What is seller playing at?

Windsorcastle

Went to view a flat on Tuesday evening, which has only been on the market for a week. EA had told me there had already been offers which were 'not acceptable' which is why I rushed to view it. As soon as the EA opened this morning, I rang and offered 7K above asking, requesting a swift response and for the seller to remove the property from the market if my offer is acceptable.


EA seemed happy with that, but also said seller is in a chain which is moving slowly. I said that was no problem as I am not in a chain and therefore not on a schedule.


EA phoned back to say seller thanks me for the offer and will let me know 'within 2 weeks' if they are accepting! What the #*%~ is going on? I expressed incredulity at this, having offered over asking, and the EA seemed equally perplexed. However he said the seller definitely won't be 'rushed' on this.


So the seller could either be holding out for an even higher offer (in which case why not just increase the asking price) or even worse, he doesn't really want to sell and is testing the market.


I have no idea how to proceed, I really like the property, but I can't fathom what is going on in the seller's mind. Any ideas anyone??

AnnieO1234

I'd guess it's possibly a couple splitting up or similar and one doesn't rally want to sell. Or if it's London or similar they're holding out because their chain is so slow. xxx

Dan-Dan

I`m confused , until the seller accepts an offer , they arent in any chain?

No wonder its a slow moving chain mind you....!

lessonlearned

It's up to you, you could increase your offer until you get an acceptance but I wouldn't advise that just yet.

Just bide hour time. Tell the EA that your offer is on the table but given the Vendor won't commit, you will carry on looking.

You may find something better, you might not.

Don't get spooked, just keep calm. Don't have a strop and withdraw your offer. Just leave it there for now.

somethingcorporate

Wow, what an odd situation.

I am sure the chain is going slowly given they don't have a closed end at the bottom making people want to progress.

Personally, I would ask what the situation is and why you have to wait so long. If it's unconvincing then pull out, if it takes them 2 weeks to respond to an offer think how long it is going to take to get things signed and agreed.

Dird

I'd call back & say as they're not willing to accept & take it off the market now you'd like to remove your offer...see if they cave the next day

If the EA is anything like Connells they've probably updated rightmove saying "currently under asking price+£7k bid...quick if you want it"

ReadingTim

Upping the asking price may well discourage some buyers who think the vendor is being greedy whereas keeping it low and engineering a bidding war may achieve a higher sale price, plus the buyers are bidding against each other, rather than the "greedy" vendor - as you've demonstrated!

Also, given the place has only been on the market a week and has already achieved £7k over the asking price, why not keep it on the market for a while longer and see what happens, especially if you're in a chain which isn't moving fast?

Suggest you leave the offer on the table and keep looking - in particular have a look at other places with the same agent. Maybe check at the end of the 2 weeks the vendor mentioned as to what's happening. Reiterate that your offer is conditional on the property being removed from the market and all further viewings are cancelled. If that's accepted, proceed with the purchase and happy days. If not, move on and keep looking - don't let your feelings for the property drag you into paying over the odds for it, or locked into some protracted purchase with a flaky vendor...

pmd123

Dird wrote: »

I'd call back & say as they're not willing to accept & take it off the market now you'd like to remove your offer...see if they cave the next day

^^^ This ^^^

Tell them that 2 weeks is not acceptable, and they have 2 days before your offer is taken off the table and you'll be looking elsewhere, that should help them decide.

G_M

You made an offer. It's not been accepted and the sellers are thinking about it.

So you wait. Meanwhile, keep looking.

Immers7

So the previous offers were not acceptable but you then make an offer 7k above asking price? What are you getting in return for the additional 7k you have offered? Nothing by the sounds of it.

Sounds like he is waiting it out to see if he gets any improved offers. As the others have said, give him a deadline and move on.

Windsorcastle

Really good advice from everyone, thank you all so much. We are going to carry on looking and try not to fret. It's very frustrating as the last place we put an offer on kept us hanging for 3 weeks without accepting the offer; they just kept coming back asking for proof of finances. With that one, I did get thoroughly fed up and withdrew the offer.

I'm inclined to bide my time and hope that other potential buyers will have got fed up and will have moved on... Still, it's a weird one...