Vendor waiting for more viewings

JP1978

We have recently sold. We sold in a week from been on the market. We had 23 viewings. The first two offers were under home report value (but over the asking price).

Should we have accepted said offers?

Of course not, as it transpired we had further offers, the highest was never backed up with a formal offer but the next highest (£500 lower) was backed up in writting soon after.

One would imagine that the vendor and the EA will be using your (and maybe other offers) to push further offers upwards making the vendor more money and themselves. I am sure you would do the same when in that situation.

Thrugelmir

smiffy12 wrote: »

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.

If you've offered to your limit. Then you aren't in a position of strength to negotiate. I'd already be looking for alternative option. As there's obviously interest in the property. Other potential buyers will therefore immediately offer higher if they are keen on the property.

greyroofer

Get your friends to view it and offer lower than you. Play them at their own game!

AnotherJoe

greyroofer wrote: »

Get your friends to view it and offer lower than you. Play them at their own game!

That would be pointless if the others who are viewing it offer more than the OP.
Or if OP turns out to be the highest bidder, it would also be pointless.

Other than that its a great idea.

Surrey_EA

greyroofer wrote: »

Get your friends to view it and offer lower than you. Play them at their own game!

I can't really see where the vendors have done anything wrong, and "need to be played at their own game." They are perfectly entitled to entertain further viewings with the hope of achieving a higher price. Likewise, the OP is perfectly entitled to withdraw their offer and continue their search elsewhere.

I see from another post that you're a FTB, you may have a little to learn!

smiffy12_2

If you've offered to your limit. Then you aren't in a position of strength to negotiate. I'd already be looking for alternative option. As there's obviously interest in the property. Other potential buyers will therefore immediately offer higher if they are keen on the property.

We haven't offered our limit. I just meant this conversation has clarified things for us in terms of we won't be dragged into a bidding war. We can go higher than our offer but we have a max price that we won't go above for this particular property. So if other interest comes in this weekend and the vendor receives an offer above this price then we will withdraw our interest

AnotherJoe

smiffy12 wrote: »

We haven't offered our limit. I just meant this conversation has clarified things for us in terms of we won't be dragged into a bidding war. We can go higher than our offer but we have a max price that we won't go above for this particular property. So if other interest comes in this weekend and the vendor receives an offer above this price then we will withdraw our interest

Have you offered your limit for this property? I dont think you have but its not clear from your post. If not you could have upped your offer to that or near to, conditional upon no more viewings, but you dont sound too bothered about this particular place.

smiffy12_2

Have you offered your limit for this property? I dont think you have but its not clear from your post. If not you could have upped your offer to that or near to, conditional upon no more viewings, but you dont sound too bothered about this particular place.

Haven't offered our limit. As someone above suggested it might be the case that the vendor is conducting more viewings this weekend in order to pressure us into doing what you have suggested above. We are hoping that interest this weekend is minimal and our offer is accepted next week but we've still got room to negotiate if not.

We want the place but aren't getting too emotionally invested yet.

Surrey_EA

smiffy12 wrote: »

Haven't offered our limit. As someone above suggested it might be the case that the vendor is conducting more viewings this weekend in order to pressure us into doing what you have suggested above. We are hoping that interest this weekend is minimal and our offer is accepted next week but we've still got room to negotiate if not.

We want the place but aren't getting too emotionally invested yet.

It seems perfectly straightforward to me. The vendors, as with almost all sellers, are keen to sell for as high a price as possible. As a buyer, you are trying to buy for as low a price as possible. It is quite possible that they are not solely trying to pressurise you, but simply want to explore the possibility of someone else paying them more, which is entirely understandable.

Perelandra

smiffy12 wrote: »

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.

But just checking... have you told the agent this?

As per my earlier post, letting them know this will strengthen your offer, without actually offering extra more cash.

Good luck, whatever happens.