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Original poster

Offer etiquette

97 replies

Hurdlingover · 03/05/2023 13:44

Is it bad form to leave an offer on the table for a few weeks without a yes or no, asking price has been offered which I didn’t expect.

OP posts:
DogInATent · 03/05/2023 16:08

Have you at least sent a message back to the sellers saying that you are considering it and will give an answer after the weekend, or are you just leaving them hanging?

Original poster
Hurdlingover · 03/05/2023 16:14

Yes I have told the EA to tell them thanks but I will wait until next week.

OP posts:
BernadetteRostankowskiWolowitz · 03/05/2023 16:16

If you get offered asking and don't take it then you run the risk of the potential buyers walking away, as, frankly, they are offering what you asked for.

greensquirrel · 03/05/2023 16:17

greensquirrel · 03/05/2023 15:20

How would you feel if you lost this offer and didn’t get any more?

If the answer isn’t ‘fine’ then take this offer.

Will just reiterate this. I think you’re running a major risk of losing this offer - if you aren’t ok with that you should take it.

DogInATent · 03/05/2023 16:20

By the way, if I was your prospective buyer and you came back next week to accept the offer I would then be telling you the offer was reduced by 5%. Because I would guess you'd held out for additional viewings and hadn't got an offer out of them. And I'd be giving you until the end of the business day to decide before it dropped another 5%.

Ihavekids · 03/05/2023 16:24

It's good that you've responded and let them know. I'd definitely give a time frame by when you'll get back to them, if you can't say yes or no yet.

Personally I've always heard first offer is best offer. They're keen and not messing around. Can you make a counter offer? If it's not what you're hoping for? I'd consider a counter and if you can come to agreement and they're proceedable you could offer to cancel weekend viewings? That might get them to up their offer a bit if that's what you're looking for?

But definitely definitely keep in touch!

SaveMeFromMyBoobs · 03/05/2023 16:25

They're giving you what you wanted? As a buyer I'd be pissed off and wary of continuing.

If it was a below asking price offer I'd understand the agents saying that as it was below asking the seller wants to see how the remaining viewings went, as long as it was within a period of a couple days. But they're literally offering you what you are asking for! Unless they're in a really shitty buying situation such as a very long chain then I would see this as a big red flag on the sellers part. I'd see you as greedy and untrustworthy, I'd be worried about being gazumped, and how reasonable you'd be if surveys came back with issues.

If I liked the house I'd walk, if I loved it I'd say you have 24 hours to accept or my offer is gone. If you wanted more you should have put it up for more.

tiredhadenough · 03/05/2023 16:29

We did because we hadn't found anywhere to go and we were quite specific about where we were moving to! However we told them we would accept as soon as we found a house but to keep looking so we were transparent about things.

If I had two more viewings I would wait in case they were more secure

Leftoverssandwich · 03/05/2023 16:32

As a buyer, so long as I got prompt and polite communication from the agent, being told that the seller wanted to complete viewings on the first weekend on the market would be totally understandable to me. I'm not being messed around, it's a perfectly sensible thing to do, and I know what's happening.

Bad communications would be what would annoy me. I'd really want to know on Monday how things stood.

BiggerBrighterBetter · 03/05/2023 16:37

I had this a few years ago. Offered full asking price on a lovely house, and the estate agent said great, I'll let the vendor know. After chasing up for about 2 weeks, being told they'll let us know as soon as they can, we withdrew our offer as we felt messed around.
We found a better house and theirs was still for sale a few months later, events being sold for less than asking price.

Flammkuchen · 03/05/2023 16:42

As a buyer, it would be a major red flag to me and I would keep looking at other properties. It suggests that the seller is either not serious or is greedy and that we are at risk of getting gazumped.

Past experience has taught me that trying to get the ‘best’ price either as a buyer or seller is very risky and that it often falls apart/left with nothing.

cantkeepawayforever · 03/05/2023 16:46

Unless the offer is not proceedable, then in the current climate I think you’re bonkers.

