Jump to content
House Price Crash Forum
Sign in to follow this  
kitten_2009

Reducing Offer

Recommended Posts

I made an offer on a house of 198 and now decided its worth 190. House is still on market but offer has been accepted. How do I tell the ea I'm reducing my offer due to continued falling market

Share this post


Link to post
Share on other sites
I made an offer on a house of 198 and now decided its worth 190. House is still on market but offer has been accepted. How do I tell the ea I'm reducing my offer due to continued falling market

Why have you changed your mind? How long since your offer was accepted? Is there a delay due to the seller?

Unless the survey has revealed some hidden issue, or the seller has delayed unreasonably, you will pull a load of aggro down on yourself - put yourself in the position of the seller having reluctantly accepted 190 and again having accepted 198 and then having it dropped to 190. If you offered 198 they will have made plans and you are taking 8 away from them, but if they accepted 190 to start with, they would never have made plans on the 8. So your seller _will_ lose confidence in you and possibly hate you in a way that they would never hate someone who offered 190 in the first place.

Avoiding being hated is not a reason to spend 8000, but unless your proposed drop is the seller's responsibility [hidden defect, delay], start off by pulling out and being prepared to lose the house. If they then come back and ask what would change your mind, you cold make a lower offer. But they could ask for more, or they could even twist you back to your original offer, which would leave you in a very weak position thereafter. If you go down this road, mentally prepare yourself to lose the house and not have regrets

Share this post


Link to post
Share on other sites
Why have you changed your mind? How long since your offer was accepted? Is there a delay due to the seller?

Unless the survey has revealed some hidden issue, or the seller has delayed unreasonably, you will pull a load of aggro down on yourself - put yourself in the position of the seller having reluctantly accepted 190 and again having accepted 198 and then having it dropped to 190. If you offered 198 they will have made plans and you are taking 8 away from them, but if they accepted 190 to start with, they would never have made plans on the 8. So your seller _will_ lose confidence in you and possibly hate you in a way that they would never hate someone who offered 190 in the first place.

Avoiding being hated is not a reason to spend 8000, but unless your proposed drop is the seller's responsibility [hidden defect, delay], start off by pulling out and being prepared to lose the house. If they then come back and ask what would change your mind, you cold make a lower offer. But they could ask for more, or they could even twist you back to your original offer, which would leave you in a very weak position thereafter. If you go down this road, mentally prepare yourself to lose the house and not have regrets

Why not decide it's worth 50p and offer that?

Gazumping, gazundering are both sharp practice. As DVS says unless there is new knowledge what possible basis do you have for this? You should have offered £190k to start with.

Share this post


Link to post
Share on other sites

I had this happen to me. Told told the cheeky twit to do one and was lucky enough to have another buyer in the wings.

He then came bacck and offered his original offer which was slightly more than the 2nd offer. Told him to go away - trust was lost, as was his sale!

Share this post


Link to post
Share on other sites

so why did you offer £198K. you knew the market was falling, you knew what you could afford, it's not as if you did not realise we were in a falling market.

I'd go so far as to suggest you never intended paying £198K, you just wanted to secure the property then play knobhead tricks. By all means negotiate hard, but don't play tricks like this. As others said, if you have no good reason for cutting other than you don't want to pay £198K any more, you really are a bit of an @rsehole. Is your word and your integrity worth so little to you ? Imagine how little you are worth to other people if you mean so little to yourself ?

Share this post


Link to post
Share on other sites

No, most people are decent - they just react to how you treat them. And you wonder why people get treated like shti .... I have family selling at the moment, in a chain, one disabled couple who have removed their stairlift, one with a 2 month old baby, there is a knobhead in the chain who is playing stupid games (for a few hundred quid...) - it is not a decent way to behave, you should not be making other peoples' lives hell just because you can.

If you think it's worth half what they are asking for it, then have the balls and decency to offer it in the first place, but cutting offers without reason is the sort of annoying crap that just marks people out as a tw@t. One can only hope that you get treated the same way by other people.

