Final offer by the seller ?

keeponhurling

Hi,

We put in a bid of €195k for an apartment, asking for an answer within one week.
They responded by making a counter-offer of €200k, and put a deadline on it, of 3 days later.

Anybody know what the deadline is about, do sellers usually set deadlines?

There are no other interested parties as far as we know, the EA hasn't mentioned other interested parties, just that if the owner doesn't get €200k they are happy enough to keep living there.
(but they are paying an EA to sell it, and are willing to sell for €200k, so they must be at least interested in selling)

I'm not in a hurry so would be thinking of leaving it for a week or two and maybe going back with €197.5k or something. Ultimately I'd probably pay the €200k if push came to shove.

Is there any danger the €200k wouldn't be available after their deadline, and if I did offer that later they'd be looking for more ?

Appreciate any help!

Arthur Beesley

You got your answer within a week. Maybe they don't like artificial deadlines.

keeponhurling

but they gave me one

P. Breathnach

Why should a vendor not be allowed make a time-limited offer? You are both involved in a high-stakes bluffing game.

The ball is in your court now. If you decline the offer, I think it likely that the property will remain on the market while the vendor hopes to achieve a higher price. They might or might not achieve it.

You need to decide whether it is worth paying the extra €5k to remove the uncertainty.

Arthur Beesley

keeponhurling wrote: »

but they gave me one

Returning the 'favour'...

Cork selfbuild

You gave them a timeframe so only fair they gave one back, the "timeframe" is just a bluff to try force the otherside to make a decidion...

Just counter back tomorrow at 197.5k, dont mind waiting a week or two, or if you really want it and its worth the 200k and you are happy to pay it, then offer it, close the sale, move in and enjoy it!

limnam

keeponhurling wrote: »

I'm not in a hurry so would be thinking of leaving it for a week or two and maybe going back with €197.5k or something. Ultimately I'd probably pay the €200k if push came to shove.

Is there any danger the €200k wouldn't be available after their deadline, and if I did offer that later they'd be looking for more ?

Appreciate any help!

I don't get the wait a week or two. You're not trying to play cool with a bird.
Course you will pay 200k and he knows it.

You don't have to go back with 197. You can advise the EA you're VERY interested in another property but are happy to close this here at 195k and you need to know on an urgent basis as you're gong to close on the other one if not.

put some pressure on.

No Pants

keeponhurling wrote: »

Is there any danger the €200k wouldn't be available after their deadline, and if I did offer that later they'd be looking for more ?

Yes and yes. I'd let the deadline pass. Don't play their game. Keep looking.

gaius c

Seems rather petty. You have to wonder if they are actually serious about selling at all?
Linky

Santa Cruz

gaius c wrote: »

Seems rather petty. You have to wonder if they are actually serious about selling at all?
Linky

Whats petty about it? It's business. They are prepared to sell at a certain price and not at another. It all comes down to whether the purchaser thinks the property is worth 200000 or not. There is no obligation on them to sell at a price lower than they want.

keeponhurling

Santa Cruz wrote: »

Whats petty about it? It's business. They are prepared to sell at a certain price and not at another. It all comes down to whether the purchaser thinks the property is worth 200000 or not. There is no obligation on them to sell at a price lower than they want.

I would have thought they'd just say no to my offer, and tell me the price is €200k and that's that.

keeponhurling

limnam wrote: »

I don't get the wait a week or two. You're not trying to play cool with a bird.
Course you will pay 200k and he knows it.

You don't have to go back with 197. You can advise the EA you're VERY interested in another property but are happy to close this here at 195k and you need to know on an urgent basis as you're gong to close on the other one if not.

put some pressure on.

How does he know that?

There are many other properties on the market, also I could continue to rent for all he knows, so I want him to think that if he leaves it too long I might get sorted elsewhere.
He has no other bidders, as I assume he'd have mentioned that if he did.

They gave me their counter offer and deadline on Friday (deadline of this Wednesday) and the EA already called me asking if I had decided yet.

The_Conductor

It is a sellers market- there are so few properties for sale on the market.
More than anything else location is key here. I've heard of two sellers who have decided to blank prospective buyers, on the basis of time delineated offers from them (in the past week)- doubtless, they don't see why they should play games with you.

The seller in this instance has told you its 200k, take-it or leave-it. If you want it- offer him the 200k. If you want to play games- be prepared to be blanked.

You started this with the seller- he (or she) is simply playing you at your own game. In the current market- with massively constricted supply in areas people actually want to live in- sellers can afford to play this game- buyers cannot. You've been called out on this.

limnam

keeponhurling wrote: »

How does he know that?

Because people don't generally put a bid of 195k on a 200k house who won't go to 200k

Come on.

gaius c

Santa Cruz wrote: »

Whats petty about it? It's business. They are prepared to sell at a certain price and not at another. It all comes down to whether the purchaser thinks the property is worth 200000 or not. There is no obligation on them to sell at a price lower than they want.

It sounds petty because according to the OP, there is only one bidder on the apartment. That implies the vendor's hand is not as strong as some are making out and if they are "not bothered" about selling at a tiny fraction below the asking, why is it on the market at all?

There's plenty of reports of vendors having properties on the market to keep banks off their backs and the €200k could well be the magic figure required to clear their debts or based on the thread I linked to, it could become a movable feast that only goes up because they want to stall, not sell.

Or it could be the tactic similar to that which I've encountered where €200k is only the advertised asking price. What the vendor really wants is €230k but they need to get bites first and therefore advertise at a semi-realistic price first.

Out of morbid curiosity, I'd like to see the OP bid €200k and see what happens but it's their money so they need to decide if it's worth the extra €5k.

There is no obligation on them to sell at a price lower than they want

I see where you're coming from but what if they were in arrears, shouldn't they accept the highest bid and give the property to somebody capable of paying for it?

Either way, a property vendor with only 1 bidder playing games with that bidder doesn't seem like smart business to me.

whippet

gaius c wrote: »

Either way, a property vendor with only 1 bidder playing games with that bidder doesn't seem like smart business to me.

well by the sounds of what the OP is thinking it is smart business as the OP sounds like they will fork out the extra €5k.

keeponhurling

gaius c wrote: »

Out of morbid curiosity, I'd like to see the OP bid €200k and see what happens but it's their money so they need to decide if it's worth the extra €5k.

.

The EA is saying that they will sell, and want the deal wrapped up quickly, but not a penny less than €200k.

We are, I think, generally ok with €200k if that's what it eventually takes.
But being the only interested party I think it might be worth letting them wait a little, and coming back with €197.5k.

My logic is that it's strange they want a quick deal and have the apartment for sale, as well as have the EA calling me up asking have I decided yet.

I asked him on the phone what's the deal with the Wednesday deadline, he said some bull about negotiating exclusively with me.
But if somebody offered them a higher price, while nothing has been agreed or signed with me, I'd hardly expect them to turn it down.

gaius c

You're on about them dragging their feet over €5k but they are as entitled to do it as you are.

jackal

Quid pro quo, no?

I think they are saying if you are in such a bloody hurry, here is what you need to pay.