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  • FIRST POST
    • WeatherWoman
    • By WeatherWoman 15th Apr 18, 7:41 AM
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    WeatherWoman
    Worried my asking price offer will be used to inflate price
    • #1
    • 15th Apr 18, 7:41 AM
    Worried my asking price offer will be used to inflate price 15th Apr 18 at 7:41 AM
    Hi,
    We have been house-hunting for a year and have been struggling to find houses that meet our needs in the right location. There just hasnít been much coming up.

    Weíve sold our house and heard about a house that sounded ideal coming up, but not yet on the market.

    We managed to secure an early viewing and absolutely loved it. We offered the asking price and asked them to take it off the market.

    However the vendors seem
    shocked to have had an offer so soon and said they want to let the property go to the market. They havenít started looking yet (although plan to next weekend).

    Now Iím worried the agents will launch the house and get people looking round able to say Ďweíve already got an asking price offer on the tableí. This could lead to over-asking price offers that we canít afford to out-bid.

    Should I withdraw our offer but ask to be kept informed of other offers? Or phone back and say itís conditional on them not marketing the property? (I think theyíd say no).

    We really want to secure this house and just need some advice on the best way to do it.

    Many thanks !!!128591;
Page 1
    • Jaywood89
    • By Jaywood89 15th Apr 18, 7:53 AM
    • 160 Posts
    • 74 Thanks
    Jaywood89
    • #2
    • 15th Apr 18, 7:53 AM
    • #2
    • 15th Apr 18, 7:53 AM
    Unfortunately this is a catch 22

    An offer (accepted) is always subject to removal from sale. So you canít really tell them to remove it or you will back out as a way to sway this as they are already aware of that.

    You can either leave your offer on the table and just carry on searching yourself or withdraw the offer. Personally Iíd set a time frame for the offer. Maybe 3 weeks and say if you havenít had the offer accepted by then you will withdraw it. Thatís what Iíd do but others may disagree. It sounds like they have already said No so if you canít offer more then there isnít much that can be done.

    Remember just because a house is perfect for you doesnít mean it will be for others, who knows they may not get much interest.

    Unfortunately by going in straight at asking youíve got that greedy eyed monster thinking, can I get more?! You would think most people would snap up asking price from a no chain buyer, but a secure bet isnít always as appealing as a couple of K more to some. Greed Iím afraid.
    • Mickygg
    • By Mickygg 15th Apr 18, 8:02 AM
    • 1,430 Posts
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    Mickygg
    • #3
    • 15th Apr 18, 8:02 AM
    • #3
    • 15th Apr 18, 8:02 AM
    I agree with Jaywood. Greed takes over and an asking price offer before going to market will cause People to think they have the price too low.

    I would let them know that it is not an endless open offer, give them say 2 weeks on the table and after that it is withdrawn as you are looking at other properties. Are there by any chance any other houses of interest with the same EA? If there is book to view it then the EA knows you are serious about looking at other properties and word will go back to the vendors.
    • anselld
    • By anselld 15th Apr 18, 8:03 AM
    • 5,981 Posts
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    anselld
    • #4
    • 15th Apr 18, 8:03 AM
    • #4
    • 15th Apr 18, 8:03 AM
    There are plenty of Vendors out there who are so greedy that every time they get an offer they just want a higher one. They will never sell.

    If they will not stop marketing at this stage then tell them your offer is off the table.
    • mrginge
    • By mrginge 15th Apr 18, 8:33 AM
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    mrginge
    • #5
    • 15th Apr 18, 8:33 AM
    • #5
    • 15th Apr 18, 8:33 AM
    Greed Iím afraid.
    Originally posted by Jaywood89
    Hardly.
    It makes no sense whatsoever for the vendor to not market the property.
    • Detroit
    • By Detroit 15th Apr 18, 9:18 AM
    • 747 Posts
    • 2,332 Thanks
    Detroit
    • #6
    • 15th Apr 18, 9:18 AM
    • #6
    • 15th Apr 18, 9:18 AM
    Curious as to why sellers wanting as much money as possible for their house are considered greedy, when buyers wanting as much house as possible for their money are not?


