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Comments
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It's not playing games, it's the owner of the property trying to sell for the largest amount of money possible. Hardly a novel concept.
Yes, it would be much worse if they told you they had accepted your offer while still hoping that someone to gazump you.
It's a gamble either way. The property could be undervalued by more than £35k and you still get it for a steal, or the amount you've already offered could be overvalued & you might be lucky if the sale falls through. Just because there is one bigger fool today prepared to pay more money than you, doesn't mean that the house is worth more. Or this sale falls through and all property prices doubles tomorrow and you can't find a house that you'll like that you can afford and you'll be miserable forever.
Predicting the future is hard, so try not to worry too much about it.
A friend recently offered the asking price because he'd lost out on too many properties by trying to talk the price down and he was sick of spending time looking for properties.0 -
Thanks everyone for your further thoughts
Well, today we heard back from the EA that the executor has advised the beneficiaries to accept our offer. However, as one of the parties lives overseas - not Peru
- they expect some delay in getting a response. We were advised it might be next Tuesday before we have an answer!
Being of a suspicious disposition, I'm inclined to think this is an excuse to allow more viewings - possibly resulting in further offers - to take place in the interim.
Having reiterated our good position, made it clear this communication delay was unacceptable in the 21st century and that we continue to look elsewhere, I'm not sure what else we can do.
They did, however ask for our proof of ID and conveyancing solicitor's contact details, which we've now provided......Mortgage-free for fourteen years!
Over £40,000 mis-sold PPI reclaimed0 -
Oh, I think that sounds quite promising really. Probate deals are always fraught, rather like divorce sales. But, with one abroad, any delay works just as well for you, in allowing down any counter offers. If you've got the agent on board, and the executors recommend accepting, you are some way there.0
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Executors need to get a price that satisfies the beneficiaries to avoid getting sued.
Beneficiaries can often be quite detached and often no sense of urgency.
Alternative is they are over attached and indecisive.
Just leave the offer and keep on looking.
With probate property part of the research is get the will and assess as best you can how motivated the relevant parties are.
as a cash buyer you can bypass a lot of the process just ensure good title.
Focus on fast exchange.
Forgot, you can also be bidding against a beneficiary establishing an open market price.0 -
What defines a "fair price"?Similarly before that property we offered on another (again, full asking) only for the agent to come back a day later and say they had had other offers so were looking for "best and final bids". We decided to walk away immediately as we had no interest in playing games. If a house is advertised for a fair price, and you offer that fair price, the agreement should be done.
A house has a different value to every single person. If someone's selling a house that they'd be happy to accept £200K for, and I'd be willing to pay £250K for it, then any price between those two figures is one that makes us both happy - but that doesn't make it a "fair price" in the abstract. Indeed, such a concept just doesn't exist. You can't look at an asking price and decide on everyone's behalf whether it is "fair" or "unfair".
When you put up a house for sale and pick an asking price, you're making a guess. You're trying to figure out what people will be willing to pay for it, and trying to find a price such that someone who sees it is willing to pay that much. If you guess wrong, and find that multiple people are willing to pay that much and some are willing to pay more, you're not bound by some law of fairness to sell to the first person who offered your incorrect guess. So in my prior example, if the sellers asked £210K and you came along and offered that, it's a price you're willing to pay and a price the seller's willing to accept - but how's it "fair" when I'm willing to pay £250K? Fair to you, perhaps, but you shouldn't expect the sellers to see it that way.0 -
Agree with the other part of your post, but not this.
If house is advertised for a fair price, and multiple people offer fair price, then as a seller, why wouldn't you go for best and final bids? It's not playing games for the best and final offer. I'd agree if it was "Well person X offered this, will you up and over this offer" etc, but blind best and final are perfectly fine.
I think I demonstrated one of the reasons why you wouldn't go for best and final bids. Some people will walk away and feel like you are playing games.
As it was the property didn't sell for quite a while afterwards and the final sale price was below what the average house prices had risen by in that time. I suspect they would have been better off accepting the asking price offer from keen and proceedable buyers instead of chasing that extra 2% price increase.0 -
I think I demonstrated one of the reasons why you wouldn't go for best and final bids. Some people will walk away and feel like you are playing games.
I still don't understand why, when there are several people interested in the same property and the seller asks them all to make their best offer, that is taken to mean the seller is playing games?
It's business, as a seller you naturally want the best price possible, as a buyer you want the price to be as low as possible, everyone understands that, it's not a game, it's a way of establishing the market price.0 -
I think I demonstrated one of the reasons why you wouldn't go for best and final bids. Some people will walk away and feel like you are playing games.I still don't understand why, when there are several people interested in the same property and the seller asks them all to make their best offer, that is taken to mean the seller is playing games?
I also don't understand why.
'Best and final bids' is a daily occurrence in the Scottish market, and properties are routinely sold with a declared 'closing date'. This is advertised on websites and other media, and anyone who has expressed an interest in the property is contacted and invited to submit an offer on or before that date. Then the seller picks the offer they want, and the successful bidder is sent a qualified acceptance of their offer. It's routine for us.0 -
I still don't understand why, when there are several people interested in the same property and the seller asks them all to make their best offer, that is taken to mean the seller is playing games?
It's business, as a seller you naturally want the best price possible, as a buyer you want the price to be as low as possible, everyone understands that, it's not a game, it's a way of establishing the market price.
I just think you should market the property at the price you are willing to accept. If someone offers that price then you accept it. Instead what you're suggesting is the seller continues to market the property in the hope of getting multiple asking price offers to then go on to bids.0 -
I just think you should market the property at the price you are willing to accept. If someone offers that price then you accept it. Instead what you're suggesting is the seller continues to market the property in the hope of getting multiple asking price offers to then go on to bids.
So 2 people in the same position offer the same amount the same day. And you're selling. You would just flip a coin or what?
What if its 3 people? What about 4?
One house I was after I had 4 people in the final offers, I re-offered what I wanted to spend and lot out. I had the same with another but that went £20k over my budget.
When I was selling my flat, I had 3 offers all within £500, so I went to final offers. 2 offered the same amount and one increased their offer by £1000. I went with him and eventually sold. I wasn't playing a game but other than money, how am I meant to know who would be in my best interest to choose? If someone is that desperate for the property, they will put in another £1k. In the longterm is makes no difference but it does give some indication how much someone wants a property.
It's funny, also when I was selling my property (before the above), I had one who was very keen, seemed very approachable and offered a bit below asking price. I had the choice of a BTL LL who offered more but went for the couple who were looking at purchasing their first place together. They then, at the last moment (3 months into the purchase, the following week I was signing my contract), dropped out and never heard from them again. Sellers aren't the ones who always play games.0
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