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The Mad Rapper

Offer Refused!

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I am interested in a 3 bed detached property with garage in Holmer Green, Buckinghamshire.

It's been on the market since last August. Initially the vendors wanted £350K, which I offered. They'd made friends with another couple who'd viewed before me and decided to accept their asking price offer instead.

In January this year the property came back on the market because the chain had collapsed. It was still being offered at £350K, but because I was a member here by that point, I offered £321K, which was refused. I was then told that they'd managed to get the chain back together with original buyers.

Fast forward to last week, property on market again because chain has fallen through for a second time. This time at reduced price of £329K, a 6% reduction.

Today I made an offer of £280K which has been refused. They feel it is too low, have replied telling EA that they need to 'realign their expectation', that I was not prepared to increase my offer and that I'd get in touch in 6 months and make an offer in line with market conditions at that time if it remains unsold.

Thoughts?

I thought my offer was fair considering how messed up everything is at the moment, I am chain free and can proceed immediately.

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>>I am chain free and can proceed immediately

But why would you want to?

Good point. You should have offered £200k if they throw in their car, and not a penny more.

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>>I am chain free and can proceed immediately

But why would you want to?

It's a really nice house! I'm ashamed to say I fell in love with it as soon as I saw it. Every other house we've looked at since has been mentally compared to that one and all have been found wanting in one way or another.

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I am interested in a 3 bed detached property with garage in Holmer Green, Buckinghamshire.

It's been on the market since last August. Initially the vendors wanted £350K, which I offered. They'd made friends with another couple who'd viewed before me and decided to accept their asking price offer instead.

In January this year the property came back on the market because the chain had collapsed. It was still being offered at £350K, but because I was a member here by that point, I offered £321K, which was refused. I was then told that they'd managed to get the chain back together with original buyers.

Fast forward to last week, property on market again because chain has fallen through for a second time. This time at reduced price of £329K, a 6% reduction.

Today I made an offer of £280K which has been refused. They feel it is too low, have replied telling EA that they need to 'realign their expectation', that I was not prepared to increase my offer and that I'd get in touch in 6 months and make an offer in line with market conditions at that time if it remains unsold.

Thoughts?

I thought my offer was fair considering how messed up everything is at the moment, I am chain free and can proceed immediately.

A sensible and moderate approach. Refreshing to see on HPC, I might add.

Clearly your strategy and patience has paid off; they have begun to realise that a sharp drop in price is required.

Your current offer of £280k is a stroke of genius.

You could turn the screw by putting the offer in writing with the proviso that the offer will be reviewed in say one month to reflect 'market conditions at that time'. But you must put the offer in writing in order for the EA to comply with the law and pass it to the vendors.

aking a low-ball offer on the telephone does not require the EA to pass it on.

Remember, hes gonna look like a right **** for advising the vendor to turn down your initial offer in favour of someone who is in a chain so he wont be keen to pass it on unless you force him.

.

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  • 401 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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