Am I being unreasonable?

iSilent101

johnny182 said:

iSilent101 said:

the highest offer she received was 315,000 which she declined.  

That's probably why they are not budging. You're not being unreasonable but your only option would be to pull out if they don't accept the revised price. Did the survey come up with any issues at all?

None at all. Both valuations agreed that the flat was in a good state and we think so too. It's just the valuation of both surveyors that has given us cold feet and the the leasehold being 10 years shorter then she originally told us, before that we were happy with 320k

sheramber

Mahsroh said:

No, you're not being unreasonable. 2 valuations (including that of your lender) have the price at £300k. You're now offering to make up half the difference.

What your vendor needs to realise is that if they don't budge and remarket the property, they will likely encounter the same problem with the next buyers, but given that (I assume, being a flat) it's likely to attract FTB's, most wont have the luxury of being able to make up a £10k shortfall, let alone £20k. 

Lender valued it at £320k

So me and my partner (FTBs) have offered £320,000 for a property that we really like. The lender approved the mortgage and valued it at the offer price.

Norman_Castle

How many flats are there and how often are they offered for sale? If you're not happy paying more leave the offer there and wait for another property.

Mahsroh

sheramber said:

Mahsroh said:

No, you're not being unreasonable. 2 valuations (including that of your lender) have the price at £300k. You're now offering to make up half the difference.

What your vendor needs to realise is that if they don't budge and remarket the property, they will likely encounter the same problem with the next buyers, but given that (I assume, being a flat) it's likely to attract FTB's, most wont have the luxury of being able to make up a £10k shortfall, let alone £20k. 

Lender valued it at £320k

So me and my partner (FTBs) have offered £320,000 for a property that we really like. The lender approved the mortgage and valued it at the offer price.

Ah, sorry, misread. It was the homebuyer survey that valued at £300k. Then I can sort of understand the vendors stance, though I still don't think the OP is being entirely unreasonable. 

canaldumidi

Neither you nor the vendor is being unreasonable. It's a negotiation.

If the vendor does not budge and you walk away, how will you feel? Relieved not to have over-paid? Disappointed not to have the flat you love?

If the vendor does not budge and you pay the agreed price, how will you feel? Cheated and permenantly annoyed with yourself and/or the vendor? Happy to have got the flat you really want?

HotPantsCruiser

Won`t the vendor just run into the same problem with the next potential buyer though?

canaldumidi

HotPantsCruiser said:

Won`t the vendor just run into the same problem with the next potential buyer though?

Perhaps. But that's his problem, not the OP's, though OP might use that belief to assist in a game of bluff. But ultimately, what matters, is how the OP will feel in the event of the various potential outcomes - hence my Qs above.

Andthen07

iSilent101 said:

dodo1990 said:

You are not being unreasonable, no. Seller should be taking a hint that it was overpriced at £340k and not selling in a strong seller's market. If you only want to pay £310k then say your offer is valid for 10 days else you are withdrawing. If you are ok with paying £320k, just continue with that.

Side point - I would never recommend buying a leasehold if you can avoid it. They are a nightmare to buy and sell and sellers actively avoid chains with them on. I'm not sure where you are but would your budget get you a house instead?

She's actually told us that we have till midday tomorrow to agree with £320,000 😅. We'd love a house but a flat is all we can afford atm

Call their bluff, it's not worth the price they want and you have been reasonable at trying to meet in the middle rather go with the 300k figure straight off. 

Never over pay and there will be a better property round the corner if they cut their nose off. 

lookstraightahead

This is one example of the vendor thinking they will get £340k, then having to reduce it. In their eyes tegu are losing £40k (£30k) with your offer.

if they were realistic in the first place they wouldn't have had this pretend money at all.

if it were me, I would go back and say £310k, please let me know by tomorrow.

TheJP

canaldumidi said:

HotPantsCruiser said:

Won`t the vendor just run into the same problem with the next potential buyer though?

Perhaps. But that's his problem, not the OP's, though OP might use that belief to assist in a game of bluff. But ultimately, what matters, is how the OP will feel in the event of the various potential outcomes - hence my Qs above.

Not necessarily as the lender valued it at £320K, someone else may not carry out as much due diligence as the OP. However not OPs problem.

OP - I don't think you are being unreasonable taking into consideration the reduced lease.