Vendor says 'No offers'

Life_Tasted_Sweet

Hi

I am interested in a house that is on the market at £360K (or is that £0.360M?). The vendors were keen to say that they would not accept a lower offer despite it having been on the market for about a year. It has, I am told, been reduced already though I don't the origina; price.

I'm prepared to offer the asking price but, I am worried that they may not sell after I have committed to spending money on advertising my home (the HIP nonsense) and surveying their's.

Is there anything that I can do to protect my expenses?

TIA

Life tasted Sweet

Magentasue

Apart from hoping? No.

T'is the way it works - they could pull out at the very last moment. Best thing is to talk to them and agents to find out how serious they are about moving. Just because they won't accept offers, doesn't mean they don't want to go. Might just mean they can't afford the area/house/lifestyle they want if they sell for less.

Good luck!

Johnnystone

Hi LTS,

I have several buy to lets as a second income and was faced with the same problem as you. If a house has been on the market for ages and now marked reduced how do you know the original asking price as the est agents are usually very reluctant to give you this.

I then stumbled upon this site www.propertysnake.co.uk

Put in the postcode, it will show you the proerties for sale. when you find the one you are looking at it will tell you how many days on market, original orice, latest price and percentage of reduction.

Worth mentioning i have just bought an ex local authoruity house in bad state of repairfor £55k thanks to this. Originally on at £70k but on market for 9 months:beer:

This doesnt take away the fact that they MAY pull out half way through which also has happened to me on 3 occassions:mad:

Hope this helps you.

Regards

John

PasturesNew

Life_Tasted_Sweet wrote: »

I am worried that they may not sell after I have committed to spending money on advertising my home (the HIP nonsense) and surveying their's.

Is there anything that I can do to protect my expenses?

If you haven't sold your house already then you wouldn't be paying out for a survey on theirs. You would only have a house surveyed when the chain is complete... and until you have a buyer for your house the chain can't be complete.

What if .... it takes a year to sell yours?

If you want to move, then sell yours and see what the situation is with theirs when you're in a position to start offering. But with the market slow anything could happen.

They certainly won't hold the house for you just because yours is on the market.