Offer made seller holding out for more viewings....what would you do?

missymoneypenny

Hey folks, so I need your thoughts while I wait ...... and I know there's no answer. But what's your feeling?

My house had sold STC, and going through. I'll move in with partner in the event it sells and I have no forward sale completed.

I made an offer on a house (which sold last year for 5 grand over ask price). It fell through when buyer pulled out when taking too long. Property back on for 35K more and now with two agents. It's a rare find in the sense that it's seafront, and they don't come up very often, and it's relatively low priced as an area compared with along the coast a bit. Was retirement homes until recently becoming desirable.

I put in first offer around last year's sale price which was rejected with no counter offer. I then made offer of 15K more, which is near to my limit. and to let them know I was serious  There have as yet been no other offers with either agent. I've had two viewings, will be a cash on completion sale so I'm a good buyer. Vendor has come back after 24 hours to say they want to go ahead with viewings in the next day or two and see what they might get. Estate agent who I offered with are obviously a bit peed off and so am I. No counter - just basically let's see how much we can get and you can wait. I'm sure this is common. In the past, I've been fortunate to be the only person offering, and got what I wanted for a reasonable price. Part of the issue is it being on with two agents.

I know there's nothing I can do in one respect. but what would you be inclined to do? If I pull out and say take it or leave it, I'll be cutting off my nose. If I allow it to run on with no counter offers, I'm a mug.

I do want the house, and it could be months or even a year before anything similar comes along, and the values are going up all the time. The agent does not feel - as do I - that the property is worth the increased asking price. My offer is about right, from all that has sold around and what the agent feels. It was the 2nd agent who agreed the increase, and then the original agent went along with it.

If I just wait, it'll be Saturday or Monday before they may get offers from viewings on Friday or others previously.

Any thoughts? I'm due to speak with manager tomorrow who will advise me, but while I'm waiting.........

Thanks.

Snookie12cat

No point worrying. You offered what you could afford and it wasn't what they wanted. They are therefore within their rights to wait and see if they get anymore offers. 

Either you offer asking and tell them to stop viewings on acceptance, or you wait with your offer on the table and hope no one else offers more. 

I can understand exactly why they want to do more viewings, you basically explained how good and rare the house is in your opening statement

Snookie12cat

To add, you are not a cash buyer at all at this stage, so not that desirable. You have a house to sell. You might not need to complete at the same time but you are in a chain. If you don't sell it, they don't get their sale.

missymoneypenny

Perhaps it's more about manners. Keep someone waiting, but at least be polite and thoughtful about it or they risk people backing out (which is probably what happened last time).

I can afford more, but the condition of the house doesn't merit the 35K increase, it needs work still. The location is worth £100 - £150K over the houses that don't have the sea view, from what I have gathered - not £185K more. So I could go the max, but I won't. The ask price last year was at the top end already.

So, I have to wait........

jst1986

In reality there isn't much you can do. You can either walk away, offer more to try and secure the sale or hang on and call the agent in the couple of days after the viewings have completed to remind them (and the seller!) that your offer is still on the table and is a cash offer (with a chain) . I'd go with the latter. 

RS2OOO

I think the seller is being 100% sensible in continuing with viewings.

Turning the tables around, we had a viewing lined up for our perfect home and were prepared to offer whatever it took to secure it. We received phone call whilst standing on the street waiting for our viewing slot to say the vendor had accepted offer from the viewers before us and cancelled our viewing.

That house sold for asking price, yet we were going to start with an offer at £10k over asking price. We were gutted and the seller had been foolish.

Their estate agent said they never recommend someone accepting an offer when other viewings are booked.

jenni_fer

RS2OOO said:

I think the seller is being 100% sensible in continuing with viewings.

Turning the tables around, we had a viewing lined up for our perfect home and were prepared to offer whatever it took to secure it. We received phone call whilst standing on the street waiting for our viewing slot to say the vendor had accepted offer from the viewers before us and cancelled our viewing.

That house sold for asking price, yet we were going to start with an offer at £10k over asking price. We were gutted and the seller had been foolish.

Their estate agent said they never recommend someone accepting an offer when other viewings are booked.

This. We managed to sneak in to see a property that we loved and intend to offer on this week. But the official viewing day isn't until next weekend so we are holding off making any sort of offer until then so that the agent can't say 'there is already an offer on the table' in the hope we can keep the price down a little.

missymoneypenny

RS2OOO said:

I think the seller is being 100% sensible in continuing with viewings.

Turning the tables around, we had a viewing lined up for our perfect home and were prepared to offer whatever it took to secure it. We received phone call whilst standing on the street waiting for our viewing slot to say the vendor had accepted offer from the viewers before us and cancelled our viewing.

That house sold for asking price, yet we were going to start with an offer at £10k over asking price. We were gutted and the seller had been foolish.

Their estate agent said they never recommend someone accepting an offer when other viewings are booked.

Yes, it makes sense from your perspective - but the sellers were happy with that right? Not everyone holds out for more. There's a risk involved with that too. Agents also want maximum dollar. I don't think it's foolish, to take an offer you're happy with and if the buyer is in the kind of position you want. Anyway, they ain't happy with my offer, so I'm stuck with waiting. TBH it wouldn't matter how much I offered, they're obvs wanting to see it out a bit longer.

missymoneypenny

jst1986 said:

In reality there isn't much you can do. You can either walk away, offer more to try and secure the sale or hang on and call the agent in the couple of days after the viewings have completed to remind them (and the seller!) that your offer is still on the table and is a cash offer (with a chain) . I'd go with the latter. 

You're right, there isn't. I have to wait. It's a pain in the !!!!!! though.

missymoneypenny

jenni_fer said:

RS2OOO said:

I think the seller is being 100% sensible in continuing with viewings.

Turning the tables around, we had a viewing lined up for our perfect home and were prepared to offer whatever it took to secure it. We received phone call whilst standing on the street waiting for our viewing slot to say the vendor had accepted offer from the viewers before us and cancelled our viewing.

That house sold for asking price, yet we were going to start with an offer at £10k over asking price. We were gutted and the seller had been foolish.

Their estate agent said they never recommend someone accepting an offer when other viewings are booked.

This. We managed to sneak in to see a property that we loved and intend to offer on this week. But the official viewing day isn't until next weekend so we are holding off making any sort of offer until then so that the agent can't say 'there is already an offer on the table' in the hope we can keep the price down a little.

Yes, my offer of course will be used by the other agent who has the viewings to try to get offers or increased offers. That's how it is. But if I hadn't offered, I'd not have known what would happen......some agents set a deadline and try to stop things dragging on and on. In London, where I sold, they have an open day and that's usually it. Offers on the table by the Monday. 

missymoneypenny

Snookie12cat said:

To add, you are not a cash buyer at all at this stage, so not that desirable. You have a house to sell. You might not need to complete at the same time but you are in a chain. If you don't sell it, they don't get their sale.

At this stage I'm the only one who's made an offer, that's pretty desirable