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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.Worried my asking price offer will be used to inflate price
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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.0 -
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.
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.0 -
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.0 -
victoriavictorious wrote: »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.
God knows what fantasy land you are operating in. House hasn’t even got to the market and there’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’s a different story. But it hasn’t so it isn’t.0 -
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.0 -
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.
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.0 -
Assuming there's a mortgage involved, the house will be worth what the *mortgage valuer* thinks it's worthsteampowered wrote: »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.
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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.0 -
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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victoriavictorious wrote: »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.
I see nothing in the OP to suggest the seller is likely to renege on a deal or otherwise act dishonourably. Quite the reverse, as they have not accepted the OPs offer and been clear they want to try the house on the market first.
This is worlds away from accepting, allowing the buyer to spend money and then gazumping, which is a despicable practise.
Put your hands up.0
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