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

47 replies

Number12 · 06/07/2015 12:38

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?

OP posts:
Number12 · 06/07/2015 13:18

Make that 6 offers. EA gives impression we should go on buyers position but happy to ask for offers above. We have a cash buyer with no chain....One FTB the rest have just one house in chain all sold.

I don't want sealed bids as I want to select best position.

If it helps we bid 2.5k over the asking to secure this house...its just feels greedy and bad karma
Help= in answer to your question £5k so for that I want the most secure buyer over the money...yet dh still persists.

OP posts:
Raveismyera · 06/07/2015 13:26

Seriously? Why wouldn't you do this? It's perfectly normal

Cheby · 06/07/2015 13:31

Sealed bids but you can still assess the position of each buyer, can't you? As with a PP?

There is no love lost in buying and selling houses, as we have found out to our gain, cost and then gain again!

BlackTrivet · 06/07/2015 13:39

I've been in a similar position - three viewers on first afternoon house on market followed up with three asking price offers.

EA suggested we went to best and final offer - they all increased their offer and we went with highest then (as they were all in an equally good position).

One couple were left really disappointed though and said that would up theirs more but I did feel it was bad form to do that after best and final so we didn't take them up on it.

BlackTrivet · 06/07/2015 13:41

I should add that even though we went to sealed bids we had already decided not to go with one woman (list of demands and conditions when viewing) - so you can do sealed bids and then decide from there.

AliceAlice1979 · 06/07/2015 13:48

Perfectly normal to do this. With our current house the vendors tried to do this but we and the other buyers refused to up our offers. Eventually they sold to us based on gut instinct - they trusted our integrity and our position in selling our current house having met us they knew we were serious and would live the house as a family home.

MissPenelopeLumawoo2 · 06/07/2015 13:51

We have just had this with my parents house. 3 offers, all asking price. EA went back to all of them, they all increased the offer. One couple sent us a letter saying they really wanted to live there, etc,etc it was horrible actually. In the end we went for the person in the strongest position (cash buyer, no hurry to get in) instead of the highest offer. Sale went through fine. We don't regret accepting the most hassle-free option, but also don't be afraid of asking for their best offer. That house is your asset, you don't give it away at less than it is worth, that is madness!

DinoSnores · 06/07/2015 13:55

We got a good number of asking price then over the asking price offers as soon as we put our house on the market, so went to sealed bids a few days later.

Sealed bids don't mean that you need to take the highest offer as you can see what position everyone is in along with their offer.

As it was, we got about 7 bids that day (a couple of people dropped out) and sold for 65k over the asking price.

No one was forced to bid higher.

Musicaltheatremum · 06/07/2015 14:21

Scotland does this most of the time. You note an interest in the property then a closing date is set and the vendor chooses the best offer (in terms of price, moving date finances etc) and goes with that.

TTWK · 06/07/2015 14:53

When you put your house on the market, and someone makes an offer of the full asking price, that is not a contract. Not even a verbal contract.

You placing it on the market with a price is no more than an advert, or in legal terms, an invitation to treat. They have then, in response to that, made an offer, and now you have to accept or decline their offer. Nothing wrong in declining it. And saying you now want more money.

As for morals and karma, you have a moral duty to your family to put them in the most financially advantageous position possible. If you get say £20K more for your house, that's £20K less on your new mortgage, which over 20 years could save you £60K in actual money.

8angle · 06/07/2015 15:54

I would ask all the interested buyers to give you their best and final offer - "a sealed bid", and then you should pick the "best one". This won't necessarily be the highest, but the one where you feel they are the "best buyer" (No chain, flexible on timing etc) and they have a competitive bid.

You can always give them some guidance i.e. say "One agent suggested £xxx was a realistic price".

I think as long as you are open with people - and once you accept an offer you stick to it (no Gazumping!), there is no bad Karma with getting the best price a buyer is willing to pay.

