Vendor not being reasonable and won’t reduce price

jimbog

GDB2222 said:

“If you love the place” - well, that’s worth something, but £20k?

For the forever home you love and at this price level? Absolutely

davidmcn

GDB2222 said:

Let’s not lose sight of the real figures. Now, £20k may be chicken feed to some round here, but it’s quite a bit for some of us.

Probably closer to chicken feed though if your overall budget is already somewhere above £650k.

joolscaithness

I’m in the same position as your vendor. My parents had to move out of their home into a new build bungalow when both of them were frail, and at the time, their 1930s built house didn’t sell. Instead it was rented out, and over the years had a kitchen and bathroom refurb. It’s a semi detached house and next door belonged to a couple who were even older than my parents, and both died several years ago. While my house is structurally sound, and has never lain empty, next door’s has deteriorated and is affecting the sale value of mine. I’m willing to accept an offer lower than home report that takes in the need for the buyer to replace double glazing, boiler and roof over the next decade. Like your vendor I’m emotionally attached to the house I used to live in- but unlike him, I no longer live in the same town, and at this point, I have to decide based on my head rather than my heart. If I sell, there’s nowhere to park the money that will pay a decent rate of interest. On the other hand, if I keep it rented out, every penny of rental income would need to go into a loan to do the work over the next ten years- and there’s no guarantee I will live to see the work finished. My house is worth a fifth of the one you are looking at. 

GDB2222

Closer to chicken feed if it’s someone else's £20k.

joolscaithness

All houses need money spent on them- including new builds - windows need replacing around every 30 years, and roofs around every 40-50 years. It comes under wear and tear. It’s why those of us who inherit property that is slow to sell keep it rented out and maintained. If your vendor has done that, they’ve prevented worse decline 

AdrianC

joolscaithness said:

I’m in the same position as your vendor. My parents had to move out of their home into a new build bungalow when both of them were frail, and at the time, their 1930s built house didn’t sell. Instead it was rented out, and over the years had a kitchen and bathroom refurb. It’s a semi detached house and next door belonged to a couple who were even older than my parents, and both died several years ago. While my house is structurally sound, and has never lain empty, next door’s has deteriorated and is affecting the sale value of mine. I’m willing to accept an offer lower than home report that takes in the need for the buyer to replace double glazing, boiler and roof over the next decade. Like your vendor I’m emotionally attached to the house I used to live in- but unlike him, I no longer live in the same town, and at this point, I have to decide based on my head rather than my heart. If I sell, there’s nowhere to park the money that will pay a decent rate of interest. On the other hand, if I keep it rented out, every penny of rental income would need to go into a loan to do the work over the next ten years- and there’s no guarantee I will live to see the work finished. My house is worth a fifth of the one you are looking at. 

Cut your losses and get shot.

Renting a place out with emotional ties is a recipe for disaster, and you're ahead of the game if that's not bitten yet.

steampowered

All of this stuff about the "whys" and "therefores" of the price is meaningless.

A house is worth what someone will pay for it. A vendor will sell to the person that offers the highest price. End of.

If the seller believes he will get a higher price from someone else, then of course he is going to not going to take your offer. The vendor may be wrong, he may be right - but it's his opinion that counts.

If this is an older property then some repair work / repair issues would be expected, and should have been factored into your offer.

quocvo

All comments valid and thank you.

I had not considered the point about already having builders in to do the separate annexe so they can do the roof to the main building at the same time which could save some money compared to two separate contracts.  

I know what I will do now and things are much clearer in my head.  

Be it £2k or £20k, it might be relatively insignificant in the grand scheme of things with our personal circumstances; but like everyone here, we have worked hard for our money so it does still feel like a lot.  

My older brother was thinking much more logically but I just couldn’t make the break through last night.  He was saying pull out now and guaranteed to lose £4k versus pay £505k - the net difference is “only” +£2k.  I think a few of you have put it this way. Is £2k worth losing our potential forever home?  

EA is calling me at 0830 tomorrow morning to discuss.  Unless vendor has a sudden change of heart over the last 48 hours, then I will make one last pitch and offer £502k.  Meet in the middle so to speak between his £505k and my £499k.  There is no harm in asking. The EA and the vendor’s wife is on our side so we stand a small chance.  It is really small though because his wife said he would move into that house if she would let him and his heart is set on that £505k number.   

If our new offer of £502k is declined, we’ll just go ahead with £505k. 

Thanks everyone.  

Doozergirl

Good luck 🙂

Emmia

quocvo said:

All comments valid and thank you.

I had not considered the point about already having builders in to do the separate annexe so they can do the roof to the main building at the same time which could save some money compared to two separate contracts.  

I know what I will do now and things are much clearer in my head.  

Be it £2k or £20k, it might be relatively insignificant in the grand scheme of things with our personal circumstances; but like everyone here, we have worked hard for our money so it does still feel like a lot.  

My older brother was thinking much more logically but I just couldn’t make the break through last night.  He was saying pull out now and guaranteed to lose £4k versus pay £505k - the net difference is “only” +£2k.  I think a few of you have put it this way. Is £2k worth losing our potential forever home?  

EA is calling me at 0830 tomorrow morning to discuss.  Unless vendor has a sudden change of heart over the last 48 hours, then I will make one last pitch and offer £502k.  Meet in the middle so to speak between his £505k and my £499k.  There is no harm in asking. The EA and the vendor’s wife is on our side so we stand a small chance.  It is really small though because his wife said he would move into that house if she would let him and his heart is set on that £505k number.   

If our new offer of £502k is declined, we’ll just go ahead with £505k. 

Thanks everyone.  

I wouldn't fanny about with the £502k offer - if i was the vendor and you did this, I'd tell you to get knotted, and pull out of selling to you.