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Should I up the Offer

Hi All,

I'm ready to exchange on my house. We have found a house we really love but the vendor is taking ages to make a decision.

The guide price is £600k. We viewed it within a few days of marketing and put in an offer of £550k the same day hoping to secure a fast acceptance. However the agent waited a week until the initial interest faded. By that time he told me he had had an offer just over the guide price.

We upped our offer to £605k and its now been 3 weeks and still no news.

I've trying asking the agent to reveal the other offers and all it will say is 'offer the most you can afford'. He said he now has 7 offers 'some' of which are under the guide. Also some people are not ready to proceed.

I get the impression its all very close but i'm losing patience. I had put some extra cash aside as it needs a new kitchen/bathroom should i sacrifice this to secure the house?

The vendor is a company rather than a person which is why its taking so long.

HELP/ADVICE PLEASE?

Comments

  • Dan-Dan
    Dan-Dan Posts: 5,272 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Buy somewhere else!!!
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • Strapped
    Strapped Posts: 8,158 Forumite
    Exchange - if you really are at that point - on your sale, move into rented and be in a strong, downward-chain-free buying position.

    If you want this house (and remember, there are always others) then make your best and final offer then walk away. TBH, it sounds like you are being played by the EA, which would've made me walk away already. You say that the vendor is a company - if it's a repo then it will probably go to a chain-free and/or cash buyer anyway, and the "guide price" may well be low compared to what they hope to achieve.
    They deem him their worst enemy who tells them the truth. -- Plato
  • If youve upped your offer by £55k in one go then sounds like they know they can get more out of you. I would maybe offer say £610k and tell them thats a final offer and you want an answer now or you will walk away! good luck.
  • hamster2013
    hamster2013 Posts: 245 Forumite
    how can you be ready to exchange if the offer is not even accepted?

    you have forgotten that there should be a valuation first? what about the structural valuation/survey if you are expecting works.... what if it has timber decay and non insurable?
    what about the searches? are they all clear? what if its in a floodable zone? or other complicaitons with the legal paperwork?

    until all that is clear - no solicitor in their right mind will recommend you to exchange.
    now if the EA is saying he is getting so many offers above asking price - then either you know he is lying or not. i.e its easy to know how fast the houses go in that area as I assume you have been researching the market for a while - so you would know if he is bluffing you.

    never trust an EA
    he will be sweet with you, but remember, he does NOT work for you - he works for the vendor. and his commission is dependant on the selling price - where the higher he sells, the more commision he gets.
    he does not pay stamp duty so does not care about those thresholds, he does not have to get any work done, so does not care about that.
    all he see's is who is impatient and will play you like you have never been played before.

    he will say stuff such as there are other offers and some just slightly over yours. this is typical to push you further.
    if you are already over asking price, then why go any further?

    what area is that by the way?
  • bluebaron
    bluebaron Posts: 152 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thanks for the advice folks.

    Hamster, Bit confused i think, i'm ready to exchange on my house, the offer is for a house i want to buy.

    I think I'll Stick with my offer and if nessesary offer more after a decision has been made.

    Fingers crossed.
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