Vendor waiting for more viewings

ReadingTim

What's reasonable is whatever vendor and buyer agree on between themselves as reasonable. So, you can ask, and they can agree or disagree. But if they disagree, as someone else said, what would you do them? Walk away? Or back down from your ultimatum?

Assuming the vendor does want a quick sale, if your offer was that compelling it would have been accepted. As it hasn't, either the agent or the vendor is of the opinion that they can get more from it than you've offered. Suggest you sit tight until next week - either the agent will get back to you, or you could chase if you're that keen...

smiffy12_2

Thanks all. Really appreciate the advice. We're gonna sweat it out until Monday. At the end of the day we have a max price we are willing to pay for the flat. If someone views it this weekend and offers more then so be it as we still wouldn't budge, this all made things a lot clearer.

moneyistooshorttomention

smiffy12 wrote: »

Its OIEO £290k we offered £290k. It was sold last month but is back on the market so hoping the vendor is looking for a quick turnaround

Put like that - it sounds like they are trying to panic you into offering more than the asking price.

Hold your nerve and wait and see if the vendor comes back to you accepting your present offer. If they do come back to you accepting (I'd rate the odds of this pretty highly) - then, at that point, tell them "It's subject to no further viewings being allowed - as it's now stc".

Followed by keeping an eye on the website - to check - and maybe sending round a "mystery viewer" friend to see if they get allowed to have a viewing.

Whistler23

I'd half your nerve. To date, my girlfriend and I have seen 2 'dream homes', and we are to view our 3rd on Saturday. Always another dream home round the corner! No need to be pressured into buying something as there will be another!

Perelandra

I think you have a third option, and the one that I would personally go back with- your position may or may not warrant this:


(Paraphrased):

Thank the estate agent for passing on the offer to the vendor, and that you understand that he is doing further viewings over the weekend. Reiterate that if your offer is accepted you will be expecting the vendor to take the house off the market/sold STC, but then add that once your offer is accepted, you will immediately/same day instruct your solicitor on the purchase and also arrange with a surveyor to carry out the survey ASAP.

So essentially, agreeing with the advice below to "sweat it out", but adding weight to your offer by indicating that you will proceed quickly without time wasting. It may be enough to tip things in your favour if someone else offers, but close to your price (depending on the vendor of course). It also adds weight that your offer is your offer and no higher, but in a non-confrontational way.

movilogo

You can take this opportunity to view other properties in the meantime. Also, make sure you view few freehold properties too (as long as your budget permits - even if the house is not so nice compared to flats).

Hoploz

A tip which may be useful - when putting in an offer you need to back this up with info that supports you as a confident and committed buyer.

You need to have a mortgage agreed in principle, deposit available immediately in the bank, solicitor appointed, and show commitment to that particular property for X reason.

All this tells the EA and seller that you're good to go and won't wander off when your head is turned by another house in a couple of weeks time.

JimmyTheWig

smiffy12 wrote: »

Is it reasonable for me to go back to him saying that our offer is subject to flat being taken off the market and future viewings cancelled?

If your offer is subject to that then, yes, that's perfectly reasonable to say.
But as has been pointed out, if you're not prepared to walk away from the property when they come back and say they accept your offer then you put yourself in a difficult position if you've issued your ultimatum.

Personally I'd get back to the agents and say "That's fine. Presumably they're happy for me to view other properties in the meantime?" If another agent has a similar property on their books then it would be an ideal time to tell the agents of the one you've got the offer in for that you're interested in that other one.

ReadingTim

JimmyTheWig wrote: »

Personally I'd get back to the agents and say "That's fine. Presumably they're happy for me to view other properties in the meantime?" If another agent has a similar property on their books then it would be an ideal time to tell the agents of the one you've got the offer in for that you're interested in that other one.

I'd suggest this is the perfect time to book some viewings of comparable properties on the books of the same agent: helps establish you as a serious buyer, but not totally in love with the original property that you can be played into paying over the odds for it...

smiffy12_2

Thanks all. Got everything in place regarding Mortgage in Principle and Solicitor. Buying in London and it still seems like a selling market which makes me think there's really not a lot we can say to convince the vendor to accept our offer.