I have offered 4 times over the last few weeks on a property valued at 300k. My first offer was 270, refused the next day, my next offer was 277, again rejected. I asked the EA to ask the Vendor an amount that they would except (anticipating some negotiation), they came back and said that the Vendor would not settle for less than 285 at the moment. I waited & then offered 280, again rejected the next day with the same answer of that they want 285. Eventually after much deliberation with my girlfriend we decided to go for 285, this was offered on Friday, the EA said they would come straight back to me. The next morning they called and said that the Vendor was considering the offer and working out some things and they would let me know this morning. This morning they called me and said the vendor was still considering the offer, 2 hours later they called and said that the vendor now wants 290, as this is how much he needs to buy his new house (I had been told by the EA & Vendor, that the Vendor was not currently looking at houses and would move in with parents, though they new what area they would like to move to).

To say that I was angry was an understatement, I told the EA how angry I was at the situation and that even if I offered 290 now how would I know they would accept it, as all the trust is gone, they asked me if I would like to offer again! I told them I would call them later - I have not and think that they can do some chasing.

I am first time buyer (all finances in place) & I have a large cash deposit. I have been looking for months in the area and seen all the houses there are to see. I have been in a similar situation previously and I walked away (& found this house). I expected to pay 285 for the house and thought that this was a high but fare price. At the moment I am so frustrated, so any help with how to deal with the situation would be great.

It depends on how much you want this house. Also, is anyone else interested in it? Find out how many viewings there have been, if any offers etc.

As a first time buyer you are in a good position. Remind the agent of this and tell him to remind the vendors. If you are not prepared to go above 285, tell the agent so and say you will walk away if it's not accepted. Then be prepared to do so (you can also tell them if they reconsider, and decide to accept 285, then to let you know).

Remember, there are other houses on the market - unless you have set your heart on this one.

Don't buy with your heart.... use your head.

There are other houses on the market, and you'll find another that you will love at some point. So don't pay over the odds for this one.

The market is gradually falling at present, so the longer you wait to buy the more you save.

Its a buyers market... its wise to walk away from a seller who does not understand this point!

Do what we did - wait a month, if the property is still on the market then, go back in with your original offer.

They have to decide if they want to sell and you have to decide how much the property is worth TO YOU.

There is still plenty available on the market.

I agree with the others, don't play their game. They think you are desperate to have the house because you have made those 3 offers. You are in a fabulous position and you have the time and the finances to wait for another house to come up that you like. You might well find if you walk away they will regret their greediness and get in touch with you fairly soon. It is a very good time for someone in your position as house prices are not going to rise so it's not as if you have to be quick about things.

Good luck and just remember that they want to sell, they've found the house they want to buy. They can't do diddly squat about that without a buyer.

As carol says, it depends how much you want the house - if it is your dream house, and in some way unique, then you'll want to get it at the higher cost even though the vendors sound like a total pain. If it is a run of the mill house then personally I wouldn't want to go through a transaction with vendors like that, it isn't worth it - there will be other houses.

If it is the latter, I would walk away, look at other properties (you might even find one you prefer) and then as Karen says, see if the house is still on the market a month or so later and if they then want to accept £285K.

I reckon you've come across a little over keen and the EA/vendor reckons he/she can squeeze a little more out of you. When my sis-in-law sold she had a buyer who just seemed desperate for her house and she squeezed an extra 10k out of them just because she was so sure they wouldn't walk.

Thank for your help. I don't think I came across to keen, I placed the offers over a 3 week period, but who knows.

As I said this is the 2nd house I have had problems with - the 1st would only budge 1% of the asking - so I walked away & found this house after a week or 2.

I have stil not called the EA (nor have they called me) and will wait until next week if necessary. Yes I want the house, but I will not pay over the odds and I don't like being decieved.

Once again thanks for all your help everybody.

If they are annoying you so much at this stage, walk away because there is so much more opportunity for them to wind you up as things progress.

If I was in your shoes, I would walk away.

£285K is only a 5% reduction on the asking price. You are in a prime position to be negotiating with vendors for a lot bigger reductions than that.

These vendors should be biting your hand off with that offer.

*I* would tell the vendor not interesting and continue looking around. As others have said, houses are no longer going up, but slowly going down now.

Depending on the area of the country prices *are* starting to come down. I'd walk away from the vendor and withdraw even the £185k offer unless you'r heart is really set on that property.

It is indeed a buyers market now.

I'd go in really high and fast to blow any competition out of the water. Secure the property, put your name on it. 292500, decision now please.

Then mess around for a few weeks until the vendor starts squealing, they knew it was too good to be true.

Then have a valuation and another looksee.

Then re-negotiate the price but back it up with solid dates and proof of mortgage etc.

With a bit of luck the vendor will have offered on something else and will have to play ball or start the ball rolling all over again.

I'd hate to sell my house to someone like me.

property isn't climbing by the past levels buts its still up on last year and all the stats for sept say buyers are moving now, theres been no major crash and interst rates remain low as is unemployment, dont beleive all the press hype, a house is worth what a buyer will pay for it, if its worth the money and you really like it, then pay it, if you feel its to high , then walk away, i live in london and just sold my flat in 2 days for 98% asking price, my friends have had no probs buying and selling this summer either so i for one just haven't seen all this negative stuff first hand, well maybe from ftb who don't own anything and are hopeing to get on that ladder

There is a very good post in another thread about "unsaleable" houses. There is a house down the road from my parents which is on the market for over a quarter of a million pounds, but it is horrible, horrible, horrible. I wouldn't live in it for free. "Average" prices may be heading downwards, but there will always be properties in good areas, well maintained etc that will maintain or even rise in value, whilst at the same time other houses who's value drops heavily. This is what creates the "average". Vendors know if they have a good house and they will rightly stand their ground when it comes to price.

