Offered asking price, but the property is still on the market

charliechin

Hi all,

We've just been to view a property 2nd time that we've put an offer in for the asking price - 135 (was 155, the seller has recently dropped the price by 20k).

Everything seemed to go okay, but while we were there the seller said something along the following lines:

"I'm only telling you this because the estate agent will tell you. We've got another viewing organised for Wednesday, obviously there's a chance you could drop out of buying the property and we'd be stuck, so we're carrying on taking viewings."

What should our response be to this? My initial instinct is damn, we really had our heart set on this property, but of course part of me is thinking how damn cheeky! Is there a chance anyone would outbid on the asking price in the current market?

Russ :huh:

chewmylegoff

charliechin wrote: »

Hi all,

We've just been to view a property 2nd time that we've put an offer in for the asking price - 135 (was 155, the seller has recently dropped the price by 20k).

Everything seemed to go okay, but while we were there the seller said something along the following lines:

"I'm only telling you this because the estate agent will tell you. We've got another viewing organised for Wednesday, obviously there's a chance you could drop out of buying the property and we'd be stuck, so we're carrying on taking viewings."

What should our response be to this? My initial instinct is damn, we really had our heart set on this property, but of course part of me is thinking how damn cheeky! Is there a chance anyone would outbid on the asking price in the current market?

Russ :huh:

can't believe that you offered asking price in this market!

respond by reducing your offer.

maryotuam

Cheeky maybe but understandable as there are so many stories of buyers pulling out due to cold feet at the last minute. The seller doesn't know yet that it's their lucky day.

wymondham

Seems sensible. They are probably expecting you back with a lower offer, so hoping they have alternative buyers lined up?

skintlass

tbh I've had 2 buyers pull out on me now so I understand the sellers pov - if you want the house then move quickly to sort it out and you'll probably get it.

KellsBells

chewmylegoff wrote: »

can't believe that you offered asking price in this market!

respond by reducing your offer.

Feel that this is a little harsh. Taking into account that in this current climate it is unlikely that the vendor will receive a higher offer, I would say don't worry too much.

I'm sure you can appreciate that if a seller is told that they are going to get £20,000 less for their house than they originally hoped, they will be quite keen to keep the property on the market in the hope of a higher offer. Can you really blame them?

It is unfortunate, but if you truely do have your heart set on this house, I would not risk annoying the vendor and reducing your offer. Respond by appealing to their better side and tell THEM you have your heart set on the property and will not pull out leaving them in the lurch. That's what they want to hear...... NOT that you are going to mess them about by changing your offer (after all, that is exactly what they are afraid of).

GDB2222

I can't say whether you've offered too much, but I have huge sympathy with the sellers wanting to keep the house on the market until exchange. You can ask, perfectly reasonably, for a lock-out agreement that gives you say 4 weeks to exchange contracts, during which time they can't sell to anyone else.

Ivrytwr3

Tell them that they accept your offer and take it off the market immediately or you will walk away.

bazzais

Its normal practice in buying and selling houses to play the 'hard play' game. I am buying a property at the moment and my offer has been accepted by the vendor. However the estate agent has said that they will continue to take the name and address's of people who contact them while its still on the 'market' (ie its still being advertised) but will accept no more viewings. I am pretty confident that if someone offered another £100,000 then they would sell to someone else, but I am pretty sure that its not worth the vendor pulling out now without adding another month onto his wait to move out.

In the end it will go to the highest bidder - if your confident you are the highest bidder then dont worry about their threats. Its just business.

Avallon_2

You've not stated your position. Are you selling a house? Do you need a mortgage? Are you a cash buyer? This will influence your bargaining power.

hethmar

I dont think you should up the price - I cant believe their luck in finding someone who doesnt try to knock a lot more off. Just keep your cool. My son offered just under asking price for a flat in June. It was accepted in principle, 2 weeks later someone offered the full asking price and son was dumped. 6 weeks after that the agent rang son asking if he was still interested as the first people had dropped out. Son said Nope because the signs were the house prices were dropping quickly. Today the flat is £20k below what son offered and still no takers.