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  • FIRST POST
    • markyyyyyy
    • By markyyyyyy 8th Feb 18, 7:52 PM
    • 34Posts
    • 8Thanks
    markyyyyyy
    Vendor keeps pushing price up
    • #1
    • 8th Feb 18, 7:52 PM
    Vendor keeps pushing price up 8th Feb 18 at 7:52 PM
    Hi, our situation is this:

    we have seen a house we REALLY want, basically it ticks all boxes.

    We only want to put our house on the market if the seller accepts our offer subject to contract and takes their house off the market. We can get our house on the market within 2 days and hopefully sell within 6 weeks (only 3 bed semi on the market in our village).

    they are asking offer in region of 260k

    we went in at 245k - seller rejected and said minimum they want is 256k

    i then ofered 255k

    they counter offered 257500k

    i offered 256k subject to them taking house off market SOLD STC, to whivh they agreed on the price but not to take it off the market. As a result, i iupped my offer to 257k subject to SOLD STC

    they declined, and said they will accept 260k (asking price) and take it off the market for 4 weeks to allow us to sell

    I declined, and said 257k is our final offer, with them taking it off sold STC.



    My understanding is that the EA and buyer knows how much we want the property (i let on to the estate agent how much we want it, and that we only want to put outs up for sale if we can move to that house), so they keep upping their price thinking they can take us for a ride.

    All along, our max price in our head is 257k, and now i have dealt that card, do you think they will reasses our offer, and potentially come back crawling? The house has been on the market for 2 weeks, so not long. To my understanding, they have had viewings but no offers.

    thoughts on what to do? I feel like they are trying to make a mockery of us, but at the same time we really want the house.

    Cheers
    Savings aim for 2012: 5000 = 416.60 per month

    Current Savings excluding M&G Investments (18/11/11):
    Britannia: 5334

    Total Aim for 31/12/12: 10,334
Page 2
    • AnotherJoe
    • By AnotherJoe 9th Feb 18, 8:18 AM
    • 8,240 Posts
    • 8,965 Thanks
    AnotherJoe
    when we did the viewing 10 days ago, they said they had not yet found a house. they are expecting a 2nd baby in April so i expect they want to move before then....
    Originally posted by markyyyyyy
    Then they have even less incentive to accept your offer ! They can wait with yours in their back pocket until they find somewhere. A better offer (proceedable and / or more money) may come up whilst they are looking. Why would they close off their options until they have somewhere to offer on ?

    And sure, they might like to move before baby in April but if they haven't found a house yet, nor have a proceedable buyer, they can stash that hope next to their store of rocking horse poo.
    • Slinky
    • By Slinky 9th Feb 18, 8:25 AM
    • 4,937 Posts
    • 21,830 Thanks
    Slinky

    And sure, they might like to move before baby in April but if they haven't found a house yet, nor have a proceedable buyer, they can stash that hope next to their store of rocking horse poo.
    Originally posted by AnotherJoe
    Very eloquently put.
    • somethingcorporate
    • By somethingcorporate 9th Feb 18, 8:27 AM
    • 8,868 Posts
    • 8,574 Thanks
    somethingcorporate
    In the past we've both told and been told by EAs not to see people like the OP who are not in a position to proceed. They are effectively tire kickers until they at least have an offer on their house, not even having it on the market is taking the mick!
    Thinking critically since 1996....
    • Slinky
    • By Slinky 9th Feb 18, 9:12 AM
    • 4,937 Posts
    • 21,830 Thanks
    Slinky
    In the past we've both told and been told by EAs not to see people like the OP who are not in a position to proceed. They are effectively tire kickers until they at least have an offer on their house, not even having it on the market is taking the mick!
    Originally posted by somethingcorporate
    There's nothing inherently wrong with people offering who don't have their house on the market yet many people only move because there's a particular house or area they want and it comes up rarely, but they have to respect that the vendor is not going to take their house off the market, or mark it SSTC, to somebody who isn't the slightest bit proceedable unless they get a lottery win.

