Flat price - seller won't accept lower offer

mi-key

markin said:

Is it really that important that you get wood* sash windows?  Plain upvc would be half the price, What do the other houses have?

Probably more like a quarter of the price as its only a two bedroom flat, so isnt going to have that many windows anyway !

mi-key

Did your survey actually say the roof and windows need replacing immediately or needed major repairs, or did it say they are things to keep an eye on and may need doing in the future? Roofs will often come back with something like 'has old tiles with a few cracked ones' which is a lot different than 'the roof is leaking and collapsing and will need replacing straight away'

UnderOffer

Is the window refurbishment part of the major repairs responsible by the Freeholder you refer to? Are they really likely to complete the roof repairs etc., before potential exchange? Personally I’d walk away, doesn't feel like seller can drop price any further.  

custardly

Move on. Pretty simple isn't it? The seller isn't obliged to sell to you. Weird post.

TBagpuss

A others have said, the seller doesn't have to accept your lower offer.

The things such as new bathroom aren't things you'd expect to drop the price on after survey, as they would have been factored into your original offer since you knew what the bathroom was like.
Equally, window condition is something where I would normally expect you to have been able to see  whether they appeared likely to need work in the near future. 
You mention that your survey said £110K if the work was done, what did it say the property was worth 'as is'? That's the relevant bit, but even if your survey says it's only worth 95K in it's current state that doesn't put the seller under any obligation to accept an offer at the amount. 
They've turned it down, so your options are: 
- Proceed at £110K, 
- pull out and look elsewhere
- offer something less that £110K but more than 95K  (less likely to work as the seller is saying they won't go below £110K)

If you get the surveyor to say what the property would be worth as is you can then disclose the relevant parts of the survey and the  valuation to the seller to see whether they will reconsider, but they still aren't under any obligation to.

And of course if you don't find anything you like, and the property is still on the market in  few months time there's nothing to stop you going back and offering £95K again at that point.
But if it has been on the market for 7 months and they aren't prepared to accept a lower offer then it sounds as though they either can't afford to accept less (because they wouldn't be able to clear their mortgage , or they aren't interested in moving unless they can get at least £110K, or they are in denial about the real value.
Whichever it is, they are entitled to not accept an offer that they don't feel in in their interests, however unreasonable they think you are being. 

Sarah1Mitty2

ReadingTim said:

Sarah1Mitty2 said:

The seller agreed to a 15k reduction almost immediately at the start of the negotiation, they are very keen to sell, in reality many sellers don`t have the luxury of chasing potential buyers away by being childish over a difference in viewpoint over how much their property is worth, negotiation is the key not living in a fantasy world where the seller has some kind of ultimate power over the market.

Unfortunately while the seller may not have ultimate power over the market, they do have ultimate power over their own transaction, so if you want to buy their property, you have to come to an agreement with them over the price.  They have stated what the price they will accept is.  If the OP is unable or unwilling to pay that, this transaction won't happen.  Not all negotiations are successful.  

Yes, but if they want to move on with their life they have to sell to someone, and every buyer they scare away just means lower offers down the road in a falling market, ultimately it is the stubborn seller`s loss, the buyer has plenty of other opportunities to buy and move on with their life.

Schwarzwald

Sarah1Mitty2 said:

ReadingTim said:

Sarah1Mitty2 said:

The seller agreed to a 15k reduction almost immediately at the start of the negotiation, they are very keen to sell, in reality many sellers don`t have the luxury of chasing potential buyers away by being childish over a difference in viewpoint over how much their property is worth, negotiation is the key not living in a fantasy world where the seller has some kind of ultimate power over the market.

Unfortunately while the seller may not have ultimate power over the market, they do have ultimate power over their own transaction, so if you want to buy their property, you have to come to an agreement with them over the price.  They have stated what the price they will accept is.  If the OP is unable or unwilling to pay that, this transaction won't happen.  Not all negotiations are successful.  

Yes, but if they want to move on with their life they have to sell to someone

How do you know what the seller’s motivation for the sale is??
uh, i forgot you don't know, so all just assumption that the vendor has to do anything…

Gavin83

Interestingly I read an article the other day that predicted house prices would fall 2.4% this year, increase 1% next year and increase 3.5% in 2025. Assuming these figures are even slightly accurate it's hardly the massive crash some people are suggesting.

On another note it predicted rental prices would increase 5% this year and another 5% next, plus a 3.3% increase in 2025.

Make of above what you will.

Noneforit999

Gavin83 said:

Interestingly I read an article the other day that predicted house prices would fall 2.4% this year, increase 1% next year and increase 3.5% in 2025. Assuming these figures are even slightly accurate it's hardly the massive crash some people are suggesting.

On another note it predicted rental prices would increase 5% this year and another 5% next, plus a 3.3% increase in 2025.

Make of above what you will.

Im not convinced they have a clue how house prices are going to far, do they ever get their predictions right?

RelievedSheff

Definitely time this topic was closed to stop Crashy continually dredging it up again.

The OP is long gone