    Put your hands up.
    • dunroving
    • By dunroving 15th Apr 18, 10:20 AM
    • 1,395 Posts
    • 976 Thanks
    dunroving
    • #7
    • 15th Apr 18, 10:20 AM
    • #7
    • 15th Apr 18, 10:20 AM
    If you withdraw your offer you take yourself off the radar so might only be spiting yourself. Maybe just tell the EA that since the seller is not willing to take the property off the market you will continue to look at other houses.
    (Nearly) dunroving
    • anselld
    • By anselld 15th Apr 18, 11:09 AM
    • 5,981 Posts
    • 5,731 Thanks
    anselld
    • #8
    • 15th Apr 18, 11:09 AM
    • #8
    • 15th Apr 18, 11:09 AM
    Curious as to why sellers wanting as much money as possible for their house are considered greedy, when buyers wanting as much house as possible for their money are not?
    Originally posted by Detroit
    Sellers should adequately research the price before setting an asking price. The asking price should reflect their evaluation of a fair price they are willing to accept with some adequate negotiating margin on top.

    A seller who changes their mind as soon as they receive the first asking price offer is either motivated by greed or failed to do their homework in the first place.

    Engineering a bidding war above asking price is as bad as gazumping in my view and the vendors will probably get the karma they deserve.
    • deannatrois
    • By deannatrois 15th Apr 18, 11:31 AM
    • 5,728 Posts
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    deannatrois
    • #9
    • 15th Apr 18, 11:31 AM
    • #9
    • 15th Apr 18, 11:31 AM
    I'm not sure there is a lot you can do now. The vendors have hesitated accepting due to the fact that they have an asking price offer so early. Some would take the property off the market because they just want the money they have asked for, but most others would react the same, its human nature. You can't take the cat out of the bag now.

    You will just have to wait and continue to look. It was worth trying but it hasn't worked, yet.

    I know its hard, but it might be worth really looking at other areas, for example up and coming areas close by. I think the market has slowed down a bit just now in many areas so you might have to wait a bit longer or adjust what you are prepared to look at.
    • victoriavictorious
    • By victoriavictorious 15th Apr 18, 11:39 AM
    • 349 Posts
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    victoriavictorious
    There are plenty of Vendors out there who are so greedy that every time they get an offer they just want a higher one. They will never sell.

    If they will not stop marketing at this stage then tell them your offer is off the table.
    Originally posted by anselld
    Absolutely agree, I would not trust or entertain vendors like this and would certainly not risk incurring fees, only to get shafted further down the line.
    If they refuse to play nicely, leave nothing on the table and don't enable them to use your genuine offer as a bargaining tool. It is pure greed.
    I would also be questioning how serious they are about selling and as others have suggested, start booking more viewings with that same agent.
    Oh, and even if the offers go a million quid over asking, it will still only be worth what the mortgage valuer says it's worth!
    Last edited by victoriavictorious; 15-04-2018 at 11:52 AM.
    • victoriavictorious
    • By victoriavictorious 15th Apr 18, 11:44 AM
    • 349 Posts
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    victoriavictorious
    Hardly.
    It makes no sense whatsoever for the vendor to not market the property.
    Originally posted by mrginge
    Yes it does because it defeats the objective. It could backfire on them and I really hope it does. They/their agents were the ones who should have done their local research and set the asking price correctly. If they wanted more, they should have asked for more or offers above, not be making an already trying process even more stressful.
    I'm not the only one who would tell any vendor with this attitude to go swivel.
    • warby68
    • By warby68 15th Apr 18, 11:46 AM
    • 1,044 Posts
    • 9,985 Thanks
    warby68
    There is very little you can do to BOTH secure a property that is only just coming to market AND keep the price down. Its only when the market's been tested that you can control things a little more. If you want someone not to test the market you have to make it worth their while which in reality would mean a higher offer than asking price.

    I can't imagine there are many sellers that wouldn't see your actions as a sign of their property's desirability and with nowhere yet to move to they don't have to make urgent decisions. Probably only someone wanting a very quick sale would agree to your terms. It isn't greed at that stage, its just sensible. Unless things change in the housing market so prices are fixed, the asking price is still only a guide for everyone. Those who think there is some moral obligation on vendors to accept the first asking price offer are probably not being realistic.

