Vendor keeps pushing price up

markyyyyyy

Hi, our situation is this:

we have seen a house we REALLY want, basically it ticks all boxes.

We only want to put our house on the market if the seller accepts our offer subject to contract and takes their house off the market. We can get our house on the market within 2 days and hopefully sell within 6 weeks (only 3 bed semi on the market in our village).

they are asking offer in region of 260k

we went in at 245k - seller rejected and said minimum they want is 256k

i then ofered 255k

they counter offered 257500k

i offered 256k subject to them taking house off market SOLD STC, to whivh they agreed on the price but not to take it off the market. As a result, i iupped my offer to 257k subject to SOLD STC

they declined, and said they will accept 260k (asking price) and take it off the market for 4 weeks to allow us to sell

I declined, and said 257k is our final offer, with them taking it off sold STC.



My understanding is that the EA and buyer knows how much we want the property (i let on to the estate agent how much we want it, and that we only want to put outs up for sale if we can move to that house), so they keep upping their price thinking they can take us for a ride.

All along, our max price in our head is 257k, and now i have dealt that card, do you think they will reasses our offer, and potentially come back crawling? The house has been on the market for 2 weeks, so not long. To my understanding, they have had viewings but no offers.

thoughts on what to do? I feel like they are trying to make a mockery of us, but at the same time we really want the house.

Cheers

The_Palmist

If the house has only been on market for 2 weeks and you are not in a position to move quickly, I doubt any sensible vendor will take it off market so soon unless they have incentive of a better offer i.e. £260K in this case.

I wouldn't be crawling back if I was the vendor and the house I were selling was a decent one.

lika_86

Your title isn't really correct, they aren't pushing the price up, you just haven't met their initial expectations, everything else is just negotiations.

You've made four offers in two weeks and you're only 3k under where you would need to be to secure what you want. If you can, just raise your offer and buy it. £3k is nothing for the dream house.

JoJo1978

Forgive me for being blunt, but I assume that you need to sell your house in order to buy theirs? But you aren't even on the market yet, so why do you expect them to dance to your tune? I think that you made a mistake by expressing so much interest in the house - why would they not think you can be squeezed for more and more?

My advice is to do nothing, get your house on the market and sold. Them make contact again and I suspect they'll behave more reasonably.

The_Palmist

I don't think there is much wrong with expressing interest, sometimes it can make all the difference when vendors are faced with multiple buyers and if the house is your dream home then it will likely attract more buyers.

You wouldn't want to regret losing it for the sake of £3K.

saajan_12

Why don't you get yours on the market??

You're not a proceedable buyer currently -

1. Most wouldn't entertain your offer until your house was Sold STC (that way you have an idea of funds from the sale and timescale)
2. Most wouldn't take property off the market until you had shown commitment to the purchase e.g. by booking a survey

markyyyyyy wrote: »

Hi, our situation is this:

we have seen a house we REALLY want, basically it ticks all boxes.

We only want to put our house on the market if the seller accepts our offer subject to contract and takes their house off the market. - WHY? Most sellers will want you to be proceedable ie your house sold STC before entertaining your offer.
We can get our house on the market within 2 days and hopefully sell within 6 weeks (only 3 bed semi on the market in our village). - You don't know what price you'll get,
and so whether you'll have funds for your purchase, nor how long it will take.

they are asking offer in region of 260k

we went in at 245k - seller rejected and said minimum they want is 256k - yes, a minimum

i then ofered 255k

they counter offered 257500k - okay, maybe they have more interest now so aren't willing to sell at their min.

i offered 256k subject to them taking house off market SOLD STC, to whivh they agreed on the price but not to take it off the market.- now you're adding in conditions which would further hinder them. As a result, i iupped my offer to 257k subject to SOLD STC - now you sound keen

they declined, and said they will accept 260k (asking price) and take it off the market for 4 weeks to allow us to sell - yes its higher than their counteroffer, but with offset by the offer to take it off the market, so not really an increase overall.

I declined, and said 257k is our final offer, with them taking it off sold STC.



My understanding is that the EA and buyer knows how much we want the property (i let on to the estate agent how much we want it, and that we only want to put outs up for sale if we can move to that house), so they keep upping their price thinking they can take us for a ride. - only natural they want as much as possible for the property. You being so keen at the price suggests they may have undervalued it.

All along, our max price in our head is 257k, and now i have dealt that card, do you think they will reasses our offer, and potentially come back crawling? The house has been on the market for 2 weeks, so not long. To my understanding, they have had viewings but no offers. - they might, depends on how much interest they get. But wouldn't call it coming 'crawling' if your offer looks better after testing the market better. They'd be crazy to accept the first offer below asking with a high likelihood of not completing given your position.

thoughts on what to do? I feel like they are trying to make a mockery of us, but at the same time we really want the house.

Cheers

AnotherJoe

You've worked really well to give them a nice underpin to their price.

Anyone else makes an offer they can now truthfully say "well we've already got an offer more than that" without letting on it's from people who are in no position to buy. They also don't need to go "crawling back to you" since there's no certainty at all you'll ever buy their house, you come across as (please forgive my bluntness also) somewhat deluded as to the strength of your position, which is, not even weak.

If your position is as strong as you say, show that by putting your house on the market now, get your offer and then go back to them being proceedable. .

bobbymotors

If I were selling and wanted £260k I definitely wouldn't take it off the market for an offer both under the asking price and to a non proceedable buyer.

They aren't 'pushing the price up'....you are trying to push it down from a relatively weak position.

csgohan4

if I was a vendor and you have not had your property on the market and offered, I will tell you go away until you are proceedable

The_Palmist

csgohan4 wrote: »

if I was a vendor and you have not had your property on the market and offered, I will tell you go away until you are proceedable

Shouldn't EAs be doing it already before arranging viewings. Ours wanted to see AIP etc. before calling the Vendors.

markyyyyyy

Okay, i understand i am in a weak position and need to sell our house.

If i put our house on the market with purple bricks, and pay the £845 fee, i am obviously hoping that our house sells before the house we want sells.... but at the same time i am hoping they don't get an offer on theirs and are sold, meaning that we are in a position.whereby we need to take our house off the market (we only want to move to that housing estate).

if i did sell our house and had to let the buyer down, what would happen? Would they lose fees?

cheers

mark