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  • FIRST POST
    • 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 4
    • getmore4less
    • By getmore4less 1st Dec 17, 7:09 AM
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    getmore4less
    Could still be a play and there are no other offers.

    If the EA know what others you are looking at they will have an idea of your budget.

    A month is not a long time especially for not the norm properties and some areas that don't have massive continuous local demand potential buyers can be weeks apart
    • csgohan4
    • By csgohan4 1st Dec 17, 7:15 AM
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    csgohan4
    I would walk out of principle, they are messing you around and taking you for a ride. Don't pay more than what it is worth, don't be forced into it
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Slinky
    • By Slinky 1st Dec 17, 8:40 AM
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    Slinky
    I would walk out of principle, they are messing you around and taking you for a ride. Don't pay more than what it is worth, don't be forced into it
    Originally posted by csgohan4
    If there's nothing else that ticks the boxes, then sometimes you just have to grin and bear it.

    It's OK people saying walk away, find something else, but that only works if you're looking at buying a mass produced property where there are lots available in an area.

    We looked for all of last year in one town, offered on two, then walked away from the second one because the vendor (our new neighbour) showed signs of being a control freak. We've since bought in another town (again, a bun fight and we paid a lot more than asking just to secure it), but have kept an eye on our original search area. In 2017 only one house has come up for sale we would have looked at and that sold in about 4 days. Another came up for sale this week in a street we wanted but is too small.

    Sometimes there aren't that many options, and if it means paying a bit more and playing the game to get it, that's what you have to do.

    Do you want to still be looking this time next year and not finding what you want?

    We all want a bargain, but you're admitting this raised offer is still a good price. Will you regret it if you find out later that somebody else got it for a few K more?
    Last edited by Slinky; 01-12-2017 at 8:44 AM.
    • Margot123
    • By Margot123 1st Dec 17, 8:51 AM
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    Margot123
    I'm selling a property subject to Probate and can give you the other perspective.

    The property you are interested in will have been valued at the time of the owner's death, and that is the figure provided when Probate is applied for.
    This is where Executors of a will have to be careful, as if they then sell the property for a figure higher than that they will have Capital Gains Tax to pay, and quite possibly it could put the estate over the Inheritance Tax threshold.
    It's not as simple as executors holding out for more money, even though many think they can.

    I advertised the property of the deceased and accepted a lower offer. Despite being told higher offers had come in, I have stuck with it. Executors should be mindful of the 'hidden' costs to the estate such as Council Tax after 6 months, utilities, security, and insuring an empty property. All that has to be factored into making a decision right for the estate.
    • Davesnave
    • By Davesnave 1st Dec 17, 9:11 AM
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    Davesnave

    Sometimes there aren't that many options, and if it means paying a bit more and playing the game to get it, that's what you have to do.
    Originally posted by Slinky
    This is what the folks in town won't get.

    We tried to buy in much the same area 8 years ago and found it hard-going. Once land and outbuildings come into it, there's a host of 'other stuff' to consider, besides the house itself. Add vendors with an over-inflated idea of value, glacial time-scales for an average sale and it can become very frustrating.

    Anyway, we ended-up buying in Devon, which shows how well we got on!
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • getmore4less
    • By getmore4less 1st Dec 17, 9:21 AM
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    getmore4less
    I would walk out of principle, they are messing you around and taking you for a ride. Don't pay more than what it is worth, don't be forced into it
    Originally posted by csgohan4

    Even with the increased offer the OP has said,


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

    We do have a couple of other contenders, but neither ticks as many boxes and they are both more expensive than this one.
    It's not time to walk yet.
    • getmore4less
    • By getmore4less 1st Dec 17, 9:25 AM
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    getmore4less
    I'm selling a property subject to Probate and can give you the other perspective.

    The property you are interested in will have been valued at the time of the owner's death, and that is the figure provided when Probate is applied for.
    This is where Executors of a will have to be careful, as if they then sell the property for a figure higher than that they will have Capital Gains Tax to pay, and quite possibly it could put the estate over the Inheritance Tax threshold.
    It's not as simple as executors holding out for more money, even though many think they can.

    I advertised the property of the deceased and accepted a lower offer. Despite being told higher offers had come in, I have stuck with it. Executors should be mindful of the 'hidden' costs to the estate such as Council Tax after 6 months, utilities, security, and insuring an empty property. All that has to be factored into making a decision right for the estate.
    Originally posted by Margot123
    Neither of which is a problem.
    • phoebe1989seb
    • By phoebe1989seb 1st Dec 17, 1:51 PM
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    phoebe1989seb
    This is what the folks in town won't get.

    We tried to buy in much the same area 8 years ago and found it hard-going. Once land and outbuildings come into it, there's a host of 'other stuff' to consider, besides the house itself. Add vendors with an over-inflated idea of value, glacial time-scales for an average sale and it can become very frustrating.

    Anyway, we ended-up buying in Devon, which shows how well we got on!
    Originally posted by Davesnave
    I very much fear we might end up buying elsewhere too

    We've never received any actual written acknowledgement of our offers from this particular EA which also sets alarm bells ringing. Just not having much confidence in their business practices and worry what dealing with them would be like going forward.

    If this was anything other than a probate sale I think we'd try to get hold of the vendor to establish whether our offers have been passed on - or at the very least send them a letter stating our position/what we have offered - but obviously this isn't possible here......