    On balance though, I think putting a decent and uncomplicated offer in early will at least secure you a good place in vendor's mental queue assuming any subsequent offers don't beat yours by a material amount.

    If you think of it from the other side, say another month passes and there have been no more offers. You will then no doubt start to think you offered too much!

    Try and stay calm, keen but not desperate and carry on looking as well so everyone knows you understand the game and won't hang around for ever.
    • NeilCr
    • By NeilCr 15th Apr 18, 12:21 PM
    • 2,452 Posts
    • 3,462 Thanks
    NeilCr
    There is very little you can do to BOTH secure a property that is only just coming to market AND keep the price down. Its only when the market's been tested that you can control things a little more. If you want someone not to test the market you have to make it worth their while which in reality would mean a higher offer than asking price.

    I can't imagine there are many sellers that wouldn't see your actions as a sign of their property's desirability and with nowhere yet to move to they don't have to make urgent decisions. Probably only someone wanting a very quick sale would agree to your terms. It isn't greed at that stage, its just sensible. Unless things change in the housing market so prices are fixed, the asking price is still only a guide for everyone. Those who think there is some moral obligation on vendors to accept the first asking price offer are probably not being realistic.

    On balance though, I think putting a decent and uncomplicated offer in early will at least secure you a good place in vendor's mental queue assuming any subsequent offers don't beat yours by a material amount.

    If you think of it from the other side, say another month passes and there have been no more offers. You will then no doubt start to think you offered too much!

    Try and stay calm, keen but not desperate and carry on looking as well so everyone knows you understand the game and won't hang around for ever.
    Originally posted by warby68
    Good post.

    While I understand the comments about greedy vendors, as you say, this house isn't even on the open market yet. In their position I would do the same and see how it pans out. I do wonder how many posters here would have, in this situation, done exactly what the OP wanted. Who knows, the EA may have undervalued. It's been known

    And, of course, it may not be a question of raising the price. It may be that they are looking to see if there is a more proceedable buyer.

    In the end, the OP has showed their hand and, it would appear, given a clear indication of how much they want the house. This has made their position vulnerable and they are going to have to see how this plays out now. I'd do what others say. Leave the offer on the table and look at other houses.
    • Cakeguts
    • By Cakeguts 15th Apr 18, 12:34 PM
    • 5,327 Posts
    • 8,128 Thanks
    Cakeguts
    I am with the vendor on this one. I think I would want to put the house on the market because I think it could go for more than the current asking price. The reason I say this is because in the OP they said that they had been struggling to find a house that met their needs in a particular location and not much had been coming onto the market.

    Reading between the lines and using experience of previous posts on here this tells me that they are looking for a cheap house in an expensive area. So they hear of one coming on the market at what is a cheap price and go round to view hoping that if they make an asking price offer the vendor will accept it without question and take the house of the market.

    This offer has not been accepted because the vendor is now wondering if their asking price is high enough. Of course they will not take the house off the market why should they? They can sell to who they want to. If the vendor wants to market the house they have every right to do that.
    • mrginge
    • By mrginge 15th Apr 18, 12:53 PM
    • 4,696 Posts
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    mrginge
    Yes it does because it defeats the objective. It could backfire on them and I really hope it does. They/their agents were the ones who should have done their local research and set the asking price correctly. If they wanted more, they should have asked for more or offers above, not be making an already trying process even more stressful.
    I'm not the only one who would tell any vendor with this attitude to go swivel.
    Originally posted by victoriavictorious
    God knows what fantasy land you are operating in. House hasnít even got to the market and thereís an asking price offer in. What do expect the vendor to think other than that their asking price is too low?
    The attitude you demonstrate above would have you marked down as a time waster and be exactly the reason why the house should not be stopped from going to the market.

    The general principle used by many vendors is that a house comes off the market when a buyer starts showing some commitment to the sale.
    I.e arranging a mortgage, getting a solicitor, booking surveys etc.
    Not when some one just puts an offer in.

