Best and Final Offer - What would you do?

slipp_digby

in the current market paying above asking price is pretty insane, unless you reallly really really want THIS house above all others. that is after all why you got involved in a blind bidding war no?

you have realised a little too late though and are now trying to find a reason to either get the price down, or pull out.

suggest you do the honourable thing and tell the vendors now you want to pull out.

donkeyman18

This has got nothing to do with honour, morals, or a good old fashioned sense of decency.

It's about paying the absolutely smallest amount of money you can for probably the most expensive thing you'll ever buy.

For every one of you lot who does hugs, kisses and group applause there are 10 people out there who want every last penny from you by every means possible.

Post a good deal on Pringles and Tena Pants, offer a virtual shoulder to cry on for genuinely unlucky people, but don't be 'the nice bloke that paid over the odds in a falling market'.

That's financial ignorance of the highest order.

SquatNow

My advice is to string the sellers along a bit, then pull out telling the sellers that you'll get back to them in a couple of years after the crash and take it off their hands for 40% of current asking price.

In the current market, any "sealed bids" claim is most likely to be a sham.

Anyone else who is really bidding will have the same problem as everyone else... finding funding.

The only situation where it could really be "sealed bids" is where the original asking price was stupidly low to secure an immediate cash sale...

Running_Horse

donkeyman18 wrote: »

Bwahahaha!

It's business. The market falls, you drop your offer. If they don't like it then tough. They can sell to someone else instead (after all, there's been all that interest...)

You can bet your shirt that if house prices increase in the next 2 months by 50% the vendors will be re-negotiating.

You get emotional about these things, you lose.

The buyer offered what they offered, knowing what is happening in the market. If they are now experiencing buyer's remorse, they should pull out altogether and wait for prices to fall, not waste the seller's (and their own) time and money.

If as you say, prices did increase in the next two months, as long as contracts had been exchanged there would be nothing the vendor could do.

You say they can sell to someone else, and that's exactly what I said. If the vendor is not careful, that is exactly what will happen to the house they were so keen to bid for not so long ago.

Running_Horse

SquatNow wrote: »

My advice is to string the sellers along a bit, then pull out telling the sellers that you'll get back to them in a couple of years after the crash and take it off their hands for 40% of current asking price.

In the current market, any "sealed bids" claim is most likely to be a sham.

Anyone else who is really bidding will have the same problem as everyone else... finding funding.

The only situation where it could really be "sealed bids" is where the original asking price was stupidly low to secure an immediate cash sale...

Remind us, exactly how many houses have you bought? Or did you gain this remarkable insight renting granny annexes below market rent from sweet old ladies?