Vendors rejected offer, what next?

[Rainbowhairdontcare]

We offered £205k on this house:

www.rightmove.co.uk/s6p/64212273

We recognise it has its issues (decoration, garden and garage access through communal area) and thought £205k was a very sensible offer.

We could maybe offer £206k but that would be stretching it as MB has said that's the maximum they'd lend us. Everybody loves the house and it's a shame to just say goodbye to it, but at the same time were fully aware it's not worth £210k (lack of garden and not the most desirable of areas).

Camborne is a dump. Avoid like the plague.

Dh should get more of a say than dm. She should butt out.

@katewhinesalot I agree as he'll live there, but he's not paying any of the deposit, my family is and they're seeing it as an investment regardless, which IMO is fair enough.

You have, I presume, alerted your mortgage provider/broker that the deposit is coming from a third party and is a gift?

Just your reference to "investment" made me think they are considering having an equity stake in the property?

The vendors are better negotiators than you - you’ve upped your offer 4 times without them having to do anything except say “no”.

Keep looking. Someone in your family is going to have to compromise on something at some point, they just haven’t realised that yet.

Make sure you’ve got rental accommodation available in case it takes them another 6 months to work out you can’t afford everything they want.

I think you've annoyed them with your first offer which was very cheeky IMO. Our house was on the market 4 days before we had an offer - for 35k below the asking price. I was insulted and those potential buyers annoyed me (even though I know you shouldn't take it personally ). I didn't see them as serious so I wasn't prepared to negotiate with them further - I told them they would need to offer the full asking price. Sold to someone else soon after for near the asking price - they made a sensible offer and then upped it to what I countered. Your vendors may well feel similar and feel the trust to enter a buying process with isn't there.

If you don't think it's worth 210 or you can't afford 210 then leave it and look somewhere else. Don't blame the vendors for your difficulty finding a suitable property.

Why do you say that @myrtleWilson, trying to catch OP out for being a naughty girl and not complying with the big banks (those virtues of honesty and ethics )

Next thing to do would be to find a different house.
You offered four times, first pretty low. I'd be concerned about if your going to try and lower the price again latee and how much your going to quibble with every little thing.

And you've made a mumsnet thread with a link ensuring someone they know will tell them, bitching about how they're greedy and offended they took the weekend to reply which is not unreasonable.

@myrtleWilson Yes they are aware. It's technically not a gift as it comes from a trust in my name, but as my DM is the sole executor and it says it's all "up to her good judgement" that's why she has full control over it. Not all of the money comes from that though, part of it also comes from the equity I had on my previous house.

They're not having any equity, they just want to protect my assets (as my DM sees it as an extension of said trust).

Not trying to catch anyone out passthecherrycoke - there was a thread on here relatively recently in which the deposit giver later declared that the deposit was in fact an equity stake and they wanted that money back. The recipients were quite clear it was a gift (can't recall if they were able to prove it to be so) but it was causing family strife and discord.

rainbowhair do you see DM 'airing a view' or is she likely to hold her ground and only allow the money from trust to be used if her views are taken into account - I'm just wondering if it would be easier (in the long run) to see if you can manage the deposit without the call on the trust fund.... However, if DM is just airing her views then it would be less of an issue.
Given all of that though this house doesn't seem to be the 'one' for you but good luck with house move and baby!

In theory it would be a lot easier if my DMs views weren't taken into account but we can't do it without that fraction of the deposit. They obviously come from a good place. She sees the dog as a vital member of the family (like I do) and her wellbeing paramount. Many of the "arguments" have been about our dear dog and what's best for her. We spent a week in farm and we all had a wonderful time (including said dog) which made me open my eyes that even if I don't like gardening, a good size one is not such a bad idea.

After all if it hadn't been for our dog, we'd never had thought about buying!

If you have to have a house on the market for 5 years in order to sell it, it was priced wrong for the market at the time. As house prices go up, then eventually yours might catch up.

Meanwhile, at the moment, we are in a buyer's market and the vendor here has already had to drop the price on a pretty odd property that isn't going to appeal to many, so they clearly want to sell it.

Most people will view properties at higher than they can afford, as most vendors are willing to negotiate and drop a few K. Clearly, you can't go and look at £1M houses when your max is £210k. But you can certainly look up to £225k, possibly a bit higher.

We were looking at spending £500k last time we house hunted. Eventually bought a house that was listed at £600k.

Well let's see what the future brings.

I guess I haven't annoyed them that much as they've counter-offered. I think I'll pass though.

This happened with our house. We put in a sensible offer - vendor refused and we walked away. Two months later they came back to us when we pointed out we have no chain and are ready to move. They agreed and purchase went through. I think they have to know you're prepared to walk away - it may focus their minds on the timeline of a sale. Christmas is coming!!

khaleesi71 agree 100% unless they sell soon, completion will be after Christmas.

I think you’re right to pass as I think you’ve been looking at that particular property through rose tinted glasses, don’t ever underestimate the practicalities of living in a place day to day. Issues you thought you’d live with can often become much bigger in reality and especially so with a baby. A secure garden for your dog, guaranteed, convenient parking and an accessible bathroom(s) will have an impact.

Asking and offer prices are so subjective and a place that meets someone’s full criteria at the time is worth more to them than it might be to other buyers. That Vendor likely isn’t greedy, they could be soft marketing on the off chance someone wants it enough to pay what they’d settle for. We’re not downsizing yet as we feel ours is worth more to us, than someone else might happily spend, therefore our desire to sell isn’t there and we don’t want to play a game of let’s see and waste people’s time. This isn’t being greedy, it’s simply the value of what we have against the value to us of what we could have if we sold.

On the other hand, some sellers are unrealistic and their Agents probably despair. Just think carefully about your investment and don’t clutch at straws.

I agree with you Enrique (that's the name of my dad!) I remember when we loved to the house we currently live in, we just took it because there was nothing else available. It turned out to be too small and for the same reason I find it quite depressing. The feeling of living somewhere you don't like is horrible.

Aaaw that coincidence made me smile

I've been there searching and searching for the Holy Grail of homes and feeling like nothing that was anywhere suitable would turn up in the right price bracket, but both times something wonderful turned up and we've never regretted not securing a house where our offer wasn't accepted.

Op. It's a shame your mother doesn't trust your judgement, and let you and your family make your own decision, I really don't know how you deal with that. Personally I'd stay in rented and save my own deposit before I let a parent dictate to me like this.

Personally I'd tell her where to shove the money,

If we could we would, but it would take us about 3 years of being 100% skint to save a similar amount. In the meantime we'd have to live on top of each and hoping that a) we can stay where we live b) if kicked out finding somewhere else that takes dogs.