So What Next?

boinging_2

going2die_rich wrote: »

So they realise the property market wont get them the value they want so they either drop the price or sit tight and take the house off the market. You only sell for an amount that you can then buy something you want for, else you sit and wait till things pick up.

I don't follow, OP said vendors are splitting up this strikes me of a situation where a sale is required.

Also what happens if the market drops further? The OP's original offer in 6 months time may look very appealing. Plus if you are moving upwards in the property ladder, a drop in house prices benefits you more than the person buying your house.

si-mate

From what I gather taking the property off the market isn't an option as I believe they need to sell - and sell quickly.

And as far as I'm aware what the property sold for in 2006 gives an indication that it's not worth the value that they have put on it. Firstly I can't see that they have spent £40k on it. Probably £20k, maybe £25k.

si-mate

Right. He's rejected that offer and is holding out for £285,000.
I've told them to leave it on the table until early next week and also arranged a viewing with another property the agents have on their books.

I got the impression that the agent didn't think it was worth £285,000!

Jonbvn

They must sell and given this market? There should only be one winner here - the buyer.

OP you have not sounded like you are in love with the property. I'd say 265k or walk away.

boinging_2

You are in a very strong position.

The seller could end up being sorry they let your offer slip by.

TD5

Last year we sold up, finally accepting an offer well under the EA asking price. The house was up for £625, the buyer offered £530, after 7 months we finally accepted it. If I were in OP's position I would stick at the original £250 based on my own previous experience.

Good Luck though whatever you decide

si-mate

Thanks for your advice. We're at £259,000 at the moment and once I've made an offer I won't go back on it, so we'll leave it at that at the moment.

You've confirmed what I was thinking which was that we're in a strong position in a buyers market. We've just got to make him realise that!

si-mate

Jonbvn - the property is in a really good area and has a lot of potential but I suppose I'm not in love with it. Which makes the whole process much easier!

Jorgan_2

Is the vendor willing to contribute anything towards the stamp duty costs?

si-mate

Surely it's broad as it's long: £260,000 and pay £7200 stamp or £265000 + £2650.

- for the pedants: I know there is a little difference but it demonstrates my point!