Offer rejected: what do I do…!??

PinkNeon

Found a great house but it needs a ton of work IMO. Ex rental/landlord selling.
Offered £16k under today which was rejected. Property has been on market since sale fell through last year, relisted Oct. My house ‘sold’ 2 weeks ago and have been to see this property twice (as well as others).
Hoping to take my builder over Saturday for 3rd viewing.
Apparently vendor wants “near the asking price” but I’m not sure how to play it as no doubt inevitable valuation will pick up on what I have? What do I do? Its a proper treasure house aside from the roughly £15k that needs spending in time…
TIA

housebuyer143

Offer more if you want it and don't expect the sellers to negotiate down on the price when you have a survey for the things that are obvious. 

Little_bit_taller

Offer more! Are you planning to live in it for a long time?

bobster2

What is the asking price?

cymruchris

If they've rejected your offer - either up your offer - or go find another house. As much as it needs £X of work doing to it - they no doubt want a certain figure, and seem happy to hold out for that figure. It may be that if the market perks up  over the summer slightly, they might even increase their 'asking' price. If it ticks all of your boxes - and you see it as a forever home (or similar) then don't lose it for the sake of a few thousand pounds. When you said £16k under - you didn't say under what - £16k under £150k is considerably more as a percentage than £16k under £750k.

PinkNeon

Thanks so much for your replies.
It’s on for £195k but my max mortgage is £190k and obviously I don’t want to leave myself high and dry with everything as it is atm - just me and my kids but I LOVE the property. I’m thinking revisit Saturday (with my builder) and offer £188,500 Monday? Argh!! Yes hoping it’s our ‘forever’ home for now although I may need to downsize 10-15 years

TheJP

PinkNeon said:

Thanks so much for your replies.
It’s on for £195k but my max mortgage is £190k and obviously I don’t want to leave myself high and dry with everything as it is atm - just me and my kids but I LOVE the property. I’m thinking revisit Saturday (with my builder) and offer £188,500 Monday? Argh!! Yes hoping it’s our ‘forever’ home for now although I may need to downsize 10-15 years

So you cant afford the house. Move on and look at properties you can afford. That is what i suggest you do...

PinkNeon

TheJP said:

PinkNeon said:

Thanks so much for your replies.
It’s on for £195k but my max mortgage is £190k and obviously I don’t want to leave myself high and dry with everything as it is atm - just me and my kids but I LOVE the property. I’m thinking revisit Saturday (with my builder) and offer £188,500 Monday? Argh!! Yes hoping it’s our ‘forever’ home for now although I may need to downsize 10-15 years

So you cant afford the house. Move on and look at properties you can afford. That is what i suggest you do...

The house is overpriced. It will come out on a valuation. House is affordable or I wouldn’t be considering it would I? 
(Are you the delusional seller?? 🤣)
But thanks for your input - mate.

PinkNeon

cymruchris said:

If they've rejected your offer - either up your offer - or go find another house. As much as it needs £X of work doing to it - they no doubt want a certain figure, and seem happy to hold out for that figure. It may be that if the market perks up  over the summer slightly, they might even increase their 'asking' price. If it ticks all of your boxes - and you see it as a forever home (or similar) then don't lose it for the sake of a few thousand pounds. When you said £16k under - you didn't say under what - £16k under £150k is considerably more as a percentage than £16k under £750k.

Thanks for the positive post. Yes - need to up offer. 

House will need rewire, something iffy with the back extension but the location, cul de sac etc is swaying me..

_Penny_Dreadful

PinkNeon said:

TheJP said:

PinkNeon said:

Thanks so much for your replies.
It’s on for £195k but my max mortgage is £190k and obviously I don’t want to leave myself high and dry with everything as it is atm - just me and my kids but I LOVE the property. I’m thinking revisit Saturday (with my builder) and offer £188,500 Monday? Argh!! Yes hoping it’s our ‘forever’ home for now although I may need to downsize 10-15 years

So you cant afford the house. Move on and look at properties you can afford. That is what i suggest you do...

The house is overpriced. It will come out on a valuation. House is affordable or I wouldn’t be considering it would I? 
(Are you the delusional seller?? 🤣)
But thanks for your input - mate.

Is the property overpriced?  Just because you want to spend £15,000 tarting the place up doesn't mean it's worth £15,000 than the vendor is asking.  How do recent sold prices in the area for similar properties compare?

MultiFuelBurner

It would be wise to visit with your builder to get an idea of costs.

On the face of it a property up for £195k 

You are in a rush to find a property as yours is part way through the process and you called is a "treasure house" that to me sounds like you are in love with the property.

Show your seriousness with a viewing with your builder and from there make an informed offer.