Offer rejected - advice please

[Fisharefriendsnotfood]

House and land was on for £800,000. Was lowered to £675000 a few months ago. We went to see it a couple of weeks ago and they offered to split into lots. House and garden under stamp duty threshold at £499950 and garage and land £165000.

So, we offered asking price on the house if they pay the stamp duty (15000) and to rent the garage and land for a period of up to four years with a option to buy in that period for asking less rent paid.

They rejected offer saying, they would agree to renting and subsequent sale of garage and land but want full price for house..

We will really struggle to find another £15000. What to do? It's perfect for us

Bump

What I would do is call their bluff. Tell the agent that your offer is final and you will leave it on the table should they wish to reconsider, but that you will continue to view houses.

If that was your first offer it is standard to say no with the hope of drawing you up a couple of thousand and meeting in the middle. If you don't play ball quite often they will come back to you and accept it.

I wouldn't push myself in this market, and £15k below asking on a house of that price is a very good offer. I would snap your hands off!

There is always a risk in this of course they might say no and accept another offer while you are both at a stand off. They just might keep holing on for more. You can always then come back with a higher offer.

That is what I would do, but I have loved and lost houses and I know there is always another that I will love.

Wait definitely I think reading all that you will get it if you let them think thats your final offer.Good luck

We went in at 490,000 first which was laughed at.. Went up to asking then. We are going to hold tight until our chain is complete and they re offer same thing telling them we are ready to go. Just hope no one else comes along. We aren't interested in another property, so it's this or take ours off the market

Was the initial offer 490 straight or 490 and they pay SD?, either way they are pushing their luck. Unless this is in an area like london where it is bucking the national trends it is very unlikely that anyone will come in with a higher offer than that. Its a good offer for that price band 3% below asking is excellent in this market.

490,00 and they pay stamp duty. It's on for over a year. I think because he has just broken into lots he wants to wait and see if it will attract more attention. I thought it was a good offer, and he won't have the hassle of trying to sell the garage and land, which surely wouldn't be easy. Suits us though as we couldn't stretch to both lots now

And it's not London - rural north west

Well he is being greedy, the market is not strong, I doubt you have anything to worry about, not that that makes the waiting any easier for you though!

Also houses in this price bracket don't have as many buyers chasing them with mortgages being so hard to get etc.

I shall cross my fingers for you

Thanks, they know we have mortgage approved. Will hold tight and hope and pray things move quickly on our end. He house is empty, you'd think he'd be glad to shift it

Being nosy (given I'm looking myself and poss may have seen this one) whereabouts in the NW? Unless it's already v cheap for the specific area then your offer looks more than generous to me.