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Owners who increase the price above what was just offered/agreed!

Owners who increase the price above what was just offered/agreed!

Owners who increase the price above what was just offered/agreed!

You listed the property in question some months back, possibly against your better judgement—but the vendor had been introduced by a friend of a friend. Asking price definitely on the high side, property okay but not great…and, as you suspected, no serious enquiries forthcoming for several months…, then several more months.

Until one day a purchaser popped up out of the blue and, in a matter of days, verbally agreed a price and other terms with the vendor. Well…, well, looks like I was wrong then, you thought. Lucky old vendor, getting someone to buy at that price.

So when your secretary called so say that it was the subject vendor on the line you happily greeted him… only to hear the dreaded words… “I’ve decided to put my price up by 15%, I think [pick one: I’m selling too cheaply/my home currency has gone down/my neighbour’s auntie said…./the sky is blue/prices in Bangkok are higher/….]”

Ring of truth?

What do you think? Have any experience with this sort of thing? Or have you maybe even done it to a purchaser? Or your poor agent?

Perfect Homes is a leading Chiang Mai real estate agency with extensive experience in the city, regionally, nationally and internationally.

(4) Comments

  1. mark

    on   said 

    No deal unless the owner signs it…….however, he has an obligation to sell if he listed with the realtor, and the realtor brought him a buyer at that price. The realtor incurred expenses advertising. But, like a bad realtor, he took the listing and disappeared…..Listings need a fixed time window.
    Very poor communication exhibited by all….and everyone likely had multiple emails, smart phones, etc….If it had been more than a month or so; the realtor should have touched base before showing. They should always do that, and always provide feedback afterwards….”he didn’t like the pot plants” or “the dog bit his kid” or “it was a pig-pin” or all of the above…..

    Reply
  2. Keith

    on   said 

    Some interesting points but, sadly, from an agent’s point of view, we’ve done our best: found the purchaser, agreed with both parties the price and terms, are getting contracts ready… and overnight the vendor changes his/her mind to sell or, more often, increases the price for spurious reasons. It just seems to happen here more often than elsewhere… and it’s not only local vendors!

    Reply
  3. Dave

    on   said 

    I agree the agent should always follow up with feedback after the pertential buyer has been show round as that does not happen so much in my experience..
    As for jacking the price up the agent should close the listing as obviously the vendor does not really want to sell.

    Reply
    • Perfect Homes (Chiang Mai Properties)

      on   said 

      Dear Dave,
      Thank you for your positive comments, we understand that it is a great idea to give feed back after viewings and at Perfect Homes we en-devour to do that as often as possible. Though remember that this is a different market to many that we are used to. Agents will spend all day with buyers and see multiple properties in one day. In the west they tend to show a single property multiple times so the agents can focus on the property and work closer with the owner.

      Also we always remove a property after an owner jacks the prices as you know this will happen again and again! Again please keep the comments coming.

      Reply

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