Offer rejected: what do I do…!??

markin

If the wiring is safe enough to rent then don't expect the seller to pay for upgrades, Its sold as seen, I think the best you can do is make it clear 190 is your limit.

housebuyer143

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.

It doesn't matter what you think, it's what the seller thinks and if they want to hold out for asking they can. They can also refuse to lower the price if the valuation is lower than the offer. 
Because it's not shifted for so long I imagine they have a price they are holding out for.

Bigphil1474

Sounds like they need a certain price. We've just sold ours. Was up at £190k, and we had an offer of £170k a couple of months ago. We knew we couldn't accept less than £175k, so rejected. Sold on Monday for £180k which we are happy with. Our house could probably do with £15k spending on it, but who's to say it wouldn't be worth more if we did.

PinkNeon

Thanks everyone - really appreciate your responses and advice. 

The worry for me is structural at the back of the house. The EA has marked the empty void as part of an extension as ‘storage’ but there is an outside door to the void and it doesn’t shut. Also needs rendering externally - fine I can do it in time. I’ve taken a £15k loss on mine factoring in work that’s needs doing so I went in low on offering on this property. So not cosmetic work.
I’m doing this on my own and given the uncertainty with interest rates/house prices I just don’t want to do something stupid. 

Builder has agreed to come and look at it tomorrow if I can get a viewing…

PinkNeon

housebuyer143 said:

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.

It doesn't matter what you think, it's what the seller thinks and if they want to hold out for asking they can. They can also refuse to lower the price if the valuation is lower than the offer. 
Because it's not shifted for so long I imagine they have a price they are holding out for.

Yes - I agree. 

RHemmings

As said, offering more is one option. 

Walking away is another. 

A third is to say something like: OK, I'm going to look at other properties. If the seller decides at a later point to accept my offer then contact me back. And, if I'm still looking for a property, then we can talk.

It was basically a variation of the third option that got my offer for a house accepted. 

You can also say something like 'I'm aware of problem X and my offer is in light of that problem, so I would not be further negotiating down based on X.' I did that as well. 

njkmr

See what the builder says first then if there are no major issues then offer somewhere near the asking price.
What have others in the street sold for recently. Have a look at pictures of them and compare.
If it's ticking all the boxes and you can add value over time then go for it.
Good luck.

gwynlas

What if your builder says works will cost £30k with increased prices? If property recently let then there might be current certification that house is in liveable condition and you could have work done at a later date. Also ask EA when asking price arrived at as many prices have dropped. If the property's been on their books a while they will be advising seller to accept offers in order to get their commission

Albermarle

If the first stab at the cost of work needed is £15K , then a very good chance is that the final figure will be higher.
The question will be more what really needs doing in the short term and what can wait.

Herzlos

PinkNeon said:

Thanks everyone - really appreciate your responses and advice. 

The worry for me is structural at the back of the house. The EA has marked the empty void as part of an extension as ‘storage’ but there is an outside door to the void and it doesn’t shut. Also needs rendering externally - fine I can do it in time.

Builder has agreed to come and look at it tomorrow if I can get a viewing…

I wouldn't expect to get any money knocked off for obvious problems, since they'll be factored into the price already.  The seller is also unlikely to be concerned with what you want to do with the house later.

That doesn't mean you can't mention anything less obvious and see if it sways them, or just telling them that you can't go above £190k and leaving it at that.