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Original poster

Is it stupid to offer the asking price?

24 replies

BeatrixRotter · 01/02/2010 16:50

We've seen a house we like, it appears to be a fair price and is what we want so we have offered what the sellers are asking. But now I am wondering whether we should have gone in lower. It just seemed silly to quibble over a few thousand and risk losing it.

If they accept can I ask them to take it off the market, no more viewings etc. I have never done this before and have no idea what the smart thing to do is.

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LIZS · 01/02/2010 16:57

yes they should take it "off the market" ie no further advertising or viewings once accepted. If you had offered lower they might have been able to argue otherwise although that is still the generally accepted protocol.

skybluewinking · 01/02/2010 17:06

Totally agree with LIZS, used to work in an Estate Agents, and actually people usually ask for that whatever they have offered. Do insist they take it off the market. They might well stipulate that you have your solicitors details to them within a day or two, and your mortgage offer within a set timescale though.
And not stupid to offer the price if you like the house, shows good faith.

FuriousGeorge · 01/02/2010 18:57

We offered the asking price for our house,nearly 5 years ago.I knew 2 other people wanted it and knew the vendors,so did not want to mess them about [they would be our next door neighbours].It was the first house to come up for sale in the village for 10 years or so,so we didn't want to lose it.They actually knocked 1k off as we didn't buy it through the agents.Two other people approached the seller after she'd accepted our offer,but,bless her,she didn't take them up on it.

It shows you are serious IMO.

IlanaK · 01/02/2010 20:22

Around here you need to offer more than the asking price to have a chance of getting it!

HouseHuntingNoMore · 01/02/2010 22:29

Yep, we offered & paid asking price too as this area/house is in high demand & short supply. Good luck!

Original poster

BeatrixRotter · 02/02/2010 08:45

Thanks! Will find out this morning.....

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Original poster

BeatrixRotter · 02/02/2010 13:59

Still waiting to hear. Made the offer yesterday morning and the agents said vendors wanted to discuss overnight and would let us know first thing. Have called and was promised a callback 2 hours ago. Does this mean they are waiting on over offers do you think?

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mumof2222222222222222boys · 02/02/2010 14:16

Beatrix - we are in same boat as you...offered yesterday, but still not heard. The agent can't get hold of the vendor...Not happy.

If they don't like our offer they should tell us and see if we up it!

Original poster

BeatrixRotter · 02/02/2010 14:30

I know, can't help second guessing what this long silence means! I'm going to have to call again in a minute.

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IlanaK · 02/02/2010 14:59

Wishing you both luck. We had an offer accepted yesterday after a long and grueling search.

Original poster

BeatrixRotter · 02/02/2010 15:02

Congrats. I called again but the guy I need to speak to has conveniently 'popped out' and will call me back. Yeah just like you called me straight back when I called this morning.

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Fizzylemonade · 02/02/2010 16:11

How strange, how much talking it over do the vendors need???? You offered the asking price!

Are you in a good position to proceed ie sold yours/chain free/mortgage ready etc? Have you got a solicitor lined up? Have you made all this clear to the Estate Agents?

Unless the vendors are waiting to see if another viewer will make an offer and then they hope for a bidding war - sorry not what you want to hear.

Me? I'd have bitten your hand off for a full asking price offer

Original poster

BeatrixRotter · 02/02/2010 16:28

That's good to know fizzy

Estate Agents know we're chain free and have an agreement in principle. I guess vendors are waiting for another offer which they'll probably get. Why can't the agents just say what is going on rather than all this 'oh sorry Franco has suffered a fit of narcolepsy but will call you straight back' rubbish?

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PureAsTheColdDrivenSnow · 02/02/2010 16:31

only read OP, but I don't think it's silly as long as you stipulate that a term of the offer is that they take it off the market.

Be aware though - if someone has already seen it before you, they can still put in an offer, and you can still end in a bidding war (just what happened to us)

Original poster

BeatrixRotter · 03/02/2010 13:42

Found out the cause of the delay. It seems there have been 3 offers and although ours is the highest then vendors are wondering if the house has been priced too competitively. Not sure what is happening now but think they must be hoping for a higher off then we might get the chance to bid again.

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mumof2222222222222222boys · 04/02/2010 20:18

Found out the cause of our delay too...although there has only been one offer (ours) at £20k under asking price, vendor has decided to up price by £50k...we can go a bit higher, but not convinced the woman really wants to sell. The house is tenanted and paying for itself...

so frustrating.

