Should I reduce my offer?

bluejake

LadyIndecisive wrote: »

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.

Yes and in 10 years time they may even manage a sale at £216 or £217k.

This is the classic 'hurry hurry buy now or you'll miss out'. This property or others like it will be available for less money in 6 months or a years time. There is no good reason why the would be buyer shouldn't make a lower offer. I have heard some crackpot arguments like 'the price of my house has increase by 300% but I would be so insulted if someone offered £5k less than I wanted that I would tell them were to go...and never sell to them.'

If they turn down his latest offer then make an even lower offer in 3 months or 6 months time. There is no hurry, prices are heading rapidly in a direction which favour buyers.

House prices are crashing folks. I don't think some people have quite come to terms with that.

LadyIndecisive

bluejake wrote: »

Yes and in 10 years time they may even manage a sale at £216 or £217k.

This is the classic 'hurry hurry buy now or you'll miss out'. This property or others like it will be available for less money in 6 months or a years time. There is no good reason why the would be buyer shouldn't make a lower offer. I have heard some crackpot arguments like 'the price of my house has increase by 300% but I would be so insulted if someone offered £5k less than I wanted that I would tell them were to go...and never sell to them.

House prices are crashing folks. I don't think some people have quite come to terms with that.:rotfl:

For the record, although I'm sure this was not aimed at me , I am neither an idiot or a troll. I was not suggesting the OP should buy now but this is clearly a decision he has already made. I would not be buying now. When/if I sell my property I do not expect an 'easy sale' I expect to negotiate hard but fairly on both purchase and sale. My post was intended to ensure the OP has fully assessed his position and the negotiations that the vendor could potentially counter with.

I hope the OP gets the home he wants for the price he wants and I wish him well.

boyse7en

JayScottGreenspan wrote: »

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.

I take the contrary view on this. Steve gave a deadline, which the vendor missed. They've come back and he is still interested in the property. IOW he has not followed through on his ultimatum. If he now puts in a lower offer or he'll walk, why would they believe him this time?
I'm all for him getting the best deal for himself, I just don't think he has put himself in the best position.

Dithering_Dad

Dithering_Dad wrote: »

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?

bumped cos I have been missed/ignored....

JayScottGreenspan

boyse7en wrote: »

I take the contrary view on this. Steve gave a deadline, which the vendor missed. They've come back and he is still interested in the property. IOW he has not followed through on his ultimatum.

The ultimatum was that the offer would be withdrawn (that's what a deadline is) - therefore he has followed through on the ultimatum.

boyse7en wrote: »

If he now puts in a lower offer or he'll walk, why would they believe him this time?

Why would they not? He's been straight with them before and done exactly what he said he would.

boyse7en wrote: »

I'm all for him getting the best deal for himself, I just don't think he has put himself in the best position.

What would you have done differently, and how much more would you have ended up paying as a result?

huntersc

Steve

Ignore everyone here, it seems like they live to make other people richer rather than treating a house purchase as business. People forget the fact that this is the single greatest purchase anyone will ever make.

When I go into NEXT I blasted well haggle, nevermind when I'm at the grocers. One thing I've learned is that if an offer is accepted you've offered too much.

So when it comes to house buying no tactic is out of bounds. The same applies to house selling. People ought not to get precious about feelings when the consequences of making the wrong offer are life changing.

I'm surprised you're even entertaining their offer, if it were me I'd tell them to sod off unless they can suggest a lower price themselves. At the very least I would reduce my offer by a percentage point for every day they take to accept it.

People are too fuxing soft. I couldn't care less whether someone makes only £200k instead of £230k from the sale of their dead relative's house. F*ck em, that's what I say. They should count themselves lucky they're not in a chain because I would drop the price by another 10% on the day of exchange.

You want my money for a charity? Sure, I'll give you 10% of my earnings. You want friendly neighbour help? I'll give up my weekend, I'll even drive your kids to school. Want investment advice for free? I'm more than happy to help.

But when it comes to looking after myself and my family, when it comes to buying your house, at the largest amount I will ever pay for anything, well, you better be ready to fight to get the price you want. If I give you an ultimatum and you peddle the house around for a week hoping to get a higher offer but don't, you've wasted my time, you can blasted well pay for that.

Indeed, you should be happy you've got an offer at all in this market.

So Steve, do what's right for you, sod what other people think, you're not here to make other people rich.

TDS_2

This thread seems to have split the 'community' down the middle.

I don't quite understand the hate directed at the OP. An offer was made, with a corresponding deadline. The vendor took the risk of rejecting the offer in the hope of getting a higher offer (as is human nature). In hindsight, they will probably agree that this was a mistake - hence why they are now hoping to resurrect the deal after the deadline had passed. The OP is now hoping to agree at a lower price - a risk on his part, as he may lose the property. Both parties appear to be exercising their rights to get the best possible deal.

No agreement was made at the higher price, therefore the OP is fully entitled to modify their offer. The vendor doesn't HAVE to accept the lower offer, and is not entitled to an offer at any level.

mitchaa

Steve78 wrote: »

I am going to offer 207K tomorrow and will tell them that offer is valid just for the day. If accepted all fine otherwise I will walk away.

It's near the end of the day, no answer yet?

Additionally, do you stand to lose money on this if you pull out? I.e the survey cost?

Why would you walk away if this is the case?

brightonmatt

Ridiculous, don't knock the OP!

He's talking of spending over £200,000.00, yep, Two Hundred Thousand UK POUNDS!

Why the hell shouldn't he negotiate the price down to the lowest possible.

In business we do this daily, but the anonymity of business to business is ok, but when it your own personal money it's not?

£200K and a 25year commitment, he's entitled to do whatever, and it's not really 'gazundering' either. That would suggest everyone was commited, under offer, legals progressed, about to exchange then offer less.

This is still negotiation stage, so good luck to him

ad9898_3

mitchaa wrote: »

It's near the end of the day, no answer yet?

Additionally, do you stand to lose money on this if you pull out? I.e the survey cost?

Why would you walk away if this is the case?

Doesn't really matter if he has lost a few quid in this market, surveyor costs are peanuts compared to house price falls.

We all know as fact that prices are going to fall for 12 months at least, unless you have found the perfect house, there is little point buying.