Vendor wont take less than asking price - should I outbid myself ?

Bluefoam

Don't play silly games or make ultimatums. Ask the estate agent if the vendor has a target price, then evaluate that price and decide if it is value to you. You can still offer less, but at risk of not getting the property. It's only been on the market for two weeks, so the seller may have patience and hold out for more... It is coming up to Christmas, so buyers may be quiet/holding out until next year.

punisher5112

The wife and I recently found the house we love and tried to even get €500 off and not a chance.

We accepted it and said right we will go at x amount which was asking price and boom it's ours.

Look we could have been fooked over or not we will never know but we are very happy and hope to get keys very soon.

Best of luck op.

Cash_Q

CandyButcher wrote:

I think my question has been answered about what how to approach the bidding but a big concern is the current tenants, it’s frightening that I could be sold the home then have tenants I cant get to leave!

As has been said several times, you will not be officially sold the home until the tenants are gone. You may go Sale Agreed and exchange contracts etc but the bank will not issue the funds until theyve left. Their leaving date will inform the closing date which will be stated in the contracts.

Before making any more bids, ask if they've been given their notice, and ask if they've been given a statutory declaration that the house is being sold. This is a legally binding document that prevents the current owner from pretending to sell in order to replace the tenants and up the rent. If this document hasn't been issued, the tenants' notice period restarts when it is issued.

The tenants are entitled to 4 weeks notice per year that they've been living there, and given the current housing crisis, they may well overhold/stay beyond their leaving date. At no point will you become their landlord, but they can delay things as long as they choose to stay on.

fungie

We are in a similar situation. Viewed a place with not too much interest but we liked it. We were first bid so put in bid about 10% below asking. came about this figure is that most places will sell +- 10% asking.

Vendor says he won't accept anything less than asking but I know he buying new house in the new year so needs to sell. I'd be happy to meet him halfway between my bid and asking if it gets it done but if not, I won't up my bid unless a new bidder comes in.

punisher5112

fungie wrote: »

We are in a similar situation. Viewed a place with not too much interest but we liked it. We were first bid so put in bid about 10% below asking. came about this figure is that most places will sell +- 10% asking.

Vendor says he won't accept anything less than asking but I know he buying new house in the new year so needs to sell. I'd be happy to meet him halfway between my bid and asking if it gets it done but if not, I won't up my bid unless a new bidder comes in.

If a new bidder were to come in it could go much higher.

Do you really want it and is it worth losing?

fungie

punisher5112 wrote: »

If a new bidder were to come in it could go much higher.

Do you really want it and is it worth losing?

We want it but don't want to spend more than necessary. If a new bidder was to come in we would set a max figure and not budge on it. If they bid more, they clearly valued it higher.

It's not our house to lose, I view it as gaining a house.

Mr Grumpy

Toots wrote: »

If you really want the place, then you could offer the asking price on the condition that the property be withdrawn from the market immediately.

We did something similar and it was going grand until the day we went to sign. We were gazumped by £20k. We were at the top of our budget and couldn't match or beat it. We'd paid deposits on furniture that we ended up losing. Seller was technically within his rights to do it but him and the EA will forever remain c*nts in my heart.

bri007

That’s bad form all round, so you were sale agreed at x price and then at contract signing time a new bid came on and they accepted it... really poor from EA, I know it’s not 100% until contracts are signed but should be a bit of fairness too, once it’s sale agreed at x price.

Hope you got something else in the end.

We have gone sale agreed and are worrying something like this will happen as well, we want to start buying furniture and household stuff in January sales but I think we should hold back until officially signed contracts, especially after reading this!

Mr Grumpy wrote: »

We did something similar and it was going grand until the day we went to sign. We were gazumped by £20k. We were at the top of our budget and couldn't match or beat it. We'd paid deposits on furniture that we ended up losing. Seller was technically within his rights to do it but him and the EA will forever remain c*nts in my heart.

Fol20

bri007 wrote: »

That’s bad form all round, so you were sale agreed at x price and then at contract signing time a new bid came on and they accepted it... really poor from EA, I know it’s not 100% until contracts are signed but should be a bit of fairness too, once it’s sale agreed at x price.

Hope you got something else in the end.

We have gone sale agreed and are worrying something like this will happen as well, we want to start buying furniture and household stuff in January sales but I think we should hold back until officially signed contracts, especially after reading this!

Tbh. Its his own fault. Unless contracta are signed. Both parties can back out. Iv experienced both sides of the coin in this happening for various reasons. Would you start a new job in another country and move there before signing your contract?

Mr Grumpy

bri007 wrote: »

That’s bad form all round, so you were sale agreed at x price and then at contract signing time a new bid came on and they accepted it... really poor from EA, I know it’s not 100% until contracts are signed but should be a bit of fairness too, once it’s sale agreed at x price.

We were the only bid, it was off the market, driving to solicitors office to sign and got a call from EA. EA said the vendor had accepted a higher offer and unless we could match or beat it then that was it. Had to bite the solicitors fees on that.

Also happened here in Ireland to me. Agreed price, off the market. Had survey done, all going rosy and then vendor pulled out with no reason. Survey and solicitors fees on that one.

ted1

LLewellen Farquarson wrote: »

Or offer asking price and say it us valid for x days, after which it us withdrawn (and be prepared to follow through)

Also stress that this is only one of the properties you are bidding on

Valid for x days never works.

ted1

Mr Grumpy wrote: »

We did something similar and it was going grand until the day we went to sign. We were gazumped by £20k. We were at the top of our budget and couldn't match or beat it. We'd paid deposits on furniture that we ended up losing. Seller was technically within his rights to do it but him and the EA will forever remain c*nts in my heart.

What you need to do is make a bid on the basis in that it’ll be taking off the market if accepted. That way you could hold the seller responsible for your costs if gazumped.

Seth Brundle

ted1 wrote: »

What you need to do is make a bid on the basis in that it’ll be taking off the market if accepted. That way you could hold the seller responsible for your costs if gazumped.

Seller won't be held responsible!