Withdrew offer above asking as seller wanted to continue with viewings

pinkshoes

I would have done the same

I would go in for the sealed bids with £10k

poolboy

This has winners curse written all over it, I once tried to buy a property, full asking price offer, vendor got greedy said offers over, sealed bids.  I bid my last offer less 10k.  Agent said u cheeky g.t.  Agent called 2 months later said it was mine if I wanted it.  I declined, property never sold.

verytired11

poolboy said:

This has winners curse written all over it, I once tried to buy a property, full asking price offer, vendor got greedy said offers over, sealed bids.  I bid my last offer less 10k.  Agent said u cheeky g.t.  Agent called 2 months later said it was mine if I wanted it.  I declined, property never sold.

A vey satisfying story to read!  This shows why it doesn't always pay to be greedy.  I had a similar situation once where I viewed a house shortly after it had been reduced and put in an asking price offer straight away.  The agent rejected it on the phone before even putting the offer to their client, and said I would need to up it by £15,000 to satisfy the vendors.  I declined and asked the agent to put my offer to the vendors.  Of course, by then the agent had shot herself in the foot as she could hardly accept my offer having already rejected it.  I wouldn't be surprised if she never even put my offer to the vendors in order to cover her misstep.  She rang me a few days later asking if i was going to up my offer and i said not until i hear back from the vendors on my first offer.  She said they had declined.  I didn't increase my offer.  Anyway, the property never sold and came off the market......

lookstraightahead

eidand said:

I wouldn't read too much into it.

If a seller has a chance to make more money that is their right and no one here should call them greedy. Everyone here would do the same given the opportunity so don't make me laugh with the Hollier than though attitude.

It's a big asset, someone made a big offer straight away, no surprise really that they want to keep the house on the market for a bit and see what else they can get.

Keep an eye on it, touch base with the agent every now and then to see where they are and maybe step in if no one makes a good enough offer.

The first few weeks on the market is when everyone expects the world, if it doesn't sell chances are the agent will come back to you anyway.

I wouldn't do it, so not quite everyone. 


I would like to get a good offer from someone able to proceed with the likelihood of a valuation being successful. Not limit my chances of a sale by trying to get as much money as possible for it all then to fall through, with a lower valuation.  a

And then, have to reduce the asking price when stamp duty is back on the scene.

Those vendors have little business sense. 

eidand

lookstraightahead said:

eidand said:

I wouldn't read too much into it.

If a seller has a chance to make more money that is their right and no one here should call them greedy. Everyone here would do the same given the opportunity so don't make me laugh with the Hollier than though attitude.

It's a big asset, someone made a big offer straight away, no surprise really that they want to keep the house on the market for a bit and see what else they can get.

Keep an eye on it, touch base with the agent every now and then to see where they are and maybe step in if no one makes a good enough offer.

The first few weeks on the market is when everyone expects the world, if it doesn't sell chances are the agent will come back to you anyway.

I wouldn't do it, so not quite everyone. 


I would like to get a good offer from someone able to proceed with the likelihood of a valuation being successful. Not limit my chances of a sale by trying to get as much money as possible for it all then to fall through, with a lower valuation.  a

And then, have to reduce the asking price when stamp duty is back on the scene.

Those vendors have little business sense. 

Maybe, but we don't know anything about that particular property. Maybe it was advertised for too low a price, maybe the vendor did not realise what it would go for..

 We have no idea what the situation is. Calling people greedy without any kind of info is a bit rich, don't you think ?

NameUnavailable

You did the right thing OP. Greedy vendors obviously think if you offered that much over asking then someone else might go even higher (especially if they can tell them they've already got an offer of X). 

Sit tight, you may well get a call from the agent in a few days asking if you're still interested in it. Personally if that happened I would say yes, OK, but reduce my offer (as they obviously didn't get more!). 

I offered on a place, a cheeky offer to start with. Rejected as expected and I then increased by about 5%. That was also rejected so I actually offered asking price, to now be told that another party has offered and did I want to increase my offer. I declined, but they are now 'thinking' about it - so why haven't they just said yes to this other offer?! Again I think my interest has been used to push up the bids and I'm now losing interest in the place, also fearing being gazumped if I was to proceed. 

I'm not interested in playing games like that. 

lookstraightahead

eidand said:

lookstraightahead said:

eidand said:

I wouldn't read too much into it.

If a seller has a chance to make more money that is their right and no one here should call them greedy. Everyone here would do the same given the opportunity so don't make me laugh with the Hollier than though attitude.

It's a big asset, someone made a big offer straight away, no surprise really that they want to keep the house on the market for a bit and see what else they can get.

Keep an eye on it, touch base with the agent every now and then to see where they are and maybe step in if no one makes a good enough offer.

The first few weeks on the market is when everyone expects the world, if it doesn't sell chances are the agent will come back to you anyway.

I wouldn't do it, so not quite everyone. 


I would like to get a good offer from someone able to proceed with the likelihood of a valuation being successful. Not limit my chances of a sale by trying to get as much money as possible for it all then to fall through, with a lower valuation.  a

And then, have to reduce the asking price when stamp duty is back on the scene.

Those vendors have little business sense. 

Maybe, but we don't know anything about that particular property. Maybe it was advertised for too low a price, maybe the vendor did not realise what it would go for..

 We have no idea what the situation is. Calling people greedy without any kind of info is a bit rich, don't you think ?

The vendor was happy to put it on at a certain price and received a very good offer. Now they want to have their cake and eat it. It's like saying "I like you, but I'm going on a date with someone else on Saturday. Just wait around a bit while I choose".

so yes, far too much cake.

yksi

I'm with you. The seller is greedy (or perhaps their EA is calling the shots - they work for the seller, not for you). 

Sit tight. They should feel stupid right now. If they're serious about not being total t***s then I'm sure the agent will be in touch trying to get your bid back on the table. Then you'll have options, such as pointing out you're not in a chain and are only prepared to match the existing highest bidder, in view of the fact you're far more proceedable. Play hardball x

MobileSaver

lookstraightahead said:

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

Seriously?!?!

You think the government's new 5% deposit scheme will result in less buyers? Would you care to share your reasoning on how making it easier to get on the property ladder results in less people buying?

lookstraightahead said:

eidand said:

Everyone here would do the same given the opportunity so don't make me laugh with the Hollier than though attitude.

I wouldn't do it, so not quite everyone. ... Those vendors have little business sense. 

Well I for one don't believe you!

The seller has had loads of interest, already has offers above asking and crucially has already agreed to other interested parties viewing the property this weekend.

It would be unbelievably poor business sense to take the property off the market in such a situation quite apart from the moral implications of going back on your word to those who could only view at the weekend.

I would have done the same as the OP but I wouldn't have blamed the vendor for having little business sense as I know I would have also done exactly the same in their shoes.

mortgage_noob

Agree, I can understand why they are continuing with viewings, but had hoped they would think the offer was high enough to stop. I really don't enjoy the sealed bids process as people can then go a bit crazy and I also find it stressful!