Vendor will not accept AP

ZvezdaVostoka

Hi all,
We have recently sold out house and within next couple of weeks found the house we were interested in. The house itself is great (huge and in decent decorative order), however, the road is quite noisy and there is an issue with the off-road parking and the garden. It has been on the market for 4 months now and we were the first people to have a second viewing, according to the EA. Thus, the 5% below AP offer which was rejected. We then phoned back to offer a full AP and been told the vendors decided to increase asking price as they didn’t realise how big their house was (🤔🤔?!!). Most houses drop 50k-100k in our area and still don’t sell, so this all is rather confusing. So the question is what our strategy now? Shall we leave the offer on the table and wait for them to come to their senses or shall we forget about the house altogether?

Nick_C

Leave the offer on the table but start looking for something else.

We had a similar problem a few years ago. The vendor strung us along for months before trying to increase the asking price when we were ready to exchange. There was a second charge on the property, and I think he had no intention of selling, and was simply trying to keep his creditors happy.

pinkshoes

I would leave the offer on the table for 7 days and keep looking for something else.

Smodlet

It seems apparent the vendors are either having second thoughts about selling or, for some reason, do not find your offer attractive. I'd look elsewhere. They sound like the kind of people who could mess you about for months.

If they don't want the full asking price now, the month before Christmas, they are patently not in a hurry. I think they may have decided not to move unless they are offered a higher price than perhaps the market dictates. Maybe they were just testing the waters with a view to selling later or not at all. Maybe they are waiting for the general election/Brexit (if it ever happens) Who knows?

PasturesNew

S0d 'em.
Nobody likes dealing with flakey people in an important business transaction.

ZvezdaVostoka

Thank you all. The vendors do not live in the property and have been renting it as far as we know. An identical house on the same street but with the big drive and a much nicer location sold for 50k less in the summer. So not sure why they are selling in the first place and where do they get their figures from. We will definitely be looking at other houses. There is always another house, as they say.

hazyjo

Similar opinions on this property too. Same situation.

https://forums.moneysavingexpert.com/discussion/6070274/offered-asking-price-rejected-tactics

Nick_C

If the vendors are renting, maybe they have just discovered they are going to have to pay Capital Gains Tax when they sell.

Smodlet

Vendors can ask whatever price they like and sell to whomever they choose and that is as it should be. There is no obligation on any vendor to sell to anyone unless they are staring repossession in the face.

What price they achieve, if they decide to sell, will be dictated by the market but to whom they sell will always be their choice; I would not have it any other way no matter how frustrating it can be for all those buyers who were not looked upon favourably.

All's fair in love, war and house buying... At least, in the UK. Don't take it personally (I know it is difficult not to do so)

kinger101

I'd probably not try progressing this one any further. Even if they eventually accepted your offer, there's clearly no real motivation to sell. Not what you want from a vendor.

ZvezdaVostoka

So the house disappeared from Rightmove (some time between Thursday evening and now).