Original poster

BeatrixRotter · 04/02/2010 21:21

Hmmm coincidence, ours is also tenanted. Upping the asking price by 50k! We were told if we offered a bit more they would sell it to us, which we did and it's all gone quiet again. It would make sense that perhaps our vendor doesn't really want to sell either. Think we probably need to walk away, we've offered over asking price and are chain free but it's not enough.

Hope you get some luck!

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mumof2222222222222222boys · 04/02/2010 23:09

Will try again tomorrow - half way. I think we'll end up walking away, but really frustrating as it is just what we want in many ways. We are chain free too, and in teh lucky postion of being in (cheap military) rented accommodation ourselves - but I sooooo want our own house again.

Lots of luck to everyone (our vendors excluded!)

Speckledeggy · 04/02/2010 23:40

Hmm...

All I would say is be careful. We pulled our offer on a house we wanted to buy today because we were convinced the agent was lying to us. Since our final offer the estate agent has managed to push the other buyer's offer price up three times and they are now paying the asking price and £20k more than we offered. We actually feel quite sorry for them as we feel they have been well and truly stitched up.

The house has been on and off the market for the last three years and was on the market this time last year for £20k less.

Don't kill yourselves. Another house will come along...

Original poster

BeatrixRotter · 05/02/2010 18:22

We offered 5k over the asking price and have been accepted. Think we were bidding against ourselves which is annoying but the asking price was very reasoanble for the area. Think I would probably do things slightly differently next time (be tougher!) but you live and learn.

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Speckledeggy · 05/02/2010 21:17

BeatrixRotter, we think the buyers who bought the house we wanted thought they were in a bidding war. In fact, it was really only them.

We just set a price in our minds we were prepared to go to and stuck to it. We did love the house but another one will come along shortly we love even more!

Original poster

BeatrixRotter · 05/02/2010 22:26

Speckledeggy how did you find out the estate agent managed to push their offer up 3 times? I do think the agents have done a number on us, I just hope we don't come to regret it. We hope to stay put for a while so hopefully we won't lose out in the long term.

Do you mind me asking what area you are looking? Hope you find your house soon.

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Speckledeggy · 06/02/2010 00:11

To be honest, I don't know for certain but I did listen to the estate agent very carefully especially when I came the conclusion that each time I spoke to him his story seemed to change.

I got so fed up with him I rang the vendor direct who said they hadn't received the asking price (even though the EA told me they had). He went crackers when he found out I had spoken to the vendor.

The joke is, despite me writing him an email to tell him he was breaking the law by telling porkies his colleague then emailed me the next morning to say the vendor had instructed them to advise me that they had received the full asking price and requested that we submit our final offer. Later the same day, the vendor emailed me to say that she had asked the EA to ask the other buyer to offer the full asking price which they had, she believed, now offered. I nearly fell off my chair laughing. She obviously wasn't even aware that she had been offered the asking price.

Anyway, the great thing is I have enough material to make a complaint to the estate agent. As I have no faith that I will be satisfied with their response, they will soon be receiving a letter from the Ombudsman. I feel like I just have to do something to save some other poor soul being caught out by that shark.

I would definitely recommend negotiating by email. That way, no one can deny what has been said. Also, listen to your heart. After several exchanges backwards and forwards things just did not add up. Before I had even mentioned it, DH said he had a bad feeling about the EA.

We're looking in the South East. Don't want to say where for fear of exposing myself to vindictive EAs!

Where are you looking? I did wonder if you were the other buyer but I don't think the other people offered over. At least I hope they didn't or they'd be paying £25k more!!! Remember, you can always pull out if you're not happy and probably better to do it now rather than later.

Original poster

BeatrixRotter · 06/02/2010 19:11

I think it is great you are taking it further, only way these people will learn their lesson.

Was also looking in SE but think we may be looking in different counties, as we are moving to Surrey.

My gut feeling is that we probably should have stuck to our first offer and took the chance that they would accept it. However as we wanted the house and the price is low (there is another one on the same street for £50k more, which has been on for a while) we offered the extra. It will mean we'll be out of rented accommodation if it all goes through so at least we'll be paying our own mortgage for a change.

I am learning for next time.

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