Highest Bidder but vendor looking for more

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IrishGunner

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Ok buying a house and we have gone above the asking value by a good bit and we are the highest bidders

So agent went back to the vendor and they said that if we give them 4k more they will take it off the market. We said that we are paying way over the asking price already and its a fair value. So they said they would reduce it to 2k. Agent said it comes with new whites (ie Washing machine, fridge, dishwasher) but again we are refusing to pay for this. We will view the house again but its been tainted by the pure greed of the vendor. They have asked more than the value and then try to squeeze us for more.

We were at asking price and then vendor looked for much more and we said no. Then suddenly a bid comes out of leftfield close to what vendor was looking for so we decided to go for it and out bid them. We just got a bit paranoid of where this bid came from but all we can do is take agents word? Take it we cant see other agents bid due to GDPR but it just seemed coincidental that as soon as vendor gave price they wanted this bid came in???

So its a waiting game.

Just wondering has anyone come across something similar to this and how did they approach it?
 
Personally, I'd nearly reduce my offer by €2k to play them at their own game!
It all depends on how much you want the house and how urgently. Golden rule in house bidding is never bid against yourself.
Go to the viewing, then make it clear another property is coming on the market or another property you're interested in. You're sticking to your offer, take it or leave it.
It's possibly the vendor reduced the asking price in the hope of a bidding war that didnt materialise. The market is very uneasy at the moment, vendor should take your offer and run!
 
We've had something similar before. House was on the market, went over asking then something happened & house came off market. A few months later it went back on market, but seller was looking for the price it originally went sale agreed at (way over asking) but we were highest bidder (already 15 over asking) & weren't going to go to that price. We let our price sit, and eventually found something else. The house again came off the market! Again a bit of greed for sure, they should have just taken the very first high offer they had, or when they put the house back on market, have the asking price the high offer they wanted.
 
Emotions are high during buying and selling property.

They probably put the property on at a lower asking to hopefully get a number of interested parties to start a bidding war. It's a common tactic and they were successful. I once viewed a property where I offered the asking of 375k after a viewing and the agents response was that they wouldn't accept anything less than 425k.

Your options are;
1- Pull your offer. Seems silly if you really want the house. the sellers are trying to maximise the sale price
2- Up your offer by 2k to go sale agreed. Seems unnecessary to be bidding against yourself but if you think the other party would be willing to pay it then you should up your offer.
3- Leave your current offer on the table but give them 24 hours to accept or else you will withdraw it.

I would go with option 3. In essence it is an idol threat to get things moving.

Full disclosure- I had to do option 2 on a recent house purchase. I am completely at ease with it as I set a maximum figure we were willing to pay at the outset and didn't go over it.
 
IrishGunner said:
We will view the house again but its been tainted by the pure greed of the vendor.
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Thats not greed,
The vendor has something you want, and they are entitled to get the max value they can for this merchandise. They are taking a gamble you wont walk away, your taking a gamble he will fold. While all the time other interested folk are looking at this property as well.

If you feel the property is worth the extra €2k, seems crazy not to move on it.

Easel said:
Seems silly, the sellers are trying to maximise the sale price
/QUOTE]

Now thats a silly statement
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LS400 said:
Now thats a silly statement
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Why do you think so? You have basically agreed with me by saying "The vendor has something you want, and they are entitled to get the max value they can for this merchandise."
 
You need to step back. You are too emotional. You want this house. Then if 2K is what it takes to get it for you then by all means get that 2K.

This has nothing to do with greed. Nothing to do with you. It's business.

2K is nothing. If you love the house, then go for it. Don't sweat the little stuff like the white goods.

I wanted blinds and cupboards so much that I paid 5K many years ago when I was buying a house, it was a high price but I wanted them. I still have them and they were worth every penny. At the time I thought it was too much (they are beautiful) but I was wrong. My mother nearly walked away from a house sale for a set of (hand made) drawers in a particular space. She got them and got the house.

Make the 2K your final bid.
 
yes as others have said, there is no fair price. The tactic these days seems to be to put a property on at below what the vendor hopes to get in the interests of getting a number of interested parties bidding. Just because you went over the asking price doesnt mean you are at the price they thought achievable at the start.

They have an asset they want to sell it for as high a price as they can, you want the same asset at as low a price as you can get it.

Either its worth the extra 2k to your or not, but thats it, i wouldnt let emotion get in the way or any sense of injustice. And forget about this phantom bidder stuff aswell.
 
My view on things and how I would figure it out - you went to the amount they wanted so you were annoyed but at the end of the day you made up your mind.

As you will be getting the white goods this will compensate somewhat for the extra €2,000 so if you really want the house go for it.

As others have said don't torture yourself with the mind games as it will take all the good out of getting the house that you obviously really want.
 
Thanks for the replies yes its been emotional buying house and it does get in the way as way and its beginning to taint the purchase of the house which we don't want

I know that we have to put emotions to the side and think with a business head and we are going to view it again next week and see what we think.

In the grand scheme of things its not that much just the initial reaction was sod that but lets just bide our time and try to come to some kind of agreement

Oh the joys of moving house
 
Forget notions of Agent antics, phantom bids or vendor greed. It's just business. If this is the right house, at a realistic price, in the right location and IF €2k will land it then I think it would be a mistake not to just get it over the line. It may save you a world of pain. I paid €5k more for my house than I might have had to but €10k less than I would have. It was the right house and I was on it like Oprah on a ham.
 
Other way of looking at it - what if someone sails in today with the extra €2k and it sale agrees. How would you feel?
If it's the house for you and you can afford the extra €2k then go for it and sale agree today and celebrate tonight??

But yes while it's very emotional you gotta take the emotion out. It a house until it's yours - then it becomes a home
 
Easel said:
Why do you think so? You have basically agreed with me by saying
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Ah, My bad. Just re-read what you said, I missed the coma,,

If you think its stressful securing a property, it only the begining. The banks will stress you out no end with their incompetence before you sign.
 
The advertised asking price and the actual price the seller wants are not the same. The former is often chosen by the EA to drum up interest but they will have promised the seller the other price all along,
 
IrishGunner said:
Miss Gunner only seen property once while I have seen it twice so just wants to see what we are potentially getting for our money if we go for house
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You didn't tell us that in the OP ! I'm surprised ye went right into a bidding war.

Having said that one generally knows on the first visit that it's the one.

Have you checked the property price register for similar houses to get an idea of price.
 
Yeah we both had a good feeling about the house just to be sure to be sure

Yeah checked residential property register and it's above value but house has moderations. Going to get privately surveyed if we do go ahead with it
 
Estate agents often mess it up for people.

They tell the vendor that the house is worth €500k but we will put in an asking price of €450k to generate interest.

Then what happens is that someone offers them €450k and they get annoyed when the seller won't accept it.

Nobody can really advise you on what to do.

With these antics, there is a good chance that they might renege on a sale agreement.

Brendan
 
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