what to offer on house that does not need to be sold (Scotland)?

[Marlus]

My family and me have seen a house that is not quite perfect, but very close to what we want. In a rural area, but close to some of DS1's friends (walking distance), nice views, just enough bedrooms and well built recently, so no problems with damp and mould. It was on for offers over 295k, and had been on the market before for offers over 325k, but no one had been interested. When we saw if for the second viewing, a friend of the owner's (who showed us round) said she was pretty keen to get rid of it. However, our offer for 295k was rejected, with the feedback from the EA that the owner is looking really for 350k, the value on the Home Report. There is no way we want to pay this, but the other day I rang the EA who said they thought 350k was too much to ask for and that the director of the company had a word with the owner, who might now take 330k. She also said the owner is in no hurry to sell, as she can just continue to rent it out (which she is doing at the moment) and take it back off the market.

I can't figure out whether we are being played or not. Is this something that EA's might do (appearing to side with you against the 'unreasonable wonder' in order to get the property sold for more than you would have otherwise paid)? Because we like the house so much and it's unlikely that something similar will come up soonish in this rural location, close to which where we're renting, I'd be sad to just see the house get taken off the market again. On the other hand, no one was interested in buying it when it was on for 325k, so we might struggle to sell it when the time comes, plus a wind farm is likely to be built 2.5 k away, but within our view.

Does anyone have any advice?

[GETTINGLIKEMYMOTHER]

Depends to some extent on the state of the local property market, but the vendor sounds like one of those people who have convinced themselves that the house is worth £Xk, and despite no or very low offers, won't budge.

If she's really happy to keep on renting it out - maybe for ages?- I'd think you'd need to offer close to asking. Quite a number of houses languish on the market even for years, because the owners stubbornly stick to what they like to believe they're 'worth' - despite what the agents tell them.

If it were me, though, and I wasn't happy paying what she wants, I think I'd walk away and find a house which the owner actually wants to sell!

[JoJoSM2]

If the vendor isn’t really motivated to sell or realistic about the price, they won’t bother and you can’t make them. They could carry on wasting everyone’s time for years. But yes, they are more likely to sell for silly money (350k in this case) but might not bother doing it for a reasonable price.

[Duckeggbluetin]

Well you've not tried an intermediate offer yet, have you? And add in good conditions - eg an entry date that fits with their requirements, no chain or whatever.
What would you be comfortable with? ALSO, when was the home report done? They are only valid for about three months. No guarantee it would still come up as 350 (of course, might be more!)

[Viviennemary]

When vendors aren't bothered too much whether they sell or not it's always tricky. I suppose you have to take a few things into consideration. How much you can afford, how does the price of the house compare with other prices in the area, and how much do you think they would sell at. Nobody wants to pay more for a house than they have to.

You could try and get more information from the estate agent as after all they don't want houses on their books for years not selling. Sounds like their hope for £350K is totally unrealistic if nobody is even interested at offers over £295K. Make sure the estate agent knows you're interested and would up your offer probably but not to £350k. Hope it works out.

[Marlus]

Thanks everyone, that is very helpful. Sorry for slow reply - I was travelling yesterday. I think we'll put in an offer for 310k and see how that goes.

[squadronleader87]

This has just happened to us in Scotland. In the end we walked away because we had concerns about what would happen if we wanted to sell in the future.

I think you need to be clear on what your maximum is and be prepared that it may not work out. Think about future scenarios too and if paying a higher price would leave you short for maintenance etc. Good luck!