Offered asking price - rejected. Tactics?

yojimbo_beta

Hello MoneySavers. I was wondering if some seasoned housebuyers could give me advice.

I recently found a nice flat in a decent location, being sold by vendors who I was told would be highly motivated to sell. They have already moved out to a new location, so I suspect they are paying both rent and a mortgage simultaneously.

I was keen on the property and preferred a quick move, so I offered the asking price. Perhaps this was an error.

Yesterday the EA phoned me to say that the vendors have rejected the offer. Their "financial circumstances have changed" (rental costs?) and any sale means the house has to be empty for a few months. Therefore they'd like another five grand.

I know they are looking at renting the flat out, but I've also found out there's a similar flat on the same street selling for £10k less. The rental price they're advertising looks a tad ambitious for the area (which I know quite well).

What do you think is going on here? Is the vendor just trying to put me under the squeeze? Honestly I'm a little taken aback - they asked for a price, and I offered it. I'm a FTB and in a good position to buy. I don't believe any other offers are on the table.

The property is nice and I could wriggle mortgage-wise but from the sums I've worked out I'll end up in a worse LTV band - which could have implications for the price of the debt.

Should I just give them a deadline and let them stew on it? I am willing to walk away from this property.

lincroft1710

Why don't you offer on the flat that's 10K less?

spadoosh

You look keen, sounds like theyre treating you as such.

If you dont want to pay any more, leave it at that. If you do, then pay more. Thats pretty much it.

DoaM

Dear EA,
My offer remains unchanged and will remain available for acceptance for the next 14 days, whereafter it may be withdrawn.

Yours,
Yojimbo

yojimbo_beta

@lincroft1710 It's tenanted apparently. But it could still be worth a visit.

yojimbo_beta

@spadoosh Yeah, probably made a beginner's error there. Might be worth me letting things cool down a bit.


@DoaM This feels like the right line to take.


Thanks all

Ben1989

Or you could be bold and say you're now interested in the flat that is £10k less and withdraw your offer unless they match full asking.

johnathan45

Reduce your offer citing change of circumstances.

getmore4less

Go quiet, view other properties.

Don't make the next move on your offered one till they come back to you.

Find reasons to lower your offer, a similar place £10k less is a good start.

AdrianC

yojimbo_beta wrote: »

I recently found a nice flat in a decent location
...
I offered the asking price.

Yesterday the EA phoned me to say that the vendors have rejected the offer. ... they'd like another five grand.

...
I've also found out there's a similar flat on the same street selling for £10k less.

I am willing to walk away from this property.

All the relevant information is in this snip-down.

There are two similar flats for sale in the same street. One is asking £15k less than the vendor of the other wants.

...and...?

[Deleted User]

Sounds like the vendors are taking the pish

A change in their financial circumstances does not suddenly mean their flat is worth 5k more.

Why should you be paying for their circumstances, whatever they may be?