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    • markyyyyyy
    • By markyyyyyy 8th Feb 18, 7:52 PM
    • 63Posts
    • 9Thanks
    markyyyyyy
    Vendor keeps pushing price up
    • #1
    • 8th Feb 18, 7:52 PM
    Vendor keeps pushing price up 8th Feb 18 at 7:52 PM
    Hi, our situation is this:

    we have seen a house we REALLY want, basically it ticks all boxes.

    We only want to put our house on the market if the seller accepts our offer subject to contract and takes their house off the market. We can get our house on the market within 2 days and hopefully sell within 6 weeks (only 3 bed semi on the market in our village).

    they are asking offer in region of 260k

    we went in at 245k - seller rejected and said minimum they want is 256k

    i then ofered 255k

    they counter offered 257500k

    i offered 256k subject to them taking house off market SOLD STC, to whivh they agreed on the price but not to take it off the market. As a result, i iupped my offer to 257k subject to SOLD STC

    they declined, and said they will accept 260k (asking price) and take it off the market for 4 weeks to allow us to sell

    I declined, and said 257k is our final offer, with them taking it off sold STC.



    My understanding is that the EA and buyer knows how much we want the property (i let on to the estate agent how much we want it, and that we only want to put outs up for sale if we can move to that house), so they keep upping their price thinking they can take us for a ride.

    All along, our max price in our head is 257k, and now i have dealt that card, do you think they will reasses our offer, and potentially come back crawling? The house has been on the market for 2 weeks, so not long. To my understanding, they have had viewings but no offers.

    thoughts on what to do? I feel like they are trying to make a mockery of us, but at the same time we really want the house.

    Cheers
    Savings aim for 2012: 5000 = 416.60 per month

    Current Savings excluding M&G Investments (18/11/11):
    Britannia: 5334

    Total Aim for 31/12/12: 10,334
Page 1
    • The Palmist
    • By The Palmist 8th Feb 18, 7:56 PM
    • 709 Posts
    • 291 Thanks
    The Palmist
    • #2
    • 8th Feb 18, 7:56 PM
    • #2
    • 8th Feb 18, 7:56 PM
    If the house has only been on market for 2 weeks and you are not in a position to move quickly, I doubt any sensible vendor will take it off market so soon unless they have incentive of a better offer i.e. 260K in this case.

    I wouldn't be crawling back if I was the vendor and the house I were selling was a decent one.
    Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp
    • lika_86
    • By lika_86 8th Feb 18, 7:58 PM
    • 1,262 Posts
    • 4,598 Thanks
    lika_86
    • #3
    • 8th Feb 18, 7:58 PM
    • #3
    • 8th Feb 18, 7:58 PM
    Your title isn't really correct, they aren't pushing the price up, you just haven't met their initial expectations, everything else is just negotiations.

    You've made four offers in two weeks and you're only 3k under where you would need to be to secure what you want. If you can, just raise your offer and buy it. 3k is nothing for the dream house.
    • JoJo1978
    • By JoJo1978 8th Feb 18, 7:59 PM
    • 344 Posts
    • 424 Thanks
    JoJo1978
    • #4
    • 8th Feb 18, 7:59 PM
    • #4
    • 8th Feb 18, 7:59 PM
    Forgive me for being blunt, but I assume that you need to sell your house in order to buy theirs? But you aren't even on the market yet, so why do you expect them to dance to your tune? I think that you made a mistake by expressing so much interest in the house - why would they not think you can be squeezed for more and more?

    My advice is to do nothing, get your house on the market and sold. Them make contact again and I suspect they'll behave more reasonably.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Part-time gigger and charity volunteer 2018
    • The Palmist
    • By The Palmist 8th Feb 18, 8:07 PM
    • 709 Posts
    • 291 Thanks
    The Palmist
    • #5
    • 8th Feb 18, 8:07 PM
    • #5
    • 8th Feb 18, 8:07 PM
    I don't think there is much wrong with expressing interest, sometimes it can make all the difference when vendors are faced with multiple buyers and if the house is your dream home then it will likely attract more buyers.

