Lowering offer

apuleius

We have been negotiating on a flat for four weeks. We originally put in a lowish offer that was rejected because we were told that there was another offer in hand (still 8k off the asking price). As soon as our bid went in however the other 'buyer' mysteriously disappeared and we were asked how much we would go up to. We went up by another 2k which was approx 7% below asking price. This was rejected and we then went in with a final offer of just under 5% below asking price. We believe the property is overvalued. This was four weeks ago. The vendor is selling up and moving abroad. The property has not attracted much interest. Yesterday almost four weeks after making our offer the agent came back and said it would be accepted. We now feel that this is too high, especially considering the turbulence that has been experienced in the property market over the last month. We feel that the market has changed and an offer made four weeks ago is no longer valid. Can you advise how to proceed we would like this flat but not at the price we have now offered. Can we withdraw and come in with a lower offer?

dolce_vita

apuleius wrote: »

........ Can we withdraw and come in with a lower offer?

Yes of course you can. But make it a much lower.

The vendors sound like greedy chancers but you now have the upper hand.

In the meantime start looking at other properties.

good luck

Thomas99

apuleius wrote: »

We have been negotiating on a flat for four weeks. We originally put in a lowish offer that was rejected because we were told that there was another offer in hand (still 8k off the asking price). As soon as our bid went in however the other 'buyer' mysteriously disappeared and we were asked how much we would go up to. We went up by another 2k which was approx 7% below asking price. This was rejected and we then went in with a final offer of just under 5% below asking price. We believe the property is overvalued. This was four weeks ago. The vendor is selling up and moving abroad. The property has not attracted much interest. Yesterday almost four weeks after making our offer the agent came back and said it would be accepted. We now feel that this is too high, especially considering the turbulence that has been experienced in the property market over the last month. We feel that the market has changed and an offer made four weeks ago is no longer valid. Can you advise how to proceed we would like this flat but not at the price we have now offered. Can we withdraw and come in with a lower offer?

Just tell the lying estate agents that you've found another place at X price and say you're not interested unless they can match it.

apuleius

thanks for both these suggestions. We are very good news as vendors as we have a large cash deposit as well. Any other thoughts anyone?

BettiePage

apuleius wrote: »

thanks for both these suggestions. We are very good news as vendors as we have a large cash deposit as well. Any other thoughts anyone?

Wear a tin hat as some people on here won't like what you're proposing to do.
I'm behind you 100% though. Play hardball!

Strapped

If you no longer want the flat at the price you offered, then you must be upfront and tell the agent/vendors that. You may be able to renegotiate a different deal, but it depends how desperate the vendors are to move. In the meantime, I'd carry on shopping around.

home_alone

There are good reasons why you could make a new lower offer, bad survey etc but beware that if you are selling a house then the same will apply to your buyers and while you are messing around the seller might get the hump and pull out whatever they say houses are not yet in freefall and should recover some price ground in a few months.

gary

daveyjp

Four weeks to respond to an offer! I'd have moved on before now. Let them chase you for a change.

TighterThanTwoCoatsOfPain

Been watching these sorts of threads with interst for a few weeks....

If you like the house, can afford the repayments (fix them if unsure) and you would have bought it 6 months ago then do it. Thats assuming you're buying as a HOME and not an investment!

Me, i move house tomorrow having paid 210k for a 4 bed detached house. Am i worried about a crash? no... i have 85k of equity in the house which is mostly as a result of the increases in previous properties.

When i bought my first house in 2000 i was warned that it was a nasty time to be buying and we were seeing the top of the market. :rotfl:

The people that seem to complain on here are those who have been waiting for the BIG CRASH for 5-6 years when in fact its continued upwards. I completely agree that the BTL'ers havent helped at the lower end of the market and the rest has benefitted but...

this huge "Crash" will be a self fulfilling prophecy if you lot have you way by convincing everyone to under offer for houses because they MIGHT go down in value..

At the end of the day if ANYONE on this board could predict the future you'd all be loaded and wouldnt bother preeching to anyone who'll listen. :T

Ahhhhh been meaning to say that for week! Good xmas all :beer:

MarkyMarkD

Prices haven't fallen materially over the last 4 weeks.You are simply using that as an excuse to explain why you offered too much 4 weeks ago.Either you want it at the price you offered - in which case, go ahead - or you don't - in which case withdraw your offer and walk away.If you want to make a separate, lower, offer, that's up to you but the estate agents and seller will both probably see you as a time waster and be less inclined to accept.

Running_Horse

apuleius wrote: »

Can we withdraw and come in with a lower offer?

You can do anything you like with your own money. Just remember they can do anything they like with their own property. If I was selling and someone changed their mind about the price, I would seriously doubt their commitment, having been messed around twice in 2006 before selling in 2007. It might work, but everyone has a breaking point in this stressful process.