Offered £20,000 below asking price

Amanda2468

Hi

We are first time buyers and viewed a house a month ago for sale at £270k and we put an offer in at £250k due to this being the maximum we can go and when we arranged to view the agent felt that as the property needed work (new boiler, old bathroom and kitchen etc) we should consider this but the offer was rejected.

The house is still on the market and was listed 4 months ago. The family are selling the property as there parents are now in long term care, so property has been empty for around a year. They have had a lot of viewing when first listed but we have been told that we were the only people interested and they have had no other offers.

Looking for some advice as we would like to put the offer in again but not sure if this is the done thing as it was rejected before and how long should we wait if we do put the offer in again?

Any advice would be appreciated

RelievedSheff

I would ring the agent and say that the offer is still on the table if the vendor would like to reconsider.

Blackbeard_of_Perranporth

Sit and wait. If no response, use your legs and move on?

AnotherJoe

I've just dropped £20k on a £240k AP. But not all sellers are realistic.

MaxiRobriguez

4 months is a long time.

Phone the agent and say the offer is still on the table at £250k, and if it's rejected you'll move on.

That might not secure the house, but if it doesn't, at least you know that the sellers would never have budged to £250k, no matter how long you left it. Sometimes that's life.

pjcox2005

This may be pointing out the obvious but have you had a chance to save any more over the last 4 months. If the house is worth it to you, then perhaps try increasing the offer even slightly.


It may just be a mental thing but if the difference starts with a 1 rather than the 2, it may give them something to reconsider.

Amanda2468

Thank you everyone for your advice. We are buying with the open market help to buy scheme and it is capped at £250k for the maximum we can offer as I would be willing to offer more but restricted by this

getmore4less

How motivated are the sellers?
Are the right POA in place if those in care no longer have capacity

Sometimes in these situations you get conflicts if there are multiple potential beneficiaries, the high asking price may be there to stop it getting sold.

Thrugelmir

Ring the esate agent and enquire. As the weeks pass the need to sell will become more pressing.

With the stamp duty threshold at £250k. The property is arkwardly priced.

walwyn1978

OP is surely exempt from stamp duty land tax as a FTB?

I do agree that a house priced at 270k is quite likely to sell at 249,999 to come in under the 250k stamp duty banding though

ReadingTim

I'd remind the agent of your offer, but it sounds like there's no urgency on the seller's part (at least until they may need to pay for the long term care) so don't hold out any hopes that their attitude will have changed in the intervening period.