We're upping our offer tomorrow!

[MozzchopsThirty]

Following on from my previous thread

Offers been in 2 weeks
3 other viewings
No response to our offer

So we're going up £15k and asking that they remove it from the market
No idea if this is the right way forward with vendor not bothered whether it sells or not

It's driving me crazy

Sorry, point of thread is WWYD??
We can't just keep on waiting

Well, I don't know what the total cost is, and what proportion £15K is, of the total house price, but, for me, that seems quite a lot to add to your offer if you have had no feedback from the EA.
I would be asking the EA what the vendors said. Well, I would have been asking them that a fortnight ago, with the addendum that we were looking at a couple of other properties and wanted to know what their response was, before proceeding.

It was OIEO £700k
We offered £725 as they had previously sold at £736 but fell through due to valuation

So we thought if we went in with £740 it might seal the deal

The elderly couple don't correspond much with the EA and want letters rather than phone calls

It's just so frustrating

Don't throw all that money at a problem just to get it solved a bit faster. The house has been valued at less than £736, so that's your benchmark. Wait for a response, there will be one eventually, then respond accordingly.

But they don't!

They don't live there, don't care if it sells, it's been on the market at various prices for 2 years

That's a lot of red flags.

I would wait a bit longer I think.

You're upping your offer by 2% - not so bad.

If you really want it, go for it! Good luck

I'd you need a mortgage on it, be wary of upping the offer much more as it'll have a valuation survey which may deem your buy price to be too high. Can you hassle the estate agent some more? And say you have other houses to view but you do prefer this one? Do you have an agreement in principle etc?

The mortgage isn't an issue, if they value it as less then DP will make up the difference

Do you really want to potentially find yourself in negative equity if it’s already been valued less?
Also, if they’re this bad communicating with the estate agent, it sounds like it would be a slow, painful sale. How much do you want the house?

I’d offer what they accepted previously.

So they haven't actually rejected your last offer? Don't go in higher just yet, especially above the valuation amount.
My biggest concern would be that they're not bothered about selling. Unmotivated vendors will be a nightmare to deal with.
Have you seen anything else?

Yes they are a nightmare and the estate agent said the same

We really want it, needs about £150k doing to it but could be a £1.2m house once DP is done

I'd walk away from this house.

They've been on the market for 2 years, had multiple sales fall through, are holding out for an offer over what it's worth, and aren't responding to the estate agent.

Nothing about this says they're serious vendors - there are two outcomes here - you throw away money on surveys, searches etc and then they pull out, or you complete a sale at over its market rate and end up in negative equity - why would you want to be in either of those situations?

God, imagine how long the sale would drag out at this pace. You won’t be moving in 2021, that’s for sure

Why would you increase your offer when they haven't bothered to respond to the original one? You would be foolish to offer significantly over the valuation price.

Overall, they sound like nightmare sellers.
They aren't serious about selling and don't communicate with the EA. The house has been on the market for 2 years, other potential sales have fallen through and they have refused to negotiate when valuations have come back lower. They are going to be difficult to deal with throughout.

The sensible thing to do would be to walk away.

I know the sensible thing is to forget it

But we love it, we have planned and talked

Phoned the estate agent this morning, she said no news then said 'oh but we received an offer on it over the weekend'
Won't say how much
She said she'll get back to us after checking the offer position