OFFERED ASKING PRICE. VENDER FAFFING

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cymruchris said:

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)

The area it is in is a bit of a confusing one. The area around it is not great, lots of crime etc. However, that being said, the property is on the outskirts of the town so it could go either way but high crime rate not far away. House is very very lovely but, in my completely uneducated opinion, I would not say it would be worth more than what it is valued at. As it stands it is already valued a lot higher than the highly similar house next door than sold a year or so ago.

Just have to wait and see one way other the other.

Plenty more houses in the sea so to speak 

lincroft1710

The vendor is not "faffing". 


Unwittingly, by offering the asking price, you may well have alerted the vendor to the fact they may be able to get more than the asking price. So now any future potential purchaser can legitimately be told "there is already an offer at the asking price on the table" in the hope of a forthcoming higher offer

Schwarzwald

As a vendor in the current market, I would totally do the same.

 

They have your offer.

 

They are waiting to see if other offers coming in (a) not only above your offer / asking price, but maybe also (b) that another bidder has a better profile than you.

 

The only way to mitigate that from your end would have been to put an expiration date on your offer, e.g. after 48 hours, but not sure how credible such a condition is in the current market.

 

Vendor is not faffing, just playing their cards correctly.

Thrugelmir

SC22222 said:

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.

Where's the faffing? Hardly an ineffectual use of time. Higher bids may yet be put on the table. Perfectly logical and what most people would do. Finding another property takes time. People have lives , work etc to fit in as well. Big decisions shouldn't be rushed. 

Mahsroh

SC22222 said:

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. 

Probably the (unfair) use of the word "faffing" that led people to believe you were complaining. 

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Thrugelmir said:

SC22222 said:

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.

Where's the faffing? Hardly an ineffectual use of time. Higher bids may yet be put on the table. Perfectly logical and what most people would do. Finding another property takes time. People have lives , work etc to fit in as well. Big decisions shouldn't be rushed. 

A miss choice of words everyone seems to be focusing on. The post was created to ask for advice in regards to whether or not it was normal. I appreciate you replying to say it is. As a first time buyer I have absolutely no idea if something is normal or not. Asking questions is the only way people learn after all.

LittleMissDetermined

I agree that it's in the seller's interest to host all requested viewings, when we were looking we viewed lots of houses that already had an offer in.  I can understand you are eager to get your offer accepted, but think how you would feel if your viewing had been cancelled before you could go, because they had accepted someone else's offer.  They are being fair to all interested parties and I would imagine this is what the EA has advised.

I'm sure you will hear soon, I hope you do get it, but just in case they don't accept yours it might be worth it to keep looking at alternatives

Good luck
LMD x

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Mahsroh said:

SC22222 said:

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. 

Probably the (unfair) use of the word "faffing" that led people to believe you were complaining. 

Yes, it would seem so. A shame you can't change titles after posting.   

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LittleMissDetermined said:

I agree that it's in the seller's interest to host all requested viewings, when we were looking we viewed lots of houses that already had an offer in.  I can understand you are eager to get your offer accepted, but think how you would feel if your viewing had been cancelled before you could go, because they had accepted someone else's offer.  They are being fair to all interested parties and I would imagine this is what the EA has advised.

I'm sure you will hear soon, I hope you do get it, but just in case they don't accept yours it might be worth it to keep looking at alternatives

Good luck
LMD x

To be fair, we have had this happen to us recently on a different property. More than once actually. It was just one of these things. I am happy waiting, if it's meant to be it will be. Just wanted a bit of advice  

SavingPennies_2

SC22222 said:

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. 

The two go hand in hand though, you wouldn't want them to accept your offer, continue with the viewings then come back and say someone has offered more, so the deal is off. That is why generally once an offer is accepted, future viewings are cancelled. Given you said the asking price is lower than you expected, other people will likely think the same, I expect that the seller is hoping for a better offer. Asking price doesn't necessarily mean that they will close the deal on that being offered, it's not like an asking price in a shop. Give them a week and in the meantime continue looking.