Offer declined yesterday, house price reduced today

Giggidy

We made a final offer of £463,500 on a house listed as guide price £475,000-£500,000, which was declined. The estate agent (Purple Bricks) said the vendor would not accept less than £470,00 and if we can't meet that, we should just leave things. I thought it strange that the estate agent didn't try to negotiate with us to increase our offer which we were prepared to do, but obviously not to £470,000. But I would have at least expected them to try, and actually puts me off using Purple Bricks for our own valuation, as so far their sales technique has been underwhelming

Today I received an automatic notification from Purple Bricks that the house has now been reduced to £450,000 to £475,000 guide price!! I am confused. Only yesterday the agent said the vendor would not budge, and a day later its massively reduced. I don't understand why the agent hasn't tried to renegotiate with us or inform us of the price drop to get things rolling again. Its been on the market since early October, so I don't expect they have much offers rolling in. Should I call them back and re-offer £463,500 or go in with a reduced offer, or just wait it out in the hope they do call us back?

lookstraightahead

Just call and ask them, maybe the vendors are looking for the top end (which I wouldn't offer)

Mr.Generous

Offer £475 and then change your mind a week later.

sal_III

Is it possible that the EA didn't even present the 463'500 offer to the vendor and tried to strong-arm you to 470k which backfired? I know they have a duty to present your offer but...

If you still want the property just call again and repeat your offer.

Giggidy

sal_III wrote: »

Is it possible that the EA didn't even present the 463'500 offer to the vendor and tried to strong-arm you to 470k which backfired? I know they have a duty to present your offer but...

If you still want the property just call again and repeat your offer.

With Purple Bricks, the offer is put in online, so the vendor can decline or accept directly. Or at least I am assuming its the vendor (it says on the form, you are negotiating with _ _ _ _ and shows the vendor's name)

getmore4less

Read your opening line.

That's why they did not bother pushing for more.

They said £470k it was your move next.

sheramber

£450,000 price to draw in potential buyers with the hope to get them to increase offers to £470,000?

eddddy

Giggidy wrote: »

I thought it strange that the estate agent didn't try to negotiate with us to increase our offer which we were prepared to do, but obviously not to £470,000.

I suspect that PB don't really employ negotiators, they just employ admin people who pass on messages between seller and buyer.

PB get paid whether the property sells or not, so PB have no incentive to get 'stuck-in' to negotiate a sale.

Marvel1

Giggidy wrote: »

We made a final offer of £463,500

I thought it strange that the estate agent didn't try to negotiate with us to increase our offer which we were prepared to do, but obviously not to £470,000. But I would have at least expected them to try, and actually puts me off using Purple Bricks for our own valuation, as so far their sales technique has been underwhelming

You did say in your first line it was your final offer.

Also possible the vendor changed their mind the next day, the EA doesn't just change prices for the fun of it on their own.

Giggidy

sheramber wrote: »

£450,000 price to draw in potential buyers with the hope to get them to increase offers to £470,000?

This makes sense, to get more viewers in, but still a risk that they would offer less or "asking price"

eddddy wrote: »

I suspect that PB don't really employ negotiators, they just employ admin people who pass on messages between seller and buyer.

PB get paid whether the property sells or not, so PB have no incentive to get 'stuck-in' to negotiate a sale.

It did feel like they weren't really pushing hard to get us to up our offers. I know I said final offer but I was fully expecting them to at least try to get me to reconsider, isn't that the point of negotiation on behalf of your client

Marvel1 wrote: »

You did say in your first line it was your final offer.

Also possible the vendor changed their mind the next day, the EA doesn't just change prices for the fun of it on their own.

We have bought a house before and gave our "final offer" but the estate agent at the time still convinced us to up it a bit more. What is the point of making a sale if you don't at least try to get a better offer? Nowhere did I say the EA was "changing prices for the fun of it", obviously the vendor could have a change of heart but I just though it was a bit strange not coming back to us to see if we could possibly be convinced to go up a bit more.

DanielleJH

I had a similar situation with a house listed as 140-160 then reduced to 130-150, but they won't accept offers lower than 145 so the estate agent wouldn't even put forward our 130 bid :huh: