Withdrew offer above asking as seller wanted to continue with viewings

Irishpearce26

mortgage_noob said:

Update: 

Emailed received inviting best and final offers and giving a deadline of next week, what details are to be included in the bid etc. The current highest is still 9k below ours. I'm honestly confused as to why this is being announced when there are still multiple viewings tomorrow. It's leaving a bit of a sour taste in my mouth about how this has all been conducted but it does give me time to view a property I'm quite keen on in the meantime.

I'm also confident that I did the right thing withdrawing our offer as this would have been disclosed to everyone. 

Best and final is very common in house buying. I had two people view my property just before it went on the market and they were pretty close to each other in terms of offer and both cash buyers so we went to best and final. I chose the higher (£500) however the cash buyer would have been more tempting if it was minimal difference in bid.

I don't think the sellers are being greedy as they are wanting to see what the best offer is, that's the way of life. Yes it may mean further down the line the highest bids mortgage valuation is lower so that's why its best to disclose as much information about you as possible with your offer. It will help them make their decision.

I don't think your offer would be disclosed they may say an offer over the asking price has been received. My EA said they aren't allowed disclose offers to other buyers as it drives an unrealistic market. all they could say was that the asking price was met or it was over asking.

mortgage_noob

Thrugelmir said:

mortgage_noob said:

No I won't be cutting my nose off to spite my face. I could offer more if I wanted but I'm viewing another place tomorrow and will make a decision then on what to submit for my best and final. 

So your interest in this property wasn't that serious ....... the vendors read you correctly perhaps.  

It is serious, serious enough to offer way over asking to try and secure it. But seeing as they haven't accepted the offer and it's gone to best and final ( which I might not even win) I'm not cancelling viewings, that would be unwise as it's hard just to get a viewing in this market

MaryNB

mortgage_noob said:

Thrugelmir said:

mortgage_noob said:

No I won't be cutting my nose off to spite my face. I could offer more if I wanted but I'm viewing another place tomorrow and will make a decision then on what to submit for my best and final. 

So your interest in this property wasn't that serious ....... the vendors read you correctly perhaps.  

It is serious, serious enough to offer way over asking to try and secure it. But seeing as they haven't accepted the offer and it's gone to best and final, I'm not cancelling viewings, that would be unwise as it's hard just to get a viewing in this market

I did the same. My first offer was rejected and I had a look at another place before I submitted a second offer. I was still serious about the first place and ended up buying it but wanted to be sure it was worth paying more for. I wouldn't have viewed the second property if my first offer had been accepted.

mortgage_noob

Irishpearce26 said:

mortgage_noob said:

Update: 

Emailed received inviting best and final offers and giving a deadline of next week, what details are to be included in the bid etc. The current highest is still 9k below ours. I'm honestly confused as to why this is being announced when there are still multiple viewings tomorrow. It's leaving a bit of a sour taste in my mouth about how this has all been conducted but it does give me time to view a property I'm quite keen on in the meantime.

I'm also confident that I did the right thing withdrawing our offer as this would have been disclosed to everyone. 

Best and final is very common in house buying. I had two people view my property just before it went on the market and they were pretty close to each other in terms of offer and both cash buyers so we went to best and final. I chose the higher (£500) however the cash buyer would have been more tempting if it was minimal difference in bid.

I don't think the sellers are being greedy as they are wanting to see what the best offer is, that's the way of life. Yes it may mean further down the line the highest bids mortgage valuation is lower so that's why its best to disclose as much information about you as possible with your offer. It will help them make their decision.

I don't think your offer would be disclosed they may say an offer over the asking price has been received. My EA said they aren't allowed disclose offers to other buyers as it drives an unrealistic market. all they could say was that the asking price was met or it was over asking.

I think your vendor operates differently this EA happy disclosed the highest offer and the number of people bidding when they emailed everyone to give a deadline, so we were glad to have pulled ours so it wasn't there for all to see.  I don't think the vendors are greedy, it's just a bit frustrating and a bit confusing as we now have to decide whether to stick to our offer, up it in anticipation of a bid war etc etc.

The market is absolutely mental, with 10+ offers on houses after less than a week on the market, which maybe is unusual for most parts of the country?

I can see why people just buy their forever home and be done with it, particularly in this area