PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Buying: Offered Asking price and now vendor needs to 'think'
Options
Comments
-
I don't know if it's been said or not so I'm going to say it anyway.
Your offer might not be the highest, but you're the most attractive in terms of if you are ready to proceed.
They may have had an offer for 5k more than yours off of someone that is not quite in such a good position as you and they want to weigh up if the 5k is worth a delay.
Alternatively the may have gotten an offer for 5k less but a cash sale and they want to weight up if 5k less is worth the faster sale.
A week does sound too much though in my opinion.
The other buyers may be at the same level, and may be in equally strong positions.
It's not always possible to guess what might be of greatest importance to each individual vendor. Sometimes it's money, sometimes it's flexibility, sometimes it's speed and sometimes they'd prefer to sell to someone they like. Could be any number of possibilities.0 -
When we offered on our property our offer was only valid until midnight that day! We knew they had had alot of viewers, we were offering full asking price and absolutely would not have entered a bidding war.
Why would they need any more time to decide if you've offered the asking price? The only real reason is because they think they can get more and will almost certainly be because they've had other asking price offers.. and thus a bidding way starts.0 -
When we offered on our property our offer was only valid until midnight that day! We knew they had had alot of viewers, we were offering full asking price and absolutely would not have entered a bidding war.
Why would they need any more time to decide if you've offered the asking price? The only real reason is because they think they can get more and will almost certainly be because they've had other asking price others.. and thus a bidding way starts.
I never quite follow when people say they are "not getting in to a bidding war." Presumably, it depends on the house, and less on what the asking price of the property is. Sometimes it's worth making an offer over the asking price, sometimes it isn't.
For particularly desirable properties sometimes you have to dance to the sellers tune, for more run of the mill houses a buyer may be able to call the shots more. Each situation is going to be different.0 -
The other buyers may be at the same level, and may be in equally strong positions.
It's not always possible to guess what might be of greatest importance to each individual vendor. Sometimes it's money, sometimes it's flexibility, sometimes it's speed and sometimes they'd prefer to sell to someone they like. Could be any number of possibilities.
I'd agree with this, when I bought my house, the vendor made it clear she needed a quick sale as her husband was going into care.
There was a higher offer on the table but it was from a party who was involved in a matrimonial sale. She accepted our lower offer because we weren't in any chain.
On the other hand when an elderly family member sold their property they had two offers on the table one from a builder for just under asking price and one from a young family for less money. They accepted the lower offer because they wanted it to be a family home. 10 years later they still get a Christmas card from them every year!!
Money isn't always everything.
Personally I'd say there's no harm in keeping your offer on the table but continue looking in the meantime.0 -
Hi me and my partner are in a similar situation , we are both first time buyers, we originally put in an offer 5 percent under the asking price , the offer was rejected . We really liked the house so bidded the FULL asking price for the house on the condition the house be taken off the market . The EA has phoned today and said can the offer be left in the table the vendor wants the viewings to go ahead over the weekend . We aren’t in a chain currently living at home so are in a good position to wait if the vendor needs time , or be quick if there in a rush .I’m confused as to what to do . If the seller wants more for the house why not ask more orginally ..HELPPP !!0
-
This threads a year old, start a new one. But like the other vendor they hold the cards, your demands can backfire, don't make threats you won't keep and expect them to refuse to be bullied.0
-
Hi me and my partner are in a similar situation , we are both first time buyers, we originally put in an offer 5 percent under the asking price , the offer was rejected . We really liked the house so bidded the FULL asking price for the house on the condition the house be taken off the market . The EA has phoned today and said can the offer be left in the table the vendor wants the viewings to go ahead over the weekend . We aren’t in a chain currently living at home so are in a good position to wait if the vendor needs time , or be quick if there in a rush .I’m confused as to what to do . If the seller wants more for the house why not ask more orginally ..HELPPP !!
People offer what the house is worth to them. If someone decides that the house is worth more to them than the asking price then that is what they will offer.
When you make an offer you offer what the house is worth to you. So does everyone else. If several people offer the asking price then the vendor will be able to decide who they want to sell to. Someone may offer more than the asking price. The vendor's choice is to wait until other people have viewed.
For the future you cannot demand that a vendor takes a house off the market and sells it to you just because you offered the asking price. The vendor can choose who they sell to.0 -
We made an asking price offer on a house we loved on the day it went on the market because we really wanted to be done with our search. The vendor didn’t accept, and we got cross wondering what more we could do - FTB, in rented etc etc. Anyway, we withdrew our offer, found somewhere which is actually much better, and the original house is still on the market and has been since July 2017!! I find that quite amusing. The vendor might be excited by the initial interest, but just because you like it doesn’t mean anyone else will. Stand firm!0
-
Put yourself in the vendor's shoes: You've decided to sell your house, you've talked to agents, looked at the market, worked out what you think it's worth, and then you've put it on the market. If you then get three asking price offers (especially if they all came in very quickly after listing the property), you're going to think "Hang on, did we put this on too cheaply? Should we be expecting more for it?"
Then accept you made a mistake. Accept one of the offers, and do what you wanted to do in the first place - move house
Alternatively, maybe it's been on the market for a bit longer, say 4 -6 weeks, when you suddenly get three offers all at once. You might need to spend some time to work out which of them is best.
Do I go for the highest offer? Or for the buyers with no chain? Maybe the highest offer is from buyers with no chain, but they're starting off by making demands such as "you only have 3 days to make a decision"... Do I want to deal with a buyer who's putting me under pressure? What are the chances that they're going to pick on every tiny little detail from their structural survey? Or would I rather sell for slightly less to buyers who I think are reasonable and are more likely to actually complete...?
This takes a matter of minutes or hours, not days of agonising
EDIT - Sorry, just realised thread is a year old. Not awake yet.0 -
Why is this being discusssed again?
The current poster's query is precisely the same as the original one a year ago. A host of responses, explanations, and views were offered back then. The process, morals and law haven't changed so the responses will be the same!0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards