Time Limit

mad_shopaholic

I currently have an offer on a house (placed offer 2 weeks ago) which has been on the market since early summer and had a big drop in price a few weeks back although still had no offers when I put in my offer (10K below asking) as I feel house is still overpriced. Got a friend to call recently and the agent told them my original bid and said that I had gone back and put the bid up a bit higher and agent then called me and told me someone had offered this other higher amount so I take it there is no other offer and they are just trying to get more out of me.

Is it ok at this stage to put a time limit on the bid was going to offer slightly more as I feel it is worth a bit extra but no more than that I do like the house but I am not overly attached to it and there are a few other similar houses in the area I could move on to?

Flatzie_poo

Lower your offer to what you think the house is worth imo.

If there are other houses in the area, and this is unsuccessful, then set your sights on those.

It's your offer, you can put any time limit you want on it.

mad_shopaholic

My original offer was lower than I think the house is worth but not by much I was going to offer what I feel the house is worth and put a time limit on that as I have no problem walking away if they don't accept it as to me its not worth more than that.

antoinolachtnai

What is the point in putting a time limit? Put your offer and then continue looking at other properties regardless. If you find something better then put an offer on it. There is no point in closing off options for yourself.

mad_shopaholic

Good point I suppose I didn't want my bid dragged out as I know they are eager to sell. I could just tell them that its not the only property I am interested in and the bid will only be valid until I go sale agreed?

Dellnum

There could have been a higher offer from someone else, your friend might not have been the only person calling the agent !
Maybe the vendor is not willing to sell at the price you offered and the agent is just guiding you to an acceptable price. They are obviously looking for more than your original offer, so up your offer if you want the property and think it is worth it to you.

mad_shopaholic

The agent told my friend the original offer I had put on and that I had since put it up so told both of us same amount but told me it was from a new bidder told her it was original bidder. Yes I will just have to up my offer to what I am willing to pay and see how it goes.

whippet

Putting a time limit on an offer does not really wash with EA's .. they know that 99% of time people will keep their offer on the table if they really want the house.

Just leave your offer there any keep looking around

P. Breathnach

Forget time limits. They are usually negotiating bluffs, and are seen as such.

It's much more useful if the vendor becomes aware that you are actively looking at other properties. There is the danger that perhaps the only solid bidder might be lost.

So keep looking, and if the EA you have been dealing with has other properties on the books that are in the same market area, make sure that you view them.

Dellnum

I am surprised that the agent told you a lie about the offer, that's not good practice, however, I think now that he was just trying to guide you as to what would be acceptable. Best of luck with it.

CaoimheSquee

Time limit is down to the vendor really. They will choose when they want to move the sale along and some will hold out for a very long time if they have a figure stuck in their head! Regardless of advice form EA!

mad_shopaholic

There is another house I am interested in putting a bid on but I am still waiting over a week for the auctioneer to get back to me to arrange a second viewing!

Dellnum

If an auctioneer doesn't get back to you, you ring him. Some of them will forget about you if they have others to cater to.

Victor

mad_shopaholic wrote: »

I feel house is still overpriced.

I feel it is worth a bit extra

How do you reconcile these statements?

mad_shopaholic

Victor wrote: »

How do you reconcile these statements?

Worth more than what I originally offered but less that asking price

Dellnum

A house is only worth what a person is prepared to pay for it.

Ardent

A time limit will only work if you have already communicated to the agent that you are close on another property.

joe_five_pack

Ardent wrote: »

A time limit will only work if you have already communicated to the agent that you are close on another property.

ive tried that , it doesnt work , when you tell the estate agent that you have your eyes on another property , all he or she thinks is that you are potentially likely to wobble and may not have your heart entirely set on following through on a deal

time limits achieve absolutely nothing , a price will either be accepted or it wont , they often get a seller or agents back up too as they come across as a threat , its a sellers market out there right now in most places to the buyers only power is to not go beyond their spend limit

like i said , ive tried time limits several times and its never once worked , im an owner of one BTL btw which i bought at an auction , just for disclosure

joe_five_pack

Dellnum wrote: »

I am surprised that the agent told you a lie about the offer, that's not good practice, however, I think now that he was just trying to guide you as to what would be acceptable. Best of luck with it.

your suprised that an EA told a lie ?

spaceHopper

Just go back, ignore the alleged higher offer and ask the EA has the seller accepted or rejected your offer.

If he says no the ask him what would it take to buy the house get him to name a price

Then take it from there, if you think it's to high say no make a different offer or say feel free to comeback to me if anything changes, best of luck selling it, it's be nice to end the year with it off the market and your books.

joe_five_pack

spaceHopper wrote: »

Just go back, ignore the alleged higher offer and ask the EA has the seller accepted or rejected your offer.

If he says no the ask him what would it take to buy the house get him to name a price

Then take it from there, if you think it's to high say no make a different offer or say feel free to comeback to me if anything changes, best of luck selling it, it's be nice to end the year with it off the market and your books.

in defense of EA,s , its not always their fault , some sellers are awful ditherers and wont commit , ive a bid on a property now for nearly three months , ive upped my bid by a grand as a gesture of good will , EA told me yesterday that the seller is thinking of going with a relaunch in the new year , im thinking of walking as i dont think any price will buy it , my bid is 10% above the previous one , i know this for a fact

sometimes you do have to walk but time limits absolutely do not work

Ardent

joe_five_pack wrote: »

ive tried that , it doesnt work , when you tell the estate agent that you have your eyes on another property , all he or she thinks is that you are potentially likely to wobble and may not have your heart entirely set on following through on a deal

time limits achieve absolutely nothing , a price will either be accepted or it wont , they often get a seller or agents back up too as they come across as a threat , its a sellers market out there right now in most places to the buyers only power is to not go beyond their spend limit

like i said , ive tried time limits several times and its never once worked , im an owner of one BTL btw which i bought at an auction , just for disclosure

Worked for me

joe_five_pack

Ardent wrote: »

Worked for me

ive tried it four times

sleepyholland

Ardent wrote: »

Worked for me

Care to elaborate?
I suspect it can be effective in certain particular scenarios where the seller wants a deal done quickly. Not likely to be effective in a rising market or when there are other interested parties.

P. Breathnach

Ardent wrote: »

Worked for me

Perhaps.

Or it might simply be that some transactions have a faster tempo.

joe_five_pack

sleepyholland wrote: »

Care to elaborate?
I suspect it can be effective in certain particular scenarios where the seller wants a deal done quickly. Not likely to be effective in a rising market or when their are other interested parties.

exactly , in a buyers market , the one bidding has the power , thats not how it is right now

mad_shopaholic

Thanks for the advice everyone I offered an extra 2K which is what I feel the property is worth and also my max amount so either way ill be walking if it's not accepted. Similar property in same area has been up for auction twice in last few months both with a reserve at 3K above what I offered and with a reserve same as the asking on this one and failed to sell both times which backs up my belief that it's over priced. I am viewing a second property I am also interested in next week so ill keep looking anyway and update!

mad_shopaholic

UPDATE: I offered another 2 and a half K which was my max limit they wanted a further 2 and a half so I have withdrawn my offer and its back to the drawing board.

Dellnum

If you are not mad about the house then don't go any further, especially if there are other houses you like in your price range. Sometimes it is worth going a bit higher to get exactly what you want, but if this house is not exactly what you want then why bother.