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Original poster

Grrr, am I being taken as a mug?

45 replies

Ladymuck · 12/01/2012 17:45

House came on the market last Thursday. We were one of 4 viewing on Sat. Put in first offer of 3% below asking price, which was rejected. Went back with offer of full asking price provided house taken off the market today, and Sale agreed board up be c.o.b tomorrow. Vendor is "interested", but needs to confer with family and will get back to me tomorrow. In the meantime there is another viewing tonight, and 3 more booked on Satruday.

We like the house and are prepared to pay asking price, but it feels as if we are being played?

OP posts:

Gigondas · 12/01/2012 17:46

Can't blame you - we had same thing happen. Afaik they still live there so not sure what they were doing (and they had no other interest either so don't quite know it was on market if weren't selling at asking price)

baubleybobbityhat · 12/01/2012 17:47

Yes, they are hedging their bets. Wouldn't you in the same circumstances? The house has obviously generated a lot of interested - must be very desirable.

SaraBellumHertz · 12/01/2012 17:48

Not unreasonable. Any of the other 3 who also viewed could have also made offers. The vendor is entitled to ask for a bit of time to consider which offer would be best for him, it may not just be a matter of who offered highest.

There is nothing you cando at this stage so just sit tight

NoWayNoHow · 12/01/2012 17:50

Yes, you're being taken for a mug. Call them back and tell them that you are withdrawing your offer as asking price is asking price, and you're not prepared to be dragged into a bidding war.

I'm fairly certain they will back track, and back track quickly, although you'd need to be prepared for the other outcome.

Original poster

Ladymuck · 12/01/2012 17:52

Except that we wouldn't have put in that high an offer other than if they were to take it off the market. If we thought that they would string it out, we would have stayed lower.

EA knows we can afford asking price as we offered the same on another house, where again the vendor got greedy, asked for £10k more and is still trying to sell. So not surprised that we got pushed to asking price, but annoyed that having gone there, they're holding out.

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bibbitybobbityhat · 12/01/2012 17:54

If you really want the house play the long game. I doubt the vendors will respond to the type of threat suggested by NoWayNoHow. It doesn't serve any purpose to view the vendors as your enemy at this early stage. Perhaps none of the other viewers will make an offer and the vendor will accept your offer early next week.

Original poster

Ladymuck · 12/01/2012 17:56

Only other offer in so far is £50k below ours. Obviously they can keep people viewing it in the hope of getting above the asking price, but unhappy that they'll be using our offer as "the bar". Perhaps I'll see what te response is tomorrow, and withdraw the offer if the Saturday viewings appear to be going ahead.

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NoWayNoHow · 12/01/2012 17:56

TBH, I'm surprised that others think this is fair. What are the vendors having to "consider" when they've already received an offer for asking price, unless they're "considering" how to encourage higher than asking price offers from other viewers by letting them know that they already have asking price on the table.

Underhanded tactics, IMHO.

oreocrumbs · 12/01/2012 17:57

Ring them back and say that your full offer is now withdrawn as they didn't take the house off the market today, and your new offer is 2.5% below the asking price and you will continie to pursue other properties.

Original poster

Ladymuck · 12/01/2012 17:58

I guess that I actually distrust the EA involved rather than the vendors. Mainly due to incompetence.

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bibbitybobbityhat · 12/01/2012 17:59

Its not underhand because he hasn't accepted LadyM's offer.

NoWayNoHow · 12/01/2012 18:02

Disagree, bibbity - the offer may not have been accepted, but it HAS been made, and for asking price at that. The delay can only mean they're holding out for better than asking price, in which case they should have put it on the market at more money. As they're still going ahead with other viewings, it stands to reason that the EA will undoubtedly use the offer to push potential buyers above that asking price. And that IS underhanded in my books.

AntsMarching · 12/01/2012 18:02

But do you have a long chain? Or are you a cash buyer?

It could be the vendor sees a chain as undesirable and has first-time or cash buyers offering less/coming for viewings.

Becaroooo · 12/01/2012 18:03

Ring back and say you have reconsidered and are withdrawing your offer as you now doubt their seriousness about selling in turning down an asking price offer.

