice.

pinklady21

Update - so following much thought, and soul searching over whether we try again for House 1 - that I love but has very intransigent vendors, or continue with House 2, which is OK, but is the "head" rather than "heart" option - we went back to the vendors of House 1 to find out if they would finally agree to sell to us, and at what price.

Asking price is same as Home Report. Been on market for a year, needs substantial repairs.
Bearing in mind they have now had three failed sales.....

Offered initially 10% under asking, rejected.
So we upped it to £10k under asking, which they also rejected, saying they would not look at anything under the asking price ie same as H/R.
We are cash buyers, and want to move in in a month.
I think they are off their heads.....but.....there you go.

I want to offer more to get it, OH is adamant that we don't and that we should buy the other one instead where we have an offer accepted.
My head knows he is right - and that these awful vendors have messed us around twice already so nothing to stop them doing it again.

But the heart is still leaving me wondering how I am going to feel when I move in to house 2 and it feels like I might have won the consolation prize..... not a great start for a forever home!

Lokolo

I still don't see why you are thinking of going near House 1.

If you are that desperate then offer full price and go for it. But they've messed you about, they've had 3 failed sales, why would you??

ReadingTim

Really, the only remaining question is whether you are willing and able to offer the asking price? You're in danger of reaching a stubborn impasse where your OH won't offer the asking price, and the vendors won't accept anything less than the asking price. You're both losing sight of the objective and getting obsessed with getting, or not offering, some sort of "discount". But you haven't actually said whether you'd be willing or able to pay that price - maybe it might be, especially if everywhere else seems like 2nd prize...

If you are, I'd be tempted to swallow my pride, pony up and call their bluff. Offer the asking price and see if they progress. If they do, happy days. But the first instance of them playing silly b*ggers, and you walk. And don't look back.

pinklady21

We offered them (House 1 vendors) full asking price a year ago, subject to a timber and damp survey, which was accepted.
Repairs estimates came in at 3 times what the H/R surveyor suggested, and he then reduced the H/R value by another £10k, so we suggested to vendors that we would absorb most of the additional repairs costs, if they would agree to a £10k reduction in line with surveyors reduced valuation.
They refused, so we reluctantly agreed to continue at asking price, they then gazumped us - outrageously they had continued to accept viewers and a further offer - which is frowned on in Scotland - even though we were procedable and the others were not. That sale failed, and they put it back on the market again and made us offer at a closing date, and again they accepted an offer from a non procedable buyer. That sale has now fallen through, hence our renewed interest.

We can afford to increase our offer to asking price again, (it is only £10k) but feel why should we? Properties in this state of repair in the area we are looking at typically remain unsold for sometimes years, and very few of them go for home report value.
Our House 2 offer has been accepted at £10k less than H/R.

It is our view that property 1 in the current market having been on sale for a year is not worth it, the repairs bill means that the expense will leave us spending more on it that it is worth.
The trouble is - the vendors don't agree! While we think they are delusional idiots, that cuts no ice here.

Part of me wants to pay up and move on, but I am also concerned that if they mess us about again, we lose out on House 2, and end up with nothing.....
No wonder house buying is so stressful!