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Original poster

Offer rejected - advice please

14 replies

Pomegranatepompom · 10/07/2018 18:07

We have offered on a house that's in catchment for an outstanding school, we don't love the house but we could make if work for us. We sold our house within a week after take the EA advice to to put on at 25k less than we'd previously been advised to get a quick sale (there are several houses nearer us that have been on market for several months).
We accepted a below 5k offer as 1st time buyers etc.

The house we offered on is selling for 585. We offered 550 (as heard a previous cash buyer had been accepted at this amount, although sale fell through). Offer was refused and owners want 560 (they refused our next offer of 556).

I'm not sure if EA is giving great advice (they are selling both houses). Should we hold out as the market is slow or just offer the 560? Houses in this area don't come up that often. Sellers are relocating.

We're going round in circles, we love the house we are in (small mortgage but bigger!) but current house is not in catchment.

Sorry for rambling long post.

OP posts:
MikeUniformMike · 10/07/2018 18:11

Offer 560

HoneyBloom · 10/07/2018 18:12

How long has the house been on the market for?

SleepWarrior · 10/07/2018 18:13

When do you need to be in catchment for? If there's a big rush, could sell your house and then rent in catchment until something better comes up?

The extra 4k on the house isn't that much to secure the house you really want, but you don't sound that convinced which to me suggests you aren't very keen.

Original poster
Pomegranatepompom · 10/07/2018 18:15

Since January, it did sell in Feb/March but the house they were buying was delayed and so the cash buyer purchased somewhere else. It's been on the market again around 3 weeks but they've had no other offers.

I know 4k is a small amount, but I suppose I feel we've already taken a hit by selling our house for less to get a quick sale (although appreciate the sellers will probably feel the same !).

OP posts:
Redglitter · 10/07/2018 18:16

My house cost considerably less than yours & there's no way I'd have lost it for £4k. If you like it you'd be mad to lose it for such a small amount

Original poster
Pomegranatepompom · 10/07/2018 18:17

We need to move within 2 years but in the next 2 years potentially more people will be looking than presently (due to school logistics, although I suppose not everyone will be in a position to move).

The house has better downstairs space, smaller bedrooms but bigger garden. On a busier road (hopefully not that busy as a village).

OP posts:
sunshinesupermum · 10/07/2018 18:23

If you really want this house pay the extra £4K

wowfudge · 10/07/2018 19:13

It's then than a 1% increase in what you've already offered. You either want that house or you don't. I think you're not convinced it's the house for you or you'd up your offer.

Original poster
Pomegranatepompom · 10/07/2018 19:40

Probably - I think I need to focus on catchment. We could make it work and might very much regret not going for it in a years time.

OP posts:
FabulousSophie · 10/07/2018 19:46

My advice is not to rush into anything. You sound really unsure, and that never makes for a good decision. The house will most likely not sell over the summer, so you don't need to rush any decisions. And keep your thoughts to yourself - don't go broadcasting them to the EA!

namechangedtoday15 · 10/07/2018 19:54

If houses don't come up very often you could be a year down the line desperately going after anything just to make sure you're in catchment.

You're absolutely right that the price you accepted on your house is nothing to do with the vendor - they couldn't care less. They're in the driving seat - they're in catchment and you're not. Why did you need a quick sale anyway if you have no immediate pressure to move?

Presumably if you don't offer more, someone will come along soon who will if it's a sought after catchment.

I agree with other posters - you sound like you don't want the house. But if it ticks lots of your boxes and will mean happy children at a good school, I'd up your offer.

sdaisy26 · 10/07/2018 19:57

If someone else got it for 560 tomorrow, how would you feel?

That will tell you what you should do.

Original poster
Pomegranatepompom · 10/07/2018 20:08

Thank you for all the replies.
Quick sale as there are several houses nearby also for sale with no interest for several months. I think we've got lucky with our buyers as our layout is right for them. We decided on balance 5k less was fine, rather than having viewings for months and they are flexible re dates.
We need to probably move within a year due to availability of houses in catchment, we didn't want to leave til last minute, we viewed this house just before they accepted the offer in Feb. When it became available again, it felt like a sign ...
It ticks do many boxes but I don't love it.
Sorry for rambling but this helping.
We've been far too honest with EA..... unfortunately

OP posts:
Original poster
Pomegranatepompom · 10/07/2018 20:09

That's a good way to think about this sdaisy.

OP posts:
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