Vendor not being reasonable and won’t reduce price

Doozergirl

Emmia said:

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.

Yes don't think that happens in the real world when the OP is prepared to pay. 

No one is being unreasonable, it's a negotiation.  The vendor may have softened, they may not have.   It's the EAs job to keep it on track.  

quocvo

AdrianC said:

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.

Much easier said than done but I agree with this.  Keeping hold of an asset that is so illiquid and has maintenance costs due to emotional or sentimental reasons does not usually equate to the most financially sensible decision.  

EA was telling me it’s so hard to broker a deal when he has such a vendor.  If vendor’s wife can’t persuade him, then there’s no hope. 

We’ll continue with the purchase.   

quocvo

Emmia said:

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.

Fair point.  

Unicorn_cottage

Emmia said:

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.

Totally agree @Emmia

Crashy_Time

kazwookie said:

Walk away find something else

Good advice, subconsciously you know that you are overpaying.

davilown

unforeseen said:

Anthrax? How did your surveyor dream that one up? 

Just about to ask the same question! A category 3 bacteria used in biological warfare, found in a house would prove somewhat troublesome

AdrianC

Are there many houses on Gruinard?

joolscaithness

I suspect it’s the same issue as in my house. A roof installed in the early 1980s which has composite cement and asbestos tiles. These don’t go down well with some mortgage providers, who insist on the price being lowered significantly 

AdrianC

joolscaithness said:

I suspect it’s the same issue as in my house. A roof installed in the early 1980s which has composite cement and asbestos tiles. These don’t go down well with some mortgage providers, who insist on the price being lowered significantly 

Asbestos is not the same as anthrax in horsehair...

prowla

I'd stick to the existing offer and walk away if it's not accepted.

The surveys are designed to alert you to existing/potential issues with the property and they've told you that you need to spend more to sort them.

The price of the property is not the sale price; it's the sale price + the cost of repairs.