Vendor coming back to us after a month

Davy_Jones_II

Those saying that nothing has changed are wrong, you now have significant new information that you can use to amend your estimate of the right level of bid: the knowledge that your bid is better than they got by waiting.

The sellers kept that bid in their pocket as a backstop, and now know that it’s a better bid than they realized. If they can change their mind on the fair price given this new information, then so can you.

Of course, if there was very little uncertainty about the “right” price upfront then the new information doesn’t move the needle much, and so it’s probably be a mistake to risk the deal over it.

When I’ve put in a speculative bid I have always made very clear that it is time limited, ensuring that the seller knows that they don’t get to keep it for weeks, gather far more information on the competition than I will ever see, and then sell to me if they realize that actually I am bidding too high.

AnotherJoe

Stick to the old offer of £380k

johnathan45 wrote: »

I noticed the same thing! I recognize that sticking to the £380k is the honourable thing. So regular posters with a lot of reputation are unlikely vote on the other option. I wonder what the result might have been had it been an anonymous poll? Maybe some 'Shy Tory effect' could kick in and even out the results?

The way some posters attribute what people are thinking from simple actions never fails to surprise and as in this case stagger me.
I vote to keep with £380 because it was only a month on the market and perhaps 2 or 3 weeks since you offered. If it had been 3 or 4 months I'd have had a different opinion. In neither case would my "reputation" ( :rotfl: ) have amounted to a hill of beans in making my decision .
And in my case nothing to do with "honourable" but all to do with the likely repercussions. Yes you might have got your £5k. Or you might have been told to get lost and lose the house.

50/50 not knowing the seller. After 3 or 4 months most reasonable sellers would not see it that way, they could regard your offer as having expired.
So, thats my reasoning. Hard to squeeze that into a yes/no vote and not at all according to your amateur hour psychology.

need_an_answer

I didn't bother to vote...lets be honest they are a waste of time these polls...but I did post my thoughts.

OP do what you and your partner feel is best after all its you that will be impacted potentially by any decision to reduce the offer ...not the bunch of internet randoms who vote in a poll

movilogo

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

If the house was overvalued on the first place (which most houses are anyway) then 20k off asking price is not good deal.

In most parts of the country, 10% below asking price is acceptable in current economic market. Gone the days of bidding wars above asking price.

@OP, think at which price you would feel sad if you miss the house. That is the price you should offer - does not matter whether it is £xk below asking price. Every buyer is different and you should offer what you feel the house is worth.

Don't take any notice of poll outcome here. It is very different to suggest something to a random stranger on internet compared to buy something like a house which you'd be paying over 20+ years.

It is your decision.

AnotherJoe

Stick to the old offer of £380k

So Moviglo, that means then that all sellers should overvalue their houses by 11% to start with?

And anyone who puts a realistic price is punished?

warby68

Stick to the old offer of £380k

johnathan45 wrote: »

I noticed the same thing! I recognize that sticking to the £380k is the honourable thing. So regular posters with a lot of reputation are unlikely vote on the other option. I wonder what the result might have been had it been an anonymous poll? Maybe some 'Shy Tory effect' could kick in and even out the results?

Excuse me mister, I vote truthfully not for reputation

lookstraightahead

Reduce it to £375k

AnotherJoe wrote: »

So Moviglo, that means then that all sellers should overvalue their houses by 11% to start with?

And anyone who puts a realistic price is punished?

I think so yes. House prices in England are open to offers so that automatically ensures everyone thinks they should buy for less than the asking price. Also happens on a well know auction site. I think if you don't want offers you need to say "absolutely no offers accepted". As I've said before I look at prices and knock 10% off in my head to allow for the buyers flexibility, agents greed/inaccuracy, and mortgage providers valuation.