Highest bidder, but vendor not closing

M

M_Bea

Registered User
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Placed a €235k bid on a property that was initially listed at €190k. There were 3 bidders early on, but no one has topped my last bid. The place is vacant, the agent said they’ve recommended my offer to the seller, but still no word back. It’s been 10 days now, no update, no acceptance, no counter. Not sure if the vendor’s stalling, or waiting on something else or just not serious about selling. Anyone else been in this situation? A neighbouring property sold for €209k about six months ago (could’ve been earlier, the price register lags)
 
Others have been in this situation, but every such situation, however similar to the others, is unique in one important respect; the personality and attitude of the vendor, who is apparently hanging out in the hope that a higher bid will come along.

The only positive action you can take is to set a deadline — "If this bid is not accepted by 5 p.m. tomorrow, it is withdrawn". You might hope that this will spur the vendor to accept the bid rather than lose it, but you cannot know that it will. So only do that if in fact you will be happy to withdraw the bid at 5 p.m. tomorrow.
 
I'd just wait. There's no point adding to your own offer.

It's estate agents playing the estate agent game.

If you ring up saying 'i want that house now, what's the story?' I guarantee another bid will arrive the following day.

Another thing to try is to see another similar house that is slightly cheaper.

Then ring the estate agent and say 'we saw a house in X at the weekend that we are also interested in as well, so we are wondering what's happening with your property. Because if there's any potential trouble with the sale we'd like to know'.

That way you are not totally sitting ducks.
 
M_Bea said:
The place is vacant, the agent said they’ve recommended my offer to the seller, but still no word back. It’s been 10 days now, no update, no acceptance, no counter.
Click to expand...
Sounds like a bank sale. Ask the auctioneer if this is indeed the case.
If it be so then be prepared to play a waiting game from here on in.
 
Also, a vendor isn't obliged to accept the highest offer. E.g. in some cases a vendor may accept a lower offer from a cash rather than mortgage buyer or from someone not in a chain.
 
Thanks so much for all the replies, really appreciate it.
Just to clarify, it’s a private seller, not a bank sale. The place was rented but is empty now, tenants gone. The agent mentioned the seller is trying to buy somewhere else, so that might explain the delay… but still, it’s been over 10 days since my offer and no update, no counter, nothing.
The location is a compromise for me anyway, but I was okay with it for the right price. I’ll definitely be viewing other properties.
I get that the seller doesn’t have to take the offer, especially if there is a cash buyer. but there isn’t one. Other bidders dropped out ages ago. The place has been sitting on the market for nearly four weeks now. I’m honestly surprised the offer hasn’t been taken — it’s almost 30k more than an identical property that sold last year, over 10% higher. Just doesn’t make much sense.
 
The property has been on the market "for nearly 4 weeks now", ie, not long. The bidding has reached €230k. The vendor has not accepted - or declined. I don't perceive any great mystery as to what is happening. The vendor is giving to time to see if any higher offers or new bidders emerge. That seems reasonable enough if they are not under pressure to sell quickly.

The "asking price" of €190k is not a a confirmation that the vendor was prepared to sell for anything like that (we do not know).

All you can do is continue your search. As @TomEdison suggested, you can set a deadline for your offer if you are really prepared to walk away. The vendor then has to decide whether to take the risk on a higher bid emerging. Otherwise all you can do is wait and, in the meantime, continue your search and viewing elsewhere.
 
ClubMan, the bidding is done through an online platform, so I can actually see all the offers. If there was a cash buyer, you'd think they would’ve just accepted it by now, or at least my offer wouldn’t still be sitting there as the top one for 10 days.
 
I agree with @Ruffian above . I understand why you think that 10 days is a long time to wait , buying a house is very stressful, but the seller may have decided to see if another bidder comes along . They may be thinking that if 3 people were willing to bid for my house, maybe there’s a 4th out there willing to pay even more .

You can threaten to withdraw , or do nothing . No one knows what the seller is thinking so it’s impossible to know what will happen
 
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