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    • WeatherWoman
    • By WeatherWoman 15th Apr 18, 7:41 AM
    • 1Posts
    • 1Thanks
    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 hasn’t been much coming up.

    We’ve 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 haven’t started looking yet (although plan to next weekend).

    Now I’m worried the agents will launch the house and get people looking round able to say ‘we’ve already got an asking price offer on the table’. This could lead to over-asking price offers that we can’t afford to out-bid.

    Should I withdraw our offer but ask to be kept informed of other offers? Or phone back and say it’s conditional on them not marketing the property? (I think they’d 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 2
    • Detroit
    • By Detroit 15th Apr 18, 1:34 PM
    • 748 Posts
    • 2,330 Thanks
    Detroit
    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.
    Originally posted by victoriavictorious
    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.
    • Jaywood89
    • By Jaywood89 15th Apr 18, 2:36 PM
    • 123 Posts
    • 60 Thanks
    Jaywood89
    I suppose I can see people’s point about ‘waiting to see what others offer’ but it is still greed surely?

    If I was selling and someone came in and offered asking I’d be like ‘yep’ great now I can start my search and be on my way.

    Gambling to see what else I can get out of it would be too much of a risk for me as a seller personally. As people always say. A house is only worth what the valuation says it is.

    Still think the advice about leaving on the table for a set amount of time is sound advice. Let’s the vendor know they have a secured buyer but only for a short amount of time. I’d also would let them know I woundt be raising The offer or entering a bidding war, I’d let them know I’ve been searching for a while and I’m ready to get underway with a sale. A motivated buyer is always a positive.

    I suppose the real issue is that the OP went in guns blazing too early and too eager. Should of just asked to be kept informed if any offers go in once on the market. If someone came in under you could of offered asking but if 5 people came in at asking you would of known it wasn’t meant to be.


    Like someone else said it could be that they want it because it IS a bargain in the area it’s in. And if the vendor and EA know this then asking price is of little use here
    • Jaywood89
    • By Jaywood89 15th Apr 18, 2:37 PM
    • 123 Posts
    • 60 Thanks
    Jaywood89
    Detroit

    Valid point, I!!!8217;ve been gazumped and I!!!8217;ve never been so angry! Think the vendor here has acted perfectly reasonable in saying no rather than stringing them along
    • Cakeguts
    • By Cakeguts 15th Apr 18, 3:33 PM
    • 4,156 Posts
    • 5,814 Thanks
    Cakeguts
    An asking price is only a guide as to what the house might sell for. Its value is what someone will pay for it. So if people are going to be willing to pay more for it than the imaginary number that the estate agent or the owners came up with then that is what it is worth.
    • NeilCr
    • By NeilCr 15th Apr 18, 3:49 PM
    • 1,549 Posts
    • 2,036 Thanks
    NeilCr

    If I was selling and someone came in and offered asking I’d be like ‘yep’ great now I can start my search and be on my way.

    Gambling to see what else I can get out of it would be too much of a risk for me as a seller personally. As people always say. A house is only worth what the valuation says it is.
    Originally posted by Jaywood89
    I'm not sure it's that much of a gamble is it? The vendor has got an asking price offer from, what would appear to be, a well motivated seller. This before it is on the open market. As the vendor I'd be pretty confident of using that figure while looking myself.

    I do think this depends on how certain the vendor is on the asking price. When I sold my flat the estate agents all came in with a figure right on the stamp duty limit. So I reckoned that was a pretty good indicator that it was about right.

    As it happened before I marketed it my best friend said he'd buy it. I thought, also, that he'd be a motivated buyer - I wouldn't do that again. He has the flat, we are still best mates but it wasn't the best idea!

    We agreed a slightly lower figure to take account of no agent's fees and went from there..
    • Jaywood89
    • By Jaywood89 15th Apr 18, 4:00 PM
    • 123 Posts
    • 60 Thanks
    Jaywood89
    The point was more

    Personally I would be happy with an asking price offer at any stage and just accept so I can search myself. Than hope for more money.

    I think the op needs to accept these vendors are motivated by how much they can get rather than a quick sale. Nothing wrong with either reason really just the way the cookie crumbles
    • NeilCr
    • By NeilCr 15th Apr 18, 4:08 PM
    • 1,549 Posts
    • 2,036 Thanks
    NeilCr
    The point was more

    Personally I would be happy with an asking price offer at any stage and just accept so I can search myself. Than hope for more money.
    Originally posted by Jaywood89
    Yes I get that. Sorry - perhaps I should stop posting when drinking wine as I don't always explain myself well then!



    The vendors haven't started looking yet. They don't seem in any hurry so, in their situation, I'd know the minimum I would be getting and look at properties based on that - and a bit higher.

    I guess we all go about it in different ways. There does seem general agreement, though, that OP has got this wrong, tactically.
    • ReadingTim
    • By ReadingTim 16th Apr 18, 10:38 AM
    • 2,553 Posts
    • 3,644 Thanks
    ReadingTim
    I think you'll find that the number of "greedy" vendors (in the eyes of a buyer) is equally matched by the number of "stingy" buyers (in the eyes of a vendor)....

    Where you sit in this debate depends on whether you're buying or selling...
    • Hoploz
    • By Hoploz 16th Apr 18, 11:26 AM
    • 3,556 Posts
    • 3,134 Thanks
    Hoploz
    Maybe the seller was just taken aback by the speed. Their house is not yet properly on the market, presumably because they aren't quite ready yet. They haven't started looking, and it could be a while before they find something suitable.

    They might just be hesitating because they are panicking ... Do I really want to move ... Will I find something easily ... This has all happened too fast!
    • westernpromise
    • By westernpromise 16th Apr 18, 11:36 AM
    • 3,633 Posts
    • 4,690 Thanks
    westernpromise
    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.
    Originally posted by deannatrois
    Agree, to receive a bid so early at full asking price implies the property may be underpriced.
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
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