Offer on house declined?

Question

Hi put an offer in for a house that was on the market for £99950, our offer was £87,000. Needs alot of modernisation on the house. Got a call today stating that the vendor declined the offer and was looking more at the asking price. If she doesn't get near the asking price then she is going to rent the property out. She has inherited the property and it has been up on the market for 26 weeks. I love this house and would love to buy it, but my partner is saying no to put an other offer in. I want to say £90,000 and that been our last offer but he is saying that we will need to spend money on the house in the region of about £5,000. We have a mortgage in principle for £95,000 and also £5,000 spare so we have £10,000 to do the property up. What is your advice on this? Im so upset by it and just wasnt to cry. xx

Answer 1

Leave it a couple of days, then phone the agents and tell them that you have pulled out all the stops, because you really love the house and can now go to £88,200. Tell them that this offer is open for one week.

Renting can be a minefield and the chances are that these people want the cash quickly, regardless of what they say.  The market is bad at the moment and they are lucky to have a buyer of any kind. Do not be rushed. I think once they look into renting and all the aggro it involves, they will be back on that phone pronto! It is very much a buyers market at the moment and they will be anxious for that money!

Answer 2

the hardest thing is to find a house which you both love. it seems you have found it with this one.the only problem you have is to convince your partner.if not try to buy it without them.it sounds like a bargain

Answer 3

it looks like its unlikely to go unless the offer is at least 95 thou, the housing market is low at the moment and sellers are turning to rental in the hope that it will go up. if shes inherited it then she's probably in no hurry. if you like it that much then put in the highest offer you you can reasonable make and do up the house gradually.

Answer 4

The only thing you can do is put in another offer. If you cannot afford it, I am affraid you are going to have to keep looking

Answer 5

is the house actually worth whatever the seller is asking for ?

go to zillow.com and check.

i would put in an offer - message me and ill give you some tricks to work a seller eheheh

Answer 6

With what you have in reserve - there is no reason not to offer 90,000 or even 91,000.

House renovation is commonly understood to be expensive - when in reality - it can be done at relatively low cost.

Provided you do not need to have all the electrics, plumbing etc ripped out - there is no reason why £5,000 (provided you do some of the work yourself) won't cover the cost.

Also - do not make the mistake of doing too much at once - do ONE room at a time.

My friend just bought an old 1900's terrace house for 87,000 - he was told it would cost another 10,000 to do it up.

We managed to get the whole lot done for 6,000 - and that was everything - kitchen - bathroom - electrics and plumbing - BUT - we did most of the work ourselves except electrics.

Answer 7

89,999 pounds is a good deal

Answer 8

hi there,

all i have to tell u is that it is a buyers  maket. make another  offer of 87500 and wait for at least a week. The vendor knows that u are excited about the property and she is willing to wait untill u cave into pressure. at the same time look at other properties, u might find a better one.

well good luck and do not loose patience.

Answer 9

do whatever you have to with your hubby ;-) to persuade him to let you have the house, alternatively just sulk with him.

Answer 10

My experience with property buying and selling is do no let your heart rule your head.  Although you say you love the house, your partner does not agree and it could cause a rift.  If you force the transaction on him, he may not be fully on board and as enthusiastic as you in the renovation project.  My advice would be to keep looking for other similar properties and the "right" one will turn up that you both enthuse about.  Anyway, it does not seem the vendor will move and has nothing to lose by renting in the current downturn in properties, so do not get tied up in flogging a dead horse!  I know it is a cliche, but things happen for a reason - I have found this many times when something has fallen through, felt disappointment and then something better came along.  Which would have not been possible had the original plan succeeded!  Good luck, but remember, it is only bricks and mortar.

Answer 11

Unfortunately when you are buying with your partner, it is a decision that both of you have to agree on.  The housing market is at a bit of a slow now - have a good look around and see of there is anything else around that you like.  Also, take time to think about the neighbourhood - I bought my house on a bit of a whim and didn't realise that there were a lot of rented houses on my street.  They rent out to all kinds of scum - unfortunately.  I am happy with my house and the location, but the ones living nearby can make your life h**l.  Look at all options and try not to get too emotional with this - your relationship with your partner could become really strained if you do.  Hope it all works out for you.  Reading back over your question, I'd personally be inclined to go to 90 and see what happens !

Answer 12

Hi

In the climate today, it is rare to get the full asking price. If there is work to be done, she must be realistic. And the fact that the house has been on the market 26 weeks, should tell her and her agent that something is not right.

If she didn't need to sell, she would have let the property out months ago and be making money on the rental. If the property is one you both are set on, then put in another offer, says full and final price. It will be better to leave the next offer for as long as possible 7/10 days then the vendor does not know you are desperate for the house, nor does the agent.  Do you have a property to sell? if not you are in an excellent position.

It is a buyers market, more so than at any time in the last 15/20 yrs. If anybody gets an offer on their house they are lucky.

Answer 13

Given the fact it needs a lot of modernisation i'm with your boyfriend on this one. Besides if she rents it out she will have to modernise it for it to be fit to rent out under the new Landlord and Tenancy act. Your offer would be what i would have offered too. If the house is meant to be yours then it will be. If you can afford to go to £90k then do so but leave yourself enough to do the place up. If you buy for £90k then your mortgage will be £90k, so the spare £5k you are talking about is none existent other than your own saved £5k. You could take out a £5k home improvement loan after you get the house.

Answer 14

sounds to me ,that she, the vendor?, probably doesn't need to sell. you also kinda low balled there on your offer and if you really want it you will have to come pretty close to her asking price, otherwise just walk away its not worth the headache, there plenty of other nice flats around!!