Offers over help

[PalsofKretek]

We're in Scotland. Have seen a house we'd both liked and decided to put an offer in. Agent replied today saying that they continue with the viewings but will keep the offer on the table. House is unique but quite old, will need a bit of work but nothing major. It came out of a broken chain and according to the agent the winning bid was 370 k previously. It's on the market at 340k and houses are generally selling 5-10% over in the area. We're really stuck as to whether to increase our offer and match the previous winning bid. Should we? What would you do?

I don't know the ins and outs of the Scottish system but does that mean the sellers have rejected your offer? Or that they are considering it and just waiting a bit longer for any other interest? How far off was your offer?

If they haven't accepted then they are looking for more. They probably think they'll get same again but depends how quickly they want to sell. How much higher than home report was your offer? Competitive areas can be really difficult to know what to offer.

They might come back and agree in a few days or a week. I wouldn't leave the offer on the table indefinitely, tell them you want like an answer by x date.

Put an expiry date on your offer and keep looking yourselves.

What's the home report value? Do you think the house is worth 5-10% over that?

No one else had offered, that's why it's not went to a closing date. The owner might be waiting for another offer for it to go to closing date.

In Scotland it’s a different system 10 percent over is common. Which would take it to 374. So 370 seems about right. What was your offer?

Also how long has it been relisted?

We’ve been looking but there’s literally nothing coming to the market right now and that’s why we’ve agreed to keep the offer on the table for another week. We went 19 k over but could go a little higher. I’m aware that the agent will be pushing for as much as possible but not sure she’s honest about the sale price. She probably isn’t…

@Bluntness100 resisted for about 10 days now.

You could try asking what they want to take it off the market?

We bought in Scotland last year and made an offer with condition that they stop viewings that weekend. The estate agent fannied about and didn’t respond til the Mon when she advised they had had viewings. We then took our offer off table as that wasn’t what we agreed. We were scared we had done wrong thing and should we up the offer but sheepishly they came back later asking if offer was still on.

What you should do depends on so many factors, local market etc but I think it pays to be a bit aggressive, ie you could make a time limit on this offer, or up by 5k and do that. Depends what it’s worth to you and the likely competition.

I think it's quite cheeky of them not to say yes or no to your offer. I thought the system was secret bids to be in by a certain date and highest bid wins. They can't keep you hanging on indefinitely. I'd look elsewhere. But you could ask the solicitor what your best move should be.

I think it doesn’t necessarily have to go to a closing date. Same agents here seem to think a better price can be achieved without it. Apparently a 5 day wait to respond is about standard too. Quite annoying for the buyer!