AIBU to feel it's wrong to increase asking price...

[Number12]

We put our house on the market, pricing it using three estate agents advice. We didn't go with the highest which only one estate agent suggested.

We have had five asking price offers. Dh thinks we should go back those that put offers in and see if they will increase. Dh thinks we priced the house too low.

I feel very uncomfortable doing this. It feels greedy and bad karma. I not really into all that but that's how I feel. It seams wrong to say 'yes I know you gave full asking but we now want more!)

Thoughts please?

[spad]

What does the solicitor say?

[ApocalypseNowt]

If you have 5 identical offers (asking price or otherwise) I think it's pretty sensible to ask all of them if that's their final offer or if they'd like to up it because there are other offers on the table. I wouldn't feel uncomfortable at all.

[Teabagbeforemilk]

You can do it, but if i were them I wouldn't get into a bidding war or increase my offer. I would think it was cheeky and look for something else.

[Smartiepants79]

Well it is greedy.
You may find yourself with no buyers at all.
If someone did that to me I'd tell them to stuff it.
It's not their fault you chose to price your house as you did.
I couldn't do it I think.

[TheTravellingLemon]

Do you need to up it officially though? We had three asking price offers. The estate agent went back to them and explained the situation and a couple of them upped their offers to try to secure it, one pulled out. It ended up going for more than the asking price because two people got into a bidding war.

[5Foot5]

I think it would be wrong to ask for more. You should go with the first one who made the full asking price offer. Frustrating maybe if you now think you should have asked more but I still think it would be wrong to change your mind now.

[twofingerstoGideon]

Do you know what position the buyers are in, eg. how quickly they could exchange/complete? That might help you decide which offer to accept. Five asking price offers may not mean five people equally ready and able to proceed to completion.

[Becauseicannes]

Lots of sellers do this. Although be prepared for some buyers to fall out of the running.

[wonkylegs]

We had several (7) offers the day our house went on the market which terrified us as although I thought it was a nice house in a nice area I had no idea it would be that popular. Our agent suggested that we say that we'd go to sealed bids on the following Friday 1pm but to state we would be sticking with the outcome of that process. All bidders had to state their financial position (cash buyer, mortgage pop etc) and this was checked out by the agent. This felt like the fairest process, gave people a chance to come back for another look & although somebody did try to gazumping the winning bid we stuck to our principles and we had a problem free house sale.

The gazumpers offered a significant amount after their sealed bid was rejected but as we had set out the rules before hand and they had failed to follow them we didn't entirely trust them so had no problem sticking to our guns, turns out we were right they tried the same tactic on our friends house round the corner then tried to haggle downwards after acceptance, pulling out at the last minute collapsing their chain.

[Perfectlypurple]

We put asking price offer in on somewhere, estate agents tried the other offer trick and tried to get us to increase, we said no and withdrew offer. Couple of days later they tried to get us to go with original price - we had luckily found something we loved more, as I wasn't willing to play their game.

So by all means ask but risk people withdrawing their offer.

[HoggleHoggle]

If one offer came in before the rest, I would prob accept that.

If they all came in during the same day/weekend then I would ask agent to explain situation to all, and ask what their position is and what their final offer is. So you may get a chain free buyer who sticks at the asking price plus a buyer in a chain who goes a bit over. In that position I would usually go for the chain free option but it depends on your circumstances.

Where the offers are simultaneous then I do think it's fair to politely ask what their best offer is.

Obviously I would never ask for more if one came in before the rest, and especially not if one had already been accepted!

[Pidgy]

It's not 'wrong' or 'greedy' to ask for more when you have 5 asking price offers on the table. Its a negotiation fgs and op should get the most that people are willing to pay.

[HelpMeGetOutOfHere]

I would ask the position of the buyers and find out whos good to go, some people put offers in when they still have houses to sell etc. If you then still have several offers that are good to go, then perhaps ask them if its full and final offer.

how much higher was the higher valuation?

[Plarail123]

Sealed bids. Whoever offers the highest gets it. It is normal practice.

[softhedgehog]

Sealed bids, but you need to take into account their position (chain, mortgage etc) as well as the actual price.

[eddielizzard]

i would personally go with the most secure offer, like no chain or cash buyer.

with a bidding war you risk people bidding above what they can manage and it all falls through and you've wasted time.

best not be greedy, tell the successful buyers that they were one of five and why you're going with them.

[Isthereeverarightime1]

Every house we offered on went to full and final bids! This was the estate agents doing this though not the vendors, the estate agents know this will make them more money as people will enter a bidding war to secure the house!
We opted out of entering bidding wars as every house we looked at went for way more than its really worth and we didn't want to be sucked into that!!
Ask your estate agent what they feel you should do, when we sold ours we decided we would take the most suitable person for us even if that meant less money as we wanted a quick move etc

[wonkylegs]

Sorry should have said ours were all asking price offers and we eventually sold for £22k over asking price

[GothicRainbow]

We've just had this happen to us. We received 3 full asking price offers and we went with the first offer made and accepted that.

One of the other people trying to buy then came to our house to speak to us and try to offer us more to go with them. I told her no, I too thought it would be bad karma and it definitely didn't sit right with me.

[BabyFeets]

I think you should sell for best price possible it's your house and you invested in it, raising the price isn't greedy or wrong

[MiddleAgedandConfused]

Your estate agents have obviously made a mistake when pricing your home - why should you lose thousands of pounds because they did not price it correctly? You can be sure that the sellers of the house you are moving to will have maximised the price for their house, so you should do the same. Otherwise you are just making a bizarre cash gift to your buyers by letting them buy below the market rate.
Sealed bids - definitely the best thing to do here.

[Damnautocorrect]

Two things to consider if they are mortgaged their mortgage valuation needs to stack with what they consider the house is worth.
I also knew someone who ended up accepting an offer 40k over the asking, to be knocked down 50k after survey and the day before exchange.

I would find out what position people are in and take the decision from there

[DinosaursRoar]

I'd say sealed bids that includes position.

Not greedy, giving everyone the same chance. If your area has had house prices go up, your next property might well cost you more than you thought.

[loveisagirlnameddaisy]

We just tried to buy a house which ended up in a bidding war, ours was the 2nd highest, the one above was 5k higher. We were cash buyers, they had to arrange a mortgage. The vendor took the highest bid only for the buyer to stall for 6 weeks and then drop the offer by 15k because the mortgage valuation was too low.
By that point the vendor had no choice but to accept or put the house back on the market.

[bilbodog]

it sounds to me as if your house was priced exactly right if you have had a number of asking price offers. Agents DO NOT try and get people to go to sealed bids in order to make more money - another £5K or £10 makes little difference to the commission an agent gets. They do it because it is their job to get the BEST OFFER for their vendor - and that doesn't just mean money. You need to go with the best buyer i.e. no chain, cash buyer and if need be use your intuition and go with the person you feel most comfortable with. Good luck.