Offer of asking price not accepted

Dearg81

I was just wondering if anyone else has heard of a case where the seller did not accept an offer equal to the asking price?

My sister was very interested in a house so went in straight with an offer of asking price as she thought the house was good value (even though I told her to start with a lower bid) but the seller did not accept even after 3 weeks with no other offers on the table.

I know the seller is not obliged to accept and I assume they were playing a game as they seemed to underpice it relative to other houses on the road.

Rew

Very common for all the reasons you said

jmayo

Looks like they underpriced relative to others in the area it to get interest.
Now they have gotten the interest, they hope to push the price up.

This can work if there is the demand for the property, otherwise as we have seen in some instances over the last few years they could be left stuck with it and having to lower the asking.

limericklad87

We bid on a house listed online at x....with an opening bid x +8,000....

We were outbid and pulled out.....

The house is now back on the market since sale had fallen through.

We went in with x +15,000.....highest offer now for a week....and we've been told we're 5000 off what the vendor is looking for....

In summary she wants 20,000 above its listed price..... And we are currently at 15,000 above it......

Miaireland

The asking price is just an invitation to treat. Many people chose to have a lower asking price than what they want. Sometimes if they list the actual price they want people wouldn't even bother viewing the property.

jmayo

limericklad87 wrote: »

We bid on a house listed online at x....with an opening bid x +8,000....

We were outbid and pulled out.....

The house is now back on the market since sale had fallen through.

We went in with x +15,000.....highest offer now for a week....and we've been told we're 5000 off what the vendor is looking for....

In summary she wants 20,000 above its listed price..... And we are currently at 15,000 above it......

I would leave it sit.
If there is no other offers then yours is the only one on the table.

Do you mind me asking why did you go back in at X +15 rather than say X +10 ?
Was that what the original sale agreed bid was at ?

Do you mind me asking what region X is in ?
Reason I ask is I menioned on another thread how someojne jumped bid by 7% which I found a bit high.
Granted they are still under asking, but still a high jump I would have thought.

BTW are there any other similar houses on the market in the area and for how long.
If there are houses not selling in area then seller might get the hint and take an offer like yours.
Then again if it is in the great mythical paradise of South Dublin then just offer X + X and you will be grand.

limericklad87

jmayo wrote: »

I would leave it sit.
If there is no other offers then yours is the only one on the table.

Do you mind me asking why did you go back in at X +15 rather than say X +10 ?
Was that what the original sale agreed bid was at ?

Do you mind me asking what region X is in ?
Reason I ask is I menioned on another thread how someojne jumped bid by 7% which I found a bit high.
Granted they are still under asking, but still a high jump I would have thought.

BTW are there any other similar houses on the market in the area and for how long.
If there are houses not selling in area then seller might get the hint and take an offer like yours.
Then again if it is in the great mythical paradise of South Dublin then just offer X + X and you will be grand.

The original sale fell through with one agency and when it came back on the agent told us what it went sale agreed for and that's what the vendor wanted.

Since putting in the offer the vendor has changed EA so we had to start all over again. At the moment were 5000 off the previous sale agreed

I Am The Law

limericklad87 wrote: »

The original sale fell through with one agency and when it came back on the agent told us what it went sale agreed for and that's what the vendor wanted.

Since putting in the offer the vendor has changed EA so we had to start all over again. At the moment were 5000 off the previous sale agreed

Are the banks having doubts about these sale agreed prices? Seems to be a lot of houses sale agreed but not coming through on the property price register.

tuisginideach

'Sale agreed' has nothing to do with the Property Price Register - it could be three months (or less or more) after Sale Agreed before the deal is closed and the PPR shows the price.

Gumbo

I Am The Law wrote: »

Are the banks having doubts about these sale agreed prices? Seems to be a lot of houses sale agreed but not coming through on the property price register.

tuisginideach wrote: »

'Sale agreed' has nothing to do with the Property Price Register - it could be three months (or less or more) after Sale Agreed before the deal is closed and the PPR shows the price.

I think it depends on the solicitor to update the register.
Two houses on my mams road went up at the same time.

We bought one in April and it was on the PPR that month. Mr he other sold a month later and still nothing.

Dearg81

I think it's ridiculous to expect people to bid more than the asking price when they are the only bidder. In my sisters case she was actually willing to pay 15k-20k more but obviously didn't want to start the bidding so high.

Anyway it's back fired on the seller in her case as she has withdrawn her offer now and is looking at another house.

tuisginideach

PPR
The Authority acknowledges that there may be errors in the data in the Register. The Register is compiled from data which is filed, for stamp duty purposes, with the Revenue Commissioners. The data is primarily filed electronically by persons doing the conveyancing of the property on behalf of the purchaser and errors may occur when the data is being filed.

The PSRA does not in any way edit the data. It simply publishes, in a fully transparent manner, that which is filed.

Where errors are discovered or reported to the Authority they will be brought to the attention of the Revenue Commissioners

quagmire47

Dearg81 wrote: »

I was just wondering if anyone else has heard of a case where the seller did not accept an offer equal to the asking price?

My sister was very interested in a house so went in straight with an offer of asking price as she thought the house was good value (even though I told her to start with a lower bid) but the seller did not accept even after 3 weeks with no other offers on the table.

I know the seller is not obliged to accept and I assume they were playing a game as they seemed to underpice it relative to other houses on the road.

This is frustrating. I was briefly involved in a similar situation in the past. Seller had rejected a bid of asking price (not from me). Met the same EA subsequently and he said they were still not happy with 22K over the asking price. In fairness to the EA he was as annoyed as anyone. The seller is essentially still wasting everyone's time a year on as the for sale sign is still in place.

TheDriver

I had same situation last year, loved the house (initially) and felt vendor would accept quick deal however vendors family advised him to be greedy and obviously there was more money out there. He sold it a year later for a small bit less