FTB being played by vendors/estate agent?

Alex_88

We found a 2 bedroom house we like, it’s a fairly good price for the area but needs a new kitchen, new bathroom and some cosmetic work. We initially made an offer 5k under asking price (we're in the south east where houses are being snapped up quickly), this was rejected, the estate agent told us the vendors want 150k (2k under asking), we said we'd go up to 149k. They came back the next day and rejected it saying again they want 150k, after a few hours I went back saying ok 150k on the condition its taken off the market and future viewings are cancelled. The estate agent then came back that evening asking whether we would be willing to wait around for the vendors to find a property as they haven't found anywhere, we said we would be willing to wait a reasonable amount of time. The next day they came back saying as another househ as gone up for sale on the same street at 5k more than this property of similar condition, the vendors now want asking price.

Does this sound like we’ve been played? It’s made us a bit angry and we’re thinking of just walking away from it.

Dan-Dan

It could be true , but then on the other hand , you have shown your hand and they are banking on you being in love with the house!

I`d stick to my offer if i was you , and for good measure , view another house of similar size and budget with the same EA

N1AK

Dan-Dan wrote: »

It could be true , but then on the other hand , you have shown your hand and they are banking on you being in love with the house!

I`d stick to my offer if i was you , and for good measure , view another house of similar size and budget with the same EA

This. Either accept you're going to pay more than you 'want' because you want that specific place and aren't willing to risk losing it OR tell them £150k was your final offer and you're starting to see other properties and the vendor is welcome to check if you are still interested at £150k in the future.

MobileSaver

Alex_88 wrote: »

Does this sound like we’ve been played? It’s made us a bit angry and we’re thinking of just walking away from it.

What happens if yet another house comes on to the market in a month's time at an even higher asking price, will your vendors ask you for more?!?

I'd walk, you are definitely being played, they do not sound like very committed sellers and I can foresee you being considerably out of pocket when the sale falls though after you have paid out for surveys/valuations/legals etc. Either the sellers will ask for more money again or else they'll not find anywhere suitable for them to buy.

Alex_88

MobileSaver wrote: »

What happens if yet another house comes on to the market in a month's time at an even higher asking price, will your vendors ask you for more?!?

I'd walk, you are definitely being played, they do not sound like very committed sellers and I can foresee you being considerably out of pocket when the sale falls though after you have paid out for surveys/valuations/legals etc. Either the sellers will ask for more money again or else they'll not find anywhere suitable for them to buy.

This is what we're afraid of. We could go up to 152k, but then who's to say they wont change their mind again when we've paid out fees etc. I'm not sure we can trust them.

googler

You have to decide what your best and final offer is, tender it, and advise the EA/vendor that you will accept no further attempts to hike up the price based on arbitrary changes in the local market.

Just say 'No'

This wouldn't happen in Scotland, as the offer price, entry date etc in the written offer form the basis of the contract. Sometimes renegotiation takes place based on revised valuations, etc., but any attempt by a seller to hike up the price in the manner described above would be rejected by agents on both sides.

If you want the system in E&W to be modified, lobby your MP

Okydoky25

I would be viewing this other house that has gone on the market and offering your £149k on that if you liked it.

Prothet_of_Doom

Never fall in love with a house.

Write a clear set of requirements down.
Find 4 houses that meet all the requirements.
Make 2 offers, making it clear to the estate agent, that whoever accepts the offer first will get the sale.

If you offer the asking price and they come back and ask for more, move on to house number 3.

m0bov

Tell them you've seen cheaper properties so your going back to your offer of 145k and just move on to viewing other properties.

ReadingTim

Alex_88 wrote: »

Does this sound like we’ve been played? It’s made us a bit angry and we’re thinking of just walking away from it.

No, you haven't been played, but you haven't finished the negotiation process either!

Obviously the biggest part of that process is the price you're going to pay, however, other elements can play a part, such as how long the offer (or their acceptance of it) is good for, withdrawing the property from the market etc, and you're still negotiating these - the terms and conditions if you like....

Best of luck!

Alex_88

Well the estate agent rang me this morning and said that a cash buyer has made an offer and the vendors are likely to go with this. It just wasn't meant to be I suppose.