Sale fell through, reasonable to ask to lower accepted offer?

tsears

mi-key said:

tsears said:

That's true. They phoned me today asking for an update, I had just decided to accept the offer for £166k to get it all moving and now they have pulled out... Only offer I have on the table is £163k which I don't think I can drop down to

Sorry to hear that. Really when selling you need to either accept or reject an offer as quickly as possible so buyers know where they stand. If you sit around waiting to see what comes in chances are they will be looking at other properties

Agreed, looking back I should have accepted the offer when it was fresh on the table. But I had other viewings booked in and needed as close to £170k as possible, but it is what it is. It's still on for £175k, I'm thinking of dropping to £170k to see if I get a fresh batch of viewers through the door who may slightly under offer. But have a feeling its just going to get worse 

YoungBlueEyes

fackers_2 said:

Better that than lower offers coming around the corner. The longer you leave it the higher chance the offers are lower I’m afraid. 

People ask why a property is on the market for so long and they start to look for faults / reasons to offer under. 

I agree with this last bit. When we were house hunting, I used the RM app a lot. When there was nothing new on that floated my boat I changed the setting to 'oldest listed' and upped my budget - the thinking was I could knock lumps off those asking prices to bring it within our budget.

jimbog

tsears said:

fackers_2 said:

tsears said:

That's true. They phoned me today asking for an update, I had just decided to accept the offer for £166k to get it all moving and now they have pulled out... Only offer I have on the table is £163k which I don't think I can drop down to

Better that than lower offers coming around the corner. The longer you leave it the higher chance the offers are lower I’m afraid. 

People ask why a property is on the market for so long and they start to look for faults / reasons to offer under. 

I think you could be right, as the longer its on the lower offers I'll get and I can't really afford to go much lower.

It could be a good idea to take a break just for a few weeks, in order to reignite interest. Give the market time to move on a little bit – let some sales of other homes that are comparable to yours go through and wait for new buyers to enter the mix – then you can relaunch your home maybe with new photos?

Sarah1Mitty2

tsears said:

mi-key said:

tsears said:

That's true. They phoned me today asking for an update, I had just decided to accept the offer for £166k to get it all moving and now they have pulled out... Only offer I have on the table is £163k which I don't think I can drop down to

Sorry to hear that. Really when selling you need to either accept or reject an offer as quickly as possible so buyers know where they stand. If you sit around waiting to see what comes in chances are they will be looking at other properties

Agreed, looking back I should have accepted the offer when it was fresh on the table. But I had other viewings booked in and needed as close to £170k as possible, but it is what it is. It's still on for £175k, I'm thinking of dropping to £170k to see if I get a fresh batch of viewers through the door who may slightly under offer. But have a feeling its just going to get worse 

Why not go to 165k, that will grab people`s interest because everyone is using apps like PropertyLog now, and then just take the first offer at that level you get (or go with the existing 163k offer?)

MobileSaver

Sarah1Mitty2 said:

tsears said:

mi-key said:

tsears said:

That's true. They phoned me today asking for an update, I had just decided to accept the offer for £166k to get it all moving and now they have pulled out... Only offer I have on the table is £163k which I don't think I can drop down to

Sorry to hear that. Really when selling you need to either accept or reject an offer as quickly as possible so buyers know where they stand. If you sit around waiting to see what comes in chances are they will be looking at other properties

Agreed, looking back I should have accepted the offer when it was fresh on the table. But I had other viewings booked in and needed as close to £170k as possible, but it is what it is. It's still on for £175k, I'm thinking of dropping to £170k to see if I get a fresh batch of viewers through the door who may slightly under offer. But have a feeling its just going to get worse 

 everyone is using apps like PropertyLog now

Unless I've misunderstood the figures, well under 10% of people buying are using PropertyLog...

