We put an offer on a house 3 weeks ago and heard yesterday it had been rejected. Not that surprising as it was 30k under asking but the house needs a substantial amount of renovations.
Estate Agent suggested vendor wasn't in a hurry to move, and was actually a little reluctant to do so. The vendor is an elderly gentleman who is looking to downsize and be closer to a town so he won't be reliant on driving. Estate Agent suggested an extra 10k and an option for him to stay in his home for 6 months before closing sale might get the sale agreed.
We really want this house but can not afford the asking price. Waiting 6 months is not a problem for us either. My concerns are that he may pull out of the sale at any stage in that 6 months with no implications to him, and we will be left with no home.
Has anybody been in a similar situation or able to offer any advice? Has anyone finalised a sale and allowed vendor to stay in the house after the contracts were signed?
I'm in Ireland rather than UK.