What I want to say and would say to them involves swearing!! (first word 'Get')

I can understand why you're angry. I wouldn't let this vendor and his greed manipulate you any further. Sit tight as Karen1 advises.

Do Your Research - Nethouseprice or upmystreet see how much houses eventually went for in the area you are planning to buy in. Don't be a mug keep looking, in that price bracket they should be biting your hand, elbow, shoulder off!!!!

Again, thanks to all of you who have replied.

I have done my research on the area. The house is detatched (most in the area are Semi's or terraced), prices have varied over the last few years (probably due to size, condition and location) detached houses have gone from £220k to £480k (must have been a palace), in the last 2 years (detached have included Bungalow sales). The house would need decorating and new everything would be desirable, but, what is there is servicable for the time being. The big key is that is detached with a large garden (40 x 80), and has lots of potential. There are only 2 other detached properties for sale in the area (1 is to far away, 1 is to small).

My main gripe is still that they quoted an acceptable price but then reneged upon this, & want to squeeze that extra 5k (+ who knows) out of me. I like Richxxx idea, but fear that it would not be so easy in practice. Another problem is that my current rent would be equal to my mortgage repayments, so I am saving nothing whilst renting

I still have not called the EA (I am trying to tough it out), nor has the EA called me (their ears are still probably ringing from the rollicking I gave them on Monday).

How much do you want the property?

I'd withdraw the offer altogether and see if it's still on the market in three months. It probably will be. Then, offer 250k.

The vendor "needs" the cash to move up? Why don't they just subtract the difference from the offer they're making on the one they want, so the up-chain seller loses out, rather than you paying it?

Of course it might be that they're really set on the home they want and have offered over the odds. If they're turning down the offer you've made in the current market there's every chance it will fall through if they can't sell.

Your bargaining position is perhaps better than you think?

You also say that you're losing money by renting: with house prices falling, renting may perhaps be the cheaper option especially if you can then get the property cheaper after the vendors have been taken down a peg or two :-)

Sounds to me like they are taking you for a mug. If they are taking you for a ride like that even before you have invested money & surveys and turned other properties down, then this does not bode well.

I would call the Estate Agent back, withdraw the offer of £285,000. Tell them to tell the Vendor that if they are not prepared to meet your original offer of £270k, then you will walk away.

Because you are a first time buyer, they think they can fleece you, as you have not have any experience of house buying yet.

Speaking as a first time buyer myself with my Landlady having been pushing me out of my rented home for the past 4 months (my Lease ends on Tuesday, but she wanted me out in June so that she could sell up), and having had endless problems with obtaining information on just how many problems there are with the Lease of the flat I am attempting to buy, to go in with a place where the Vendor is a problem aswell? No way!

Steer clear. Walk away. Let the Vendor come to you.

Good luck!

Ary.

Well nforest, any news!!

The latest news is that yesterday the EA (who I had originally been dealing with; who had told me they would accept 285) called me.

She had been away for the week, I explained to her my feelings. She seemed annoyed with the vendors (for making her look stupid I presume) and contacted them, she called me back yesterday & said that they would accept 285 but would require it to be left on the market (it is on with 2 EA) - the EA & I agreed that this was not acceptable, she suggested that the property is left on the market until a survey is done. The vendor has stated that they have looked at some houses but not offered (although they have a house in mind). Also they had said that they would vacate the property when required, now they have said this may not be the case. I said that this was unacceptable.

Today the EA called me and said they would vacate within 2 months and try and complete for this time as well, as well as take it of the market for a couple of thousand extra (say 287).

The EA said that the house was originally on the market for 315-320 (3 months ago), they had a buyer but the buyer could not sell so they took of the market and put it back on at 300 to generate interest.

I am considering what the EA has said. I have mortgage & Solicitor in place.

Also as a side note I am renting in a house which I would like to get out of as soon as possible. I am paying rent equivalent to what the mortgage would be - the house needs structual work (underpinning) as well as severe damp problems (caused by incorrect fittings on drainage pipes). The owner is to get it assesed by his House Insurers but work will not start until I leave. Also the Letting Agents have been utterly useless (although they are a high end firm). I do not want to rent again but I do not want to stay here (If you want a list of the problems on the house I will post it on a new thread - it is quite unbeleivable)

TBH it looks like these people are not serious about selling their house. They are not looking for anywhere else to live, they have admitted they may not vacate the property. Who knows what they are up to, but I think they are just playing a fantasy game of seeing how much they could get for the property.

quote:

Originally posted by decca:
TBH it looks like these people are not serious about selling their house. They are not looking for anywhere else to live, they have admitted they may not vacate the property. Who knows what they are up to, but I think they are just playing a fantasy game of seeing how much they could get for the property.

If I remember right you were accused of the same thing a few weeks ago,


lee

Serves you all right for living in England and putting up with that crap when you are buying or selling your property.
patpot.