Vendors demands - considering pulling out

KatieDee

Bollo2019 wrote: »

I'd imagine that if they're friends, they will feel inclined to give them the first refusal on the same offer.

We made an offer on a property when we were fully proceedable, but the vendor chose to go with a lady who had tried to buy the same house twice before, both times her house sale fell through, and she had only just accepted an offer again when we made our's - same price, but the apparent rapport they already had swayed it. Crazy loyalty from where I was stood.

If you have a good feeling about it, try and clinch it - go £1/2k over and get the EA to stress you're proceedable and that you're very flexible with timeframe - you can move quickly or delay it a little while, depending on what they want.

You might find that they may be more inclined to not have an awkward negotiation with someone they know.

This is my feeling - partner wants to play hardball and stick at matching them, as he really doesn't want it to go to a bidding war.

For an extra grand, £2 on the mortgage a month, I would rather have that tiny advantage over them, plus our position. I would stress that this is our full and final and we will not entertain any counter offer, as it's literally top of the budget.

We had a really great rapport with the seller and I did wonder why they'd even put it up for sale, if someone they knew was so interested? Surely you'd avoid the EA costs and just sell directly??? They've obviously been round a lot as apparently they made the offer without an official viewing.

On the flip side, they could go back to the other person and say "The other offer is just £1000 above" which might cause them to match it.

I absolutely hate this game :mad::rotfl:

Thrugelmir

KatieDee wrote: »

The EA of the new house called us today to ask our feedback. I explained that we liked the house and were considering putting in an offer, but did NOT want to get involved in a bidding war.

If there's multiple interest in a property. A good EA should suggest full and final offers. When selling my late mothers house we had 3 identical offers in over a weekend of viewings. The potential buyers were then given 3 days to submit their final offer. Worked extremely well. Made our life as executors easy too.

KatieDee

Thrugelmir wrote: »

If there's multiple interest in a property. A good EA should suggest full and final offers. When selling my late mothers house we had 3 identical offers in over a weekend of viewings. The potential buyers were then given 3 days to submit their final offer. Worked extremely well. Made our life as executors easy too.

I completely agree - and as I said to the EA, ultimately it's about who offers the most money. I know if I was selling a house and I'd had an offer in the first 48 hours, I'd probably want to hold off and see what I could get.

For us, the other house we viewed would almost definitely accept the same amount, so we just don't want to spend too much time on a house that we have no chance of getting. I appreciate it's all just business though, so it's a matter of separating yourself and not getting too attached.

It's just a house - plenty more out there :cool:

Bollo2019

All the uncertainty is horrible, you get emotionally attached and see yourself in a house, you commit to the thought of spending hundreds of thousands and then you end up potentially competing with people to just secure it - all part of the game unfortunately, but you might end up on the winning side.

It's completely up to you how you play it but I think that if they know each other, they'll feel they'd have to trust the buyer to come through despite you being fully proceedable right now. If you want it, I would say it's worth giving them more reason to choose you and that would entail upping the offer, by however much you deem reasonable. I think you're right, I think an increment of £1k is likely to just get matched anyway. Set your limit and don't go over it - even make the EA aware it's a best and final offer.

Stan29101

Do you trust that the EA is telling the full truth regarding the friends offer? Sometimes I struggle to believe them and it could be a tactic to make you up your offer. I would generally start with an offer expecting to make a second slightly higher (and maybe final) offer. The house I am buying was up for offers over £230k, but ended up accepting £225k though it is in an area of high demand - they chose me as I had already sold my house and they wanted a quick sale. Position on the market can be the main selling point to some, if the offers are roughly the same amount.

KatieDee

Stan29101 wrote: »

Do you trust that the EA is telling the full truth regarding the friends offer? Sometimes I struggle to believe them and it could be a tactic to make you up your offer. I would generally start with an offer expecting to make a second slightly higher (and maybe final) offer. The house I am buying was up for offers over £230k, but ended up accepting £225k though it is in an area of high demand - they chose me as I had already sold my house and they wanted a quick sale. Position on the market can be the main selling point to some, if the offers are roughly the same amount.

Part of me thinks they might be twisting the truth slightly. As I said, why would you market a house if you friend had showed enthusiasm about buying it? Surely you would try and come to an agreement without an EA, saving yourself a percentage of the sale cost?

It has only just come on the market and has quite a lot of interest, otherwise I would have started lower and worked up.

I am really not sure what to do. I said I'd speak with my partner (although clearly just you guys :rotfl:) and get back to them.

poshphil

I don't know if you've now moved on from the original house but given you're not fully wedded to it I'd be saying they're welcome to try and find another buyer to complete before the end of March, and ask what incentives they're offering for you to try to complete by the end of March.

Flugelhorn

reckon you are right about the "friend" - anyone might sell it to them before the EA got involved

KatieDee

poshphil wrote: »

I don't know if you've now moved on from the original house but given you're not fully wedded to it I'd be saying they're welcome to try and find another buyer to complete before the end of March, and ask what incentives they're offering for you to try to complete by the end of March.

Thanks poshphil. Partner said exactly the same - either drop our offer or ask for other financial incentives. Personally, and I know morals don't come into it, I feel like this makes us just as unreasonable as them and I don't want to purchase the house with bad blood. I also wouldn't want them to think this was just an orchestrated way to save us money, as it really wasn't.

KatieDee

Flugelhorn wrote: »

reckon you are right about the "friend" - anyone might sell it to them before the EA got involved

I know, right? :rotfl: At first I was really disappointed and just said to the EA "I'm assuming this means they're decided on that buyer? We don't want to waste our time" and she said not to worry and we should put an offer in anyway, as they're not ready to go.

Personally, given how much EA's actually charge, I would be trying to sell to anybody I knew before going down the route of employing one. Allegedly, she hasn't viewed the house but was on the EA's books already, and put the offer in this morning (coincidentally).