Seller not selling!

Interslice

We found a house that both of us liked back in july. There was an offer on it, 12% below the asking. We made an offer a nice bit above that. They came back with another offer. We then made another a small bit higher and it has sat there since mid september. The other bidders have pulled out. We are 9% below the asking. No other bids since though we've been told people are still viewing, some twice.

The sellers have bought and have the keys to another house. They EA is saying they will stay where they are and rent the new build they bought if we dont come up to around 5% below the asking.

We aren't in any major rush. Dont really need to move until september next year. We could come up to this new asking price but.

I feel if we wait they might decide to sell and the whole rent thing is a bluff.

We would rather have that money in our pockets so we can put it into the house. New floors, boiler and insulation.

Possibly end up with negative equity if we decide to sell in 5 to 10 years. It may or may not be a forever home. Not sure what way the housing market will go.

What would you do?

TheSheriff

Interslice wrote: »

We found a house that both of us liked back in july. There was an offer on it, 12% below the asking. We made an offer a nice bit above that. They came back with another offer. We then made another a small bit higher and it has sat there since mid september. The other bidders have pulled out. We are 9% below the asking. No other bids since though we've been told people are still viewing, some twice.

The sellers have bought and have the keys to another house. They EA is saying they will stay where they are and rent the new build they bought if we dont come up to around 5% below the asking.

We aren't in any major rush. Dont really need to move until september next year. We could come up to this new asking price but.

I feel if we wait they might decide to sell and the whole rent thing is a bluff.

We would rather have that money in our pockets so we can put it into the house. New floors, boiler and insulation.

Possibly end up with negative equity if we decide to sell in 5 to 10 years. It may or may not be a forever home. Not sure what way the housing market will go.

What would you do?

We are in the exact same position, we've offered -10% under asking on a house we like which has been on the market for several months. No other bids.

We've been told if we come up by 30k they will accept.

We've decided against it, it's too much for the house and we've already offered what we thought was fair value.

Thread title is misleading, both your sellers are selling, just not for the amounts you both bid. You are both below asking, why are you surprised by the sellers stance?

bluelamp

Nothing happens in December either way. Even if you went sale agreed on something, it would reach a roadblock with the solicitors / banks till January anyway.

January will reveal a lot - we didn't get the usual jump in activity at back to school time this year, and if we don't get the usual jump in january, sellers might start becoming a bit more realistic.

I'd hang tight till then - unless you want to offer a token increase of a couple of thousand to get it over the line.

I wouldn't worry too much about another bidder appearing - houses go stale after a couple of months on the market, at which point sellers are forced to reduce the price, take it off the market for a bit and relist, or accept a lower offer.