Are our vendors playing games with us???

WexfordWarrier

Hi all,

My wife and I are FTB. Two days after being put on the market for 285k, we made an offer of 270k on a house that we really like. We have a potential problem with parking and a small garden, but you have to sacrifice something!

Our first offer was quickly rejected, so we made a second offer of 275k. The estate agent got back to us and said because the property had just gone on the market, the vendors were confident that they would get the full asking price. As we had some issues with the garden and parking we said that £275k would be our final offer.

We heard nothing for four days and then got a call from the estate agent. It turns out that the vendors have already had their offer accepted on another house (with no chain) and now needed to move quickly. We were told that this is because their vendors had threatened to rent out the house instead of selling. I'm not sure if this is a ploy or not.

Sensing blood, we went back in with our original offer of 270k. The estate agent got back to us and said they need a minimum of 275k to do a deal. We said that 270k was our top offer and left it at that. Two days later the agent called and said he was trying to arrange a deal where he could get 5k knocked off the price of the house which our vendors were buying (he is the agent for both). He sounded hopeful yesterday, but today we got a call saying that a deal couldn't be done and that we would need to offer 275k. We said that's a pity, and call us if anything changes.

As we are new to all this, is the estate agent just playing a game with us in an attempt to get more money or has he genuinely come to an impasse? Should we hang on in there for another couple of days or should we just bite the bullet and offer £275k? I know 5k is not that much money given what we are paying, but £30ish extra a month on a mortgage would be worth saving.

We have played it very cool with the agent so far and we have only ever called him to make our offers. He has been doing all the chasing. Given we are FTB and that the vendors need to move quickly, I think we are in a very good position and should use this to our advantage.

Any advice would be very gratefully received!!! Sorry for such a long post!!

Thanks:)

cte1111

It sounds more like you are playing games with them. You thought the house was worth £275k to you, so why isn't it now? I can understand your thinking but not sure it will work in this case.

If you'd never gone above £270k then I would say stick to your guns, but usually you need a reason to reduce your offer, e.g. survey says the house needs rewiring, before being able to successfully go lower than before.

WexfordWarrier

Thanks!

We didn't know much about the parking situation when we made our first bids. The reduced price also reflects that they are now desperate to sell and we are in a very good position and can move quickly!!

Davesnave

WexfordWarrier wrote: »

Thanks!

We didn't know much about the parking situation when we made our first bids. The reduced price also reflects that they are now disparate to sell and we are in a very good position and can move quickly!!

Perhaps you shouldn't bid before you know the basics.

But regardless of that, if I was your vendor, I'd now be extremely concerned that you might go for a second reduction close to exchange.

As for the agent, he is not likely to be mucking you about for the paltry sum his % of £5k will be.

moneyistooshorttomention

cte1111 wrote: »

It sounds more like you are playing games with them. You thought the house was worth £275k to you, so why isn't it now? I can understand your thinking but not sure it will work in this case.

.

Couldnt have put it better myself. I should imagine your vendor realises you are thinking along "sensing blood" lets try and take advantage mood and will resist your attempt to take unfair advantage of them.

At least do the owners of this house the favour of telling them they need to sack their estate agent - fancy telling people like yourselves "go for the jugular vampires".

WexfordWarrier

Thanks for your comments.

I could see your point if we had an offer accepted. As it stands, we had opted out and were out looking again. The vendors came back to us, and surely, our ability to move quickly, to get them out of a hole has to be worth something?

artbaron

So you offered 270 and that was rejected. You offered 275 and they got back to you after a few days days and had a chat, like as not with a view to gauging if you'd go higher. You then withdrew 275 and offered 270. Vendors say no, we're happy to go with what you just offered us - 275, to which you reply "No, I've now 'sensed blood' and want £5K knocked off because I think I can get away with it." That's not good, is it?

WexfordWarrier

Well after all those replies we really feel awful. Honestly didn't even cross our minds that we were doing anything immoral. We were just looking after our own best interests and thought all this was part of the 'game'.

You live and learn I suppose!!

Thanks for all the replies nonetheless.

artbaron

It's not immoral in this case but it does reduce your trustworthiness in the eyes of the seller and this can lead to complications further down the line.

Thrugelmir

WexfordWarrier wrote: »

I think we are in a very good position and should use this to our advantage.

Do you want to buy the property or not? Property purchase and sale requires people becoming a chain of transactions. Until the chain is secure there's no deal for anyone.

You play games. Then your vendor loses the house above and so on. Everybody ends back at square one.

An offer is a verbal handshake. If your vendor loses trust in you. Then the deals off. Property transactions are stressful enough without added complications.

Tancred

WexfordWarrier wrote: »

Thanks for your comments.

I could see your point if we had an offer accepted. As it stands, we had opted out and were out looking again. The vendors came back to us, and surely, our ability to move quickly, to get them out of a hole has to be worth something?

You sound like a real pain in the backside. If I was the vendor, I would tell you to f**k off in no uncertain terms. Once you make an offer you have to stick to it, or you lose all credibility.