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niksimms

Should You Re-price Your Property After An Offer

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Say you receive an offer on your property for £150,000 which is £5k less but you accept it, you are still allowed to market your property but if you are marketing it should you be selling it to get an higher price.

Selling for £155,000

offer accepted for £150,000

Keep marketing it for £160,000 because it's not worth getting an offer lower than £155,000 and you are carrying on marketing it because people make offers on properties because they like doing it and not that they want to buy the house. 28% of offers on properties fall through.

Cheers

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IF you're going to keep fielding offers after accepting one, then yes, why not ask more?

However,

If you got an offer on Day 1 of viewing, you probably priced too low in the first place.

If it took 6 months to get your first offer, you're unlikely to get a new offer at a higher price.

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Say you receive an offer on your property for £150,000 which is £5k less but you accept it, you are still allowed to market your property but if you are marketing it should you be selling it to get an higher price.

Selling for £155,000

offer accepted for £150,000

Keep marketing it for £160,000 because it's not worth getting an offer lower than £155,000 and you are carrying on marketing it because people make offers on properties because they like doing it and not that they want to buy the house. 28% of offers on properties fall through.

Cheers

I wouldn't lower the advertised offer at all, just the same as selling a car. Lower the asking price and people will still try and get 5% off that....it's been like that for about 50 years.

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Be a bit careful though as the prospective purchaser may not like the idea of you continuing to market the property and may be reluctant to commit to spending on searches etc in these circumstances. depends how happy you are with the offer really.

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I wouldn't lower the advertised offer at all, just the same as selling a car. Lower the asking price and people will still try and get 5% off that....it's been like that for about 50 years.

Read it again - he's asking about raising, not lowering the price.

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As we have entered a new era whereby there will be "No more boom to bust" and the Bank of England is now managed directly by the Prime Minister, we can safely take an offer at 150k and continue to market the property for an addtional 10k per month until completion in order that we keep up with inflation of goods and devaluation of our wages due to fiscal prudence by the ex Chancellor who was also called Gordon Brown, has a striking resemblence to the prime minister of the same name, but in no way related as the person Called Gordon Brown who was once a Chancellor under new labour was a Stuanch Socialist who wanted to nationalise the Banking sector by busting the Government and the economy through debt.

Hope this clears the matter up.

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If I was your "buyer" and you had accepted my offer, and I was serious, and you continued to market your house, I would consider you to be taking the p*ss and tell you to f*ck off and buy from someone who meant what they said. As for actually raising the price, why didn't you just ask for more in the first place? I sincerely hope you lose your first buyer and end up selling for £120k.

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In fairness and an honest answer, every property I have ever bought I have stipulated that the property is no longer marketed. And its easy to check it out, as you simply ring the agent as someone else and ask. If it is on the market still, then simply instruct your solicitor to drag his feet by asking 20,000 questions.

Good ones are, what builder did the maintenance, do you have any receipts, and are there any guarantees for the work. It takes them weeks to get the answer.

Get to exchange and then announce you are 20k short, and they will have to drop or you will pull out. Most people are already commited elsewhere having bought curtains, carpets, and even done some building work on their prospective property.

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You need to make up your mind whether or not you are happy with the offer that you already have. If you are, and the buyer is in a position to proceed, them you should go ahead with the sale and take it off the market.

If you carry on marketing the property you are in risk of loosing the buyer that you have and ending up with no buyer. I also doubt that your estate agent will make any serious effort to sell the property to a higher bidder whilst at the same time going through the conveyancing process with the first buyer.

The only circumstances in which you should continue to market the property are if the buyer that you already have can not yet raise the money because they still have a property of their own to sell.

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It depends on whether you are a decent person. An accepted offer should be just that.

However, the offer is conditional by implication. The sale won't go ahead if you don't have good title, if the property is likely to fall down or stands where the next motorway lane is going to be.

