can estate agents continue to market if vendor not accepting asking price?

BoGoF

How far below the asking price was your first offer?

Some sellers take great offence at low offers and will not sell to that person at any price......irrational I know.

macarena

BoGoF wrote: »

How far below the asking price was your first offer?

Some sellers take great offence at low offers and will not sell to that person at any price......irrational I know.

About 10% below, not too offensive I thought. But you're right, if he doesn't want to sell he won't. Just so frustrated as I really really loved it and don't know what to do now!!

Thrugelmir

macarena wrote: »

Yeah I did think that. The irony is I'm not a developer -

Currently you are looking to buy to let though. That's what matters possibly. Investors who offer full price have a nasty habit of turning the screw at the 23rd hour. Or simply walking away as they've found something else.

kinger101

Just move on. Either the vendor doesn't want to sell to you, or they're deluded over what it's worth. You can't force the vendor to sell to you. And I bet the EA has a low opinion of them too.

Ronaldo_Mconaldo

If you think it's personal then get a friend or relative to put an offer in and see what happens, and then quickly talk their way out of it if he accepts.

Guest101

macarena wrote: »

About a month ago I offered asking price on a house. The vendor refused my offer (I'd already made a few offers below asking price and he said he would take no less). I asked the agent, just out of interest, if he would give a figure - he came back with an amount about 15% over the price the EA is marketing the house for. They have told me there is no one else involved, no other offers on the table. I left it at that.

6 weeks later the ES are still marketing the house at the original price and still doing viewings, in the knowledge that they and the viewers are wasting their time seeing as the vendor will not accept anything less than 50k over the asking price. Can they do this???

Ofcourse they can. and the vendor can sell for £1 or £1mil and it can be based upon whether they like you or not. (I doubt it is)


The asking price is just a guide

martinsurrey

BoGoF wrote: »

How far below the asking price was your first offer?

Some sellers take great offence at low offers and will not sell to that person at any price......irrational I know.

Not always irrational.

Sales negotiation is all about gleaning as much knowledge from the little bit of information you get as a seller.

1. OP is an investor, they are much more head and cold hard cash based than owner occupiers.

2. Lower offers could indicate that the buyer is either, skeptical about the value of the house, or close to affordability limits.

1 gives a lot of power to the buyer, they are not emotionally invested in the process, a "drop the price or I walk away" threat from an investor is more likely (from my experience) and is more likely to be followed through on.

2. gives the impression that if the survey is anything but glowing expect renegotiation down the line, or a tough mortgage application.

now the buyer also gets clues from the seller (in this case, it looks like unrealistic expectations as it hasn't sold in a month).

I don't think sellers reading into buyers behavior are irrational though.

Cakeguts

There will be a reason for this. The seller has been made to put the property on the market for some reason but doesn't actually want to sell it so they make the price something that no one will offer and it doesn't sell. If you offered the new asking price they would make it higher.

You are never going to be able to buy this house because technically it isn't actually for sale. Best to forget about it