Have we missed the boat on house? 20k in it!

Hello,

We were bidding on house we really liked but could not agree on final price (only diff of 20k in it) with owner.
House is not perfect but we like the location and amenities.

We have reached max mortgage limit but could get a small family loan to cover difference.

We would live in the house long term but we are not in a great rush to buy - would be dissappointed to see the house come off the market.

Would people expect the buyer to come back to us in new year or should we just get family loan to make the difference?

Many thanks!

House is not perfect

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I think there's your answer. As to missing the boat, there will be other houses, and some might say the boat is taking on water.

Whether the vendor will accept a lower offer depends on why they are selling. Offer the lower of what you think it is worth and what you can comfortably afford. And tell them it's a 2008 offer good until a certain date. You may think it's worth less in the new year!

Hi, if it was me in your situation i would take the gamble and sit tight on your offer, a very good chance that the seller will come back to you sooner than you might expect. On the other hand if you will be that disappointed of losing the sale, offer a final offer 10k more. Hope it all works out for you

We have reached max mortgage limit but could get a small family loan to cover difference.

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The max mortgage limit is there for a reason. I think you would be mad to exceed it in the current climate for a "not perfect" house. There will be other houses in the area, so try not to get too attached to any particular one until you own it. Best of luck.

Its time for the head to lead the heart on this one. the mortgage will be there for a long time you don't need a loan on top of it. Deal within your budget and realise the strength of your position. Only 20k is actually alot of money considering it sounds like you will also be spending on improvements. More houses will come to the market the end of jan beginning of feb, We tend to tell people that if they are thinking of putting there house on the market now to hold off until after christmas so maybe wait and see what else is out there.

Thankyou for replies!

We have been looking for house for a long time and finally found one that worked for us (although in need of some work).

We were probably getting attached to the house before it was even ours!

I appreciated comments and hopefully we will have good news in the new year.