Lowering offer

apuleius

i see another thread has been started re fake offers. I'm sure that the existing offer on this property was fake when we expressed interest. We would never have pushed up so high in the first place. Is there no protectin against this kind of behaviour by EAs? It's now going to be hard for us to backpeddle and get this flat at what we consider and the current market thinks it's worth!

poppy10_2

apuleius wrote: »

i see another thread has been started re fake offers. I'm sure that the existing offer on this property was fake when we expressed interest. We would never have pushed up so high in the first place. Is there no protectin against this kind of behaviour by EAs? It's now going to be hard for us to backpeddle and get this flat at what we consider and the current market thinks it's worth!

Not really, goes on all the time. "We've got another buyer who has offered £x, so you'll need to up your offer if you want the property". The phantom buyer doesn't exist. There's a reason EAs have their reputation as slimy liars.

Running_Horse

apuleius wrote: »

iIt's now going to be hard for us to backpeddle and get this flat at what we consider and the current market thinks it's worth!

You and the seller are the current market. Offer what you think it is worth, and see if the seller agrees. Why would it be hard to backpeddle?

apuleius

having pushed us to move up ... we will now have to go in with our original offer - think that's going to be tricky to negotiate convincingly

izzwizz_2

From what you've said, it's taken the vendor 4 weeks to decide to come down to 300k from 315k. IMO, I don't think you've much hope at 290k. The seller may decide you're wasting their time and refuse to have anything more to do with you.

If OTOH you're prepared to walk away rather than pay 300k, then by all means offer 290k. They might say yes.

Running_Horse

In the end you either want it or you don't. Its up to you.

apuleius

the property has been on the market since the end of october and as far as i can tell we have been the only serious bidder. the owner has to sell up and leave... and in fact has left... i'm not even sure that our original offer was put forward by the devious estate agent. The London market has according to today' s FT report dropped again in December. If we are looking at percentages we are talking about just under 7% off the asking price which seems to me about right in today's climate.

selectcase

I am in the process of selling my house and I personally think that your orignal offer of 290k was an acceptable offer and you should stick to that or walk away. For the seller to take 4 weeks to decide wether to accept an offer is totally unacceptabe, they were basically waiting for a better offer to come along and hoping to keep you as a backup. Actually thinking about it i think you should just walk away and go for something else.

I think any price offered by a proceedable purchaser within 10% of the asking price is a serious offer and should either be accepted or rejected within 24hrs! max, why would anyone need any longer to decide if the price is ok?

We are in somerset and luckily the estate agents we chose are honest and dont try to artifically bump up prices or invent fake buyers.

apuleius

Selectcase - what a shame we are not looking to buy in Somerset!

selectcase

Tbh you should think about re-locating, around here £250k buys you a decent 2 double bedroom detached with a least 1/4 of an acre of land or a nice 4 bedroom town house. Flats go for about 100k and your typical 3bed semi about between 125 - 175k depending on area in town. a typical starter 2 bed terrace is around 120k which is much more sensible price wise. Wages are not that much lower for typcal jobs so lots of ftb couples can get on the ladder around here.