    OP it sounds like you are demanding 'rights' over this property because you want it, you want it at a reduced price and you want the vendors to dance to your tune. If dancing is required, you have to pay the piper, and he will generally want a premium price, not a reduction.

    If I was the owner of the house you are wanting, I may 'consider' taking it off the market for an offer over the asking price for a limited period of time in order for you to get your place sold. But it depends a lot on how other viewings are going.
    • ReadingTim
    • By ReadingTim 9th Feb 18, 10:29 AM
    • 2,392 Posts
    • 3,396 Thanks
    ReadingTim
    Even if you were proceedable, you've made your "final" offer. Come back with another offer, and you're only making a mockery of yourself.
    • PokerPlayer111
    • By PokerPlayer111 9th Feb 18, 10:53 AM
    • 184 Posts
    • 48 Thanks
    PokerPlayer111
    Even if you were proceedable, you've made your "final" offer. Come back with another offer, and you're only making a mockery of yourself.
    Originally posted by ReadingTim
    true, make an offer stick with it and go fall in love with another property which will probably take 1 week tops as there are many on every street.
    • hazyjo
    • By hazyjo 9th Feb 18, 12:13 PM
    • 10,106 Posts
    • 12,951 Thanks
    hazyjo
    Offering when not proceedable just results in several things:


    - The vendors will now be deluded that people will be queuing round the block to buy their house.
    - They are less likely to reduce the price if little interest as you are hanging on offering full asking price or more.
    - The house is now MUCH more appealing to others. It forces their hand. They will be told there's an offer on the table which hasn't been accepted yet (they prob won't even bother saying you're not proceedable, they just play one off against the other). Plus it makes it look like a good deal and they'll prob say there's been lots of interest. Human nature to want something that someone else does.
    - Doesn't give you any wriggle room on your asking price.
    - They're less likely to agree a reduction.


    Loads of other reasons, but these are off the top of my head.


    I know it's hard, but for anyone reading in the future, if they say no to an offer (if you insist on offering when not proceedable), take your offer off the table and action your own sale ASAP. When you have a buyer, go back and offer again (although if you did offer before, it'll be hard to come back with a lower offer!).
    2018 wins: Single Malt Whisky; theatre tickets
    • getmore4less
    • By getmore4less 9th Feb 18, 12:20 PM
    • 31,397 Posts
    • 18,809 Thanks
    getmore4less
    Somewhere in the chain SOMEONE has to make offers before they're preferable otherwise the chain could take years to complete after the first offer at the bottom.
    Originally posted by glasgowdan
    People should be in the position of selling and buying at the same time.

    You then have provisionals both ways but at least the process has started to close the link on that property

    you find a place you say, interested @ X but waiting for a buyer.
    a buyer comes along interested @ Y will let you know when we have found something to buy

    unless a real shortage or very picky chains can form quite quickly.

    Trying to say you have to accept my offer before I will even try to sell my place is not really playing the game.

    They should have got on the market as soon as the negotiations started and gone a lot slower on the offer increases to give theirs time to attract interest.

    one strategy is to use the same agent they then have an incentive to make the deal happen, but EA know to much so can play both sides.
    • markyyyyyy
    • By markyyyyyy 9th Feb 18, 7:51 PM
    • 34 Posts
    • 8 Thanks
    markyyyyyy
    thanks for your replies everyone. I understand i need to get my house on the market ... i have actioned this today and we've got someone taking photos tomorrow so should be up and running by early next week.

    The vendor initially accepted an asking price of 157k, but did not want to take it off the marke, then then said they will take it off the market for 4 weeks, for 260k.

    We declined that offer, and said 257k is maximum asking orice.

