Highest bidder, waiting for miracle

padyjoe

Long story cut short: liked an apartment(on market for 2 months), bid on it twice, highest bidder for 2 weeks. 10k below asking, got a call today asking-

-Am I still there?
-Yes but you're 1 week late, my offer was only for 1 week.
-Oh, I didn't hear that!
-My last offer is the same in cash.
-Oh, the vendor is anxious, would like to get closer to asking. Could I offer a bit more?
-Of course! Nope, this is my budget, take it or leave it. (WTF, to Bod against myself?? Not that pressed!)
-OK, I talk to my boss and vendor and get back.

Could you tell me, what kind of game is this? I'm p1ssed at this stage, if don't get it, I move on.

Gumbo

The seller trying to get more money. Nothing wrong with that.
If you stick to your guns and there's no body else, then you should get it.

If they try play you and say no, then they run the risk of losing a sale.

davindub

Just trying to reach the asking price, his reputation is on the line! Anyway, depending on where the property is and who the estate agent is, if they are still getting enquiries, they can be inclined to hold on. I think vendors might be inclined as well if they feel they can get the 10k.

I recently purchased a house, I feel like I was bidding against a phantom for the last 10k to get it to asking price, I was happy to pay it as I thought the house was worth it, but in a effort to close quickly I argued, threatened to pull out a lot, I don't think I even worried the EA, slightly annoyed them, but didn't worry them....On the other hand, on other properties I was bidding on, I just flat refused to increase my offer and obviously didn't get the house. I guess they feel sooner or later they will get their price.

Anyway good luck, I hope it works out for you!

MintyMagnum

Bid on a property after the first open viewing, was the only viewer. It's had 4 more open views, & only 4 more viewers. Anyhow, they came back after 4 weeks saying my offer of 10% under is too low. I'm the only offer. Think there will be another bidder invented or a stalemate. First day the agent said they were expecting over asking. Now they're trying to push to get the asking. Surely market forces will decide? Or do they always get their price?

sullivk

Our house went Sale Agreed after just 3 weeks on the market. We had a minimum price that we had to get for it in order to fund our new home purchase, if we didn't get this price we would have had to take the property off the market and stay put.

Perhaps this is what is going on here?

padyjoe

As of today still nothing, kinda losing interest now. And thinking of lowering my bid. It's mad what's out there for a first time buyer. I'd be happy to have something built specially for my needs and fork a fortune out for. This one would cost me big bucks if it was sold to me and still comes with compromise.

Deffo sick of renting.

johnnyskeleton

padyjoe wrote: »

Long story cut short: liked an apartment(on market for 2 months), bid on it twice, highest bidder for 2 weeks. 10k below asking, got a call today asking-

-Am I still there?
-Yes but you're 1 week late, my offer was only for 1 week.
-Oh, I didn't hear that!
-My last offer is the same in cash.
-Oh, the vendor is anxious, would like to get closer to asking. Could I offer a bit more?
-Of course! Nope, this is my budget, take it or leave it. (WTF, to Bod against myself?? Not that pressed!)
-OK, I talk to my boss and vendor and get back.

Could you tell me, what kind of game is this? I'm p1ssed at this stage, if don't get it, I move on.

I had a similar situation before. The apartment never actually sold even though I was the highest bidder. It's frustrating, but ultimately there is nothing forcing them to sell. They are hoping that your desire to buy the property is greater than their desire to sell. It's a high stakes game of poker at the end of the day.

padyjoe wrote: »

As of today still nothing, kinda losing interest now. And thinking of lowering my bid. It's mad what's out there for a first time buyer. I'd be happy to have something built specially for my needs and fork a fortune out for. This one would cost me big bucks if it was sold to me and still comes with compromise.

Deffo sick of renting.

This is what they are relying on. I regret not increasing my offer because at the time it was close enough to the bottom of the market and the market went up significantly after that. If I had increased my bid by 5k I might have bought an apartment that went up in value by €50-70k. But thems's the breaks and hindsight is 20:20.

padyjoe

There's a movement on it, a positive one! I might be getting the apartment. I'm lost for words, been trying for a while and then it comes a shock to the system. Have to digest the situation. Was asked to put the deposit down, if I wanted.

Have to get a solicitor for the legal things. I wonder is it worth to do a survey on the apartment? It looked ok to me, the estate was built 15 years ago, there shouldn't be anything big.

Quandary

padyjoe wrote: »

There's a movement on it, a positive one! I might be getting the apartment. I'm lost for words, been trying for a while and then it comes a shock to the system. Have to digest the situation. Was asked to put the deposit down, if I wanted.

Have to get a solicitor for the legal things. I wonder is it worth to do a survey on the apartment? It looked ok to me, the estate was built 15 years ago, there shouldn't be anything big.

Always get a survey. We bought an apt 10 years ago which was only 8 years old at the time and got a survey done. The surveyor found a patch of damp above the bedroom window which had been painted over and not obvious to the untrained eye. The vendor ended up dropping the price by 1% to get us to close.

sKeith

Congrats. One step closer. Make sure that by giving the holding fee, that vendor takes property off the market. As a cash buyer, defo get a survey done (buyer beware in latin). if you were a mortgage buyer, your bank would insist on a survey and valuation.

padyjoe

I've put the deposit down 2 weeks ago and nothing since. The EA didn't even say thank you for it, nor reply to my email with the solicitor's details in it. Rang the agent 3 days ago, she would get back to me, never did. Are they embarrassed because the vendor is taking it slow? They want something sorted with their next house first - I was told.

Time to show my face again and ask them in person.

Black_Knight

Your solicitor should be doing some leg work now, so no major need to talk to the estate agent. Has your solicitor got contracts off the sellers solicitor yet? Once your solicitor says everything is OK you should have your engineer ready to get access and write up an engineers report. Keep the ball moving, and if there's no contracts exchanged yet, get your solicitor to put them under pressure and move the sale along.

You can always back out of the bid and get that deposit back if you feel they're stringing you along. It might make them get a move on with things too.

Black_Knight

padyjoe wrote: »

They want something sorted with their next house first - I was told.

Are they buying a new house, or have they bought already and they want to do works on it before moving? Where you aware of this all along? If they already have a second house and want to do work to it that's not your problem. Give yourself a deadline, get your solicitor to put them under pressure and be prepared to walk if it drags on.

Granted, if they've to buy a house, then that's part and parcel of it all. Just depends how long you're willing to wait. We're buying too, but So far we're lucky with the house we're buying, as the owner is moving in with family, so there's no chain.