OFFERED ASKING PRICE. VENDER FAFFING

lookstraightahead

Schwarzwald said:

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.

It wouldn't have been playing their cards correctly with me as a buyer. I would have walked by now. If any card, it's the greed one.

No41edwardianhouse

lookstraightahead said:

Schwarzwald said:

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.

It wouldn't have been playing their cards correctly with me as a buyer. I would have walked by now. If any card, it's the greed one.

Totally agree with this! 

saajan_12

SC22222 said:

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.- perfectly normal, the asking price isn't a magic price they have to sell at, but rather a guide. They may receive offers over asking the next day, so wouldn't want to rule out that chance because someone happened to book a viewing for 1 day earlier. 

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. - normal, usually people need to be under offer before an onwards offer would be taken seriously.. because convention. 

Just wondering if this is a bad sign? - I mean its not a sign that they love you, want your offer and no one else, but its the normal process.. 

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. - no, they'r ewaiting to complete booked viewings. The fact that you happened to offer earlier than that doesn't affect things. 

Should we just cut our losses and move on? - cut what losses? what are you doing differently based on this? You don't have an offer accepted, so should continue viewing other places. 

There's no faffing, you just have to wait for the process to run. The vendor would naturally complete planned viewings, collect offers, and then go from there. Chill out. 

lookstraightahead

saajan_12 said:

SC22222 said:

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.- perfectly normal, the asking price isn't a magic price they have to sell at, but rather a guide. They may receive offers over asking the next day, so wouldn't want to rule out that chance because someone happened to book a viewing for 1 day earlier. 

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. - normal, usually people need to be under offer before an onwards offer would be taken seriously.. because convention. 

Just wondering if this is a bad sign? - I mean its not a sign that they love you, want your offer and no one else, but its the normal process.. 

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. - no, they'r ewaiting to complete booked viewings. The fact that you happened to offer earlier than that doesn't affect things. 

Should we just cut our losses and move on? - cut what losses? what are you doing differently based on this? You don't have an offer accepted, so should continue viewing other places. 

There's no faffing, you just have to wait for the process to run. The vendor would naturally complete planned viewings, collect offers, and then go from there. Chill out. 

I know we all have our opinions, but I don't recognise normal in any of it. it's just putting this buyer on the back burner after they've offered what the vendor should be happy with (magic price is probably less than asking to the lender).

It's like saying you might ho on a date with someone but telling them to hang around to see if anything 'better' comes along.

Slinky

We offered 10% over asking for our house, and the vendor took 6 days to accept it.

andyf1980

We were all first time buyers at one point. No need for anyone to be disparaging about it. 

Flick85

I am a vendor and received 2 asking price offers at 215k from investors very quickly after going on the market. I refused as I had already got 8 people booked in for viewings in a block session scheduled for a week later. 

After the potential buyers got into a bidding war, I ended up pulling the property off the market when they hit 7.5k over asking. BUT this was only because my ongoing purchase will be simpler for selling to an investor who is potentially willing to rent my flat back to me while i find somewhere or wait for it to be built if I go the new build route. When I accepted the offer, less than 24 hours after being on the market, they had 20 viewings booked in.

I accepted because of my situation and feeling that it’s unlikely those who were viewing would be as patient, or reach the offer level I eventually accepted.

With the market as it is, the vendors would need good reason to take it off the market. And, tbh an asking price offer is probably insufficient reason I’m afraid.

Your options are basically to up the offer to your maximum. Or wait. If you really want the property, I’d tell them your highest bid and see if they’ll accept it. But, if you can’t go any higher, then you’ll have to wait and see how things stand after the viewings, I think.

The market is pretty ridiculous right now 🤷‍♀️

Thrugelmir

lookstraightahead said:

saajan_12 said:

SC22222 said:

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.- perfectly normal, the asking price isn't a magic price they have to sell at, but rather a guide. They may receive offers over asking the next day, so wouldn't want to rule out that chance because someone happened to book a viewing for 1 day earlier. 

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. - normal, usually people need to be under offer before an onwards offer would be taken seriously.. because convention. 

Just wondering if this is a bad sign? - I mean its not a sign that they love you, want your offer and no one else, but its the normal process.. 

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. - no, they'r ewaiting to complete booked viewings. The fact that you happened to offer earlier than that doesn't affect things. 

Should we just cut our losses and move on? - cut what losses? what are you doing differently based on this? You don't have an offer accepted, so should continue viewing other places. 

There's no faffing, you just have to wait for the process to run. The vendor would naturally complete planned viewings, collect offers, and then go from there. Chill out. 

I know we all have our opinions, but I don't recognise normal in any of it. 

Perhaps you are in the minority. 

TheJP

lookstraightahead said:

Schwarzwald said:

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.

It wouldn't have been playing their cards correctly with me as a buyer. I would have walked by now. If any card, it's the greed one.

There could be a number of reasons why they are waiting, perhaps they have had a bad experience with an FTB in the past and want to see if there are more suited bidders. Its not always about the money (usually it is).

lookstraightahead

TheJP said:

lookstraightahead said:

Schwarzwald said:

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.

It wouldn't have been playing their cards correctly with me as a buyer. I would have walked by now. If any card, it's the greed one.

There could be a number of reasons why they are waiting, perhaps they have had a bad experience with an FTB in the past and want to see if there are more suited bidders. Its not always about the money (usually it is).

They're taking a risk though. They'd have lost me.