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  • FIRST POST
    • FTBManchester01
    • By FTBManchester01 26th Jan 17, 12:49 PM
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    FTBManchester01
    Buying: Offered Asking price and now vendor needs to 'think'
    • #1
    • 26th Jan 17, 12:49 PM
    Buying: Offered Asking price and now vendor needs to 'think' 26th Jan 17 at 12:49 PM
    My husband and I have been trying to buy a new home for about 6 months. In the whole time, averaging 2-3 property viewing a week, we have seen just 2 houses we were interested in. First place fell through due to numerous issues on the vendor's side.
    We recently viewed another property that is very top end of our budget but worth it. We initially offered 95% which was rejected. After working out finances we offered the full asking price on condition it is accepted within 3 days and taken off the market. We are in no chain, mortgage agreed, deposit ready, solicitors primed and in rented property which we can stay in if the vendors need time to find a new place.We love the house and I'm tired of searching!
    The EA has called today and said there are 2 other offers on the table and so the vendor wants a week to make his decision?! I'm quite aware that this translates to "he wants more than his asking price now plus the weekend to set up another few viewings and see if they are fruitful"
    No way jose! I'm not getting into a bidding war and I believe if he is awkward at this early stage then maybe he isn't the type of person I want to do business with. I have told the EA that we will not wait and if he can't accept our offer within the 3 days then its off the table.
    My colleague thinks I'm being unreasonable. What are everyone's thoughts...?
Page 2
    • the_r_sole
    • By the_r_sole 26th Jan 17, 2:30 PM
    • 2,519 Posts
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    the_r_sole
    Can't see why asking for time to decide is a big problem? You don't know the detail of the offers on the table at all, so if you want your offer to be considered why not let them have some time?
    They may have a lower offer but cash buyer/someone that's move in dates are better or not on a chain etc, or they may have a higher offer that doesn't suit them as much.
    Trying to force their hand might just rule you out completely
    • csgohan4
    • By csgohan4 26th Jan 17, 2:30 PM
    • 4,537 Posts
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    csgohan4
    The vendor will decide when their ready, not when the buyer says so. They don't have to sell to you and your offer is not the only one. Their house, their rules.

    1 week in the grand scheme of things is not long.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Surrey_EA
    • By Surrey_EA 26th Jan 17, 2:59 PM
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    Surrey_EA
    As with so many things in life, it varies. People are very different, and as such will handle situations in a diverse way.

    It is not unreasonable for a seller to take a few days to consider their options, especially when they have several options to ponder. personally, I'd far rather they did that than rushed in to a quick decision that they later reneged on.

    It is also not unreasonable for a seller to try and achieve as high a price for their property as possible. If you do not wish to offer any more than you have done so already then that is entirely up to you, and is also entirely reasonable.

    From the information you've provided the seller does not appear to be behaving particularly awkwardly, this is a fairly common scenario. Essentially a house is only worth what someone is prepared to pay for it. As someone else has already mentioned the price is there only as a guide, and the eventual sale price may be lower or it could be higher.
    • FTBManchester01
    • By FTBManchester01 26th Jan 17, 3:10 PM
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    FTBManchester01
    Thanks for everyone's feedback. It's interesting hearing different viewpoints


    It's worth mentioning that the house has been up for sale for 3 months without any accepted offers (that I'm aware of) and the price has not changed.


    I think the chance of being gazumped is a real threat if the asking price was not actually what the vendors were looking for; in which case I'd rather know sooner than later.


    We have some viewings set up for the weekend so the search continues...
    • Surrey_EA
    • By Surrey_EA 26th Jan 17, 3:17 PM
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    Surrey_EA


    I think the chance of being gazumped is a real threat if the asking price was not actually what the vendors were looking for; in which case I'd rather know sooner than later.
    Originally posted by FTBManchester01
    The majority of sellers are simply out to get as much as possible, irrespective of the asking price.

