Asking price offer - vendor now wanting more!

DaftyDuck

Register your continued interest with the Agent. Never complain or moan until the fat lady has sung. In fact, wait until she's taken her makeup off, and is in the showed.

You never know, the current buyer may crumble away.

phoebe1989seb

Thanks Lokolo and QS

Yep, we had a nasty inkling it was going to end this way too. We've not had a great deal of joy with estate agents in Wales, tbh

We are extremely fortunate in that our buyers are wanting to spend Christmas in their current house - which they are not selling - and are happy to exchange now and complete in the New Year, especially as they are aware they have held things up somewhat for us.....so hopefully no need to go into rented before Christmas!

I'm certainly wary of viewing anything with that particular EA now though.......

phoebe1989seb

DaftyDuck wrote: »

Register your continued interest with the Agent. Never complain or moan until the fat lady has sung. In fact, wait until she's taken her makeup off, and is in the showed.

You never know, the current buyer may crumble away.

Thanks Dafty!

Yes, as much as I'd rather not have any dealings with them, we will be speaking with the EA tomorrow. As you say, who knows......

Another property we viewed, offered on - and were beaten by the second viewer - recently came back on as the buyer supposedly got tired of waiting (seems a bit of a thing in Wales, lol!), so it does happen. Unfortunately within a few hours of that EA calling us to see if we wanted to re-offer, they had withdrawn it from the market while the vendor decides how many acres to include

Davesnave

phoebe1989seb wrote: »

I'm certainly wary of viewing anything with that particular EA now though.......

Knowing who it was, I'll interject to say that we had a similar experience with them.

I'll PM you in the next day, or two..... :)

getmore4less

phoebe1989seb wrote: »

So, having last heard from the EA at the end of the week when they assured us they were still chasing the solicitor for a reply and would let us know as soon as they had any news, today the property has been marked as SSTC :mad:

We never received a yay or nay to our offer (made on 2nd November) and neither were we given the opportunity to increase our offer after other(s) had been received......grrrrr!

Had we been given the chance we would have happily offered up to £20k more.

Beyond angry now, especially as we had great news regarding our own sale today and exchange on that is iminent......

Very little else out there that suits our requirements either

You still can, but it might still not be enough

in your opening post you said this.

Today we had a call saying the vendors had decided to increase the asking price by £35k based on the amount of interest so far. Apparently no-one else has offered.

They were clearly after more money and as I said motivations with probate sales are not like real ones.

also at that time how long had it been on the market 1 week(ish)?
where are we now 4 -5weeks? or is it more.

Even if they were playing you a bit to get time it seems to have paid off if they now have higher offers,

Get your new higher one in and see if that is enough.

phoebe1989seb

Davesnave wrote: »

Knowing who it was, I'll interject to say that we had a similar experience with them.

I'll PM you in the next day, or two..... :)

Ah, that's interesting Dave Would appreciate that, thank you!

Getmore4less, it came onto the market on 30th Oct, we viewed/offered on 2nd Nov so four weeks ago.

Have called the EA and discovered the offer - whilst higher than ours - is from someone not yet under offer themselves and that needs to sell. Apparently it is at the new asking price.

We've increased our offer to slightly higher than this and reiterated our position - close to exchange on our sale - after a minor hiccup , that we'll be cash buyers once that has completed etc etc and reminded them we're not in a chain beyond our buyer.

Even at the new amount we've offered it still represents extremely good value for money.

We do have a couple of other contenders, but neither ticks as many boxes and they are both more expensive than this one.

getmore4less

Could still be a play and there are no other offers.

If the EA know what others you are looking at they will have an idea of your budget.

A month is not a long time especially for not the norm properties and some areas that don't have massive continuous local demand potential buyers can be weeks apart

csgohan4

I would walk out of principle, they are messing you around and taking you for a ride. Don't pay more than what it is worth, don't be forced into it

Slinky

csgohan4 wrote: »

I would walk out of principle, they are messing you around and taking you for a ride. Don't pay more than what it is worth, don't be forced into it

If there's nothing else that ticks the boxes, then sometimes you just have to grin and bear it.

It's OK people saying walk away, find something else, but that only works if you're looking at buying a mass produced property where there are lots available in an area.

We looked for all of last year in one town, offered on two, then walked away from the second one because the vendor (our new neighbour) showed signs of being a control freak. We've since bought in another town (again, a bun fight and we paid a lot more than asking just to secure it), but have kept an eye on our original search area. In 2017 only one house has come up for sale we would have looked at and that sold in about 4 days. Another came up for sale this week in a street we wanted but is too small.

Sometimes there aren't that many options, and if it means paying a bit more and playing the game to get it, that's what you have to do.

Do you want to still be looking this time next year and not finding what you want?

We all want a bargain, but you're admitting this raised offer is still a good price. Will you regret it if you find out later that somebody else got it for a few K more?

Margot123

I'm selling a property subject to Probate and can give you the other perspective.

The property you are interested in will have been valued at the time of the owner's death, and that is the figure provided when Probate is applied for.
This is where Executors of a will have to be careful, as if they then sell the property for a figure higher than that they will have Capital Gains Tax to pay, and quite possibly it could put the estate over the Inheritance Tax threshold.
It's not as simple as executors holding out for more money, even though many think they can.

I advertised the property of the deceased and accepted a lower offer. Despite being told higher offers had come in, I have stuck with it. Executors should be mindful of the 'hidden' costs to the estate such as Council Tax after 6 months, utilities, security, and insuring an empty property. All that has to be factored into making a decision right for the estate.