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Offered asking price, mostly cash, but not accepted!
sirhan_sirhan
Posts: 125 Forumite
I posted last October about a house that I offered on in the summer of 2006:
http://forums.moneysavingexpert.com/showthread.html?p=6538458#post6538458
It has just come back onto the market at £100k less than the original asking price (and substantially lower than the price that we suggested at the time), although with a different agent.
I spoke to the new agent, and clarified that the asking price was what the vendor wanted, ie not “offers over”, or “guide price” etc. This was confirmed.
I viewed the house within afew hours, and offered asking price on the spot. The agent thought this would be agreed. However, his colleague called me later that afternoon, to say that the vendors were happy with my offer, and would consider accepting if I were to better it. I was extremely cross, and said that I was not happy at having my time wasted. I told them that the offer was on the table until 5pm that day, and would then be withdrawn if not accepted. I told them that I was not going to pay a penny more than asking.
Come 5pm, he agent called back to advise that the offer had not been accepted, as it was “still early days” for the vendors, although it was “not about money”! I pointed out that this was a ludicrous argument. I withdrew my offer.
I had a call this morning, advising that two higher offers had been placed, but that these were from buyers who had yet to sell their house, and one of them was not even on the market. We are renting at the moment, and have the bulk of the asking price in cash. I was told that the vendors were looking to make a decision this afternoon, and asked whether I would like to resubmit my offer. I agreed.
I was called again this evening, to be told that the vendor wanted until Thursday to make a decision.
I can see this going on indefinitely, and would like to bring matters to a head one way or another. Any suggestions?
The road is an incredibly sought after one, I know this for a fact. Even in today’s market, these properties create an awful amount of interest. However, prices only seem to be going one way at the moment, and combining this with another year of interest on my savings is worth thinking about. The price is good though, and I would like the house.
Any thoughts would be greatly appreciated.
Thanks in advance.
http://forums.moneysavingexpert.com/showthread.html?p=6538458#post6538458
It has just come back onto the market at £100k less than the original asking price (and substantially lower than the price that we suggested at the time), although with a different agent.
I spoke to the new agent, and clarified that the asking price was what the vendor wanted, ie not “offers over”, or “guide price” etc. This was confirmed.
I viewed the house within afew hours, and offered asking price on the spot. The agent thought this would be agreed. However, his colleague called me later that afternoon, to say that the vendors were happy with my offer, and would consider accepting if I were to better it. I was extremely cross, and said that I was not happy at having my time wasted. I told them that the offer was on the table until 5pm that day, and would then be withdrawn if not accepted. I told them that I was not going to pay a penny more than asking.
Come 5pm, he agent called back to advise that the offer had not been accepted, as it was “still early days” for the vendors, although it was “not about money”! I pointed out that this was a ludicrous argument. I withdrew my offer.
I had a call this morning, advising that two higher offers had been placed, but that these were from buyers who had yet to sell their house, and one of them was not even on the market. We are renting at the moment, and have the bulk of the asking price in cash. I was told that the vendors were looking to make a decision this afternoon, and asked whether I would like to resubmit my offer. I agreed.
I was called again this evening, to be told that the vendor wanted until Thursday to make a decision.
I can see this going on indefinitely, and would like to bring matters to a head one way or another. Any suggestions?
The road is an incredibly sought after one, I know this for a fact. Even in today’s market, these properties create an awful amount of interest. However, prices only seem to be going one way at the moment, and combining this with another year of interest on my savings is worth thinking about. The price is good though, and I would like the house.
Any thoughts would be greatly appreciated.
Thanks in advance.
0
Comments
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If you want it THAT badly, offer more.
Personally I'd just hold off until Friday, and don't even think about calling the agent, unless you're arranging to view a different property.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Sirhan,
They must be on another planet and should bite your hand off as you have the cash ready to give them. Send them a personal message of the ilk, "Have you been reading the news?" I'm surprised the agent isn't pushing for you because it won't make much difference to them if the house sells for a few grand more. And, they must be desperate for a sale the way things are going at the moment. Perhaps you could get the agent on your side with some of the facts. Good luck.0 -
I would say you have the stronger position, than both the vendor and the other buyers. My thoughts, if I was the vendor, and I remember you then I know you must be keen because you have not found anything since you last made an offer, I also know that you offered much more last time, so in theory in your eyes you arer getiing a good discount, so if I can hold my nerve you will likely better your offer.
It's all a game.
Depends a lot on how much you want the house.Hope for the best.....Plan for the worst!
"Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown0 -
Hi Pinkshoes,
If the house had been "offers over", I most probably would offer more. However, I feel a bit misled that I was told it was asking price, only to be told later that I would need to go higher. I feel that if they are going to mess me around on day one, it will only get worse.
I am in a once-in-a-lifetime position of having this amount of cash to spend and, while I like the house, it is not a once-in-a-lifetime property (although properties down there don't come up that often). The price achieved will set a benchmark for others to follow, a benchmark that is considerably lower than this time last year.
I think you are right that I shouldn't call the agent, I have left them to do all the chasing to date and will continue to do so.
Thanks again for your input.0 -
Drop your offer by 5%.
Give them 7 days to accept, after which it drops by another 5%.
Or just wait 18 months and buy the place for 50% less.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
sirhan_sirhan wrote: »I think you are right that I shouldn't call the agent, I have left them to do all the chasing to date and will continue to do so.
Thanks again for your input.
You should look on the estate agents website, and then ring up to view another property on their books, just to make it look that you're not desperate for this one. They're probably thinking because you viewed it 2 years ago, that you REALLY want it...
If they do accept your offer at the end of the week, don't agree straight away!! Tell them you'll think about it and get back to them the next day, as you're not sure it's worth it now. Perhaps you could even get £10k knocked off, or stamp duty paid??Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Annpan/Tradetime,
Glad I am not the only one to think that I am in a fantastic position, the reaction to my offer bears no relation at all to the state of the market that I have been seeing lately. I can only guess that the vendors/agents think that they have underpriced the property.
Re the previous offer, I don't think that the agent at the time passed it on to the vendor. I am not certain though. I certainly never got anything in writing from the agent.
SquatNow - thanks for the suggestion. I have considered dropping the offer, but think that it is well priced as it is. I wouldn't like to think that I might lose the house for the sake of trying to save £5k. It might help to focus the minds on accepting/rejecting though.
The other thing to consider about such a stance is that it might get me marked as "trouble" in the books of the vendor/agent, and thus they might chose to overlook my offer, were someone else to put forward a similar offer.0 -
IMHO you were misled, they used you to get a better offer, when the other viewers came along they were able to tell them there was already an asking price offer on the table.I feel a bit misled that I was told it was asking price, only to be told later that I would need to go higher.
The only way to make an asking price offer is with a deadline, ie 24 or 48 hours and the offer is no longer valid.
If it was me and I were not desperate for the house (to me houses are just property when they phone you back ensure the agent knows you cash position etc and tell them the offer stands for 24 hours more, and after that it will drop.Hope for the best.....Plan for the worst!
"Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown0 -
You should look on the estate agents website, and then ring up to view another property on their books, just to make it look that you're not desperate for this one. They're probably thinking because you viewed it 2 years ago, that you REALLY want it...
Excellent suggestion, why didn't I think of that. Will have a look at what they have on the books and "waste" an evening or two on appointments at houses that I am not really interested in.
Thanks for the suggestion.0 -
but if you have "nearly" the price in cash - you will still need a mortgage presumably - so can you get one ?0
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