Have we been unreasonable? - offering on house

wazza07

So we decided to put in an offer on a house that we really like earlier in the week. It was below asking price and was rejected by the vendors even though they were tempted by it. They have some viewings booked in this weekend and our offer wasn’t enough to stop them proceeding with them. The house is overpriced and hasn’t had many offers in the 11 weeks it’s been up. We decided to increase our offer (still below asking) and the agents seemed to think it was a good offer that would be accepted. We upped our offer on the basis that the booked viewings would not take place this weekend and it would be taken off the market.

The vendor has come back to the agents saying that they now want to do sums over the weekend based on our new offer. Now forgive me for being suspicious, but surely this just an excuse to allow the viewings to take place to see if they can get any other offers in. We feel like all it will do is allow the EA to use our offer as a benchmark to offer over if anyone is interested. As a result of this we’ve decided to give a deadline for our offer of midday tomorrow. Have we been unreasonable here?

Bossypants

This is a big decision for them to make. I don't think a weekend is too much to ask. When I bought last year, we only had two 'rounds' of offer and counter offer, but it still took two weeks to come to a decision, because things were tight on both sides and each of us had to go away, do sums and make some decisions we'd rather not make.

Besides which, a deadline isn't going to stop them doing viewings if they want to. They don't become legally obligated to cancel viewings the minute they accept your offer, and you're really only taking half a day from them anyway (most EAs don't do viewings on Sundays). Personally I think setting such a short deadline is needlessly antagonistic and if I were the seller, I'd be put off your offer by it. I might still hold my nose and accept, but it would certainly start things off on the wrong foot for me.

BoGoF

Yes you are being unreasonable. Put yourself in their shoes - would you accept a below asking price offer if you had a few viewings lined up. You wouldn't.

The cynic would say you only upped your offer with conditions because you are worried you might not get it.

diggingdude

Offer asking and make demands. Offer less and work to their conditions. Just don't up your bid again any time soon, especially when the estate agent informs that after 11 weeks of nothing they got an asking price offer this weekend

davidmcn

wazza07 wrote: »

we’ve decided to give a deadline for our offer of midday tomorrow.

So what are you going to do if they tell you on Monday that they'll accept it?

G_M

Why does their motive matter? They are 'doing sums'; they are arranging other viewings; they may be away for the weekend; or perhaps their children/parents want some input into the decision.


Who cares?


All that matters is that as yet your offer has not been accepted or rejected. In due course, it will be. Stop trying to analyse them!

AdrianC

The EA does not make decisions. The vendor does. The EA is employed by them to act as a middleman.

There's two scenarios going to happen.

1. They accept your offer after the weekend. Are you really going to walk away in a fit of pique?
2. They reject your offer after the weekend. I presume you'll walk away, because you don't think it's worth offering more.

jimbog

In this country negotiation is often viewed as a fight, in other countries it's viewed as a dance

Mickygg

Yep this is unreasonable. As said above if you offer what they want, I.e. asking price, then you hold the demand card. Offer less and they hold it. If you really want it then offer asking and ensure demands are met.

If I was seller I wouldn’t accept your offer as you are being too unfairly demanding. Anyway they all know if they come back next week and say is your offer still on the table as they will accept, you say yes anyway!

System

You're irritated that the EA might tell potential viewers what your offer is and thus someone else might offer more, or be in a better position to proceed, etc.

But you shouldn't be - look at this logically - your offer should be based on what you think the property is worth and what you are willing to pay. That's actually completely independent of what any other buyers think. Your personal offer is just that. Personal.

You consider it overpriced. The thing is, calling it "overpriced" is subjective and a personal opinion. If someone else is willing to pay the asking, it's because the property is personally worth it to them. Even if the identical house next door went for 50K less, they can still have personal reasons for wanting to pay more. Nanna might live in the next street, their kids might go to the local school, Dad's workplace might be a five-minute walk. If you thought it was worth more to you personally and the property was in danger of receiving a better offer, and you really wanted to make sure that didn't happen, then you'd have offered more. But you don't, and you didn't.

Try to forget about the viewings and just keep it simple, by remembering that you've offered what you personally want to pay, and that the vendors are considering your offer.

Forwood

I think every seller has a duty to themselves to maximise the value of their property. Until you've exchanged, acceptance of your offer is pretty meaningless and a vendor could accept and proceed with a higher offer. If you want to make and follow through on a conditional offer, that's your concern. It might exert some pressure to comply but if I were the vendor, I'd ignore your conditions and reason that if you really wanted the house you'd keep the offer open or raise it to your maximum to secure the purchase