Made an offer

Ksw3

We had similar although it then became two rounds of bidding and we lost out. 

Before covid we offered asking subject to being removed from the market but as there's so much money sloshing around (mostly from London) they won't even entertain the ide where we are. 

C1996

lookstraightahead said:

There is nothing you can do unfortunately. There are lots of vendors out there who want to get more than the house is worth, and risk having it down valued, or genuinely do think their house must be worth more for someone to snap it up so quickly.

if I were the vendor I would look at your situation - are you chain free, do you have your deposit ready, are you ready to move. If so, i would accept your offer because life moves on and I would be happy to be moving as who knows what's going to happen to the market.

if I were the buyer (you), I would have first looked at whether the vendors situation suits you - are they ready to move? Are they going to spend forever looking for their (dream 😖) home? Are they just going to leave you hanging around and use you as a 'tool' to help them buy?

if I were you, and I'm not (as it risks / means losing a property you want), I would tell them thank you very much and walk away. 

It does work both ways of course - they might find people offering well over and then pulling out, or the house being down valued, etc.

it's not a fair game really is it. Of course the agent will now tell viewers there is already an offer on the table to try and sway others.

I pulled out of a sale as the agent said someone else had made a higher offer. It's still on the market now.

The vendors are selling their deceased parents property so they also wanted to discuss it amongst themselves as siblings. The estate agent said that the vendor was pleased with the offer but wanted to continue with the other viewings.

FreeBear

C1996 said: The vendors are selling their deceased parents property

Do they have probate yet - If not, that could throw a spanner in the works and delay things until it is granted.

NameUnavailable

Of course if they come back to say they'd like to accept your offer it means that they probably haven't had anything better so you could say you've reconsidered and now offer X less!

Shaztastic3000

NameUnavailable said:

Of course if they come back to say they'd like to accept your offer it means that they probably haven't had anything better so you could say you've reconsidered and now offer X less!

My mate did this and he was blacklisted for life

london21

This is very common.
Sellers want the maximum price.
Buyers want to pay the least and grab a bargain.
The seller will accept if yours is the best overall offer. 

hazyjo

That's why I'd always offer under first, even if you end up paying the asking price.

They'll always think they undervalued it if the first viewer offers asking price.

What's your position? Don't recall you mentioning it. I presume you don't have somewhere to sell.

TazTia

C1996 said:

I just want to explain my current situation, today I viewed a property that went up for sale yesterday. I was the first person to view today and the estate agent who showed me around the property mentioned that he has one further viewing today and a few more next week. 

After viewing the property I made an offer of the asking price. The estate agent didn’t advertise the house as offers over or in excess of. Taking into  account I was the first person to view and offer the asking price I assumed that the vendor would have accepted my offer straight away. 

I received a call to say that the vendor is pleased with my offer, they haven’t rejected it but they want to continue with the arranged viewings. 

The man who showed me round told me that they are not doing best & final offers so I just feel that it is unfair that they’re still going ahead with viewings, especially when I have had my appointments to view houses cancelled in the past because vendors have accepted offers. 

There probably isn’t any advice anyone can give me, I just feel very frustrated. It doesn’t appear that this property has had that much attention unlike pre stamp duty holiday.

We did the very same but the owner wanted to keep it on the market for a few more weeks before she accepted. We agreed but said this is on the proviso that if we find another and our offer got accepted then we will retract our offer, the seller agreed. We subsequently found another we liked and retracted our offer (their loss)!!! We liked both equally so were not too bothered...  Ours was a guide price and we offered 25k over on this house but they were actually looking for a minimum of £38K over the HR price!!!  Good luck with it all.  I'm finding the house purchasing process very frustrating too

NameUnavailable

Shaztastic3000 said:

NameUnavailable said:

Of course if they come back to say they'd like to accept your offer it means that they probably haven't had anything better so you could say you've reconsidered and now offer X less!

My mate did this and he was blacklisted for life

You're not allowed to say that these days.

trailingspouse

I've just been at the other side of this, as the vendor.

House went on the market on the Friday, 6 viewings booked across the Monday, Tuesday and Wednesday. First person to view made a full-asking-price offer. I thanked him, but said I wanted the other people to have a chance to view. In the end we got 3 asking-price offers, so it went to best-and-final.

Why didn't we just accept his offer? Because the asking price of a house is only ever an educated guess as to how much it's worth. The house is actually worth what someone is prepared to pay for it (might be more, might be less). Of course we want as much as we can get for it, why wouldn't we?

I'm looking at houses to buy later this week, and will, of course, be looking for a bargain. If a house has everything I'm looking for, but has been on the market for a while, or needs lots of work doing, I'll be offering under the asking price. Of course I want to spend as little as possible, why wouldn't I?

That's how the housing market works.