Flat price - seller won't accept lower offer

ukob

Hi all, 

Would like some opinions on my current situation.

I found a 2 bedroom apartment that had been on the market for at least 4 months potentially up to 7 months with no offers. The asking price was £130k. I offered £117k which was accepted. I then had the survey and valuation done that brought back questions about roof repairs and window conditions and valuated the apartment at £110k ASSUMING all major repairs will be completed by the freeholder prior to exchange. The house needs a new bathroom, window refurbishment, new flooring throughout and potentially some rot/water damaged floorboards in the bathroom (uneven and spongey under foot) 

I had a quote from a window fitter and the quote for the sash windows are just over 16k. 

Based on this, I offered the seller 95k, expecting a counter offer. However, I received an email stating they will not budge on the 110k and that if I don't accept the estate agent has been advised to put the house back on the market.

I have advised that I cannot pay £110k when the valuation was based on no major repairs being needed. I am yet to hear back... 

What would your opinion on this situation be/what would you do?
Thank you in advance! 

caprikid1

Move on, this flat is not for you.

kirtondm

 Is their a mortage involved how much will they lend you on current condition. I agree their is too much difference between the sellers expectation and what you can offer so move on

propertyrental

Seller either does not want to budge on price, or perhaps can't eg negative equity or impact on his ability to buy onward purchase.

His reason(s) are irrelevant though.

Either pay the price he's prepared to accept, or look elsewher.

Unlikely the freeholder will undertake the repairs in a pre-Exchange timescale.

£16K is a lot. How many sash windows and what size? Presumably this is for brand new replacement wood frames?

Sarah1Mitty2

Walk away, PLENTY more flats for sale

ReadingTim

If you can't agree a price then the transaction ain't gonna happen. Simple as.  

Your choices are therefore to walk away, or wait to be told to p!ss off.  And I think the vendor has already told you the 2nd part.  

Sarah1Mitty2

ReadingTim said:

If you can't agree a price then the transaction ain't gonna happen. Simple as.  

Your choices are therefore to walk away, or wait to be told to p!ss off.  And I think the vendor has already told you the 2nd part.  

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.

ReadingTim

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.  

markin

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

eidand

look, you have to be realistic, no vendor is ever going to install new windows and a new bathroom or kitchen just because you want one.

Houses and flats are priced as they are. If you want new windows you pay for them yourself, since you are the one benefiting from it.

Noneforit999

Agree with others, its time to move on.

You can't make the seller counter offer, if their price was originally £130k and you are down to offering £35k less, perhaps they just can't take that much of a drop considering what their onward purchase may require.

Bear in mind others may not due as much due diligence as you, some may not even bother with a survey. Its likely they will keep it at £130k, hope for a buyer who doesn't find as many issues as you and submits what they think is a cheeky offer of £115k ish and they will bite their hand off.