Buying: Offered Asking price and now vendor needs to 'think'

FTBManchester01 · 26 January 2017 at 1:49PM

My husband and I have been trying to buy a new home for about 6 months. In the whole time, averaging 2-3 property viewing a week, we have seen just 2 houses we were interested in. First place fell through due to numerous issues on the vendor's side.
We recently viewed another property that is very top end of our budget but worth it. We initially offered 95% which was rejected. After working out finances we offered the full asking price on condition it is accepted within 3 days and taken off the market. We are in no chain, mortgage agreed, deposit ready, solicitors primed and in rented property which we can stay in if the vendors need time to find a new place.We love the house and I'm tired of searching!
The EA has called today and said there are 2 other offers on the table and so the vendor wants a week to make his decision?! I'm quite aware that this translates to "he wants more than his asking price now plus the weekend to set up another few viewings and see if they are fruitful"
No way jose! I'm not getting into a bidding war and I believe if he is awkward at this early stage then maybe he isn't the type of person I want to do business with. I have told the EA that we will not wait and if he can't accept our offer within the 3 days then its off the table.
My colleague thinks I'm being unreasonable. What are everyone's thoughts...?

wantonnoodle · 26 January 2017 at 1:58PM

I would say that you are being a bit too demanding.

We're buying our first house at the moment, and it took some work to get our offer accepted. It was certainly not through putting the vendor under pressure; though we weren't up against other offers.

Our initial offer was 5k under, which was rejected pretty much straight off the bat. Second offer was asking, and that was rejected after a couple of days as the vendor wanted more (it was on for "offers over"). We however were persistent and left the offer on the table until the end of the month. Needless to say, about 2 days before the offer ran out, on the 29th October, the vendor came back and said they would accept.

So, a different situation, but it goes to show that time can sometimes be needed to make a decision - its not as if its cans of beans they are selling, and they want to get the deal that's right for them after all.

Lokolo · 26 January 2017 at 2:05PM

It doesn't take more than 3 days to make a decision. Once you have all the offers and everyone's circumstances, a quick 15 minute chat with the Mr/Mrs and you can make your decision. So I don't see you being that demanding, you need to know whether you are going ahead with the purchase or need to go and find somewhere else.

I would say that you want a response by Monday evening and if not you will be withdrawing, but you have to be prepared to walk away.

I've never understood this "We need time to make a decision" business. Surely when you put a property up for a sale, you know how much you want and you know what or where you are going after. Who puts on the market and doesn't think about the offers they would be willing to accept!?

Mickygg · 26 January 2017 at 2:08PM

I'd say what have you got to lose by leaving your offer on the table. Then if it turns into a budding war say you are out.

cooltt · 26 January 2017 at 2:09PM

wantonnoodle wrote: »

I would say that you are being a bit too demanding.
.

Complete rubbish. You don't wake up one day and decide to sell your house, it's a long well thought out decision. You know exactly what figure you will accept and how quick you want to move.

OP
This is just the normal EA nonsense to up the price hence up their commission. Stand your ground.

walwyn1978 · 26 January 2017 at 2:09PM

If you've offered full asking and in light of everything you've said, I think you're being fair. Give them the three days.

Guest101 · 26 January 2017 at 2:10PM

FTBManchester01 wrote: »

My husband and I have been trying to buy a new home for about 6 months. In the whole time, averaging 2-3 property viewing a week, we have seen just 2 houses we were interested in. First place fell through due to numerous issues on the vendor's side.
We recently viewed another property that is very top end of our budget but worth it. We initially offered 95% which was rejected. After working out finances we offered the full asking price on condition it is accepted within 3 days and taken off the market. - Seems abit ambitious. We are in no chain, mortgage agreed, deposit ready, solicitors primed and in rented property which we can stay in if the vendors need time to find a new place. We love the house and I'm tired of searching!
The EA has called today and said there are 2 other offers on the table and so the vendor wants a week to make his decision?! - well seems reasonable. I'm quite aware that this translates to "he wants more than his asking price now plus the weekend to set up another few viewings and see if they are fruitful"
No way jose! - then withdraw your offer. I'm not getting into a bidding war and I believe if he is awkward at this early stage then maybe he isn't the type of person I want to do business with. I have told the EA that we will not wait and if he can't accept our offer within the 3 days then its off the table.
My colleague thinks I'm being unreasonable. What are everyone's thoughts...?

You aren't 'unreasonable' but neither is the vendor, you both want to get the best price.

Unfortunately for you that means asking or less and for the vendor it's asking or more.

Guest101 · 26 January 2017 at 2:11PM

Lokolo wrote: »

It doesn't take more than 3 days to make a decision. Once you have all the offers and everyone's circumstances, a quick 15 minute chat with the Mr/Mrs and you can make your decision. So I don't see you being that demanding, you need to know whether you are going ahead with the purchase or need to go and find somewhere else.

I would say that you want a response by Monday evening and if not you will be withdrawing, but you have to be prepared to walk away.

I've never understood this "We need time to make a decision" business. Surely when you put a property up for a sale, you know how much you want and you know what or where you are going after. Who puts on the market and doesn't think about the offers they would be willing to accept!?

Depends if you have 3 offers on the table in a short space of time, you may consider that you could get more for the property

nicmyles · 26 January 2017 at 2:15PM

You're not being unreasonable - a week to make a decision on an asking price offer is ridiculous and I'd be worried about how quick and decisive the vendor was going to be further on in the process. That said, there's nothing to be gained from withdrawing your offer - the only time I've given an ultimatum on time to accept an offer was when delay would have cost me another property I was equally interested in if the answer was no.

Just leave it on the table and continue your search.

Marvel1 · 26 January 2017 at 2:18PM

Don't take it off the table, but keep looking at others in the mean time.

davomcdave · 26 January 2017 at 2:19PM

It sounds to me like the vendor will have you gazumped at the first opportunity. I'd be wary and at least get a promise if your offer is accepted that that's that.

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Buying: Offered Asking price and now vendor needs to 'think'

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