How long is reasonable to wait for an answer? (house buying)

[BoysRule]

We had an offer accepted on a house and solicitors have been appointed, searches started, surveys done etc. However, the mortgage valuation which happened later than it should have done, valued the house at 1% less than the price that had been agreed.

We told the sellers this a week ago and asked them to lower the price accordingly. They have still not got back to us. I have called the estate agent every day just to be told that she hasn't been able to get hold of them - they keep missing each other on the phone apparently.

We are in limbo - the solicitor has stopped doing anything so we don't incur anymore costs. The sellers are going into rental so don't have to negotiate any price with a chain. Unfortunately we are in a very popular area where there is nothing else on the market in our price range and the sellers know that if it went on the market again it would be sold (although presumably they would come across this problem again).

Anyway - am I just being impatient? Is it unreasonable to wait a week for an answer?

set a deadline. There is a thing called voicemail so people can leave each other messages, the 'telephone tag' thing doesn't stop business.

you are being pissed about, I think.

I think valuing it at 1% less than the agreed price is a bit of a joke, tbh. Does that take you out of a higher stamp duty bracket? I don't know why a surveyor would do this. If I were the seller, I'd be pretty pissy about it.

Does the 1% undervaluation cause an issue with your mortgage LTV?
If not, I'd be inclined to stick to the agreed price.

As a seller I wouldn't be that interested in such a small difference - which could be accounted for or wiped out by a slight rise or fall in the popularity of the area (indicated by sale prices of other houses), in the space of a month.

I'd think you were messing about really and would be concerned that if you couldn't access an extra what, £1-3k? you would also be likely to nit pick about small things in your own survey, or pull out, rather than having anticipated that there will be a few minor recommendations for repair and accommodating this and any small small improvements you'd want to make in your offer price.

Phoning every day doesn't help the vendor think any faster and they may feel hassled, so actually less inclined to make the decision you want. (I know it's the agent who's calling them but if the agent feels hassled they will mention it).

It's not so much that you're being impatient that's the issue, as that you stand to lose the house and all your costs to date. Do you want an answer now, or the right answer?

The vendor has very little to lose. Minor solicitor's costs. Have they signed a rental agreement already, or are they waiting until you have a completion date agreed?

What will you do if they say no?

Thanks for the answers. They called today and we agreed to meet the difference half way, which I am more than happy with.