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    • phoebe1989seb
    • By phoebe1989seb 6th Nov 17, 9:33 AM
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    phoebe1989seb
    Asking price offer - vendor now wanting more!
    • #1
    • 6th Nov 17, 9:33 AM
    Asking price offer - vendor now wanting more! 6th Nov 17 at 9:33 AM
    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.
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
Page 3
    • saajan_12
    • By saajan_12 16th Nov 17, 12:11 PM
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    saajan_12
    Don't keep focussing on the status of this house. You don't know whether the owner is a motivated seller / testing the market / overly optimistic. You can leave your offer on the table, but focus on your options assuming this house was never on the market.

    1. If your sale is at a good price, keep that going and move into rented for a standard 6month tenancy so you can be chain free when you come to buy in early summer next year.

    2. If one move is important to you and the offer to buy your house isn't ideal / you think you can get another buyer, then keep looking for houses and keep your buyer informed. Expect this sale to fall through and have to start again in the spring.
    • phoebe1989seb
    • By phoebe1989seb 16th Nov 17, 12:17 PM
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    phoebe1989seb
    You need to have a serious think about what you want to get out of this.

    You can back out of this purchase and move into rented accommodation. Then being chain free, in the spring/summer you will have advantage of no chain and no mortgage.

    You can keep trying to get this house, and at some point your buyer is going to get worried and could potentially pull out. Do they have to move any time soon? Coming up to Christmas I suspect they wanted to move in before, so they could have Christmas in their new home. This is unlikely to happen now.

    Have you told your EA that you are selling with of the situation? Are your buyers aware?
    Originally posted by Lokolo
    Thanks Lokolo.

    Our buyers/our EA are aware, yes.

    We had really hoped to avoid going into rented for a number of reasons, not least because we have two dogs and about a hundred large shrubs in garden planters, lol, but have to face facts that this is now the most likely scenario.

    Our buyers are very keen, having lost out buying this house when we bought it three years ago. It's a unique, one-off property and getting it is the only reason they would move.

    Moreover, they are not selling their current house but even so I think they would like to be in by Christmas.

    They have actually kept us dangling somewhat, although it's too complicated to go into here. As a result - coupled with them not selling their current house/their desire to secure this one - I believe they will be more accommodating with regard to our onward purchase issues.

    Part of the problem with us going into rented is the fact we are currently mortgage-free - and will continue to be so - and therefore any outlay such as rent, storage costs, kennelling of our dogs will eat into our capital......

    We've just emailed the EA requesting an update and are awaiting a reply.
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • saajan_12
    • By saajan_12 16th Nov 17, 12:31 PM
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    saajan_12
    Understand the animals, garden etc make an extra move and rental accomodation more difficult. Note however if you sell now, you'll get the full sale proceeds which you can invest in an instant access fund. Depending on how the return of your investment compares to rental yield, this would offset the rent you pay.

    If you think your buyer will be willing to wait, then it might just work out for you. The message from us is just to leave your offer on the table but otherwise proceed as if the house you're offering on didn't exist. You can't force them to move any faster, and frequent chasing won't help as it sounds like they're looking for more / unmotivated / undecided.
    • phoebe1989seb
    • By phoebe1989seb 16th Nov 17, 1:43 PM
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    phoebe1989seb
    Okay, so we just had a reply from the EA - they say they have still not received an answer from the solicitor and are chasing.......
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • Quizzical Squirrel
    • By Quizzical Squirrel 16th Nov 17, 3:22 PM
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    Quizzical Squirrel
    My fingers are crossed for you - I know it must be special and that you're the perfect person to take care of a house like that.

    (I feel a little sad when some people buy these places and don't really appreciate them. It always makes me think there's someone out there who would truly treasure this but can't afford it. Including me usually!)
    • phoebe1989seb
    • By phoebe1989seb 16th Nov 17, 5:31 PM
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    phoebe1989seb
    My fingers are crossed for you - I know it must be special and that you're the perfect person to take care of a house like that.

    (I feel a little sad when some people buy these places and don't really appreciate them. It always makes me think there's someone out there who would truly treasure this but can't afford it. Including me usually!)
    Originally posted by Quizzical Squirrel
    Thank you QS

    I know. It's very sad that the wrong people often end up buying these properties. We had a few look at our current house and all they were interested in doing was knocking it about/extending till it bore no resemblance to its original appearance. Fortunately it has an Article 4, but that hasn't stopped others locally.......