Ergo, acceptance of the offer can be conditional, "I accept your offer subject to exchange of contracts in four weeks".

My 2p's worth.

p-o-p

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The home selling packs should included a full independent and binding survey, offers should then be binding subject to cooling off period and perhaps certain agreed break clauses.

I dont think gazumping helps anyone.

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Say you receive an offer on your property for £150,000 which is £5k less but you accept it, you are still allowed to market your property but if you are marketing it should you be selling it to get an higher price.

Selling for £155,000

offer accepted for £150,000

Keep marketing it for £160,000 because it's not worth getting an offer lower than £155,000 and you are carrying on marketing it because people make offers on properties because they like doing it and not that they want to buy the house. 28% of offers on properties fall through.

Cheers

Are you the sort that would fight your own siblings over a grubby will?

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A house about 2 miles from here was up for sale. It was fairly cheap so we asked to see it. The EA gave us the run round saying the owner wanted to be there for viewings and was away fro a week. What happened was they put the price up massively.

It's never sold so I assume they just got fed up with people viewing.

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Depends if the person who has made the offer is in a position to proceed. If they are I would take my house off the market but if they are still trying to sell their house then obviously you continue to market your house.

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If I was your "buyer" and you had accepted my offer, and I was serious, and you continued to market your house, I would consider you to be taking the p*ss and tell you to f*ck off and buy from someone who meant what they said. As for actually raising the price, why didn't you just ask for more in the first place? I sincerely hope you lose your first buyer and end up selling for £120k.

This is basically what I said Dude .....Only I was being Kind

Edited by Exeterexile

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You need to make up your mind whether or not you are happy with the offer that you already have. If you are, and the buyer is in a position to proceed, them you should go ahead with the sale and take it off the market.

If you carry on marketing the property you are in risk of loosing the buyer that you have and ending up with no buyer. I also doubt that your estate agent will make any serious effort to sell the property to a higher bidder whilst at the same time going through the conveyancing process with the first buyer.

The only circumstances in which you should continue to market the property are if the buyer that you already have can not yet raise the money because they still have a property of their own to sell.

I have made up my mind and want the offer to stick. I want the purchase to go through and I want to get into our new home. What I don't want is to have the buyer pull out and leave me at stage one AGAIN.

If the buyer tells me to take the house off the market I would be willing to do so. I would also tell them that we have had offers before and they pulled out. How can we be assured the offer will stick?

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If I was your "buyer" and you had accepted my offer, and I was serious, and you continued to market your house, I would consider you to be taking the p*ss and tell you to f*ck off and buy from someone who meant what they said. As for actually raising the price, why didn't you just ask for more in the first place? I sincerely hope you lose your first buyer and end up selling for £120k.

I don't think thats fair. I actually think people who make offers are taking the p*ss if they don't stand by that offer once accepted.

I know I will take the house off the market then 7 weeks down the line when I have done the survey on the house I want to buy and wasted a load of cash and told potencial viewers that it is sold, possibly turning my back on a 100% buy then to have the buyer pull out. Great and Great for the second time.

I'm too honest.

What I am saying is more like hurry up I want out.

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Say you receive an offer on your property for £150,000 which is £5k less but you accept it, you are still allowed to market your property but if you are marketing it should you be selling it to get an higher price.

No-one is forcing you to accept an offer. If your buyer is serious, is selling their house and you accept their offer proceed to solicitors and they get a survey done on your house, then you are indeed taking the p*ss out of them by remarketing it whether at a higher price or not. There is little point crying over people who mess you around if you think what you are proposing is acceptable.

If you don't want to accept an offer, don't accept an offer. If it falls through it falls through. No fun, but at least you are acting in good faith. If you don't act in good faith then you deserve anything that befalls you.

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Say you receive an offer on your property for £150,000 which is £5k less but you accept it, you are still allowed to market your property but if you are marketing it should you be selling it to get an higher price.

