Asking price offer

quotememiserable

eidand said:

You really need to chill a little bit and don't show the raging side to the vendors, because no one wants to deal with a buyer like that. For most of us this is the biggest sale / purchase we will make in our lives and it is stressful enough.

I'm already thinking I wouldn't want to sell to OP if there were a few offers.

Slinky

You have to put yourself in the position of the vendor. What if they accepted your offer, cancelled all the other bookings, then come Monday you've changed your mind, lost your job, got hit by a bus, etc etc. They've just pee'd off a whole load of people who could have bought their house just to make you happy. It's also not fair to cancel people who may have had to make arrangements to travel a long distance.

One day you'll probably be in the position of the vendor when trying to sell on your largest asset. You make think differently about things when the boot is on the other foot.

Slithery

felicityBD15 said:

I’m about to go on the market and will pick a buyer who is able to be patient as I find my new home. I will accept less than asking for someone who can work on my timeline - especially if they’ll exchange quickly with a long stop for completion so I can buy a new build.

Have you thought about a part-exchange with the builder instead? That way all of the timing hassle is taken out of it, by wanting a buyer that will exchange without a fixed completion date you'll be massively reducing your pool of potential customers.

propertyhunter

Agree with other posters that expecting a response to your offer so soon is rather optimistic. Some buyers like to wait a little while to think about an offer before submitting one. Waiting until after the weekend allows enough time to do this, and the EA knows this - so is probably allowing time for other offers to come to the table. 

I purposely offered late on the first working day (Monday) after viewing after everyone else had placed their offers and I knew how many offers were on the table. Turns out 13 people offered before me. I then knew for sure that a higher than asking price offer was the way to go. Offering late gave me the opportunity to be more informed. 

It went to best and final - offers in by 1 pm Tuesday. Was supposed to hear the decision by end of Tuesday, didn't get confirmation of acceptance of offer until Wednesday at 2 pm. Why did this happen? Well the vendor wanted time to think and discuss with a sibling. So there's lots of reasons for the delays between you submitting an offer and hearing feedback. 

Good luck!

Flick85

Slithery said:

felicityBD15 said:

I’m about to go on the market and will pick a buyer who is able to be patient as I find my new home. I will accept less than asking for someone who can work on my timeline - especially if they’ll exchange quickly with a long stop for completion so I can buy a new build.

Have you thought about a part-exchange with the builder instead? That way all of the timing hassle is taken out of it, by wanting a buyer that will exchange without a fixed completion date you'll be massively reducing your pool of potential customers.

Yup, unfortunately the new builds are selling pretty well so only one of the 7 developers in the town I’m looking at will offer part exchange, and those particular properties in my view are overpriced - ie different developer with same size house on site that is literally over the road, is ~50k cheaper. The developers atm will only sell to people who are in rented, cash buyers or with a chain complete and with the buyers beneath willing to exchange quickly with completion on notice. Lots are going on early bird reservations before even being released. Sigh.

Estate agents in the town are only letting you view if you’ve sold as well, and the only properties that aren’t selling quickly (ie are being listed on right move as SSTC immediately) are the ones where the top of the chain are also trying to buy a new build. I figure if I’m getting in a chain with a new build, might as well be me buying it!

So, I figure I can’t really do anything til I’ve sold. So, let’s put it on the market and see what that takes me.

(sorry OP for derailing conversation… I wish you luck and hope they accept your offer soon!)

MaryNB

Deleted_User said:

powerful_Rogue said:

Deleted_User said:

I didn’t say it was personal. 

I see from the sellers perspective they are greedy and want to try to squeeze more than they advertised for and from a buyers perspective it is unfair to have them waste time looking at a property which is advertised for a price and to then be expected to offer more than that. 

Again thank you for your thoughts, I have mine and you have yours 

Talk about being impatient! If this is your first time buying, good luck!

It’s a fast market and I have a full time job. I don’t have time to be messed around. I offered full asking, if there’s no other offers, accept. End of story. 

It's also a seller's market. In many areas buyers are offering over to secure a property because there is so much demand.

It's not "end of story". The asking price is not fixed, they're not obliged to accept it even if nobody else submits an offer. 

They may have decided to hold off on accepting an offer until they have completed the viewings, rather than cancel them as soon as the asking price is met. That is quite common for sellers to do and there's nothing unethical about it. It would be bad form if they accepted your offer under the condition that viewings were cancelled, but continued with the viewings anyway - but they didn't do that. It's not unethical for somebody to give themselves a few days to review options, especially for a 6 figure transaction.

If you can't wait a weekend how are going to survive the next 3 months or so? The buying process can easily get far more stressful as it's goes on. My seller wouldn't take the house off the market (wouldn't do viewings but would take names of those interested) until I had my mortgage offer - that was stressful!

custardly

Seller doesn't have to sell to you no matter what you offer. Nothing wrong with them holding out for more.

Such a weird post.

robatwork

If their house has been on the market for a year then they should be biting your hand off.

If it's just come on the market (as looks obvious) then put yourself in their position.

"We've had a/several asking price offer/s already"

"Yes dear, and it's only been on the market 2 days"

"Perhaps we underpriced"

"How exciting"

"Let's hold off for a couple of days as we have more viewings on Monday"

"Yes, if we get £10k more we can do the extension on the new place immediately"

This wouldn't be money-grabbing or unusual - perfectly normal.

andyf1980

It isn’t necessarily about the vendor wanting more money. Even if several people offer the same price, buyers may be in different positions. 

Noneforit999

andyf1980 said:

It isn’t necessarily about the vendor wanting more money. Even if several people offer the same price, buyers may be in different positions. 

This, I would take a slightly lower offer for a cash buyer.

OP - You are being impatient. House buying is a slow process. As a vendor in a market where people are paying over the odds, I would be trying to get as much as I reasonably could for my property. EA are going to be telling vendors there are far more buyers than available properties so accepting the first offer (asking or not) is a not a smart move if the EA can have several other viewings lined up.

From the vendors perspective, one of those viewings could be a cash buyer who is also happy to offer asking or perhaps someone down/upsizing with a bigger LTV etc. Its not just about the offer price but about how complicated the chain might be etc. 

If the OP is a FTB and bottom of the chain, the vendors may need to find a new property to buy which means they need a patient buyer as it could take a while.