Vendor wants a higher offer

[stargirl04]

Hi guys,

I am a first-time buyer, with mortgage in place, a big deposit (60% LTV), solicitor organised and can move within weeks, and have put an offer in on a flat in London.

The asking price is offers in excess of 170k (for a one bed flat in grotty neighbourhood but near the station). I offered 175k on the same day I viewed it, which the vendor has been "considering" for the past week, obviously trying to get a higher offer from other viewers. In London properties in good condition and close to good transport links are selling for over the asking price in auction-style situations.

This flat is in fairly good condition but has a horrible kitchen (which I would replace) and virtually no storage space, and the communal areas (stairwell and hallway etc are quite grotty - dirty carpet etc).

Today the estate agent rang me back and said the vendor wants more than I've offered but said he was "unable to give me a figure".

I asked if there were any other offers and was told that there was a cash buyer "who might put an offer in", and that they had had another offer verbally, but that it hadn't been put into writing yet. However, the vendor "likes me" because of the fact I want to "get on with it and not mess about".

I can easily go up another 5k or more, but am concerned that if I pay over the odds I will suffer when it comes to resale value etc.

Anyone got any advice for me please?
Thanks for reading.

well for that matter, why only Euston, deepfried? Also Paddington and as OP mentioned Victoria (i.e. bexley etc still cheaper). Or are you saying places on euston line are nicer overall? It's just hard to go and look at ALL of possible places, so if you can point out the best ones, it'd be great. Op may not be interested, but maybe pm me if it's a long list? I was on OP's other thread too, as I now realise, similar situation but need 2-3 beds for higher price.

beagles, I'd have a look at stations out of London Bridge. My area of SE London is rocketing with the Overground, but it's still reasonable compared to lots of places.

If you don't need two bedrooms maybe you could knock through between the living room and second bedroom of the Catford flat?

Just come back to this. Yes I like lb-nice market town 20 mins to milton keynes for shops half hour to town- nice georgian high street, waitrose, quite a lot of independant retailers.
However-my point is that if you look there are plenty of nice places to live that you could commute from for your money. You could buy a nice 2 bed cottage freehold with a garden. You could buy a really nice decent newish flat. If you want to live in london then great- but there was a thread on here not so long ago about how far out of london do you have to go to get a house for 240k. I think someone thought carlisle! House prices aren't going to rocket here but at the same time there is no bubble to worry about and potentially you are saving an additional set of moving costs.

womma, if you mean Bexley and surrounds, I've been loking already, it's very competitive even there (I'm looking for a 2 bed house ideally), and npot much choice of places within easy walk to station. Further out (and esp Abbey Wood/plumstead) still quite cheap but it's either too far (40min+ on train) or a very rough area. Have to mention London bridge isn't so useful to me, so add some time for victoria. But yes, still keeping an eye on better areas.

greenfolder, I'm really with you. It's just the question of finding a town you like, and that means really travelling around and looking - so thank God for threads like this that point out good places. I had a very quick look on google and I like LB centre - unexpectedly nice with some character. I went to Bedford to look, and didn't like it at all, so assumed most of Beds is like that. The only issue right now is, all the nicer properties on rightmove seem to be a mile plus from station - not sure whether buses are good there, but I'd much prefer being closer, but I will definitely have it on my list now, the value is SO much better. Slight minus is that the quick trains aer one an hour, others aer siower, but tbh I'd do that for a nice flat/house.

I think OP uses roads though, not trains, so can be a factor against fo her.

er..unless LB is in Herts?

Lb is definitely beds-i live in linslade which is all within 10 min walk of station. There is a new bus service D1 which runs from other side of town to station. Re train- dh commutes in and adjusts to catch fast train. The good thing is that he usually gets a seat both ways because fast trains only have 2 stations upline and on the way back lb is first stop I think.any questions pm me- I have 6 weeks at home following surgery so happy to give the low down on almost anything!

Oh and 15 mins to J12 of m1 if sitting in traffic is what anyone is after!

Hi guys, just thought I would update you. The "other offer" that was higher than my offer was actually genuine and the estate agent told me it had been accepted. So I guess that's an interesting lesson for me. Little Crystal, I really identify with what you said in your last post.

I now realise I am going to have to pay over the odds to be in London. I would prefer not to be much farther out of the city than about 15 miles to be honest, but I'm heartened by the prospect of more new places coming on to the market in the new year. It's hard not to panic though!

Quintessential, I rang the estate agents about that flat you found in Catford and it was already sold!

oh dear OP. you are back to square one.

personally next time I would keep the channels of communication open with the vendor and not give them an ultimatum. it is a sellers market and you will get a better outcome if you are more realistic about this.

Have a look at Wealdstone and around. Fast trains top Euston in about 15 mins. Harrow isa good borough to live in and can be good value.

Or Watford?

I think those who are most surprised about this behavior probably live outside London. The market is incredibly hot but there doesn't seem to be a lot of substance to it.
The buy-to-let buyers are starting to stay out as the yields are not attractive at present. However the mortgage providers are giving significant mortgages so I hope it's not the first time buyers who get burnt.

As a matter of interest, did the agent begin with an F?

Just to derail thread further, I also live in LB and it's great, a real undiscovered gem I think, since you can buy a family home for around 200k - how many other nice places within 30 mins of London can you say that about?

The schools on the linslade side are brilliant.

haha, LePetit, the notorious F! they used to always overvalue to grab sellers, but now it seems they are in their element as their overvaluing is the correct price, otherwise people bid over the asking price!

Fruit - I, for one, am now watching LB on rightmove, as recommended by green. The only issue for some would be the frequency of trains - the 30min one is only once an hour, others are 40something min. As OP doesn't like using trains, it's too far to drive daily into any area other than N london, I think (always seems bad with traffic through finchley or m25).

Beagles-I was thinking more Penge/Anerley/ Birkbeck. There's trains to Victoria on that line too.

Ha the F crowd valued our house for £50k more than other agents. I just don't believe them. My area is not that crazy and they know we want to sell fast. We went with someone else.