Page 2 | Is this the house for us?

Lelu2021 · 2024-04-15T09:07:42+00:00

Property has been on the market from June of last year. Probate has apparently been granted. Let's say, house was 800k, dropped twice and now at 725k Vendor has put in "20k of work" to rip out old carpets and wallpaper, paint the walls neutral and just tidy things up. Wants to increase it up to 845k for the tidy. Roof, dated tank boiler system, neither replaced in at least the last 30 years. Needs a new door and modernisation throughout. It's a clean space so could just move in and buy some white goods and deal with it as is for a while. Electricals have been rewired recently. Offered just under 10pc EA said "there are much higher offers in play at the moment. Would you like to increase"? So we did - a bit - considering the other factors. Been nearly a week and have had heard nothing since. What's going on? Is this a sign we shouldn't buy the house? It's been on the market so long and I personally thought it was perfect when I saw it during the renovations! *EA seemed hungover at our second viewing. What would you do?

schloss · 15/04/2024 12:01

Twwodoorsaway · 15/04/2024 11:35

To the PP that said all offers are put to the vendor, yes they should be, but one of my DC has just bought a house. They had their offer rejected (very close to asking) with no offer to renegotiate. And told the vendors had accepted another offer of the same value. They thought this was odd having spoken to the vendors at viewing. They are FTB with mortgage agreed in principle. They dropped a note through the door of the house, and the vendor had no idea they had offered. We strongly suspect the agent wanted to sell to someone getting their mortgage through them, DC and partner had used a broker.

Sadly EA will do this.

GatherlyGal · 15/04/2024 12:03

We had to drop the price when we sold and we did it hoping for a quick sale. We would not have accepted another £25k off the lowered price unless we had been at the lowered price for ages.

They actually want 745k so you are going over 50k under that.

Give it a go by all means but unless its been on the market for months it seems unlikely.

Original poster

Lelu2021 · 15/04/2024 12:07

schloss · 15/04/2024 11:11

The EA has to put all offers to the vendors unless there is a figure the vendor has stated they do not want to receive offers below.

It does sound like th EA is playing you to increase your offer, be very careful believing anything they tell you - there are always other offers and lots of interest when there may or may not be!

Have a look at the other properties, but also I would put in writing (email is fine)to the EA you offer NN amount and it is your final offer. Forget the % though, I expect nothing, at this stage, will be accepted below 700k. You could also contact the vendors (presume not the original owner if probate is involved) and ask them if the offers are being received.

When buying property, you need to be definitive in what the final amount is you want to pay for a property and any deadlines issued are followed through, so if the amount you are prepared to pay is £6NNk then make that clear to the EA and either set date for it to be accepted or declined, or advise the EA you will leave it on the table. Then look at other properties.

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Emailed them to ask for a reply.
They replied immediately that the owners had received another offer and expressed they would be unable to accept under £745k now.
I assume she hasn't even sent through our offers based on their responses.

OP posts:

Original poster

Lelu2021 · 15/04/2024 12:07

GatherlyGal · 15/04/2024 12:03

We had to drop the price when we sold and we did it hoping for a quick sale. We would not have accepted another £25k off the lowered price unless we had been at the lowered price for ages.

They actually want 745k so you are going over 50k under that.

Give it a go by all means but unless its been on the market for months it seems unlikely.

It's been on for 10 months

OP posts:

GatherlyGal · 15/04/2024 12:08

At which price though @Lelu2021 ? At 745?

Original poster

Lelu2021 · 15/04/2024 12:10

GatherlyGal · 15/04/2024 12:08

At which price though @Lelu2021 ? At 745?

800k 10m ago
750k
Now 725k
Increasing to 745k for renovations

OP posts:

Geebray · 15/04/2024 12:10

Offer what you can afford. Tell them that's your absolute highest. Just get on with it and stop messing about with "10% under". Either you want the house, or you don't.

schloss · 15/04/2024 12:14

Lelu2021 · 15/04/2024 12:07

Emailed them to ask for a reply.
They replied immediately that the owners had received another offer and expressed they would be unable to accept under £745k now.
I assume she hasn't even sent through our offers based on their responses.

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I think the truth probably is somewhere in between the EA response, but personally, I would reply, say thank you, we will view other properties. I very much doubt there is an offer anywhere near 745k.

Easy for people to say on a forum to walk away especially if you feel the house is for you, but with this one I think you need to take back the control from the EA by drawing a line under it. If the property goes under offer you know they were telling the truth, if it doesn't then you can draw your own conclusions.

If you want the half way house option, tell the EA thank you, we will view other properties, we will leave our offer on the table. Then do not contact them, if there is to be any contact it is for the EA to contact you.

Original poster

Lelu2021 · 15/04/2024 12:15

Geebray · 15/04/2024 12:10

Offer what you can afford. Tell them that's your absolute highest. Just get on with it and stop messing about with "10% under". Either you want the house, or you don't.

Tbh we offered what we could afford, and based on the fact there are no floors only floorboards now so that would need doing.

"the owners had received another offer and expressed they would be unable to accept under £745,000."

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NewFriendlyLadybird · 15/04/2024 12:16

Hm. Received another offer but not yet (apparently) accepted another offer. If it’s a real offer from proceedable buyers then the house will go SSTC within the next two weeks.

If you really like the house I suggest you contact the agent with your best and final price and ask them to let the vendors know that the offer is there and will be for two weeks. If the higher offer is genuine then things will have moved by then. If the EA is playing games or if the person offering higher is not actually proceedable, they may be pleased to be able to put forward another buyer.

