Vendor coming back to us after a month

johnathan45

We had made an offer of £380k on a property last month. The asking price was £400k. The property was on the market for only a week and they rejected the offer.

Today the agent called and indicated that the vendor is willing to accept our earlier offer of £380k.

I am personally still ok with £380k but now my partner feels that we should reduce our offer to £375k as there are evidently nobody else offering £380k and we are effectively first time buyers with no chain behind us.

Any suggestions?

Comms69

Offer £350, see what they say.


For the sake of £5k it doesn't seem worth bothering with

need_an_answer

How much do you like the property?
Have you seen anything else that you would rather buy?

Reduce your offer a little if you think you can still secure the property,although go too low and you may well lose this "one off" chance.

Clearly the vendors want to sell.

Going too low and the vendors are likely to reject in favour of perhaps waiting till after Christmas and the market picking up.
They may have found a property they also like and want to be in quickly.

going as low as £350k might be a push too far....

G_M

If they reject your £375K offer, what will you do? Go back to 380? Or walk away?


What if they don't even respond - they might feel you are a chancer and not wish to deal with you at all any more. Would you then be kicking yourself for not agreeing to 380 when you had the chance, or would you feel you'd done the right thing?

McKneff

I would cut my nose off to spite my face if you dropped your offer another 5k and tell you to go take a running jump. I wouldnt sell it to you even at the original price.

You got 20k off the price and you thought it was worth what you offered,

If you still think so buy it.
If you dont, walk away

[Deleted User]

All depends how much you want this house and how likely you'll be able to find something just as good or better.

You could offer 375k and they will either accept through gritted teeth or tell you to take a run and jump.

All down to whether the house is worth the risk.

Doozergirl

Stick to the old offer of £380k

It's not unreasonable to not want to accept an offer for £20k under the asking price after a week on the market. To come back after a month is fine. I don't think that is playing games on the vendor's behalf, it's just gauging the market.

I would have serious reservations about dealing with someone prepared to behave in the way that your partner wants to. If it was worth £380k to you a month ago, there's no genuine reason why it shouldn't be now.

If these things don't start well with people behaving like it's a game, they certainly don't end well. I would have serious reservations about dealing with people like that - I've had it before where my gut has said 'no' and thankfully it backfired on them, not us, but I'd trust my gut next time.

I'm pretty sure the point of house buying is that you are the highest bidder but still at a price you're happy with. You're not supposed to bid downwards on a whim.

warby68

Stick to the old offer of £380k

If you really like the house stick to your offer - not worth messing them about for £5k. Treat it as good news that you're back in.

If you're not bothered, by all means try and low ball them but be prepared to lose it. I'm afraid I'd not want to deal with you if you started what I would see as playing games.

Goodwill is worth a great deal in housebuying - vendors and buyers that feel comfortable with each other are better motivated to get the job done and iron out any snags. Those that feel they've been 'done over' by the other party might find a way to get their own back.

johnathan45

Fair point. If they reject the 375k offer we will be kicking ourselves!

pinkshoes

Stick to the old offer of £380k

I am assuming you haven’t found anything else better in the last month?

johnathan45

pinkshoes wrote: »

I am assuming you haven’t found anything else better in the last month?

Yes, that's right. We are still looking. It is worth mentioning that some other houses we are not interested in have reduced their asking prices in the same period.