House buying frustrations

Louloulou23

Hi all,

I’m looking for some advice?!?

My partner & I have found a property we love. We had seen it advertise last year but unfortunately weren’t in a position to further our interest as my flat wasn't on the market yet due to still being occupied by tenants. 

Said property was then shown STC which was a shame but understandable as we weren’t in a position anyway. 

Thankfully for us the property has come back onto the market after the previous sale had fallen through. 

We have viewed it twice. During one of the viewings I asked the seller what price he had accepted previously which he was happy to share. 

My property has now been vacated and is now on the market but not sold. 

I made an offer matching the price that had previously been accepted. I was told that the vendor would accept that subject to my flat being sold which is totally understandable. 

My partner & I worked out that we could actually purchase the property independently now becoming chain free and effectively a cash buyer. 

We submitted a new offer a week later matching the previously accepted price a week later but now chain free, however, the seller declined it and is requesting more money much to our frustration. 

I’m not sure whether this is a game of cat and mouse, whether we are the approved buyers but wanting to get more money before accepting or whether they were never going to accept the original price having re-listed it???

Anyway we’re in a bit of a quandary and are seeking some advice as to how to now approach this situation. 

The original offer is pretty much close to our limit. With interest rates still high our mortgage will be astronomical but we will be able to manage. We can improve our offer slightly but I feel that both myself and the vendor/estate agent are now being stubborn as neither have been in touch since last week. 

Do I approach them first or do I wait for them to reach out to me. It was left with my no chain offer left on the table. 

Any help or advice would be much appreciated  

housebuyer143

I suppose you need to ask yourself how much you want it, which is clearly a lot. The seller clearly knows it. 
If you want it, then increase your offer or be prepared to walk away. 

Albermarle

Maybe you were too obviously keen when you visited and talked to the Vendor?

Have you any idea how house prices have moved in that area between the first accepted offer, and your new offer ?

Hoenir

Louloulou23 said:

We can improve our offer slightly but I feel that both myself and the vendor/estate agent are now being stubborn as neither have been in touch since last week. 

Ball is in your court,  The EA will be busy marketing the property to other interested parties. Activity levels naturally start to pick up at this time of the year. 

bluelad1927

How will your mortgage be astronomical if you are now "effectively a cash buyer?"

se2020

Do they know you are the same buyer that made the previous offer that had been accepted subject to you selling the flat?
If so, why did you submit a new offer rather than just say you were now ready to proceed?

Wondering if the sellers have your offer on the table from last week and think this is a new offer from someone else?

propertyrental

se2020 said:

Do they know you are the same buyer that made the previous offer that had been accepted subject to you selling the flat?
If so, why did you submit a new offer rather than just say you were now ready to proceed?

Wondering if the sellers have your offer on the table from last week and think this is a new offer from someone else?

Yes. Go back to the EA and refer back to your accepted offer and say you are now ready to proceed. Stress that you can proceed fast as no chain/cash purchase.

If seller really wants tp renague on his previous acceptance, since your current offer is close to your limit (and you don't want an expensive mortgage) you have little room to increase, so just say you remain interested and the seller can come back to you if they will accept your offer.

grumbler

bluelad1927 said:

How will your mortgage be astronomical if you are now "effectively a cash buyer?"

The OP obviously meant 'no-chain', i.e. deposit+mortgage without selling anything.

MobileSaver

grumbler said:

bluelad1927 said:

How will your mortgage be astronomical if you are now "effectively a cash buyer?"

The OP obviously meant 'no-chain', i.e. deposit+mortgage without selling anything.

Obviously "cash buyer" and "no-chain" are two very different things; if the OP has falsely told the EA/vendor that they're a cash buyer then it's no surprise they are not taking their offer as seriously as the OP might like...

GDB2222

It seems strange that the sellers accepted an offer but have now reneged. I would want an explanation, and I’d be looking at other properties. 

It may be that their proposed purchase has fallen through, so the last thing they want is a buyer who is ready to proceed quickly.

grumbler

MobileSaver said:

grumbler said:

bluelad1927 said:

How will your mortgage be astronomical if you are now "effectively a cash buyer?"

The OP obviously meant 'no-chain', i.e. deposit+mortgage without selling anything.

Obviously "cash buyer" and "no-chain" are two very different things; if the OP has falsely told the EA/vendor that they're a cash buyer then it's no surprise they are not taking their offer as seriously as the OP might like...

AFAIK, EA's duty is to get 'proof of funds' from a buyer before passing any offer to a seller.