Overpriced house, offer rejected, what now?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81879570#Comment_81879570

Or to look at it another way. If you phone the EA and offer £725K, and they say sorry it has just sold yesterday for a higher price, how gutted would you be.

mlz1413

https://forums.moneysavingexpert.com/discussion/comment/81879570#Comment_81879570

This

runningrafan

update: we went back and offered 730 and they are holding out for the full asking price. I said to get back in touch if they change their mind. Oh well, on to the next one!

itsthelittlethings

I'm surprised they didn't accept but I'm a very inexperienced housebuyer.

WIAWSNB

They might still.

But, keep looking at other places - quite conspicuously.

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81883886#Comment_81883886

Nothing more you can do now other than keep looking elsewhere.

You Never know you might find something else you prefer.

dinosaur66

when i buy property to flip or rent out i try to get a discount as these were all propertys that needed everything bar a new roof

when i buy property for myself that i really want and i like turnkey o my taste i have paid the asking price once and 10k above asking price on another occasion / after 36 years one property went up 52k to 450k and the other property 23 years timeframe 249k to 600k so trying to get a discount in hindsight meant i might have lost them to someone else .

a 750k property in 25 years time you can expect to be worth 1.5 million and would you miss the extra 20k looking back

any 750k property with stamp duty costs and fees is not a short term move because of the costs involved so me persoally i would pay the sellers price if i really really wanted it taking a long term view.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81884614#Comment_81884614

I think the sellers are still wanting the full asking price of £775k

It was the EA who said they might negotiate around £750k , It sounds a bit like they are one of those stubborn sellers who have an unrealistic view of how much their home is worth.

Yorkie1

I appreciate that you've updated the thread, but for others' reference, remember that if you end up offering more than it might be worth, and need a mortgage, there is a risk that the mortgage valuation will be lower than your offer - and so you either have to try to renegotiate to drop your offer or make up the balance yourself with cash.

twopenny

There are a lot of properties here hanging on the market because the price is too high for what they are have.

It seems to vary from those with problems that will need to be rectified and someone who is putting in lots of black kitchens and bathrooms, more kitchen than living space in tiny bungalows for the retired. All going to need maintenance in future and £50,000+ over the price of others.

No one wants to pay heavily over the odds for someone else's ideas or have to lob more money at it to make it suitable.

Prices briefly went high a year or two ago but now income and cost of living has changed. Some people are looking back at what something locally went for without knowing why and think theirs is worth the same.

One near me went for £100,000 over what would be expected. It was because the buyers had the money and I'll health so it was that vital to them. Next door tried for a year to get the same price despite being linked, not detached. He didn't have the same luck and had to sell lower and get work done.