    You wouldn't want to regret losing it for the sake of 3K.
    Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp
    • saajan_12
    • By saajan_12 8th Feb 18, 8:10 PM
    • 1,226 Posts
    • 853 Thanks
    saajan_12
    • #6
    • 8th Feb 18, 8:10 PM
    • #6
    • 8th Feb 18, 8:10 PM
    Why don't you get yours on the market??

    You're not a proceedable buyer currently -
    1. Most wouldn't entertain your offer until your house was Sold STC (that way you have an idea of funds from the sale and timescale)
    2. Most wouldn't take property off the market until you had shown commitment to the purchase e.g. by booking a survey


    Hi, our situation is this:

    we have seen a house we REALLY want, basically it ticks all boxes.

    We only want to put our house on the market if the seller accepts our offer subject to contract and takes their house off the market. - WHY? Most sellers will want you to be proceedable ie your house sold STC before entertaining your offer.
    We can get our house on the market within 2 days and hopefully sell within 6 weeks (only 3 bed semi on the market in our village). - You don't know what price you'll get,
    and so whether you'll have funds for your purchase, nor how long it will take.


    they are asking offer in region of 260k

    we went in at 245k - seller rejected and said minimum they want is 256k - yes, a minimum

    i then ofered 255k

    they counter offered 257500k - okay, maybe they have more interest now so aren't willing to sell at their min.

    i offered 256k subject to them taking house off market SOLD STC, to whivh they agreed on the price but not to take it off the market.- now you're adding in conditions which would further hinder them. As a result, i iupped my offer to 257k subject to SOLD STC - now you sound keen

    they declined, and said they will accept 260k (asking price) and take it off the market for 4 weeks to allow us to sell - yes its higher than their counteroffer, but with offset by the offer to take it off the market, so not really an increase overall.

    I declined, and said 257k is our final offer, with them taking it off sold STC.



    My understanding is that the EA and buyer knows how much we want the property (i let on to the estate agent how much we want it, and that we only want to put outs up for sale if we can move to that house), so they keep upping their price thinking they can take us for a ride. - only natural they want as much as possible for the property. You being so keen at the price suggests they may have undervalued it.

    All along, our max price in our head is 257k, and now i have dealt that card, do you think they will reasses our offer, and potentially come back crawling? The house has been on the market for 2 weeks, so not long. To my understanding, they have had viewings but no offers. - they might, depends on how much interest they get. But wouldn't call it coming 'crawling' if your offer looks better after testing the market better. They'd be crazy to accept the first offer below asking with a high likelihood of not completing given your position.

    thoughts on what to do? I feel like they are trying to make a mockery of us, but at the same time we really want the house.

    Cheers
    Originally posted by markyyyyyy
    • AnotherJoe
    • By AnotherJoe 8th Feb 18, 8:11 PM
    • 9,406 Posts
    • 10,394 Thanks
    AnotherJoe
    • #7
    • 8th Feb 18, 8:11 PM
    • #7
    • 8th Feb 18, 8:11 PM
    You've worked really well to give them a nice underpin to their price.

    Anyone else makes an offer they can now truthfully say "well we've already got an offer more than that" without letting on it's from people who are in no position to buy. They also don't need to go "crawling back to you" since there's no certainty at all you'll ever buy their house, you come across as (please forgive my bluntness also) somewhat deluded as to the strength of your position, which is, not even weak.

    If your position is as strong as you say, show that by putting your house on the market now, get your offer and then go back to them being proceedable. .
    Last edited by AnotherJoe; 08-02-2018 at 8:16 PM.
    • bobbymotors
    • By bobbymotors 8th Feb 18, 8:14 PM
    • 630 Posts
    • 875 Thanks
    bobbymotors
    • #8
    • 8th Feb 18, 8:14 PM
    • #8
    • 8th Feb 18, 8:14 PM
    If I were selling and wanted 260k I definitely wouldn't take it off the market for an offer both under the asking price and to a non proceedable buyer.

