Our offer has been turned down

[fruitstick]

We have put an offer in today on a house which is actually owned by the estate agent.

It is on the market for offers over what he paid for it in July 2006 - he has done no work to it.

We offered 10% below that, which reflects what the market has done since.

He's turned it down as he says the market went up 20% after he bought it, and has come back down 10, so it's still worth 10% more than he paid for it.

His tenants move out next week and we are renting with no chain.

He is an idiot, but it is a lovely house.

Grrrrrr

Ugh I am sorry to hear that - the EA we have sold through has just put his house on the market & we are astonished at the asking price. Are you far away from what he wants? Good luck, I hope you get the house

Sounds like a difficult one. I would just go back and ask what is the minimum that he would accept. That puts the ball firmly in his court and forces his hand. When he comes back don't forget he'll probably have added a little bit on for good measure on top of his minimum so I would then offer to meet him half way between your original offer and his minimum.

I'd just tell him that your existing offer still stands, that you have no chain, and that he knows where you are when he wants to sell. Then walk away until he calls you.

yes, walk away. Maybe in 3 months if it's still there, offer him 5k LESS!!

He won't take less than the asking price, which was the 2006 sale price.

He appears so own lots of properties which he bought at around the same time, a couple of which are also on the market. I think he is massively over exposed and trying to claw back what he can.

We have told him our lease expires on 1st October so we are keen to move quickly.

Hopefully once he gets through his first month of mortgage payments with no tenant it will focus his mind a little!

I knew when I saw the title that the offer would be 10% below asking price.

The vendor is under no obligation to let you have it for less than the asking price. It is his loss if he fails to sell at that price.

I can't see why anyone complains that a below asking price offer is declined. If I went into a shop and saw a dress priced £100 I would either pay £100 or walk away. I wouldn't ask to have it for £90.

In this situation I'd just leave the offer on the table - he can come back to you if/when he realiss that your price is fair.

Noseyhelen you are right, except that of course when you buy a dress there is not an 'asking price', there is just a price. You are not invited to offer.

It's just annoying that he is an estate agent and completely refusing to accept what has happened to the market.

It's immaterial really as our offer was the maximum we can afford so it really is up to him.

Was just whinging that we still can't find a house really

I understand where you are coming from. We accepted a below value (in our view) offer on our house and are paying more than the valuation (and our budget) on our new house and the vendor keeps saying he's doing us a favour - grrr!

EA's always over value houses - I'm surprised he's done it with his own though.