How long to wait to re offer on house after re marketing?

Parties03

Hi,

if you look at my post history you’ll see the story - found a house that I like and had an offer accepted the week of mini budget mayhem. The house needs complete modernisation at the minimum (current owner has been there 40 years, every room needs doing). The mortgage we managed to secure plus the actual estimate of the work that is needed ended up being a lot more than the EA said it would be, and we accordingly reduced our offer. 

Vendors weren’t really willing to meet us at a point we could go for and re marketed the house at the same price it was on for before. 

It’s been 10 days, house is still on. At the time itself we were the highest offer and not even at asking price so im not sure they will get what they are hoping for. I would like to go back to them with my final revised offer again - they are aware that I wouldn’t be increasing it if they didn’t take it at the time and that is truly what we can offer also.  Of course they may not want to deal with us but I would like to try one last time as I do like the house and we did all of this negotiation almost immediately so as not to mess them around at all. 

How long should we wait until we go back with it again? 

lookstraightahead

Personally I think their timing is really bad to re market. I would say they've  got this image of what they think they'll get now because of how they perceived the market to be beforehand. 

I would probably tell them that you're actively looking but still like the property - if you tell them you're looking elsewhere it might spur them on to making a decision, although obviously they might not even want to sell at all at that price.

Maybe they think you've messed them around, but clearly the market has changed - depends what the need to sell for, and how big their egos are verses wanting to sell.

housebuyer143

If you offered lower and they didn't accept it. Then they're not going to forget that you offered. If they don't get any interest, you'll find the estate agent will probably come back to you, but potentially maybe just email them to remind them that you are still interested at the original price that you offered.
I don't imagine they'll come back to you or accept the offer, but at least then they know it's waiting in the wings If they can't sell it at the price they want.

Parties03

lookstraightahead said:

Personally I think their timing is really bad to re market. I would say they've  got this image of what they think they'll get now because of how they perceived the market to be beforehand. 

I would probably tell them that you're actively looking but still like the property - if you tell them you're looking elsewhere it might spur them on to making a decision, although obviously they might not even want to sell at all at that price.

Maybe they think you've messed them around, but clearly the market has changed - depends what the need to sell for, and how big their egos are verses wanting to sell.

It is truly unfortunate timing, and that they haven’t reduced the price despite three offers all much lower than what guide price was, I’m surprised. And that was before the mini budget. 

Yes they may think that, I am hoping not - we went back to them immediately after having a builder around to estimate the cost and realised it was almost double what EA put it in the ballpark of! 

Parties03

housebuyer143 said:

If you offered lower and they didn't accept it. Then they're not going to forget that you offered. If they don't get any interest, you'll find the estate agent will probably come back to you, but potentially maybe just email them to remind them that you are still interested at the original price that you offered.
I don't imagine they'll come back to you or accept the offer, but at least then they know it's waiting in the wings If they can't sell it at the price they want.

I may do the email like you say. There were two other offers that were lower than our accepted offer, and I guess they must have gone back to them too but they’ve not proceeded with the house now. 

IronWolf

10 days feels a little short for me. Maybe after a month they will realise it's unrealistic and you can put in your offer again. But give them a deadline as to when it expires so they don't just keep using you as a backup.

I'm seeing houses now that have been on a month and that's around the time they're getting reduced, so it seems a decent point when sellers reassess their situation.

RM_2013

I think it’s worth letting the EA know that the offer is potentially still on the table but they may dismiss if our of hand.  If the property gets no interest or offers they may soon realise that they have to re-think things. 

Depends whether they need to move or would just like to move.  Good luck