RelievedSheff

Sarah1Mitty2 said:

tsears said:

mi-key said:

tsears said:

That's true. They phoned me today asking for an update, I had just decided to accept the offer for £166k to get it all moving and now they have pulled out... Only offer I have on the table is £163k which I don't think I can drop down to

Sorry to hear that. Really when selling you need to either accept or reject an offer as quickly as possible so buyers know where they stand. If you sit around waiting to see what comes in chances are they will be looking at other properties

Agreed, looking back I should have accepted the offer when it was fresh on the table. But I had other viewings booked in and needed as close to £170k as possible, but it is what it is. It's still on for £175k, I'm thinking of dropping to £170k to see if I get a fresh batch of viewers through the door who may slightly under offer. But have a feeling its just going to get worse 

Why not go to 165k, that will grab people`s interest because everyone is using apps like PropertyLog now, and then just take the first offer at that level you get (or go with the existing 163k offer?)

Care to provide any proof of that?

(I'm guessing not because it is less than 10% of people who use it which is hardly "everyone")

Sarah1Mitty2

RelievedSheff said:

Sarah1Mitty2 said:

tsears said:

mi-key said:

tsears said:

That's true. They phoned me today asking for an update, I had just decided to accept the offer for £166k to get it all moving and now they have pulled out... Only offer I have on the table is £163k which I don't think I can drop down to

Sorry to hear that. Really when selling you need to either accept or reject an offer as quickly as possible so buyers know where they stand. If you sit around waiting to see what comes in chances are they will be looking at other properties

Agreed, looking back I should have accepted the offer when it was fresh on the table. But I had other viewings booked in and needed as close to £170k as possible, but it is what it is. It's still on for £175k, I'm thinking of dropping to £170k to see if I get a fresh batch of viewers through the door who may slightly under offer. But have a feeling its just going to get worse 

Why not go to 165k, that will grab people`s interest because everyone is using apps like PropertyLog now, and then just take the first offer at that level you get (or go with the existing 163k offer?)

Care to provide any proof of that?

(I'm guessing not because it is less than 10% of people who use it which is hardly "everyone")

Even without the app someone watching the property on Rightmove will notice the price change, people bid for houses before price apps were invented didn`t they?

RelievedSheff

Sarah1Mitty2 said:

RelievedSheff said:

Sarah1Mitty2 said:

tsears said:

mi-key said:

tsears said:

That's true. They phoned me today asking for an update, I had just decided to accept the offer for £166k to get it all moving and now they have pulled out... Only offer I have on the table is £163k which I don't think I can drop down to

Sorry to hear that. Really when selling you need to either accept or reject an offer as quickly as possible so buyers know where they stand. If you sit around waiting to see what comes in chances are they will be looking at other properties

Agreed, looking back I should have accepted the offer when it was fresh on the table. But I had other viewings booked in and needed as close to £170k as possible, but it is what it is. It's still on for £175k, I'm thinking of dropping to £170k to see if I get a fresh batch of viewers through the door who may slightly under offer. But have a feeling its just going to get worse 

Why not go to 165k, that will grab people`s interest because everyone is using apps like PropertyLog now, and then just take the first offer at that level you get (or go with the existing 163k offer?)

Care to provide any proof of that?

(I'm guessing not because it is less than 10% of people who use it which is hardly "everyone")

Even without the app someone watching the property on Rightmove will notice the price change, people bid for houses before price apps were invented didn`t they?

We shall take that as a no then shall we?

YoungBlueEyes

I can't speak for 'everyone', but not only have I never used the propertylog app, I've ever heard of it on here!

Sarah1Mitty2

jimbog said:

tsears said:

fackers_2 said:

tsears said:

That's true. They phoned me today asking for an update, I had just decided to accept the offer for £166k to get it all moving and now they have pulled out... Only offer I have on the table is £163k which I don't think I can drop down to

Better that than lower offers coming around the corner. The longer you leave it the higher chance the offers are lower I’m afraid. 

People ask why a property is on the market for so long and they start to look for faults / reasons to offer under. 

I think you could be right, as the longer its on the lower offers I'll get and I can't really afford to go much lower.

It could be a good idea to take a break just for a few weeks, in order to reignite interest. Give the market time to move on a little bit – let some sales of other homes that are comparable to yours go through and wait for new buyers to enter the mix – then you can relaunch your home maybe with new photos?

Can`t really see that being useful now, the OP needs to get someone to make an offer and invest a bit of time and money in surveys etc. before there is another rate rise because that will just put them back to even lower offers.