Waiting on 'improved offer'

Suarez

We made an offer for a place last year for £85,000 and it was on for £94,000. We told the estate agent that it was our only offer as our offer reflected the current market and cost of work etc.

They rejected.

Saw on zoopla the other day that they eventually sold for £81,000..:/

ognum

DilbertJones wrote: »

My family has now outgrown the property so with reluctance we are selling, if a larger property came up in the area we would snap it up. No we cannot extend before you ask

Also I am not playing 'games' have you never offered below asking price on a property? If so then surely this is partaking in 'games'??

OF course I have offered below asking, I will state my price, the reasons, and will seldom go above what I believe is a first honest offer.
I will not try to rip anyone off, what comes around goes around in my mind and with this approach I have managed to own some lovely homes and some good investments. I have never sold a home that hasn't resulted in a bidding war!

Seabee42

Its interesting topic, on one property we made just the one offer (which was rejected) and they have since lowered the price below that offer.

On another we got a counter offer and went up a little bit, sadly we pulled out after the survey and they reduced it 50k (Yes the survey was that bad).

I think the counter offer was because we were close and they were just pushing us a little.

Good luck with your sale:)

JencParker

googler wrote: »

Sounds like you'll be on the market for a long while, then.

Are you sure the 'right price' is in the ballpark for what the market is willing to pay?

One potential buyer not offering what the vendor wants does not mean it's overpriced. There could be many reasons why they are not increasing the offer. They may not be able to afford a higher offer but thought they would put a lower one just in case. The house itself may not be worth it to the individual - it may be to others.

fart

JencParker wrote: »

One potential buyer not offering what the vendor wants does not mean it's overpriced.

He never said that it was.

N1AK

jackieblack wrote: »

It's this sort of cr*p that contributes to house buying & selling being such a stressful PITA.

I'm with LEJC.
We don't play games.
Whenever we've bought we make an offer we think is fair and if the seller turns us down we move on.

It's as much buyers faults as sellers. Buyers offer less initially because they expect to be rejected. Sellers reject first offers because most buyers are willing to spend more.

You're perfectly welcome to behave however you want but the evidence would suggest you're paying for that principle. It is quite likely that making a slightly lower opening offer, then giving ground and increasing to what you are currently offering would increase the odds of getting the offer accepted. I'm not saying you should do that though

ognum

JencParker wrote: »

One potential buyer not offering what the vendor wants does not mean it's overpriced. There could be many reasons why they are not increasing the offer. They may not be able to afford a higher offer but thought they would put a lower one just in case. The house itself may not be worth it to the individual - it may be to others.

All of this is true, but you do have to know the market to know. You need to be aware of how long houses spend on the market, average viewings to offer etc. You need to know what the house next door sold for, not the asking price and the demographics of the sellers in your area.

In some areas houses sell fast whatever state they are in, in others they sell slow however great they are!

N1AK

ognum wrote: »

I will not try to rip anyone off, what comes around goes around in my mind

I have never sold a home that hasn't resulted in a bidding war!

So you accept offers and then change your mind when other better offers come in? Seems very odd if you think what goes around comes around

If you aren't accepting offers then it's not a bidding war, unless you're selling at auction in which case all offers are accepted but at least the parties involved know what they are getting into.

fart

N1AK wrote: »

So you accept offers and then change your mind when other better offers come in? Seems very odd if you think what goes around comes around

If you aren't accepting offers then it's not a bidding war, unless you're selling at auction in which case all offers are accepted but at least the parties involved know what they are getting into.

Ripping off isn't the same as letting people offer what they think it's worth.

ognum

ActuallyI have never accepted an offer and then accepted another. Offers have been made that I have been considering (never more than 24 hours) and other offers have come in while the first offer is considered.

With one property I put the house on the market on the Thursday before Easter and by midday on the Tuesday after Easter the EA had 6 offers, it went to sealed bids.

On another property two people who both were determined, one the 26 year old daughter of a very wealthy man who was a cash buyer and simply topped everything that was bid with another 10k. She had no survey, no mortgage!

Another couple of sales have been like this as well though not quite as dramatic. If I accept an offer then I stick with it even if something better comes up.