    Nothing further from the EA today, so that's 14 days since we submitted our offer.
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • Mutton Geoff
    • By Mutton Geoff 16th Nov 17, 6:56 PM
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    Mutton Geoff
    Nothing further from the EA today, so that's 14 days since we submitted our offer.
    Originally posted by phoebe1989seb

    If you had asked someone out and they didn't answer for 14 days, would that give you a clue about what they thought of your offer?


    The estate agent is messing you around, I made a suggestion earlier on how you could turn this around but at the moment you are just singing to their tune.
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £3,963

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • phoebe1989seb
    • By phoebe1989seb 17th Nov 17, 3:14 AM
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    phoebe1989seb
    If you had asked someone out and they didn't answer for 14 days, would that give you a clue about what they thought of your offer?


    The estate agent is messing you around, I made a suggestion earlier on how you could turn this around but at the moment you are just singing to their tune.
    Originally posted by Mutton Geoff
    Thanks.....I had missed your earlier reply till a moment ago, but as it happens we did tell the EA this afternoon that we have viewed and offered on another property. This is not a complete fabrication as we do actually have an offer left on the table for a house we viewed before this one, but they are not to know our original offer wasn't accepted We also said if that offer is accepted we'll be withdrawing our offer on this one.

    The area we are looking to purchase in is some 3-3.5 hours drive away so we can't just rock up for viewings easily, but despite the sheer lack of suitable property we're doing our best to identify others worth travelling to view.

    I agree, we've been too nice and it's time to play hard ball. Will update if there are any further developments.........
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • getmore4less
    • By getmore4less 17th Nov 17, 4:28 AM
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    getmore4less
    If you had asked someone out and they didn't answer for 14 days, would that give you a clue about what they thought of your offer?

    The estate agent is messing you around, I made a suggestion earlier on how you could turn this around but at the moment you are just singing to their tune.
    Originally posted by Mutton Geoff
    For a probate property with multiple beneficiaries that would not be unusual.

    Often they won't care about ultimatums from potential buyers as the motivations to sell are not the same as those trying to move house.
    • Surrey_EA
    • By Surrey_EA 17th Nov 17, 9:00 AM
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    Surrey_EA
    The estate agent is messing you around, I made a suggestion earlier on how you could turn this around but at the moment you are just singing to their tune.
    Originally posted by Mutton Geoff
    I'm not sure how you deduce that it's the EA messing the OP around!

    Wouldn't it be more logical to point the finger of blame at the executor(s) and/or beneficiaries?

    All the EA wants is a nice simple sale, ideally as fast as possible. However, it is not uncommon for the EA to be blamed as a result of their client's actions.
    • warby68
    • By warby68 17th Nov 17, 6:52 PM
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    warby68
    Very unlikely to be the agent messing anyone around.

    Far more likely that the executors/beneficiaries are not making a quick decision for whatever reason. It could be as simple as just one person that doesn't 'get' any urgency. The solicitor may have gone all old school and actually written letters to people. If abroad etc then 2 weeks is nothing really.

    I doubt you can do much to force the issue in such a case other than ask the agent to remind the solicitor that you are looking to move quickly so will continue to offer on other properties.
    • phoebe1989seb
    • By phoebe1989seb 29th Nov 17, 5:18 PM
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    phoebe1989seb
    A final update......grrrr!
    So, having last heard from the EA at the end of the week when they assured us they were still chasing the solicitor for a reply and would let us know as soon as they had any news, today the property has been marked as SSTC

    We never received a yay or nay to our offer (made on 2nd November) and neither were we given the opportunity to increase our offer after other(s) had been received......grrrrr!

    Had we been given the chance we would have happily offered up to £20k more.

    Beyond angry now, especially as we had great news regarding our own sale today and exchange on that is iminent......

    Very little else out there that suits our requirements either
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • Lokolo
    • By Lokolo 29th Nov 17, 5:35 PM
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    Lokolo
    It's a shame, but people are like that and it seemed like that was going to be the end result from what you've been saying. I would be weary of the estate agents though in the future. I know they work for the seller but at the end of the day, you are being messed around and they knew all about it and what was happening. I would also write a review on google and Facebook about how disappointed you are with the professionalism of the EA.

    I did also have the same issue. Although it was down to the seller, the EA did nothing to resolve the issue.

    Given its coming up to December I would clarify whether your buyers are wanting to move in before Christmas. The worst thing to do now is to mess them around.