    They aren't 'pushing the price up'....you are trying to push it down from a relatively weak position.
    • csgohan4
    • By csgohan4 8th Feb 18, 8:26 PM
    • 4,429 Posts
    • 2,780 Thanks
    csgohan4
    • #9
    • 8th Feb 18, 8:26 PM
    • #9
    • 8th Feb 18, 8:26 PM
    if I was a vendor and you have not had your property on the market and offered, I will tell you go away until you are proceedable
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • The Palmist
    • By The Palmist 8th Feb 18, 8:32 PM
    • 709 Posts
    • 291 Thanks
    The Palmist
    if I was a vendor and you have not had your property on the market and offered, I will tell you go away until you are proceedable
    Originally posted by csgohan4
    Shouldn't EAs be doing it already before arranging viewings. Ours wanted to see AIP etc. before calling the Vendors.
    Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp
    • markyyyyyy
    • By markyyyyyy 8th Feb 18, 8:32 PM
    • 63 Posts
    • 9 Thanks
    markyyyyyy
    Okay, i understand i am in a weak position and need to sell our house.

    If i put our house on the market with purple bricks, and pay the 845 fee, i am obviously hoping that our house sells before the house we want sells.... but at the same time i am hoping they don't get an offer on theirs and are sold, meaning that we are in a position.whereby we need to take our house off the market (we only want to move to that housing estate).

    if i did sell our house and had to let the buyer down, what would happen? Would they lose fees?

    cheers

    mark
    Savings aim for 2012: 5000 = 416.60 per month

    Current Savings excluding M&G Investments (18/11/11):
    Britannia: 5334

    Total Aim for 31/12/12: 10,334
    • glasgowdan
    • By glasgowdan 8th Feb 18, 8:33 PM
    • 2,881 Posts
    • 3,227 Thanks
    glasgowdan
    if I was a vendor and you have not had your property on the market and offered, I will tell you go away until you are proceedable
    Originally posted by csgohan4
    Somewhere in the chain SOMEONE has to make offers before they're preferable otherwise the chain could take years to complete after the first offer at the bottom.
    • dimbo61
    • By dimbo61 8th Feb 18, 8:37 PM
    • 9,879 Posts
    • 5,314 Thanks
    dimbo61
    Who said you will sell with purple bricks ?
    • The Palmist
    • By The Palmist 8th Feb 18, 8:42 PM
    • 709 Posts
    • 291 Thanks
    The Palmist
    Okay, i understand i am in a weak position and need to sell our house.

    If i put our house on the market with purple bricks, and pay the 845 fee, i am obviously hoping that our house sells before the house we want sells.... but at the same time i am hoping they don't get an offer on theirs and are sold, meaning that we are in a position.whereby we need to take our house off the market (we only want to move to that housing estate).

    if i did sell our house and had to let the buyer down, what would happen? Would they lose fees?

    cheers

    mark
    Originally posted by markyyyyyy
    If you are considering the possibility of pulling out in case the house you want sells before yours then you have to weigh up costs

    Purplebricks - fixed price and no commission so overall cheaper
    Local EA - Lower cost to market but likely to be more expensive overall

    At least by putting yours for market, you are coming across as a serious buyer and contributing to the chain.

    What is the Vendor's situation, have they already bought somewhere or waiting for there's to be sold?