    If the house had been on the market for six months then itís a different story. But it hasnít so it isnít.
    • steampowered
    • By steampowered 15th Apr 18, 12:56 PM
    • 2,954 Posts
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    steampowered
    I think you are overthinking this.

    The price you pay is always affected by what other people are prepared to offer.

    At the end of the day, the house will achieve what people think it is worth. If people think it is worth asking price, it will achieve that. Regardless of whether you put an offer or not.

    It is perfectly reasonable for the seller to want to have a bit of time to test the market.

    I think it is pointless to withdraw the offer. The estate agent will see straight through that.

    You just have to sit tight and wait. In the meantime keep looking at other properties. If you say to the estate agent in say 2 weeks time that you've found another property and need an answer, that will hurry things along.
    • victoriavictorious
    • By victoriavictorious 15th Apr 18, 1:19 PM
    • 349 Posts
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    victoriavictorious
    God knows what fantasy land you are operating in. House hasn!!!8217;t even got to the market and there!!!8217;s an asking price offer in. What do expect the vendor to think other than that their asking price is too low?
    The attitude you demonstrate above would have you marked down as a time waster and be exactly the reason why the house should not be stopped from going to the market.

    The general principle used by many vendors is that a house comes off the market when a buyer starts showing some commitment to the sale.
    I.e arranging a mortgage, getting a solicitor, booking surveys etc.
    Not when some one just puts an offer in.

    If the house had been on the market for six months then it!!!8217;s a different story. But it hasn!!!8217;t so it isn!!!8217;t.
    Originally posted by mrginge
    Dealing honestly, openly, and greed-free in my 'fantasy land' has served me very well over the past 40 years, thank you very much.
    No buyer in their right mind would commit financially to a purchase involving a greedy seller who refuses to stop marketing and is highly likely to renege on the deal at the 11th hour if a better offer comes along.
    Either a house *is* for sale, or it isn't. If the Vendor/ agent didn't want viewings and offers prior to it going on the market, then they should have said so and not Invited OP to view.
    Even if OP had waited until it was officially on the market and had been the first to view, what difference would that have made; the vendor would likely still have wanted to hold out for more.
    Greed is greed, however you slice it.
    • victoriavictorious
    • By victoriavictorious 15th Apr 18, 1:22 PM
    • 349 Posts
    • 530 Thanks
    victoriavictorious
    I think you are overthinking this.

    The price you pay is always affected by what other people are prepared to offer.

    At the end of the day, the house will achieve what people think it is worth. If people think it is worth asking price, it will achieve that. Regardless of whether you put an offer or not.

    It is perfectly reasonable for the seller to want to have a bit of time to test the market.

    I think it is pointless to withdraw the offer. The estate agent will see straight through that.

    You just have to sit tight and wait. In the meantime keep looking at other properties. If you say to the estate agent in say 2 weeks time that you've found another property and need an answer, that will hurry things along.
    Originally posted by steampowered
    Assuming there's a mortgage involved, the house will be worth what the *mortgage valuer* thinks it's worth
    • NeilCr
    • By NeilCr 15th Apr 18, 1:33 PM
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    • 3,462 Thanks
    NeilCr
    Or from the vendor's point of view

    Going to put house on the market. OP manages (not sure how they did it) to arrange visit before marketing. OP walks through door offers full asking price and wants house to be not marketed.

    Two possible thoughts

    a) OP is desperate for house and will be a well motivated buyer

    b) OP knows something about the house/area/whatever that I don't. Could be a "greedy" buyer who reckons they can push me into selling at what they believe is a low price. Not in any way saying this is you OP but it's a possibility.

    Thinking this vendor puts house on the open market to check b) is not the case knowing full well that if it is a) then they have OP on the back burner.

    Again, OP has overplayed their hand.
    Last edited by NeilCr; 15-04-2018 at 1:42 PM.
    • leon103
    • By leon103 15th Apr 18, 1:33 PM
    • 722 Posts
    • 173 Thanks
    leon103
    I would be !!!!ed off if it was me.
    I would give then a month on the market and see what happens. Tell them the offer is only open for a month. Go and view more houses with the same vendor. If after a month they come back to you i would offer less.
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