OFFERED ASKING PRICE. VENDER FAFFING

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First time buyer here so could do with a bit of advice.

My boyfriend and I have put an offer in on a house and have offered the asking price but the vender has told the EA that they want to wait until the end of the week for all of the viewings to be carried out before they make a decision. They have not found anywhere else to live as yet either. My boyfriend and I are currently renting, DIP in place and ready to go. 

Just wondering if this is a bad sign?

At the minute houses are coming and going (we currently live in the Yorkshire Dales area, but the house is for sale in Lancashire) within days so it's a bit strange to me that this vender is waiting, what will be two weeks, to make a decision on our offer.

Should we just cut our losses and move on?

oystercatcher

Houses down here are going for well over asking price still so it's probably worth waiting for the vendors. Hang in there though as you still have a chance.

Doodles

Not necessarily a bad sign.  Many properties are going over asking at the moment so the vendor wants to honour the viewings already booked in and see if it generates any other offers.

It's only waiting until the end of the week, its not long before you get an answer. 

london21

Wait to find out. Sometimes the agent will come back and request final offers.

Currently a seller's market.

MaryNB

It's common for sellers to finish off all the viewings that have been booked in. Especially now since it's a sellers' market. 

It would only be bad form if they accepted your offer, said they'd cancel viewings but proceeded with them anyway. 

The won't have found a place to move to because it's unlikely they'll have an offer accepted until they have found a buyer for their own house. Many sellers these days won't accept an offer from someone who is not proceedable, e.g. hasn't found a buyer for their own property. 

Noneforit999

It’s neither and good or a bad sign, its simply a sign of the market right now where people are paying over the odds for houses due to the demand outstripping the supply.

Every vendor has a different view on things.

Some like FTB’s as it means not adding an additional link in the chain
Some don’t as they don’t want to be pushed/rushed into moving quickly if they need to find their new house in a market where supply is not high.

They may be waiting to see if someone offers more.
For all you know one of the viewings they have booked are a cash buyer who offer £10k over asking.

Just be patient. 

caprikid1

Should have offered 20% under asking and told them they are lucky to get that, then settle at 18% under asking.

That's how it works isn't it ?

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caprikid1 said:

Should have offered 20% under asking and told them they are lucky to get that, then settle at 18% under asking.

That's how it works isn't it ?

Absolutely no idea to be honest. The asking price is lower than we expected to end up paying for somewhere and can well afford it so it wasn't an issue for us to offer full asking

Exodi

If we're completely honest here (it is after all, an anonymous forum), I suspect a big part of your desire to have all other viewings cancelled is because there's a possibility that someone will make a better offer than yours. I expect the seller hopes for this too.

As has been said (and as you're no doubt aware), it's a sellers market - houses up and down the country are having offers placed on them for far above asking.

With regards to your comment about them "having not found anywhere else to live as yet" - in my opinion this is perfectly normal, you wouldn't get even get through the door of a viewing if you came without an offer on your house. Most sellers would not want to add needless uncertainty to their purchase by accepting an offer from a buyer who doesn't know how much money they will have, or when they might have it.

Lastly, the vast majority of FTB'ers are, to be blunt, annoying and unrealistic in their expectations and timelines.

Unfortunately, I think you are appearing to fall into this camp, given that you're already pacing up and down over the fact they want till the end of the week to finish the booked viewings, and have not got another house lined up. You very well may rule your offer out just by how you're acting (if any of this is being put across to the seller).

cymruchris

If the property is fairly desirable based on it's location and size - and if it was marketed at a fair to good price- there's very much the chance that your 'at asking offer' will be declined. It might be worth considering how far you'd be prepared to stretch to get that property over any other. Bearing in mind of course that the mortgage offer may value it at it's existing price - so do you have the safety net finance available to up your offer? (The likelihood right now is that any decent property will go the same way for at least the near future)

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Exodi said:

If we're completely honest here (it is after all, an anonymous forum), I suspect a big part of your desire to have all other viewings cancelled is because there's a possibility that someone will make a better offer than yours. I expect the seller hopes for this too.

As has been said (and as you're no doubt aware), it's a sellers market - houses up and down the country are having offers placed on them for far above asking.

With regards to your comment about them "having not found anywhere else to live as yet" - in my opinion this is perfectly normal, you wouldn't get even get through the door of a viewing if you came without an offer on your house. Most sellers would not want to add needless uncertainty to their purchase by accepting an offer from a buyer who doesn't know how much money they will have, or when they might have it.

Lastly, the vast majority of FTB'ers are, to be blunt, annoying and unrealistic in their expectations and timelines.

Unfortunately, I think you are appearing to fall into this camp, given that you're already pacing up and down over the fact they want till the end of the week to finish the booked viewings, and have not got another house lined up. You very well may rule your offer out just by how you're acting (if any of this is being put across to the seller).

Hi,

I am not bothered about the other viewings, i just want to know whether or not our offer will be accepted so we know one way or the other. 

The post I made was to ask for advice due to being a first time buyer which yourself and others have been kind enough to provide. Not to complain.