Withdrew offer above asking as seller wanted to continue with viewings

mortgage_noob

Hi, 

I'm looking to buy in a very popular area where everything decent is going above asking. I offered on a place 7.3% above the asking price (17k), there were at the time there 10 other offers on the property with the highest after us 2.5% above asking (6k)
I wanted to avoid a bidding war/sealed bids situation as I've lost out before so made the offer conditional on the property being removed from the market with no further viewings.  (is that the norm? not sure as I'm FTB). However, the vendor decided they wanted to continue with this Saturdays viewings and then move to best and final next week. 

As a result I withdrew my offer as I didn't want it on the table pushing up other bids at the best and final stage, there's also another house I'm interested in so wanted a quick decision. I know the current highest is still around the 3.5%/ 8k above asking so we would still in the 'lead'. Obviously, I can reinstate my offer if I wish but I'm wondering now if I've behaved in the right way or if it would be seen as strange? Did I make a mistake!

Thrugelmir

You made a conditional offer, the vendor declined. That's life. All depends on how much you really want the property. Never let the heart rule the head. 

billy2shots

In this market vendors are less likely to cancel planned viewings on such a popular house (but the sound of it). If you want the place just put your offer back in. 

Don't lose something by cutting your nose off to spite your face. 

Also don't worry what the vendor or EA thinks, it could be a lifetime of happiness Vs a 2 minutes phone call. 

Redwino222

So to be clear, you bid £9k above the highest offer and they still said no?

It was a bold move to turn your offer down, they must expect To get well above this.

I think it was a good tactic because you were so much higher than the next bid - But some people don’t respond well to this type of ultimatum.

ask to be kept informed, if they don’t get any higher offers, don’t reinstate your high offer but go in say £10k above asking.  

I wouldn’t bid in such big jumps

lookstraightahead

Yes I would do exactly what you did, and walk away if necessary.

no morals and greed from the vendor imo.  

And then the house will be "undervalued" by the mortgage provider and so we continue on this merry go round.

Find something else and don't be disheartened. And don't be a mug (meant in the kindest way).

mortgage_noob

Redwino222 said:

So to be clear, you bid £9k above the highest offer and they still said no?

It was a bold move to turn your offer down, they must expect To get well above this.

I think it was a good tactic because you were so much higher than the next bid - But some people don’t respond well to this type of ultimatum.

ask to be kept informed, if they don’t get any higher offers, don’t reinstate your high offer but go in say £10k above asking.  

I wouldn’t bid in such big jumps

11k above the next highest at the time, but yes perhaps they didn't respond well to the ultimatum. It just didn't make sense to leave the offer on the table knowing full well it'll go to sealed bids with mine as the highest disclosable. 

It's my first experience buying so I didn't realise that people make offers and just leave them there, I thought everyone made them on the condition that it's taken off the market if accepted. 

Redwino222

Well yes, the house should be taken off the market if the bid is accepted (certainly this happens where I live).  But your ultimatum was that they had to accept the offer or you would withdraw.

however i suspect you might be in Scotland, and I’m not familiar with that market,

verytired11

Seller sounds greedy.  They have had a very good offer and if they wanted more why didn't they put the asking price higher.  On the other hand, if you really wanted the property you could have left your offer on the table and wait to see what happens.  If the other bids went higher than yours you would have lost nothing (you wouldn't have needed to increase yours) but if they don't - the house could be yours.  However, the seller sounds a bit of a nightmare so there might be further problems down the line. 

My bet is that, as you withdrew the offer, you didn't really really want this house.  Unless it was a case of not being able to manage your anxiety about the possibility of losing it.  Perhaps you wanted to dump them before they dumped you.  If so, put a further offer in at a lower rate than your first one, but higher than the other existing offers.

mortgage_noob

AH no, I'm not in Scotland.

My condition was to remove from market with no further viewings if accepted, but that if they don't want to accept it then I would revise in line with the next highest offer. Honestly, this house buying is so stressful in a sellers market!

mortgage_noob

verytired11 said:

Seller sounds greedy.  They have had a very good offer and if they wanted more why didn't they put the asking price higher.  On the other hand, if you really wanted the property you could have left your offer on the table and wait to see what happens.  If the other bids went higher than yours you would have lost nothing (you wouldn't have needed to increase yours) but if they don't - the house could be yours.  However, the seller sounds a bit of a nightmare so there might be further problems down the line. 

My bet is that, as you withdrew the offer, you didn't really really want this house.  Unless it was a case of not being able to manage your anxiety about the possibility of losing it.  Perhaps you wanted to dump them before they dumped you.  If so, put a further offer in at a lower rate than your first one, but higher than the other existing offers.

It's more that if they're going to insist on sealed bids, why would I leave my offer on the table for all to see. We made it high to avoid that situation. 

as @billy2shots says, I guess we'll just put our offer back in if we still want it next week once the viewings are done and if the price is still reasonable. 

lookstraightahead

I don't think it's a sellers market per se op, I think some buyers are going to crash land a bit in a couple of months. 

Its only a sellers market when there are lots of buyers. I think that will decrease.