Asking price offer - vendor now wanting more!

phoebe1989seb · 6 November 2017 at 10:33AM

Hi guys,

Wondering what your thoughts are on the following, please?

We viewed a property within two days of it coming onto the market. It was not only very cheap, but ticked most of our boxes so we made an asking price offer.

The EA informed us that the vendors - a deceased estate, so the executors - wanted to allow the other viewings booked to go ahead before they made a decision. We knew there was lots of interest as there were viewings before ours and over the weekend.

Today we had a call saying the vendors had decided to increase the asking price by £35k based on the amount of interest so far. Apparently no-one else has offered.

We are probably being played, but really want the property so are inclined to increase our offer by £20k on the understanding it is removed from the property portals and no further viewings take place.

Fwiw, we are SSTC and won't be getting a mortgage.

Your thoughts please......

Thanks in advance.

anselld · 6 November 2017 at 10:43AM

Personally I would wait, at least until the vendors have time to realise that real interest comes in the form of offers, not viewings.

Rambosmum · 6 November 2017 at 10:44AM

If it hasn't gone through probate then the executors are obliged to get the best price possible, so if there has been a lot of interest, and like you say it was cheap, then are doing what is required.

If it is a probate property, then the risk of being gazumped is higher due to the above. Though the executors have to weigh up how far along the process you are versus the increased offer.

Offer what you think the house is genuinely worth, both to you and on the open market. If you offer above what you feel it is worth it'll bread resentment and you'll fall out of love with it and it could jade your enjoyment of living there.

LEJC · 6 November 2017 at 10:50AM

Thats the sensible way to play it Phoebe.
Is it that niche a property that it was so undervalued in the first place.

We were in a niche purchase as cash buyers for a probate house earlier in the year...probably not on the scale of yours but the price seemed to fluctuate at every twist and turn and with every viewing that took place.
It then took 6 weeks to negotiate the acceptable price because of executers who wished to squeeze every last penny...

Sadly that wasnt the end of a set of executors who couldnt agree and after 6 months we had to walk away.

In your case I can understand a little price interest connected to interest but there is a fine line between interest and an actual offer...I guess it could end up that your offer remains on the table as a sort of temptation to others and thats where it gets into a bidding war....thats the downfall of going in early with the increased offer

You are right to say one offer and house removed from sale.

As cash buyers they really should be looking at that favourably too....surely that should be very appealing to the executors.

eddddy · 6 November 2017 at 11:16AM

phoebe1989seb wrote: »

We are probably being played, but really want the property so are inclined to increase our offer by £20k on the understanding it is removed from the property portals and no further viewings take place.

My guess would be that whatever you offer, the executors will want to leave the property on the market for at least a week or two, to see what others might offer.

In fact, if they are under a duty to get the best price reasonably possible, it would be hard for them to justify selling to the first person that made them an offer.

Personally, for the moment, I would say to the EA something like...

I'm very interested in the property, I need to think about whether to increase my offer - please keep me informed of any updates regarding the property.

Edit to add...

And if you say I'm offering £x on the basis that you take off the market.

What if they say they still want to wait a week for more offers?

In a weeks time would you really say "I'm not interested in buying the house any more?"

I think they'd assume that you offer of £x would still stand in a week's time.

hazyjo · 6 November 2017 at 11:35AM

I can understand them saying 'best and final offers' after a lot of interest with £35k more in mind, but when there's one offer on the table...? Was it not even up as 'offers over'?

If it really is worth more, it's entirely up to you if you pay more. I would be very reluctant with no other offers on the table. Only bidding against myself!

phoebe1989seb · 6 November 2017 at 2:52PM

Thanks for all your helpful replies, guys and apologies for not responding sooner

Some further info -

The vendors do have probate. It is a niche property and the EA said this morning that the original price was suggested by himself. It was advertised as 'Guide Price £******' as opposed to 'Offers Over', but we guessed it would go for more as it seemed very low, even taking into account the amount of work required.

We're really hoping not to get into a bidding war - been there already with one property recently and we walked as it seemed we were being played - and want to get this tied up as our buyer is pushing for a prompt exchange/completion.

LdnFtB · 6 November 2017 at 3:46PM

At this point if you raise your offer you're bidding against yourself. Although they may have had lots of viewings only one of them - yours - has translated into an offer. Might be worth leaving your offer on the table but holding off an increased bid until another buyer has actually materialised?

glasgowdan · 6 November 2017 at 4:17PM

So it's not really an asking price offer if you've offered the guide price. I'd leave my offer as it is but keep looking elsewhere.

pretamang · 6 November 2017 at 4:52PM

if it's such a good price why aren't there more offers?

I'd leave the offer with them to consider whilst looking at other properties in the meantime.

googler · 6 November 2017 at 5:15PM

glasgowdan wrote: »

So it's not really an asking price offer if you've offered the guide price. I'd leave my offer as it is but keep looking elsewhere.

If the guide price isn't the asking price, then what is it?

What would you say the buyer should offer to have offered the asking price?

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Asking price offer - vendor now wanting more!

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