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Should I reduce my offer?

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Comments

  • So, we are more than half way through the working day, have you accepted or rejected the £215K Steve?

    You mentionned in an earlier post that the property was going on with another agent, this new agent may have different opinions to the last.

    The vendor has something you are keen to own. You have paid out money which you stand to lose. I think if I was the vendor and you reject my slightly late agreement to £215K I would let it stand as the lowest I'm happy to accept and put you to accept/reject by Friday with a very short time limit on exchange in view of high risk of you putting in a lower offer just before exchange.

    They could even counter-offer at £216 or £217K, anything could happen - you don't hold all the strings.
  • Steve78
    Steve78 Posts: 24 Forumite
    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

    Agree My mistake, I should have mentioned in my post that I did tell EA about new offer should be less..
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    So, we are more than half way through the working day, have you accepted or rejected the £215K Steve?

    You mentionned in an earlier post that the property was going on with another agent, this new agent may have different opinions to the last.

    The vendor has something you are keen to own. You have paid out money which you stand to lose. I think if I was the vendor and you reject my slightly late agreement to £215K I would let it stand as the lowest I'm happy to accept and put you to accept/reject by Friday with a very short time limit on exchange in view of high risk of you putting in a lower offer just before exchange.

    They could even counter-offer at £216 or £217K, anything could happen - you don't hold all the strings.

    That is what we want some hard bargaining.
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • 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
    I don't think it really matters that much whether Steve gave a deadline AND talked about lower offers if missed. The deadline is the important bit.

    If the vendor thinks they can miss the dealine and magically resurrect the same offer a few weeks/days later, they clearly don't know what the word deadline means.

    The fact that Steve spelled out that this wasn't going to happen just adds to the strength of his position.
  • Steve78
    Steve78 Posts: 24 Forumite
    So, we are more than half way through the working day, have you accepted or rejected the £215K Steve?

    You mentionned in an earlier post that the property was going on with another agent, this new agent may have different opinions to the last.

    The vendor has something you are keen to own. You have paid out money which you stand to lose. I think if I was the vendor and you reject my slightly late agreement to £215K I would let it stand as the lowest I'm happy to accept and put you to accept/reject by Friday with a very short time limit on exchange in view of high risk of you putting in a lower offer just before exchange.

    They could even counter-offer at £216 or £217K, anything could happen - you don't hold all the strings.

    I rejected 215K offer, told him that intial offer has expired and made a final offer. I told EA that this is my final offer, no more negotiations, no delays, if ready we can proceed otherwise I am ready to walk away. They want to sell and I want to buy, they will be able to sell in today's conditions and I will get a good price. we both need each other :)
  • Out of interest, and apologies if you have answered this already. But what was in the survey that prompted you to reduce your original offer by £29k?
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • stephen163
    stephen163 Posts: 1,302 Forumite
    Actually, the evidence suggests that you are firmly in control here Steve and you have acted fairly and honourably thus far. The way a free market works most efficiently and is by each party attempting to maximise their own position. This is precisely what you (and them) are doing.

    Don't feel bad about it at all. There is a risk you'll lose the house but I would also say there is an even greater chance that you'll come back in 3 or 4 weeks and it'll still be unsold - round 2 for negotiations.
  • bluejake
    bluejake Posts: 268 Forumite
    Don't go soft. Bargain hard and ignore the idiots and trolls on this moneysaving site who want you to pay more than you need to. They are motivated by their own self interest - they just want an easy sale themselves at an inflated price. Ignore all the 'we are nice so we pay more than we need to' rubbish. I don't suppose any of them give away any of their capital gains to a stranger when they sell - because they are nice.

    Remember they wont be working those hours to pay off the mortgage. And remember in six months or a year you'll be able to pay even less if you don't buy now. Don't get caught up with the 'hurry hurry hurry buy now or you'll miss out' nonsense that was often peddled on here.

    Get the best deal you can for you and your family - those who say pay more than you need to (to be nice), on a moneysaving site - well !!!!!! is I think the correct word for them.
  • Steve78 wrote: »
    I rejected 215K offer, told him that intial offer has expired and made a final offer. I told EA that this is my final offer, no more negotiations, no delays, if ready we can proceed otherwise I am ready to walk away. They want to sell and I want to buy, they will be able to sell in today's conditions and I will get a good price. we both need each other :)

    Was your final offer £206K?

    Let us know how this goes in due course.
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    bluejake wrote: »
    Don't go soft. Bargain hard and ignore the idiots and trolls on this moneysaving site who want you to pay more than you need to. They are motivated by their own self interest - they just want an easy sale themselves at an inflated price. Ignore all the 'we are nice so we pay more than we need to' rubbish. I don't suppose any of them give away any of their capital gains to a stranger when they sell - because they are nice.

    Remember they wont be working those hours to pay off the mortgage. And remember in six months or a year you'll be able to pay even less if you don't buy now. Don't get caught up with the 'hurry hurry hurry buy now or you'll miss out' nonsense that was often peddled on here.

    Get the best deal you can for you and your family - those who say pay more than you need to (to be nice), on a moneysaving site - well !!!!!! is I think the correct word for them.

    Done it again, idiots and trolls but are motivated by their self interest. :rotfl:
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
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