Should I reduce my offer?

leviathan

pawpurrs wrote: »

take a step back and see what you are proposing and think how you would feel if it was you selling the house, and what you would think if your buyer was acting the way you are.

It's a business transaction.
Take the emotion out of it.
Yes it's hard to do, but you should do it.

As a FTB, when I come to market I fully intend to make several offers on different houses and play them off against each other till I get the reductions that I want.
Like wise, if I were selling I'd invite several offers till someone signs the paper.

I would do the same if buying a cooker, car insurance, a mortgage, bank account, mobile phone.
The difference perhaps is that you are not dealing with a faceless company when buying a house. However for the figures you are dealing with it is obvious financial sense.

When I sell 2nd hand performance car parts I might have a lot of interested people but one person will give me the money. Those who dither loose out. I am contacted by so many dreamers and time wasters with "geniune offers". Why should I suffer their window shopping.

You might think it heartless or whatever else, but it's MSE in it's purest form.
The idiot (financially speaking) is the person not doing it.
Never get emotional about money or you loose it.

Dithering_Dad wrote: »

"My word is my bond" seems not to be in the Steve78 vocabulary.

Far from it.
He told them the offer was valid for a week and they let it pass.
If he gives them the chance to take it now, his word means nothing and he looks like a push over.
You could argue that it's being generous. In his position there is nothing to be gained from it, so long as he is prepared to walk away.
It's business, not friendship.

JayScottGreenspan

Look, the law is the law - until contracts have been exchanged neither party is bound. It's not personal, it's strictly business. To ignore this and essentially give a complete stranger something like 6 months net pay just out of politeness is frankly bizarre, and strikes me as peculiarly British. Not very MSE!

Furthermore, this isn't even the point at issue here. The original offer had a deadline. They missed it.

Steve78 - get it for the minimum you can. Simple.

morg_monster

leviathan wrote: »

As a FTB, when I come to market I fully intend to make several offers on different houses and play them off against each other till I get the reductions that I want.
Like wise, if I were selling I'd invite several offers till someone signs the paper.

leviathan I really applaud your honesty. I kind of wish I could be take emotion completely out of these kind of decisions and be a bit more hard nosed. But then I would be a different person. And that is the whole crux of this thread, some of us are happy with Steve's process, and some are not. It comes down to our individual moral compasses & personal experiences and no amount of our debate on a forum is going to alter something as fundamental to us as that.

Whatever I might think of what he's doing, I do think at least Steve is doing it in a transparent honest way. thumbs up to him for that. The worst thing is when you hear of people waiting until the day of exchange/completion and suddenly, out of the blue demanding a further reduction or they won't proceed. I think that's completely unconscionable.

bluejake

Ignore the retards. It is a business transaction not about making friends. Absolutely nothing wrong or unethical with buyers and sellers negotiating hard to get the best price right up to a deal is done. It doesn't matter if you are selling houses or brocolli or aeroplanes - it is all the same.

Those people who complain really just don't want to meet a tough negotiator themselves and would rather buyers just pay inflated prices to make their life easier. They don't give a toss about the person who will be paying the mortgage.

Just think how much a £10,000 reduction is worth in terms of hours you have to work when taxation and mortgage interest is taken into account. Only a retard would gift that to a stranger who has already probably tripled his money due to house price inflation in recent years.

Negoiate hard and get the best price you can for yourself and your family. Nothing wrong with doing that. Those who argue otherwise are thinking of there own interests - whether they admit it or not.

morg_monster

Jake thats a horrible offensive word, you can't go around calling people that at all. Its not 1970 anymore, you know. And all just because we have a different point of view from you. What a charming person you must be.

StevieJ

bluejake wrote: »

Ignore the retards. It is a business transaction not about making friends. Absolutely nothing wrong or unethical with buyers and sellers negotiating hard to get the best price right up to a deal is done. It doesn't matter if you are selling houses or brocolli or aeroplanes - it is all the same.

Those people who complain really just don't want to meet a tough negotiator themselves and would rather buyers just pay inflated prices to make their life easier. They don't give a toss about the person who will be paying the mortgage.

Just think how much a £10,000 reduction is worth in terms of hours you have to work when taxation and mortgage interest is taken into account. Only a retard would gift that to a stranger who has already probably tripled his money due to house price inflation in recent years.

Negoiate hard and get the best price you can for yourself and your family. Nothing wrong with doing that. Those who argue otherwise are thinking of there own interests - whether they admit it or not.

That is interesting a move from retards to thinking of their own interests!:rotfl:

greggymagic

Steve78

"I did convey to EA when making the offer that if offer is not accepted within the deadline then new offer will be less"

So why didn't you say that in your original post then?

Or have you just thought of it? Not inferring anything just naturally suspicious.....

Steve78

"He(the estate agent) said he discussed with the seller and advised him that due to christmas time it will be difficult to sell this property and they should consider quick sale. Now after hearing what he said about quick sale and difficulty in selling the property I want to reduce my offer"

So is this part above in your original post rubbish then if you had already told the estate agent that you were going to be making a lower offer?

I'm sorry I confuse very easily. . . .

Rikki

boyse7en wrote: »

I'd say no to you. Purely on the basis that you keep lowering your offer and I would think that you would want to do a last-minute lower offer again on the completion date.

As HunterSC says (although he then seems to contradict himself), you made an ultimatum so stick to it. Walk away.

That is what I was wondering.

You stand to loose money if you walk away. If you are happy to do that then continue to mess them around.
If you are genuinely interested in buying the house stick with the 215k offer and move forward.

Stop mucking them about.

Steve78

greggymagic wrote: »

Steve78

"I did convey to EA when making the offer that if offer is not accepted within the deadline then new offer will be less"

So why didn't you say that in your original post then?

Or have you just thought of it? Not inferring anything just naturally suspicious.....

Steve78

"He(the estate agent) said he discussed with the seller and advised him that due to christmas time it will be difficult to sell this property and they should consider quick sale. Now after hearing what he said about quick sale and difficulty in selling the property I want to reduce my offer"

So is this part above in your original post rubbish then if you had already told the estate agent that you were going to be making a lower offer?

I'm sorry I confuse very easily. . . .

Yes, I did convey him when making the offer that the offer is valid for a week and new offer will be less.
His comments about they are finding it difficult to sell the property just made me reduce the offer a bit more. Initially I was thinking about making 210K but his comments made me to go for 207K but the point is I conveyed him that new offer will be less honestly.
I do not understand why people are so after me This is business, you make an offer, give them a deadline and tell them new offer will be less. Now if they come back after the deadline I do not feel I am doing anything wrong by making a reduced offer.
I am not doing it at the last moment, they kept the property on the market for last one full month, they had their chance as well. If someone had offered them a bit more they would have rejected my offer. Its not that I reduced the offer at the very last moment. I did not do that and I will not do that.

greggymagic

Steve78

I don't think anyone is after you. . .

If you had stated in your original post that you had told the EA that if your deadline was not met then you would be making a lower offer then I think this thread would have all supported you. . .

If you truly did then absolutely no one can argue with you as you have been straight and above board. It's just that from your original post it seemed that you were using the new information that the sellers were desperate, to squeeze them some more. . . Heck even thats not really terrible. . . depending on your viewpoint.

The thread has taken on a kind of morals and ethics curve and you just sounded a bit of an !!!!! in your original post but if what you have subsequently said about informing them of your future lower offer is true, then you seemed to have been as straight as you possibly could with them.

Good luck