If they aren’t proceedable, then it is entirely fine to say ‘interesting but we will keep the house on the market and continue to actively market it until you are proceedable’.

Original poster
Hurdlingover · 03/05/2023 17:05

Shouldn’t I hold out a bit, the EA is agreeing to give it at least one more weekend.

I’m in two minds now as EA says they are proven cash buyers.

OP posts:
BiggerBrighterBetter · 03/05/2023 17:15

I think you'd be daft not to take the asking price offer, which you presumably were happy to market the house at.

cantkeepawayforever · 03/05/2023 17:17

Ask for details of why they are cash buyers. Do they still need a mortgage, and do they have an agreement in pronciple for it? Ie engage fully with them by asking reasonable questions that make them realise you are serious, but you are just honouring pre-made viewing appointments. You could ask the EA to cancel any non-proceedable people viewing, as well.

BernadetteRostankowskiWolowitz · 03/05/2023 18:03

If you have scheduled in viewings, I can't see the harm in saying "we will wait to come back to you until after these bookings are done" - in which case they may be OK waiting or they may come back with a little more to make you take it off the market.

I certainly wouldn't make them wait if you don't even have any viewings booked in.

bilbodog · 03/05/2023 18:09

If they are cash buyers offering asking price you would be mad not to accept.

we did this many years ago selling a flat in a good market thinking we were bound to get a better offer and ended up accepting a lower offer weeks later.

Newjobformoremoney · 03/05/2023 18:09

This is a red flag for me. You’re coming off very money grabby and I would think you’re a risk. They have literally offered what you’re asking for! Buying a property is super difficult, even with everyone motivated and committed. I wouldn’t think of getting involved with a party that struggles to commit.

DrySherry · 03/05/2023 18:38

DogInATent · 03/05/2023 16:20

By the way, if I was your prospective buyer and you came back next week to accept the offer I would then be telling you the offer was reduced by 5%. Because I would guess you'd held out for additional viewings and hadn't got an offer out of them. And I'd be giving you until the end of the business day to decide before it dropped another 5%.

Yes I would do the same. I think the op is not thinking from the buyers perspective. They may even already be offended tbh.

TheSnowyOwl · 03/05/2023 18:43

Hurdlingover · 03/05/2023 17:05

Shouldn’t I hold out a bit, the EA is agreeing to give it at least one more weekend.

I’m in two minds now as EA says they are proven cash buyers.

Proven cash buyers means they hold the cards and are in a great position. It doesn’t mean you can mess them around and see if you can get more money out of someone else.

viques · 03/05/2023 18:47

Hurdlingover · 03/05/2023 17:05

Shouldn’t I hold out a bit, the EA is agreeing to give it at least one more weekend.

I’m in two minds now as EA says they are proven cash buyers.

So what else are you hoping for?

FraterculaArctica · 03/05/2023 18:47

Fine in a hot market when you have 10 more viewings lined up and houses are all going for 10 percent over. In this market - the asking price is the asking price, what are you hoping for?

DrySherry · 03/05/2023 18:49

Hurdlingover · 03/05/2023 17:05

Shouldn’t I hold out a bit, the EA is agreeing to give it at least one more weekend.

I’m in two minds now as EA says they are proven cash buyers.

Seriously, a cash buyer and at asking price. You really do like rolling the dice of fortune don't you.

Original poster
Hurdlingover · 03/05/2023 18:50

It’s only been on for 5 days so I’m wondering if it’s priced right as they have offered asking.

I don’t mean to mess them about, this is why I was asking here.

OP posts:
viques · 03/05/2023 19:03

Hurdlingover · 03/05/2023 18:50

It’s only been on for 5 days so I’m wondering if it’s priced right as they have offered asking.

I don’t mean to mess them about, this is why I was asking here.

Then take it off the market, put up the price by £10,000 and see if your asking price cash buyers come back.

I am assuming you have priced at a level to afford your next property, so how much is a quick sale without a lower down chain worth in real terms these days? You do know about the problems a lot of people are having getting mortgage approval atm?

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