What to do next 😣

psych77

We have been looking for a family home for ages. One came up in the estate we like before Christmas and is in walk in condition but needs money spent to suit a family, more bedrooms needed, attic conversion Etc. It is being advertised as 4 bed when it’s in fact 3. (Two rooms configured to one when vendor bought from builder). Nobody bid before Christmas so we put on a lower offer 50k below asking. Asking was high given the false advertising and need for further work. None of our offers were entertained. After Christmas we upped to 25k below asking. All we got each time was an email from the EA saying the offer is too low, can you go higher. Suddenly another bidder enters the ring and all week there has been a war between the two of us. Others interested in viewing this week decided not to when they heard where the price was at. We eventually shook off the other bidder at 6k above asking. We waited all weekend for a decision from the vendor to hear they won’t accept. They now feel given the scarcity in the area that they can get more money. The EA couldn’t give any info as to how much they were expecting but it all sounds very strange to me. She indicated before Christmas that they may take less than asking now we are 6k above. Friends in the estate feel it’s priced too high as it is. What to do next. 😫. We do actually really like the house. Nothing we like more has come up in the last few months. I’ve checked with lots of EA and nothing coming either. I strongly feel the house isn’t worth any more. What to do….

RosieJoe

You should get this moved to the Accommodation & Property forum, here.

From previous discussions there, most will tell you to have an upper limit you are willing to walk from when reached. Also, tell them the final bid will expire after a set time and then walk away if needed.

loyatemu

I agree - if you don't think it's worth more, don't offer any more and try not to get too attached to the house.

psych77

I’m just getting to know boards and it got posted here by accident!!! 🙈. I think I got it moved now but thanks for the reply.

spaceHopper

You could try radio silence till Thursday then send an email so they get it Friday morning, that your offer stands, you really like the house and would be keen to get it moving but you have reached the max you are willing to pay for house. 

It is really nice house and with work it could be fine 4 bed house but currently it is 3 bed house. Building cost have risen dramatically in the last 24 months and you have to be realistic that you might not get to any work on it some years. The house is worth xyx to you. You hope the seller understands but cannot increase your offer.

Finish by asking the EA if they have any leads on similar house coming to the market during the spring selling season or if the seller changes their mind to comeback to you.

psych77

Thank you. Good advice.

Annasopra

Dont put in a higher offer under any circumstances

sammye333

it seems like you are getting played.

mysterious bidder comes in, and you end up 6k over the original asking price.

you thought it was worth 50k less than the original offer, because of the additional work .

move on.