(we had 3 vendors do this to us last year and each time the house was taken off the market eventually - but not until some poor mug had intstructed a solicitor and paid for a valuation no doubt!)

devonshireduckling · 12/01/2012 18:04

I don't think this is very fair on you: asking price is what they were asking etc. I expect that they were surprised to get a full asking price offer so quickly? What I would do is put a time limit on your offer, say that after a certain time your offer is withdrawn.

Original poster

Ladymuck · 12/01/2012 18:05

We have a cash buyer for our property (which is over £.5m), and we're porting our current mortgage which has been agreed. And we could have done the survey tomorrow...

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bibbitybobbityhat · 12/01/2012 18:08

No, they delay could be because the other viewings were booked in to the diary for Saturday before op made her full asking price offer and the viewer and EA are honouring the appointments.

The people on the other viewings could be in a better position (no chain, cash buyers etc). It does not necessarily mean the vendor is holding out for above asking price.

If op really does not want to be involved in a bidding war then she can always make that clear but it would be foolish to withdraw her offer at this very early stage.

OP - tell us more about the Estate Agents and their incompetence. I love those kind of stories.

Becaroooo · 12/01/2012 18:08

...we were in same position ladymuck (except price of house sadly!! )

We were really messed about and its one of the reasons we bought a house with no chain being sold by a building company - no vendor to deal with!!!!

In this area (I am in derbyshire) I have seen properties sell for asking 2/3 times and yet weeks/months later they are back on the market AGAIN.

Some vendors have very very unrealistic expectations IMHO

Original poster

Ladymuck · 12/01/2012 18:12

Well, with the last house we were buying they sent us emails which were clearly meant to be going to the vendor, giving us their detailed calculation based on square footage indicating that the EA valued the property at £100k less than the asking price. Even with this one, they failed to turn up for a viewing which they had 4 families booked for. Eventually one of us had to phone the agency (which was within walking distance) and asked what was going on!

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bibbitybobbityhat · 12/01/2012 18:23

Ah - standard EA incompetency I see .

mylovelymonster · 12/01/2012 19:18

Not sure why you think you're being taken for a mug? Your offer has not been accepted, but surely that's understandable in the circumstances. The house has been on the market for a matter of days, with lots of interest, and the vendors are testing the current market and seeing what price they can achieve. That's their prerogative. Equally, it's yours to walk away and look elsewhere.
The way I see it (and I may be wrong) a house comes to the market at a price - which is a guide, not an RRP - and will either achieve that price, or maybe more or maybe less, according to which buyers are in the market for that house as long as it is on the market.
You don't need to get into a bidding 'war'. If there are multiple offers then it may go to sealed bids, but that's usual? You don't have to take part in that if you don't wish to.

BettyBedlam · 12/01/2012 19:24

I think the owners would be mugs not to do what they are doing. They haven't accepted your offer yet.

Though you did make your offer dependent on the house being withdrawn from the market, which they didn't do, so if you wanted to be bloody minded, you could always reduce your offer if they don't get any more offers, on that basis.

stayathomegardener · 12/01/2012 19:27

Think I would be in that EA's tomorrow arranging a viewing on another house

warthog · 12/01/2012 19:30

so you could play the game by saying the offer is going to expire on saturday. and then book to see some more houses.

also, if you get gazumped, and the other party then mysteriously disappears so the EA comes back to you and asks if your offer still stands, reduce it!

Original poster

Ladymuck · 12/01/2012 20:35

I think that I am most annoyed by the fact that the conversation has gone along the following lines:
me: we'll offer 97%
EA: they've rejected
me: what will they accept in order to take it off the market?
EA: full asking price
me: OK, we'll offer full asking price if taken off the market
EA: oh, but wait they now want to talk to their nephew and their cousin first (as so they'll have another viewing tonight).

If they wouldn't accept full asking price to take it off the market, then they should have said so. Or said that they want to wait and see what will happen. Hence I feel that they're playing me. Again too similar with what happened last time on a different property - we asked for what they would sell at, offered that and had it rejected. 4 months later their asking price is now at what we offered.

I hate this business.

OP posts:

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