    The is no reason to think the risk of being gazumped by this vendor is greater than with another vendor.
    • Cakeguts
    • By Cakeguts 26th Jan 17, 4:08 PM
    • 4,410 Posts
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    Cakeguts
    Why has it taken you 3 months to view this property if it is such a great buy?
    • FBaby
    • By FBaby 26th Jan 17, 4:18 PM
    • 16,718 Posts
    • 41,337 Thanks
    FBaby
    It's all about power and risk. You both want power, you both want to avoid risk. In the end, one will win the other lose.
    • Voyager2002
    • By Voyager2002 26th Jan 17, 4:28 PM
    • 12,137 Posts
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    Voyager2002
    The telling point is that this property is right at the top of your price range. So if (or rather when) an unexpected and expensive problem arises, you will need the vendor to pay the price or otherwise be forced to withdraw. That means that this purchase can only work out if the vendor is keen and feels that your offer is a good one. The fact that the vendor needs time to make a decision on your offer makes it very clear that they are not very happy with it. Under these circumstances, you are right to walk away.

    Incidentally, something similar happened when I bought my first house. After the discussions about the price had failed to reach an agreement I looked elsewhere.... and a little later the agent contacted me to say that a lower offer would now be acceptable.
    • Grenage
    • By Grenage 26th Jan 17, 4:30 PM
    • 1,454 Posts
    • 1,364 Thanks
    Grenage
    I told people making offers that I would consider them all at the end of the week, and make a final decision.

    Rushing the process or getting less than you could would be a remarkably foolish thing to do, as a seller.
    • trailingspouse
    • By trailingspouse 26th Jan 17, 4:38 PM
    • 2,680 Posts
    • 4,368 Thanks
    trailingspouse
    The house is worth what someone is prepared to pay for it, not what the asking price is.

    If you're not prepared to wait more than three days, then don't - just walk away and spend another two years looking for the perfect house.

    We were in exactly this position a few years ago - our house was on the market at £95,000, 20+ viewings in two weeks, with three firm offers. The estate agents earned their money going backwards and forwards between the three potential buyers negotiating further offers - it eventually sold for £100,500.
    Last edited by trailingspouse; 26-01-2017 at 4:41 PM.
    • missmoose
    • By missmoose 26th Jan 17, 4:56 PM
    • 112 Posts
    • 318 Thanks
    missmoose
    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.
    • Surrey_EA
    • By Surrey_EA 26th Jan 17, 5:08 PM
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    Surrey_EA
    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.
    Originally posted by missmoose
    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.
    • Reue
    • By Reue 26th Jan 17, 5:26 PM
    • 549 Posts
    • 446 Thanks
    Reue
    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.
    Last edited by Reue; 26-01-2017 at 5:28 PM.
    • Surrey_EA
    • By Surrey_EA 26th Jan 17, 5:33 PM
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    Surrey_EA
    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.
    Originally posted by Reue
    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.
    • spidereyes
    • By spidereyes 26th Jan 17, 11:16 PM
    • 256 Posts
    • 164 Thanks
    spidereyes
    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.
    Originally posted by Surrey_EA
    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.
    • Lozhey1
    • By Lozhey1 10th Jan 18, 11:47 PM
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    Lozhey1
    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 arenít 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 .Iím confused as to what to do . If the seller wants more for the house why not ask more orginally ..HELPPP !!
    • bris
    • By bris 11th Jan 18, 12:00 AM
    • 7,657 Posts
    • 6,663 Thanks
    bris
    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.
    • Cakeguts
    • By Cakeguts 11th Jan 18, 12:02 AM
    • 4,410 Posts
    • 6,333 Thanks
    Cakeguts
    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 arenít 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 .Iím confused as to what to do . If the seller wants more for the house why not ask more orginally ..HELPPP !!
    Originally posted by Lozhey1
    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.
    • JaneyLouWho
    • By JaneyLouWho 11th Jan 18, 5:35 AM
    • 155 Posts
    • 179 Thanks
    JaneyLouWho
    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!!!8217;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!!!8217;t mean anyone else will. Stand firm!
    • googler
    • By googler 11th Jan 18, 7:26 AM
    • 14,784 Posts
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    googler
    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...?
    Originally posted by AndyTails
    This takes a matter of minutes or hours, not days of agonising

    EDIT - Sorry, just realised thread is a year old. Not awake yet.
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