    If you believe your house will sell quick and local EA will not add any value then go with PB.
    Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp
    • csgohan4
    • By csgohan4 8th Feb 18, 8:43 PM
    • 4,429 Posts
    • 2,780 Thanks
    csgohan4
    Somewhere in the chain SOMEONE has to make offers before they're preferable otherwise the chain could take years to complete after the first offer at the bottom.
    Originally posted by glasgowdan


    Problem is the OP is the bottom of the chain and has not even put house on the market yet, and making an offer is pretty pointless as they have not got an offer on theirs.


    they may even get less money than they were expecting, perhaps affecting what they an offer. You don't run before you walk
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • markyyyyyy
    • By markyyyyyy 8th Feb 18, 8:46 PM
    • 63 Posts
    • 9 Thanks
    markyyyyyy
    If you are considering the possibility of pulling out in case the house you want sells before yours then you have to weigh up costs

    Purplebricks - fixed price and no commission so overall cheaper
    Local EA - Lower cost to market but likely to be more expensive overall

    At least by putting yours for market, you are coming across as a serious buyer and contributing to the chain.

    What is the Vendor's situation, have they already bought somewhere or waiting for there's to be sold?

    If you believe your house will sell quick and local EA will not add any value then go with PB.
    Originally posted by The Palmist
    when we did the viewing 10 days ago, they said they had not yet found a house. they are expecting a 2nd baby in aoril so i expect they want to move before then....
    Savings aim for 2012: 5000 = 416.60 per month

    Current Savings excluding M&G Investments (18/11/11):
    Britannia: 5334

    Total Aim for 31/12/12: 10,334
    • steampowered
    • By steampowered 8th Feb 18, 8:47 PM
    • 2,494 Posts
    • 2,412 Thanks
    steampowered
    I think it is very unreasonable to expect a seller to take their house off the market, if you haven't even marketed your house yet. Especially as you are offering below the market price.

    It could take months for you to sell your property. You may not be in a position to exchange anytime soon. You think you can find a buyer within 6 weeks but you have no guarantee of that.

    If I was the seller there is no way I'd be taking my property off the market until you had found a buyer.

    If you really want this property you need to start marketing your house immediately.

    Have a search of purplebricks threads before using them. There are hidden fees and issues with that service, e.g. extra fees if you want to pick your own solicitor because purplebricks gets a kick-back from their panel, ultimately paid for through your legal cost.
    • The Palmist
    • By The Palmist 8th Feb 18, 8:56 PM
    • 709 Posts
    • 291 Thanks
    The Palmist
    when we did the viewing 10 days ago, they said they had not yet found a house. they are expecting a 2nd baby in aoril so i expect they want to move before then....
    Originally posted by markyyyyyy
    Ok so they will appreciate your position more. Do you know if they need to buy before moving out or if they are planning on renting temporarily.

    If your house sells before they find another one then where will you go?

    I think you should offer them 260K if they agree to take if off market as soon as you put yours on. That will be reasonable.

    Things can obviously change and a cash buyer can really throw a spanner in works but that is the chance you take.

    At most you will lose EA fees, at best you will have your dream house.
    Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp
    • RADDERS
    • By RADDERS 8th Feb 18, 9:57 PM
    • 210 Posts
    • 228 Thanks
    RADDERS
    I know this may not seen to be money saving, but I would be tempted to put the house for sale using the agent that is selling the property that you are after.

    This would also give the EA incentive to sell your house as it would be tying in two lost of commission. Maybe give them 6 weeks to sell.
    • Asl77c
    • By Asl77c 8th Feb 18, 11:35 PM
    • 71 Posts
    • 51 Thanks
    Asl77c
    Same situation happened with us, house we wanted put an offer in and they said the price was good but we aren't taking it off until proceedable, didn't give any grace. Got ours on the market within 3 days and had constant dialogue with them and once ours sold they took it off. It is upto the Vendor not the EA to give you time to sell the house so 4 weeks is a pretty fair deal at the 260. If you want it that much agree the extra 3k and get yours sold. They aren't doing anything wrong nor upping the price. Thats the price they want from you in your position. If someone comes along having already sold their house and they want a quick sell they would likely accept less. It is on a situational basis how people and what people accept. If you want it get your skates on and get yours listed.
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