    It maybe worthwhile considering rented accommodation. Spring will come around soon and more properties should start coming on the market.
    • Quizzical Squirrel
    • By Quizzical Squirrel 29th Nov 17, 5:39 PM
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    Quizzical Squirrel
    So sorry to hear this.

    I'd keep trying, it's not sold yet.
    • DaftyDuck
    • By DaftyDuck 29th Nov 17, 6:05 PM
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    DaftyDuck
    Register your continued interest with the Agent. Never complain or moan until the fat lady has sung. In fact, wait until she's taken her makeup off, and is in the showed.

    You never know, the current buyer may crumble away.
    • phoebe1989seb
    • By phoebe1989seb 29th Nov 17, 6:13 PM
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    phoebe1989seb
    Thanks Lokolo and QS

    Yep, we had a nasty inkling it was going to end this way too. We've not had a great deal of joy with estate agents in Wales, tbh

    We are extremely fortunate in that our buyers are wanting to spend Christmas in their current house - which they are not selling - and are happy to exchange now and complete in the New Year, especially as they are aware they have held things up somewhat for us.....so hopefully no need to go into rented before Christmas!

    I'm certainly wary of viewing anything with that particular EA now though.......
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • phoebe1989seb
    • By phoebe1989seb 29th Nov 17, 6:18 PM
    • 3,151 Posts
    • 6,456 Thanks
    phoebe1989seb
    Register your continued interest with the Agent. Never complain or moan until the fat lady has sung. In fact, wait until she's taken her makeup off, and is in the showed.

    You never know, the current buyer may crumble away.
    Originally posted by DaftyDuck
    Thanks Dafty!

    Yes, as much as I'd rather not have any dealings with them, we will be speaking with the EA tomorrow. As you say, who knows......

    Another property we viewed, offered on - and were beaten by the second viewer - recently came back on as the buyer supposedly got tired of waiting (seems a bit of a thing in Wales, lol!), so it does happen. Unfortunately within a few hours of that EA calling us to see if we wanted to re-offer, they had withdrawn it from the market while the vendor decides how many acres to include
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • Davesnave
    • By Davesnave 30th Nov 17, 12:25 AM
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    Davesnave
    I'm certainly wary of viewing anything with that particular EA now though.......
    Originally posted by phoebe1989seb
    Knowing who it was, I'll interject to say that we had a similar experience with them.

    I'll PM you in the next day, or two.....
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • getmore4less
    • By getmore4less 30th Nov 17, 7:12 AM
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    getmore4less
    So, having last heard from the EA at the end of the week when they assured us they were still chasing the solicitor for a reply and would let us know as soon as they had any news, today the property has been marked as SSTC

    We never received a yay or nay to our offer (made on 2nd November) and neither were we given the opportunity to increase our offer after other(s) had been received......grrrrr!

    Had we been given the chance we would have happily offered up to £20k more.

    Beyond angry now, especially as we had great news regarding our own sale today and exchange on that is iminent......

    Very little else out there that suits our requirements either
    Originally posted by phoebe1989seb
    You still can, but it might still not be enough

    in your opening post you said this.

    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.
    They were clearly after more money and as I said motivations with probate sales are not like real ones.

    also at that time how long had it been on the market 1 week(ish)?
    where are we now 4 -5weeks? or is it more.

    Even if they were playing you a bit to get time it seems to have paid off if they now have higher offers,

    Get your new higher one in and see if that is enough.
    • phoebe1989seb
    • By phoebe1989seb 30th Nov 17, 9:58 AM
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    phoebe1989seb
    Knowing who it was, I'll interject to say that we had a similar experience with them.

    I'll PM you in the next day, or two.....
    Originally posted by Davesnave
    Ah, that's interesting Dave Would appreciate that, thank you!

    Getmore4less, it came onto the market on 30th Oct, we viewed/offered on 2nd Nov so four weeks ago.

    Have called the EA and discovered the offer - whilst higher than ours - is from someone not yet under offer themselves and that needs to sell. Apparently it is at the new asking price.

    We've increased our offer to slightly higher than this and reiterated our position - close to exchange on our sale - after a minor hiccup , that we'll be cash buyers once that has completed etc etc and reminded them we're not in a chain beyond our buyer.

    Even at the new amount we've offered it still represents extremely good value for money.

    We do have a couple of other contenders, but neither ticks as many boxes and they are both more expensive than this one.
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
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