Vendors won't budge on price

FirstTimeMoron

Hello. I have accepted offer of 155k, independent survey valuation came back at 145k. Estate agent spoke to vendors but they're unwilling to negotiate. Uncertain how to proceed as a first time buyer. Should I get my solicitor involved? I like the place but I'm willing to walk away.

Oakdene

Can you afford the extra £10k? If not then you'll have to walk away.

kingstreet

Applied for a mortgage?

What is the current value on the mortgage report & valuation? Any essential repairs required? Any post-repair valuation?

saajan_12

Nothing your solicitors can do, they take the price you tell them.

The vendors are under to obligation to lower the price, so its all a negotiation. You can
* Take the 155k and make up any difference to what the bank will lend
* Negotiate a lower price (if the vendors agree)
* Walk away

Crashy_Time

Run away, they won`t get a higher offer.

moneyistooshorttomention

FirstTimeMoron wrote: »

Hello. I have accepted offer of 155k, independent survey valuation came back at 145k. Estate agent spoke to vendors but they're unwilling to negotiate. Uncertain how to proceed as a first time buyer. Should I get my solicitor involved? I like the place but I'm willing to walk away.

When you say "I have accepted offer" - that sounds like you are the vendor #confused.

Assuming you are the would-be buyer - then indeed there is nothing you can do to make them lower the price. Their house = their choice. They know you (of yourself) are willing to pay that price all else being equal. So they're waiting for you to either "bridge that gap" yourself or, if you don't, then they're waiting for someone else to come along and offer that and have a better valuation than you had on their house.

eddddy

FirstTimeMoron wrote: »

Should I get my solicitor involved?

Just to add... there's no benefit to getting your solicitor involved.

The best approach is usually to communicate/negotiate via the estate agent.

Assuming the EA is paid on completion, they will be motivated to find a way of making the sale happen. (They might push you hard, but they're probably pushing the sellers equally hard as well.)

ACG

You could try another lender.
We occasionally get down valuations, sometimes a negotiation is possible, other times a different surveyor may value it differently and it may work out.

You can not force them to alter the price, so you have a choice of potentially spending money on another valuation or walking away. Maybe suggest you will leave the lower offer on the table until you find somewhere else?

Jockeyjames

Unfortunately there's nothing your solicitor can do.

If they wanted they could increase the price by £100k...

It's completely down to the vendor until the contracts are signed.

foxy-stoat

moneyistooshorttomention wrote: »

When you say "I have accepted offer" - that sounds like you are the vendor #confused.

Assuming you are the would-be buyer - then indeed there is nothing you can do to make them lower the price. Their house = their choice. They know you (of yourself) are willing to pay that price all else being equal. So they're waiting for you to either "bridge that gap" yourself or, if you don't, then they're waiting for someone else to come along and offer that and have a better valuation than you had on their house.

You assume correct given the OP is a first time buyer, he missed out the word "an".

ReadingTim

foxy-stoat wrote: »

You assume correct given the OP is a first time buyer, he missed out the word "an".

Yet adding the word "an" in the wrong place in the sentence gives the completely opposite meaning:

"I have an accepted offer" = I am the buyer

"I have accepted an offer" = I am the seller.