Selling for £155,000

offer accepted for £150,000

Keep marketing it for £160,000 because it's not worth getting an offer lower than £155,000 and you are carrying on marketing it because people make offers on properties because they like doing it and not that they want to buy the house. 28% of offers on properties fall through.

Cheers

Presumably the purchasers have taken you at your word and are instructing a surveyor and a solicitor. Do the words decency and fair play mean nothing to you?

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I have made up my mind and want the offer to stick. I want the purchase to go through and I want to get into our new home. What I don't want is to have the buyer pull out and leave me at stage one AGAIN.

If the buyer tells me to take the house off the market I would be willing to do so. I would also tell them that we have had offers before and they pulled out. How can we be assured the offer will stick?

You can't, really. This is one of the things that makes buying and selling houses so fraught. Has your buyer got a solicitor and mortgage offer in place? If a cash buyer, has your solicitor had sight of any proof that the money is in the buyer's bank account, ready to go? This kind of evidence at least proves that the buyer is semi-serious. You could always say you'll continue to market until some milestone is reached (firm mortgage offer or satisfactory survey completed, for example). Some milestone where the buyer has had to put his/her hand in his pocket and has something tangible at stake.

But it all boils down to: how much does the buyer want the house? If he/she has fallen in love with the place, they are likely to move heaven and earth to secure it, and you haven't got much to worry about (as long as they can get the mortgage). If they haven't, they might well say Castor and Pollux to your conditions and keep looking elsewhere. This kind of hassle is why I won't STR -- it just ain't worth the heartache!!!

edit: it can be safer to accept that they are serious but to keep a close eye on things, and if they start dragging their feet and making excuses, instruct your EA to re-market immediately.

Edited by huw

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Say you receive an offer on your property for £150,000 which is £5k less but you accept it, you are still allowed to market your property but if you are marketing it should you be selling it to get an higher price.

Selling for £155,000

offer accepted for £150,000

Keep marketing it for £160,000 because it's not worth getting an offer lower than £155,000 and you are carrying on marketing it because people make offers on properties because they like doing it and not that they want to buy the house. 28% of offers on properties fall through.

Cheers

If I placed an offer of 150k on a house for 155k which was then accepted, and then found the house to still be on the market, but now at lets say 160K. A few things might happen:

1. The boys come around and sit outside, engines revving, techno/trance roadparty@130dB etc.

2. Lots of "phantom" interest but your prospective viewers don't show....

3. My offer would now stand at 145K, dropping by a grand a week

4. You get a few offers that pull out after "further consideration"

All the time the real value is dropping in tune to the market drops.

Remember the saying "your word is your bond?"

Hope that Helps :)

Edited by contractor

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No-one is forcing you to accept an offer. If your buyer is serious, is selling their house and you accept their offer proceed to solicitors and they get a survey done on your house, then you are indeed taking the p*ss out of them by remarketing it whether at a higher price or not. There is little point crying over people who mess you around if you think what you are proposing is acceptable.

If you don't want to accept an offer, don't accept an offer. If it falls through it falls through. No fun, but at least you are acting in good faith. If you don't act in good faith then you deserve anything that befalls you.

I am not sure what is good faith.

We have accepted the offer and give the buyer 100% assurance that if they complete that they will get the house.

It is now two weeks down the line and no survey has been done, we have had no feedback from the buyer, we assume the offer has failed.

We can carry on with marketing it but we have no idea if the buyer still wants it or not, we just assume.

The house is worth a lot more on paper. So not to waste time and money we have been given the option to re-price and carry on marketing it.

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Presumably the purchasers have taken you at your word and are instructing a surveyor and a solicitor. Do the words decency and fair play mean nothing to you?

We keep informing the seller of the house we want to buy of our situation.

I think it is right to keep both seller and buyer informed right up to the completion date.

We have the deadly silence.

I just want them to say 'YES' or 'No' then we can carry on.

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