    My only concern is that if we sell our house in a week or two, and they have not yet sold their house, do you expect he will be greedy and still want 260k, or would he honor the original

    I know this is entirely up to the vendor, but just after your opinions on what you would do.

    cheers
    Savings aim for 2012: 5000 = 416.60 per month

    Current Savings excluding M&G Investments (18/11/11):
    Britannia: 5334

    Total Aim for 31/12/12: 10,334
    • isplumm
    • By isplumm 9th Feb 18, 8:29 PM
    • 1,828 Posts
    • 773 Thanks
    isplumm
    In the past we've both told and been told by EAs not to see people like the OP who are not in a position to proceed. T
    Originally posted by somethingcorporate
    Hi,

    I don't understand that position - we are looking at the moment - but our house is not on the market yet. I quite understand not accepting offers when the buyer is not proceedable, but not allowing viewings seem strange.

    If we see a property that we like, then once we have accepted an offer, we can then immediately make an offer on that one, but if we haven't even seen it, then not chance!

    Mark
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    • Linton
    • By Linton 9th Feb 18, 9:00 PM
    • 9,032 Posts
    • 9,120 Thanks
    Linton
    You have found THE house but have been faffing around over a few K! And you havent even put your house on the market!! Sorry, you sound like a time-waster.

    Most people have to compromise when buying a house and get something that doesnt tick all the boxes, merely enough of them. So when you saw a house you really wanted you should have put your house on the market immediately and gone in at the asking price. Then perhaps you would have had a chance.
    • Cakeguts
    • By Cakeguts 9th Feb 18, 9:04 PM
    • 3,765 Posts
    • 5,206 Thanks
    Cakeguts
    Hi,

    I don't understand that position - we are looking at the moment - but our house is not on the market yet. I quite understand not accepting offers when the buyer is not proceedable, but not allowing viewings seem strange.

    If we see a property that we like, then once we have accepted an offer, we can then immediately make an offer on that one, but if we haven't even seen it, then not chance!

    Mark
    Originally posted by isplumm
    But when you view a property you won't be proceedable because you won't have accepted an offer if you view before you put your house on the market. Some vendors don't want viewings from people who are not proceedable because by the time you get an offer on your house the house that you liked would probably be sold to someone else who was proceedable at the time of viewing. This means that your viewing wasted everyone's time.
    • AnotherJoe
    • By AnotherJoe 9th Feb 18, 9:08 PM
    • 8,240 Posts
    • 8,965 Thanks
    AnotherJoe
    thanks for your replies everyone. I understand i need to get my house on the market ... i have actioned this today and we've got someone taking photos tomorrow so should be up and running by early next week.

    The vendor initially accepted an asking price of 157k, but did not want to take it off the marke, then then said they will take it off the market for 4 weeks, for 260k.

    We declined that offer, and said 257k is maximum asking orice.

    My only concern is that if we sell our house in a week or two, and they have not yet sold their house, do you expect he will be greedy and still want 260k, or would he honor the original

    I know this is entirely up to the vendor, but just after your opinions on what you would do.

    cheers
    Originally posted by markyyyyyy
    Why do you use an emotional word like "greedy". They are selling their house for the maximum they can get. I'd expect you would do the same, or perhaps you aren't "greedy" and will accept less than you can get ?
    • Smodlet
    • By Smodlet 9th Feb 18, 9:27 PM
    • 2,212 Posts
    • 5,122 Thanks
    Smodlet
    The vendors, according to you, OP, are "greedy" and you want them to "crawl" to you. I wonder how much of your attitude came across to the vendors when you viewed. You then make several offers, all below the asking price in a short space of time, thereby signalling you are not to be taken seriously.

    Were I the vendor, I would not entertain selling to you as you come across as a difficult, unreasonable time-waster. If you are like this now, how are they to know you will not be worse as the transaction proceeds? Gazundering and all sorts of nasty possibilities would occur to me and may have to the vendors.

    Buying or selling a house is a business transaction. I suggest you try to conduct yourself in a businesslike manner if you want to be taken seriously and make no more offers on any property until you have at least one firm one on your own.

    Sure, buying your dream home is an emotional experience but you need to keep the emotion in check until you are back in your own house, where the vendors/EA can't see or hear you; then you can be as emotional as you like. HTH.
    What is this life if, sweet wordsmith, we have no time to take the pith?
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