Withdrew offer above asking as seller wanted to continue with viewings

lookstraightahead

MobileSaver said:

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.

I think it's really poor business sense when you've got an incredibly good offer which is likely to be pulled, yes. Reminds me of the behaviour on dragons den when you can't see what's staring you in the face. I do hope the op is able to renegotiate following this greed from the vendor.

And believe it or not, I would not do what the vendor has done. If it falls through going forward, the vendor can have another open day - especially if apparently the market is going to have so many buyers able to take advantage of the 5% deposit scheme.

meanwhile this vendor could've been making plans for moving.

MobileSaver

lookstraightahead said:

MobileSaver said:

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 think it's really poor business sense when you've got an incredibly good offer which is likely to be pulled, yes. Reminds me of the behaviour on dragons den

I can only assume you have never ran a business?

It is your approach that would be really poor business sense; to use your analogy it would be like accepting an incredibly good offer from the very first Dragon without even listening to offers from the other four Dragons. Ridiculous and foolish in the extreme.

lookstraightahead said:

And believe it or not, I would not do what the vendor has done. ... meanwhile this vendor could've been making plans for moving.

Again, seriously?!?!

In your view the vendor should have reneged on his agreement with the weekend viewers and ignored the possibility of gaining an extra £1,000, £5,000, £10,000 or whatever just so he could start making plans three days earlier?

You may be kidding yourself with these outlandish ideas but I doubt many others here are quite so easily taken in.

Jeepers_Creepers

mortgage_noob said:

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!

I personally don't like sealed bids either - I prefer to 'negotiate'.

But, sealed bids it is - that's the way it's going. If you are still keen on the house, then I would submit a bid if I were you. If you don't, you are effectively ruling yourself out, and - whilst there's a possibility the other bids will be so mediocre that the EA will come crying back to you - it's far more likely that one of these bids will be accepted (perhaps because it's 'crazy'! And if there's someone out there prepared to make a crazy bid, chances are they could have crazily-gazumped you the 'normal' way as well - that's even worse...)

Don't let this be stressful. Just roll with it. Decide - do you still like it? If so, decide on a bid. If the taste is too bad, walk away.

steve866

I don't think you can blame the vendor in the current market. Previously I would have taken the property off the market for a decent offer, but if I have a packed day of viewings a few days later it would make sense to let them proceed. I think you made the right decision, but you can always put your offer back on the table next week, you have the weekend to think about how much you want the property.

lookstraightahead

MobileSaver said:

lookstraightahead said:

MobileSaver said:

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 think it's really poor business sense when you've got an incredibly good offer which is likely to be pulled, yes. Reminds me of the behaviour on dragons den

I can only assume you have never ran a business?

It is your approach that would be really poor business sense; to use your analogy it would be like accepting an incredibly good offer from the very first Dragon without even listening to offers from the other four Dragons. Ridiculous and foolish in the extreme.

lookstraightahead said:

And believe it or not, I would not do what the vendor has done. ... meanwhile this vendor could've been making plans for moving.

Again, seriously?!?!

In your view the vendor should have reneged on his agreement with the weekend viewers and ignored the possibility of gaining an extra £1,000, £5,000, £10,000 or whatever just so he could start making plans three days earlier?

You may be kidding yourself with these outlandish ideas but I doubt many others here are quite so easily taken in.

You're making lots of assumptions based on the op still being around and hanging on. That is the risky bit. 

Yes I run my own business. And it's successful. "Seriously".

Anyway op, I hope whatever you decide it's the right decision for you. 

Will be interested to know what happens - interesting thread.

mortgage_noob

Yes will keep you updated, at the moment the highest is still a good 9k below our offer but they've still got 8 viewings tomorrow. 

To be honest I'm starting fall out of love with the house a bit, the initial excitement has worn off and now I'm being more rational and less attached, what will be will be and I'm sure something else will come along. At this point, not quite sure what I'll do and whether I'll bother resubmitting my original bid let alone increase it for the 'sealed bid'. The vendors have also not yet get a place lined up so there's the concern about timelines and whether they'd want more for it in a couple months time if they haven't found somewhere

MobileSaver

mortgage_noob said:

I really don't enjoy the sealed bids process as people can then go a bit crazy and I also find it stressful!

If this is an ideal house for you then all you can do is bid what you think it is worth to you and hope for the best.

Despite @lookstraightahead's claims to the contrary it obviously is a seller's market so there is practically nothing you can do if this particular house is worth more to someone else than you are prepared to pay.

What you can do though is stay polite, professional and friendly with the EA and vendor so that if circumstances change you may get another opportunity to buy this property at a price that works for you. In the past I've turned down higher offers once I'd accepted one offer, so if you can stay on good terms and get your foot in the door then you may get lucky.

MobileSaver

mortgage_noob said:

they've still got 8 viewings tomorrow.

Wow! If there was any question before that it is currently a seller's market...

mortgage_noob said:

To be honest I'm starting fall out of love with the house a bit, the initial excitement has worn off and now I'm being more rational and less attached, ... not quite sure what I'll do and whether I'll bother resubmitting my original bid

Every house I have ever offered on and bought was always "the one" from start to finish so if you are having second thoughts after just a few days then it doesn't seem like that is the case for you.

You should probably be thankful the vendor turned down your offer as they may have saved both of you time, trouble and heartache further down the road. Good luck with your decision and search.

Newnoel

Unfortunately, in large parts of the country it is definitely a sellers market and will continue to be so while we have loose monetary policy and immigration running at almost a half million people per year. Round my way, I am seeing lots of properties going to sealed bids, and the return of gazumping. 

eidand

mortgage_noob said:

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!

that's a fair point, I prefer to not enter bidding wars on any property. It's just not worth it