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Original poster

Will we get chance to increase offer?

71 replies

Christmastree43 · 10/07/2019 08:30

Hello,

We are FTBs. Found a lovely property which is in slightly shabby condition, not much done to it in 16 years but a very good family home, on at £319,950

I understand that the vendors actually sold it last April at, I think, £320k but that sale fell through last winter due to chain issues. They remarketed it this March and have had quite a few viewings, two people interested who needed to sell but no offers. The vendor mentioned there is a property they’re interested in, just up the ladder.

After some deliberation and advice from friends and family (I know - annoying FTBs) Monday afternoon I called and offered £300k, fully expecting this to be declined.

Agent said in response they have three viewings booked in for Tuesday (yesterday) so will want to wait and see Sad

We would really like to increase our offer if given the chance and don’t want to miss out due to our first low offer.

I do have viewings in other properties this weekend, and we wouldn’t pay over asking price, but would be disappointed to miss out on this lovely house thanks to my silliness and trying to ‘play the game’.

How do you see this playing out and is there anything I can do to help our chances of succeeding here?

Thanks so much

OP posts:
Bluntness100 · 10/07/2019 08:32

You can always call, increase your offer and make it dependent on no more viewings and house taken off market.

Bluntness100 · 10/07/2019 08:36

I would say though that if someone else offers they will likely go with that, simply because you attempted to low ball them and they will assume that you'll find some reason to try to do it again and drop your offer later.

Nextphonewontbesamsung · 10/07/2019 08:39

That's a decent offer and you are FTBs, so that should count for something if any other offers come from people in a chain.

Just let the EAs know that you are very interested in the house and ask them to come back to you after the other viewings have taken place. If they don't - call them.

Pipandmum · 10/07/2019 08:45

Either these viewing will lead to nothing, or someone may make an offer. Then the agent will come back to you and say another offer has been made and what do you want to do? They are unlikely to tell you what the other offer is, but may hint (or even mislead) that it’s near the asking price. The agents wants the highest possible, but if they already have an offer will be less inclined to continue on and on with viewings.
I doubt the vendors will accept your offer whether they get another or not. I’d wait and see what happens with these other viewers. And decide what your top offer would be. Don’t jump the gun on the off chance they get another offer, the agent will come back to you - it’s not in anyone’s interest to accept another offer and not give you a chance to increase your bid.

JoJoSM2 · 10/07/2019 08:49

Tbh, my thoughts are similar to what Bluntness says. If someone put in a low offer (like yourself) but then another person came in with a good offer, I'd prefer to go with them rather than trying to see if you can do better. I'd be worried that you'd mess us about further down the line.

Just go and see the other houses you've got lined up. Also, there's nothing wrong with going over the asking price as sometimes asking prices are very low to attract interest.

mangocoveredlamb · 10/07/2019 08:53

If you really want the house i’d Phone back with your best offer.
Tell them it’s the highest you’re willing to go and it’s dependent on house being taken off the market.

If you can go near asking then do. If this is a good solid family home then think about it as £20k over the course of 10/20/30 years and it becomes negligible.

ricki379 · 10/07/2019 08:57

Just be patient - they're just seeing what the outcome of the viewings are, and they'll probably indicate to the viewers that they've had an offer already to try and get other offers. We had a similar situation selling our house - we had a great offer early on, despite having a full day of viewings the next day. We waited for a few days to see what would happen, but eventually declined then accepted their new offer. The vendors/EA would be stupid just ignore your offer as there's always a chance you'll go higher, so they'll give you a chance to up it.

Original poster
Christmastree43 · 10/07/2019 12:03

Thank you very much for the feedback.

Bluntness and JoJo obviously not what i was hoping to hear Sad we viewed it on Sunday and talked it over with my parents and then a couple of experienced friends and they were all encouraged us to offer low - some said start at 290 or 10% under which I’m glad we didn't.

As of Monday morning all signs did indicate offering a little lower:

  • they’d had a sale fall though over a year ago and no offers since
  • only other interested people need to sell
  • they were interested in another so motivated to sell
  • the house has had little to nothing done to it in 16 years

I asked the agent what they’d consider and All she would say is close to asking price.

It was only when I then rang to offer that the agent said they have the three viewings booked in. Sad

I don’t feel it’s sensible to up our offer out of hand. I think like ricki says I will wait to hear back from te agent, if I don’t hear back today i will call this evening and say that we are interested so keep us updated.

Thanks again for the advice all.

OP posts:
NotYourHolidayDick · 10/07/2019 12:16

I think the only way of knowing what to do, is imagining how you'd feel if you lost the house to a buyer on Tues. Would you be devestated?