GatherlyGal · 15/04/2024 12:22

All you can do is put your best offer forward and see what happens. I wouldn't bother going up in increments at this point because you are below what they wanted pre-renovations never mind after.

If the renovations and new price are recent they haven't really tested the market so are unlikely to accept something much lower without waiting a couple of weeks or so at least.

Your other option is just withdraw the offer for now and wait and see what happens for a bit because as mentioned if there is a high offer on the table it will be sold soon anyway.

Original poster

Lelu2021 · 15/04/2024 12:25

Saying fuck this for the moment. The vendor is clearly in no rush to sell and faffing about with the price and the agent is not interested. I'll leave it on the table.@schloss

We have been viewing anyway since we had a feeling this wouldn't go through.

Not a very positive FTB experience but is it ever positive?

OP posts:

schloss · 15/04/2024 12:31

Lelu2021 · 15/04/2024 12:25

Saying fuck this for the moment. The vendor is clearly in no rush to sell and faffing about with the price and the agent is not interested. I'll leave it on the table.@schloss

We have been viewing anyway since we had a feeling this wouldn't go through.

Not a very positive FTB experience but is it ever positive?

Buying (and selling) is stressful but you will soon forget it once you move into your new home, it is a special moment especially when it is your first.

Everyone gets emotive about houses, but try to keep your emotions in check and be business like in your dealings with everyone. Put everything in writing, it is easier now there is email!

As much as you are probably annoyed with this EA currently, be polite as it may be this EA who is selling the next house you find.

Things have a reason for happening there will be a better house for you, you just haven't found it yet.

Geebray · 15/04/2024 13:01

Lelu2021 · 15/04/2024 12:25

Saying fuck this for the moment. The vendor is clearly in no rush to sell and faffing about with the price and the agent is not interested. I'll leave it on the table.@schloss

We have been viewing anyway since we had a feeling this wouldn't go through.

Not a very positive FTB experience but is it ever positive?

How is it not positive? You offered way under, and were rebuffed.

Original poster

Lelu2021 · 15/04/2024 13:25

Geebray · 15/04/2024 13:01

How is it not positive? You offered way under, and were rebuffed.

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Didn't offer that much under the current ask?
About 6pc

OP posts:

cointos · 15/04/2024 13:29

Stop looking at it as a percentage and look at it in terms of money.

If I were the vendor I'd be worried you'd gazunder me later because your first offer was so low.

Geebray · 15/04/2024 14:03

cointos · 15/04/2024 13:29

Stop looking at it as a percentage and look at it in terms of money.

If I were the vendor I'd be worried you'd gazunder me later because your first offer was so low.

Yup. See another current thread also by FTBs!

Original poster

Lelu2021 · 15/04/2024 14:37

Market value and perception are two very different things. There appears to be some disregard to the overall maintenance of the house with quite a lot of repairs and required renovations needed sooner than later. I would say at least 50k-75k of repairs will be required within the next 10 years.

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Twiglets1 · 15/04/2024 14:41

Lelu2021 · 15/04/2024 14:37

Market value and perception are two very different things. There appears to be some disregard to the overall maintenance of the house with quite a lot of repairs and required renovations needed sooner than later. I would say at least 50k-75k of repairs will be required within the next 10 years.

The owners have received a better offer anyway so time to forget about this one unless it becomes available again.

Geebray · 15/04/2024 14:42

Market value is what people are prepared to pay. Whether you agree with it or not.

Original poster

Lelu2021 · 15/04/2024 14:49

Geebray · 15/04/2024 14:42

Market value is what people are prepared to pay. Whether you agree with it or not.

It's been on the market for nearly one year.
Surely that means no one wants it for these listed prices.

Anyway, it's not meant to be.

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fromtheshires · 15/04/2024 15:02

Lelu2021 · 15/04/2024 14:37

Market value and perception are two very different things. There appears to be some disregard to the overall maintenance of the house with quite a lot of repairs and required renovations needed sooner than later. I would say at least 50k-75k of repairs will be required within the next 10 years.

Every house needs repairs and maintenance over time, It's part of house owning. It's a moot point anyway as they will not entertain your offer and you cannot offer what they want on it. Keep on looking until you find something.

Twiglets1 · 15/04/2024 15:06

Lelu2021 · 15/04/2024 14:49

It's been on the market for nearly one year.
Surely that means no one wants it for these listed prices.

Anyway, it's not meant to be.

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But they have literally had a better offer?

Original poster

Lelu2021 · 15/04/2024 15:19

Twiglets1 · 15/04/2024 15:06

But they have literally had a better offer?

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Yes this is the case, there is indeed a better offer that's been noted for 3 weeks ago now and yet property does not yet say SSTC

We have continued to look elsewhere!

OP posts:

schloss · 15/04/2024 16:54

Lelu2021 · 15/04/2024 14:37

Market value and perception are two very different things. There appears to be some disregard to the overall maintenance of the house with quite a lot of repairs and required renovations needed sooner than later. I would say at least 50k-75k of repairs will be required within the next 10 years.

I think your comment here shows somewhat of a naivity for purchasing property - you have offered an amount which somehow makes you think, the house is worth 75k less due to your thoughts on how much maintenance will be needed. Buying does not work like that, it will have been priced taking into account its condition now, not what work may or may not be required in the future - that is your cost not the vendors.