Reducing Offer after we proceeded to sale

mr.broderick

strongboes wrote: »

To everyone calling the op a lowlife! then get a grip!

This is a market, it's called the property market, it's a game for us all to play. The market is going down down down, for the last 10 years it has gone up up up!

If they can get another 4k off the price then thats 4k less they are going to lose in equity in the coming months years, and 4k less they have to pay off a mortgage. This is a lot of cash in anyone's book. Personally i'd withdraw my offer and re offer in 2 months if it's not sold for 25-30k less. Play the game

Strange posters appearing on mse...Just think carefully about this comment.

mr.broderick

Lol sorry vetfred you beat me to it :j

vetfred

Heh! Yes, I don't believe that would be a wise thing to do in any market at any time to be honest if you actually want the house - if you don't want it, don't play games.

strongboes

House prices are falling,

Some people can see this is the current reality, others can not. Why do i or indeed anyone need to think about my comment, it is a comment, it is what I would do. Why would anyone pay more for anything than they had to, unless it was for charity?

I understand you don't like what I said because you feel that house prices can keep on increasing until they get to the mooon!!!!!!!!!!

reality check!

vetfred

Vendor has two offers on the table.

The one they go with pulls out for a matter of 2-4k (1-2% of the value).

They go to the 2nd offer and
a) it sells so you lost the house if you actually wanted it, or
b) it doesn't sell, you wait 2 months and offer 15% less than you offered before.

Even if the market dropped 15% in the next 2 months, how many vendors want to deal with someone who pulled out after having a bid accepted?

Irrelevant of the market, no-one wants to deal with someone who has already wasted their time.

And if you knew the market was going down 15% in the next 2 months, you wouldn't be bidding now anyway.

Den

Very interested what comment would be if seller decided to increase his offer because house could be sold for more money and he had choice and buyer?!

I have another question, what you as a seller decide:
- agree to small reduction for your house (untidy, not cleaned, with broken furniture, not even cleaned for viewing) in current market and when you need to are buying another house
or
- tell me get lost, and start all over again, being angry with me, and trying to get same or better offer in the current market

The area has got two properties on the market, fitting my budget with better details. If I reduce offer and it will be rejected, EA will not take me seriously but it's not my decision, my original offer was 198K.

It's a market, I don't make rules. I feel bad but got two kids, and if I can save I will!
House requires lots of work, I don't believe it will be even hovered before exchange. Not from this vendor.

I was looking to get an advice, experiences from fellow MSEs.

Den

vetfred wrote: »

The one they go with pulls out for a matter of 2-4k (1-2% of the value).

They go to the 2nd offer and
a) it sells so you lost the house if you actually wanted it, or
b) it doesn't sell, you wait 2 months and offer 15% less than you offered before.

Offer was made before main news started, maybe I would be waiting to see market situation.

4K is not small amount, we save here pennies, why should I loose if property market shaking. I would not go to the same vendor, don't have nerve. But area has more properties every week, and starting price (valuation by EA) already less than 3 months ago: 220-225 > now it's 205-210. I could not find anything for 225 in August, now these houses 210, and I got time, they don't go same day like in Aug-Sep 2007.

vetfred wrote: »

Irrelevant of the market, no-one wants to deal with someone who has already wasted their time.

If nobody will be buying their house and they have to sell it they will take even 20% OFF. Please can you read few comments from sellers who need to sell and what they think and do: http://britishexpats.com/forum/showthread.php?t=518829

vetfred

Your original question was how to lower your offer once it's been accepted because you need to improve decor/garden. I responded politely by saying you would simply tell the agent you want to change your offer but gave my opinion (as did others) to the potential pitfalls of doing that when your reduced offer was based upon decor/garden and your worry of the financial situation and not on something unforseen that came up in a survey. You can go back and offer what you want, there's nothing to stop you.



"Very interested what comment would be if seller decided to increase his offer because house could be sold for more money and he had choice and buyer?!" - Basically, you then decide to proceed or not proceed just as they will decide whether to reduce or not reduce or even turn you down and offer to the other people who made a bid.

"The area has got two properties on the market, fitting my budget with better details." - So, do you want to buy one of those instead?

"I feel bad but got two kids, and if I can save I will!" - Exactly, but be aware the vendor may not be as understanding in wanting to now reduce especially if they can offer it to someone else. No-one here is saying you shouldn't do right by your kids, they're only pointing out potential problems... I don't wish ill of you!

"I was looking to get an advice, experiences from fellow MSEs." - You are getting opinion and advice from people who have sold and bought and had people change offers on them.

"If nobody will be buying their house and they have to sell it they will take even 20% OFF." - If you pull out and no-one buys it, you may find it does have to reduce 20% to sell, or 10% or whatever... I was saying that once you pull out of a purchase, the vendor you pulled out on is less likely to ever deal with you again and that's why the suggestion of pulling out now to make a 15% reduction in 2 months made no sense to me because, regardless of the market, people don't like dealing with people who bid and then pull out. If you want to wait it out and see how far your money goes later that's another matter. We negotiated on a house marketed in December meaning we got it 19% lower than its original asking price - it can be done.

Den

Thank you, vetfred. I felt being accused of doing crime. I understand my options and don't want to loose 1.5K in fees already paid.
No, I don't plan to go after other properties, just wanted to say that there are other properties and valuation is currently less then 3 months ago. So market is not stable, and there are other options.
I'm impressed that you followed all replies.

shelly

Den wrote: »

I have another question, what you as a seller decide:
- agree to small reduction for your house (untidy, not cleaned, with broken furniture, not even cleaned for viewing) in current market and when you need to are buying another house


House requires lots of work, I don't believe it will be even hovered before exchange. Not from this vendor.

I was looking to get an advice, experiences from fellow MSEs.

I really don't think giving "having to clean the house" as a reason for reducing your offer holds any weight at all. Don't we all clean houses when we move in anyway, even if they appear spotless? I know I did when we moved in here last May.
Our vendor promised to clean the house from top to bottom but she didn't. I wasn't bothered though as I would have/did do it again so that I know in my own mind that its clean.

Some of the houses we viewed needed fumigating, not cleaning but IMO you can't reduce offer just on this basis.

This isn't criticism, just advice you asked for.