OFFERED ASKING PRICE. VENDER FAFFING

lookstraightahead

Thrugelmir said:

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. 

Perhaps you are 😁

TheJP

lookstraightahead said:

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.

Being diligent isn't taking a risk, quite the opposite.

lookstraightahead

TheJP said:

lookstraightahead said:

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.

Being diligent isn't taking a risk, quite the opposite.

Of course it's taking a risk. The op has offered asking price and has been told their offer isn't good enough to accept at this time. The next risk is that someone offers over and the lender "down" values.
of course it might all be a risk worth taking, but it's still a risk.

TBG01

lookstraightahead said:

TheJP said:

lookstraightahead said:

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.

Being diligent isn't taking a risk, quite the opposite.

Of course it's taking a risk. The op has offered asking price and has been told their offer isn't good enough to accept at this time. The next risk is that someone offers over and the lender "down" values.
of course it might all be a risk worth taking, but it's still a risk.

This still applies to the OP's offer.

TheJP

lookstraightahead said:

TheJP said:

lookstraightahead said:

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.

Being diligent isn't taking a risk, quite the opposite.

Of course it's taking a risk. The op has offered asking price and has been told their offer isn't good enough to accept at this time. The next risk is that someone offers over and the lender "down" values.
of course it might all be a risk worth taking, but it's still a risk.

I didn't say that diligence is about getting the higher offer, they may be waiting for an asking price from non FTBs.

HotPantsCruiser

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. 

A forum probably can`t tell you that with any precision?

jimbog

lookstraightahead said:

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.

No it's not. It's a business transaction 

TXC

An offer 10-15% over asking will get them to take notice, put that in then use the inevitable downvalue as a bargaining chip. It is a risk, and it might work, it might not - probably more likely to work if the sellers are in a chain - got to try to play them at their own game if they're following the money

lookstraightahead

jimbog said:

lookstraightahead said:

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.

No it's not. It's a business transaction 

Even worse then. I do agree, it's a business transaction. Which is why I would have walked. 

lookstraightahead

TXC said:

An offer 10-15% over asking will get them to take notice, put that in then use the inevitable downvalue as a bargaining chip. It is a risk, and it might work, it might not - probably more likely to work if the sellers are in a chain - got to try to play them at their own game if they're following the money

I entirely agree. This is unfortunately what's happening as vendors are so taken in that buyers find it's the only way to get a deal. Then it falls through when reality strikes and the lender 'down' values and everyone is back to square one.

I don't get this "holding out for a better deal" when the real problem is the down valuation. Just a waste of everyone's time. It's like a short term feel good factor for a wannabe wealthier vendor.