WhyTheDrama · 06/07/2015 16:06

A cash buyer is valuable. Confused

I think it's ok to ask for best offers but you need to do it in an honest and transparent way. I think asking for final offers by, say, Thursday morning is reasonable. I wouldn't commit to accepting the highest bid though.

Six offers are a lot and indicates that you could have got more.

wonkylegs · 06/07/2015 16:11

As other people have said sealed bids doesn't mean you have to accept the highest bid you can choose which one is the strongest bid for you. What sealed bids does is take you to a final position and can reduce all the back and forthing of protracted negotiations.
This is part of what you pay an agent for, checking out people's background, advising you on the best way to proceed it's not just about advertising your property but how to secure the 'best' sale for you the client. Best may be best price, quickest sale, fits within your schedule etc

PtolemysNeedle · 06/07/2015 16:16

If you're honest about your position it's fine. I agree with your DH.

SelfconfessedSpoonyFucker · 06/07/2015 16:19

A house isn't worth a set amount, it is worth what someone else will pay for it. Estate agents are making educated guesses about what that is and don't really know until potential buyers see it and make offers.

I don't think it is wrong or greedy to sell it for more, however I do think it is good advice to see if any of your buyers have no chain or are cash buyers because it may be worth your while to forgo any potential extra money in return for having an uncomplicated sale. Only you can decide that.

Piccarcas · 06/07/2015 16:29

I was in a similar situation re my recent house sale. The Buyers continued to match all offers and I couldn't split them following the usual questions re exchange dates etc. It was a crazy day as the asking price was reached and passed. In the end I was advised by my EA to go to best and final offers and they matched each other again. In the end I went for the first time buyer and I relocated on Christmas Eve. I didn't feel guilty. The Buyers raised the price and IMO the house was worth It. Had they not been prepared to pay they could have pulled out.

LazyLouLou · 06/07/2015 16:34

The cash buyer sounds good.

Get the EAs to explain the number of full price offers and ask the cash buyer and the ftbs to make a best and final offer.... they won't be surprised and you will get a little while longer to consider your best option.

Again, I'd probably go with the cash buyer though. You could have the sale locked down in a couple of weeks. We were 1 of 3 offers on our house... we were the only cash buyers and, even after I negotiated the price down, we were the first choice.

My line was, we have no chain and no mortgage lender to satisfy... drop the price and we will instruct our solicitor today. Say no and we will walk away.

You should be able to do the same, in reverse, and get a quick sale.

Good luck.

Number12 · 06/07/2015 16:50

Dh has come round to my way of thinking and now I'm having second thoughts having read these responses. Also our vendor has made us go 5k higher than I wanted. It's so stressful.

Thanks for your reply.

OP posts:
DinoSnores · 06/07/2015 16:55

I really don't understand your problem.

You are taking away thousands of pounds from your family over this. Would you normally hand strangers £5000 (say) of cash for no reason?

One way to think about it!

SometimesItRains · 06/07/2015 17:01

I don't understand either. They have just made offers, it's not like they have started the legal process and then you are asking for more money. It is not greedy to want to get the right price for your property. It is not bad karma either, an asking price is just an estimate of what the property is worth - it is not an unconditional offer to sell at that price if somebody offers it to you. I think sealed bids is the way to go as you have so many offers on the table.

SelfconfessedSpoonyFucker · 06/07/2015 17:21

You are taking away thousands of pounds from your family over this. Would you normally hand strangers £5000 (say) of cash for no reason?


Now if you were asking about gazumping after you had promised the house to another seller, I could understand your qualms about karma and suchlike.

Right now you have done the equivalent of saying "Here's my house, I'm planning to sell it, how much would you be willing to pay for it?"

Imustgodowntotheseaagain · 06/07/2015 17:31

I think it's quite normal to go to "best and final" offers, and you should definitely be asking for details of financial position, length of chain etc. no bad karma involved at this stage - that would only be a problem if you raised the price moments from completion.

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