Revised offer on flat

PaulStat

PaulStat

PaulStat

Soldato
Joined
1 Mar 2003
Posts
5,508
Location
Cotham, Bristol
Ugghhh getting frustrated with this whole process now :mad:, basically had our flat on the market for 240k we had an offer in and eventually settled on 225k (this seemed to be the round about the price flats were finishing on around the area so we went for it)

Couple of days later we managed to get an offer we made accepted, managed a 11% off of the asking price which we were chuffed with as it was enough to pay the fees and the work that needed doing to the house, absolutely perfect location and a great size, haven't seen a house this good in months and months of looking.

Anyway started to get a bit worried when the people who offered on ours started dragging their heels a bit, basically they're revising their offer because one of their essentials is to revamp the bathroom which is going to cost them a lot more than they thought.

I would have been happy to accept a revised offer of 220k as it still provided us enough of a margin, just heard they've put a final final offer of 215k!

Anyway we've gone away to ask the place we're offering on if they would accept a revised offer of 5k less.

This whole process is just so ******* annoying! We really don't want to lose out on this place :(

Anyway rant over I suppose
 
I sure they vendor of the new place will accept. They will be in the same position in you in that they don't want to loose out on a sale (assuming they don't have multiple people offering). If they do, you'll just have to suck it and cover the costs another way if possible, or not sell yours. Tell the the revised offer is too low, and you've had someone else offering full asking price on yours (which you might not have), but say you like them and are willing to hold on. Perhaps 217.5k?
 
The joys of being in a chain. Glad I went from living with parents to family home. That on its own was a bloody nightmare.

How big is your bathroom that its going to cost them 10k though? ours is costing us 2.5 to do EVERYTHING and I thought that was a lot.
 
the bathroom is tiny, basically there's an outside storage area directly behind the back wall which they want to knock through in order to expand it, will involve a relatively small steal.

what's really annoying is we bought this flat back in 2007, prices have dropped about 9% since then, so 225 was about right

edit: if we were to say no and pull out, then put it back on the market for 225 for a quick sale (agent reckoned he could flog it in 10 days at that price!) would we still have a chance with the place we offered on? I assume we would need to re-offer? Not sure how these things work
 
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PaulStat said:
the bathroom is tiny, basically there's an outside storage area directly behind the back wall which they want to knock through in order to expand it, will involve a relatively small steal.

what's really annoying is we bought this flat back in 2007, prices have dropped about 9% since then, so 225 was about right

edit: if we were to say no and pull out, then put it back on the market for 225 for a quick sale (agent reckoned he could flog it in 10 days at that price!) would we still have a chance with the place we offered on? I assume we would need to re-offer? Not sure how these things work
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You should talk to whoever is giving you your new mortage. You can get a bridging loan to buy the new place until the old one is sold if you like, no idea on costs though.

TBH I would be inclined to think they are just trying to get 10k off the price because they know that there are not many people buying and that this close to doing the deal you are more likely to accept. Talk to yuor mortgage people and see what the agent says for the other place. They might not mind waiting a few weeks if they haven't found somewhere else yet.

Saying you want a discount because the place needs double glazing or maybe redecorating throughout is one thing, saying that it needs a discount because you would like to change the shape of the house which functions perfectly well at the moment is another in my opinion.
 
PaulStat said:
Place we've offered on is empty, ex tenanted house
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Then ask the agent mate. They may be happy to know it'll be sold as soon as you sell yours instead of still not having a buyer. Talk to your lender too to see what your options are.
 
Tis an extremely annoying process. Currently (trying) selling our family home to downsize and move back into the city.

Just be thankful you are actually getting offers on your flat :(
 
Ah that sucks - do you think they're bluffing a bit... i.e. if you rejected the offer would they raise it?

Also, it's a bit unreasonable to ask to take money off purely because they want to redo the house a bit.. I'm looking at the moment and would want to redo every room but that's not going to make me reduce my offer by 30k. Unless of course the bathrooms in a bit of a state?

Yes looking is awful. So far made offers on two properties I loved and one they took off the market saying now they wanted 25k more than asking price (idiots) and the other we were up against a cash buyer who'd just inherited 500k ffs!

Good luck ;)
 
Having similar difficulty myself trying to sell my house, offer in, withdrawn, another offer in, too low, raised offer, still to low, another offer in, accepted, withdrawn an hour later..... bloody nightmare!
 
As said, it's unreasonable to ask you to effectively finance they're modifications. It comes down to how desperate you are to move though, but personally I would tell them to take it or leave it as it is.
 
I wouldnt go near a bridging loan in the current marketplace, they are risky enough when things are good

Reject lower offer imo but its a risk

My personal view is houses are still overpriced compared to what people are willing to pay though generally. If you really want to sell you drop the price. If your agent says he can secure the amount you originally were supposed to get go for it, ask him to do it and dont advise potential purchasers. NOTHING is set until you exchange contracts, anyone can pull out at any time up until that happens
 
Stick it on the market for 2 weeks, tell the people who have offered the revised offer if you dont get £225k in two weeks it's theirs.

I'm sure the people in the new house would be willing to wait 2 weeks as well.

The thought of it going back on the market might scare them into revising the revision!
 
I don't get it, people keep saying how hard it is to sell anything at the moment. I sold a dump of a house that needed 20k worth of work for around market rate within 2 days of going on the market.

http://www.rightmove.co.uk/property-for-sale/property-29262541.html

My solicitor told me that if the sale falls through I will have no problem finding a buyer again but I see houses that have not sold for months and months

EDIT:

I would call their bluff and put it back on the market.
 
Dr House said:
I don't get it, people keep saying how hard it is to sell anything at the moment. I sold a dump of a house that needed 20k worth of work for around market rate within 2 days of going on the market.
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Agreed! I'm looking in London and literally if you don't see the house and make an offer within 3/4 days of it going on the market it's gone!

Deffo call their bluff.
 
I don't really understand how why the plan to spend so much on the bathroom, the setup at the moment is basically like this (apologies for the corner bath model couldn't find anything smaller)

bathroom.jpg


The space between the bathroom and the toilet room is the porch, imagine a similar size room again behind the bathroom, they plan to knock through the back wall and have another toilet in the new extended bathroom (from what I understand this is the bit that's going to cost money as they have re-direct piping to the sewers). Can't say I really understand why they'd want two toilets literally 10 ft away from each other.

Personally if I were to splash some cash on the bathroom I'd take out the sink and the corner bath and turn it into a wet room, it's the perfect size.


edit: something like this


bathroom4.jpg
 
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