If so, stop playing games. Call the estate agent and offer £315 on the basis the house is removed from sale and the viewings are cancelled. Be direct and firm and don't cut your nose off to spite your face.

Nothing might come of the viewings on Tues, but it's a hell of a risk. I would mess around, it's not huge numbers we're talking here.

Just buy the house.

Bluntness100 · 10/07/2019 12:21

it’s not in anyone’s interest to accept another offer and not give you a chance to increase your bid

Actually it's very very common for sellers to accept the best offer and not try to start a bidding war. Someone started a Thread on it recently as they felt the agent would ask them to increase and they didn't, and the op then tried to increase their offer and the seller didn't want to know.

I think it's very foolish to assume a seller will automatically ask all other interested parties to increase their offer. Very often if they get a good offer, they accept and take it off the market and don't fuck about.

Littletabbyocelot · 10/07/2019 12:22

Whenever I've sold a house once I've accepted an offer, it's accepted so if one of those viewings produces an offer you may not get the chance to raise but that might be a risk worth taking. It possibly depends on the market. Ours locally has suddenly kicked off and things are selling very quickly at full asking price. No idea why.

Scholesfan · 10/07/2019 12:32

Happened to me recently. I low balled on a property, someone else put in an offer close to asking price, I went back with full asking price and the vendor wasnt interested.

I suppose you have to know your local housing market, which I didn't at the time.

It's a sellers market where I am at the moment. It's a struggle to get viewings on some properties that have come on the market the same day and anything remotely modern seems to sell between overnight to a week max.

TankGirl97 · 10/07/2019 12:54

Depends on the seller really.

We’ve just sold and if we’d had a low offer on the table as well as one close to/at asking price, we wouldn’t have gone back to them asking if they want to increase.

Bluntness100 · 10/07/2019 12:58

I've bought and sold five times and I've never went back and asked others to increase their offer other than once when an agent was managing the full sale as I was away, other than that I've always accepted the best offer I was happy with.

I've also always made my own offer with the condition it comes off the market immediately and no other viewings and expected an immediate response, but I've never low balled anyone either.

Oblomov19 · 10/07/2019 13:00

I think you are making a big mistake. Playing games. Do you mind? If you lose this house?

They've viewed yesterday? 3 people? I would phone today and put in your top offer.

Alexalee · 10/07/2019 13:06

Leave your offer where it is. Dont start bidding against yourself... pretty much rule number 1 in negotiations

Nextphonewontbesamsung · 10/07/2019 13:45

TankGirl - you might though if the offers were not comparable in other ways (eg. if 1 party was in a long chain and the other party was not).

If the sellers get the arse over someone offering £300,000 on a £320,000 asking price they need to get over themselves. That's not a shameful offer at all.

Original poster
Christmastree43 · 10/07/2019 17:24

Little update... so the in house mortgage broker messaged my partner (unsolicited!) on Facebook as they know each other from school

He said that the vendors feel the £300k is too low given that they have had some interest, if we came in closer to £310k he’d be able to do something with that

Thought about countering that with £307k to give us a bit of wiggle room but remembered your advice so called the agent and offered £310k. I did mention there’s not much flexibility for us above that and that we do have a walking away figure (£315k)

She said she will pass it on and let me know the vendors response, the vendors on holiday from tomorrow

Fingers crossed 🤞

OP posts:
Bluntness100 · 10/07/2019 17:26

Good luck and that sounds positive.

koolaider · 10/07/2019 17:52

Why is their mortgage broker doing that? Just watch the EA, they're not always truthful and have certain tactics so don't be pressured.

itsallafiddle · 10/07/2019 17:55

The estate agent should come back to you anyway if they have other offers, but if you want to ensure that they do, just ring or email and ask them to keep you informed. I doubt they would prefer other buyers over a ftb so they would want to give you the chance to increase.

jemihap · 10/07/2019 18:08

I wouldn't pay too much attention to bluntness or jojo they both (if they really are separate posters?) have a regular very similar narrative of trying to disparage, discourage and belittle anyone making ''low offers'' on any houses (not that your opening offer 6% below was low)... I don't know what particular agenda they're pursuing, constantly attempting to encourage people to pay over the odds for houses, I'm guessing they're heavily invested, both emotionally and financially in property prices remaining high.

Alexalee · 10/07/2019 18:11

A phrase like 'theres not much movement above that' will mean the agent will push you higher with a counter offer... you have told them you will pay more and they will extract that from you

Alexalee · 10/07/2019 18:13

Haha jemihap... I have thought the same about jojo and bluntness... good to know it's not just me

GreenTulips · 10/07/2019 18:16

The estate agent may be telling you there’s other viewing just to get you to up the offer

If it’s been on since March I can’t see 3 viewing in one day happening!

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