    Thanks again for all your thoughts/suggestions, they are much appreciated!
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • BISCUIT1
    • By BISCUIT1 1st Dec 17, 2:33 PM
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    BISCUIT1
    Good luck-hope you get it x
    • Slinky
    • By Slinky 1st Dec 17, 3:39 PM
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    Slinky
    I very much fear we might end up buying elsewhere too

    We've never received any actual written acknowledgement of our offers from this particular EA which also sets alarm bells ringing. Just not having much confidence in their business practices and worry what dealing with them would be like going forward.

    If this was anything other than a probate sale I think we'd try to get hold of the vendor to establish whether our offers have been passed on - or at the very least send them a letter stating our position/what we have offered - but obviously this isn't possible here......

    Thanks again for all your thoughts/suggestions, they are much appreciated!
    Originally posted by phoebe1989seb
    We never got a memorandum of sale on the one we bought!

    Maybe this one just isn't meant for you. We're happier with the outcome of our house hunt, the town we have bought in has more of what we were looking for than the original one we were targeting.

    Perhaps widening your search will have a better outcome for you (and you'll end up next door to Dave in Devon).
    • phoebe1989seb
    • By phoebe1989seb 4th Dec 17, 4:05 PM
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    phoebe1989seb
    Omg!
    OMG.......we just had a call to say our new offer has been accepted

    We are delighted as we really think this one is right for us

    Thanks again to everyone that has posted/given advice on this thread!
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • Quizzical Squirrel
    • By Quizzical Squirrel 4th Dec 17, 4:08 PM
    • 167 Posts
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    Quizzical Squirrel
    Hooray! Well done Phoebe - I'm so happy for you!
    • DaftyDuck
    • By DaftyDuck 4th Dec 17, 5:33 PM
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    DaftyDuck
    Well done!

    Always better to play a gentle, quiet, polite hand than storm off in high dudgeon. Particularly in such locations....

    Fingers crossed that this works through OK.
    • Slinky
    • By Slinky 4th Dec 17, 5:41 PM
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    Slinky
    Oh excellent, I hope it all goes well for you.
    • Davesnave
    • By Davesnave 4th Dec 17, 6:56 PM
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    Davesnave
    Whoopee!

    You can't beat life in the s l o w lane!
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • phoebe1989seb
    • By phoebe1989seb 4th Dec 17, 7:14 PM
    • 3,151 Posts
    • 6,455 Thanks
    phoebe1989seb
    Thanks guys
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • phoebe1989seb
    • By phoebe1989seb 6th Dec 17, 1:40 PM
    • 3,151 Posts
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    phoebe1989seb
    Euphoria shortlived!
    Feeling rather angry/sad today, as just when we thought we'd secured the property we wanted, the EA came back saying a higher offer has come in and that the vendors have decided to go to best and final offers by noon on Monday.

    Part of me thinks this was bound to happen - after all, we increased our offer pushing someone else out, albeit someone that wasn't proceedable - but also it reinforces the suspicion that we're being played.

    In any case we've decided enough is enough and plan to withdraw our offer altogether.

    It obviously isn't meant to be after all.
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • getmore4less
    • By getmore4less 6th Dec 17, 1:48 PM
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    getmore4less
    Why withdraw if being played they have to take your offer or wait.

    if you withdraw and there is no other offer the agent will just play them with you found somewhere else etc.
    • Surrey_EA
    • By Surrey_EA 6th Dec 17, 1:50 PM
    • 1,298 Posts
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    Surrey_EA

    In any case we've decided enough is enough and plan to withdraw our offer altogether.
    Originally posted by phoebe1989seb
    I can completely see how you feel incredibly disappointed.

    However, I would be inclined to go through the process, even if only to resubmit your present offer as your best and final offer. Just because there may be higher offers put forward, does not mean the seller is going to accept them.

    In an executor sale, where there are multiple beneficiaries, and sale proceeds are being split between several people an extra £10k on the sale price may not make a huge difference if fess and taxes then have to be deducted, and then divided between three or four people, for example. The other buyers may not be in as good a position as you.

    You won't ever win a race that you don't enter. Best of luck.
    • DaftyDuck
    • By DaftyDuck 6th Dec 17, 4:00 PM
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    DaftyDuck
    Never withdraw (unless under Papal guidance!). As Surrey says, who knows? The higher offer may not pan out, his mortgage offer may fail, or he might be an arrogant twonk who will suitably irritate somebody in the EA such that they will favour your fragrant selves.

    You have, effectively, already shoved yourselves in (and I would have done the same, so no edge to the comment intended), and should be prepared to do the same again - IF THE PRICE IS STILL ACCEPTABLE. Never get carried away in a bidding war (or any kind of auction, or game of poker...). However, you did say the house was excellent value.


    Is it still, even if at an increased offer price? If so, wear a smile, bear up under the pressure, and increase your offer. Try to sympathise with the lovely, sweet, kind agent as you do so (if you can bear to), as any favouritism you can win just now may help press your offer (Surrey, I must just say how often I agree with your posts... you are just so on the ball all the time.... So nice to post after you)... Just do it better than that.

    I know it's hell. Believe me, I could tell some tales, and have dealt with some ghastly agents (Mark@Lovetts, I still have the tapes of your conning a nice old lady.... sweat, you pasty poltroon..)

    I am in a stunning house. I love it. I believe I pm'd you some of it... Remember? Now, think your buying is tough? If the house is worth it, stick with it.

    If it isn't worth it any more, then offer no more, leave your offer standing (why not?) buy a good bottle of wine to go with a takeaway, and watch a good film. Then, tomorrow, start again.
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