Edited by doccyboy

Share this post


Link to post
Share on other sites
no, most people are decent - they just react to how you treat them. And you wonder why people get treated like shti .... I have family selling at the moment, in a chain, one disabled couple who have removed their stairlift, one with a 2 month old baby, there is a knobhead in the chain who is playing stupid games (for a few hundred quid...) - it is not a decent way to behave, you should not be making other peoples' lives hell just because you can.

If you think it's worth half what they are asking for it, then have the balls and decency to offer it in the first place, but cutting offers without reason is the sort of annoying crap that just marks people out as a tw@t. One can only hope that you get treated the same way by other people.

Agree it can be a nasty business, but sellers were happy when gazumping was all the rage and i heard many sellers relaying tales of how great it was that someone had offered xyz more than someone else, and also where sellers were waiting till last minute and then saying i want 10% more and the buyer losing out yet again.

Live by the sword, die by the sword. It works both ways

Share this post


Link to post
Share on other sites
We pulled out of sale in the end. There were reasons why we wanted to reduce our offer. The survey highlighted many problems we were unaware of.

That's fair enough then.

Your original post made it sound like an arbitrary reduction hence the negative reaction.

Share this post


Link to post
Share on other sites
Agree it can be a nasty business, but sellers were happy when gazumping was all the rage and i heard many sellers relaying tales of how great it was that someone had offered xyz more than someone else, and also where sellers were waiting till last minute and then saying i want 10% more and the buyer losing out yet again.

Live by the sword, die by the sword. It works both ways

I've never gazumped (or gazundered) anyone. I had a property in 2001 - I was renting to a woman who wanted to buy it. We shook hands on a price in March - for lots of reasons it took time (mostly my fault) - in which the value had genuinely gone up 15K (market insanity mostly). I did not renegotiate - my 'word is my bond' was right.

She was a good tenant and a decent woman and I'd given my word to her to sell to her at X ..... so you stick to it....

there is nothing wrong with a contract race or people offering more than asking to secure a property, but once it's under offer at an agreed price, cutting prices (or upping asking) without an excellent reason is a see you next tuesday trick.

Share this post


Link to post
Share on other sites
I've never gazumped (or gazundered) anyone. I had a property in 2001 - I was renting to a woman who wanted to buy it. We shook hands on a price in March - for lots of reasons it took time (mostly my fault) - in which the value had genuinely gone up 15K (market insanity mostly). I did not renegotiate - my 'word is my bond' was right.

She was a good tenant and a decent woman and I'd given my word to her to sell to her at X ..... so you stick to it....

there is nothing wrong with a contract race or people offering more than asking to secure a property, but once it's under offer at an agreed price, cutting prices (or upping asking) without an excellent reason is a see you next tuesday trick.

+1 Handshake agreement is good enough for me. Sleep well at night.

Share this post


Link to post
Share on other sites

My father got caught out by the market insanity, and the guyhe was buying off who was selling was a Police officer, who you would have thought wouldn't try dirty tricks etc... had agreed price of 165 ... dad was well happy... then realised it was worth more so just delayed and delayed knowing my old man had a six month max move time from day one,

It now would be worth less than that anyway so neither here nor there, but the houses he got were great in the end.

But what really pissed dad off was his wife was pregnant at the time and just wanted to get settled.

But as you say... some people see dollar signs! And just cant resist... integrity goes out the window.

Legal folk are the ones... since they dont determine Law, to ... Integrity... "im not breaking the law am I?" type of stance. So watch out if your buying from legal types... they are black and white.

Share this post


Link to post
Share on other sites
Legal folk are the ones... since they dont determine Law, to ... Integrity... "im not breaking the law am I?" type of stance. So watch out if your buying from legal types... they are black and white.

Funny you should say that, I am a solicitor.... :) - there's a whole world of difference and a whole language to get to know when you work out whether the other side is being a knob or his client is forcing him to be knob......

Share this post


Link to post
Share on other sites
Funny you should say that, I am a solicitor.... :) - there's a whole world of difference and a whole language to get to know when you work out whether the other side is being a knob or his client is forcing him to be knob......

Yep, most of us "legal folk" would behave decently in transactions, I would never gazzunder or gazzump. However if your client instructs you to do something, you must do it.

Share this post


Link to post
Share on other sites

your money m8 do what you want with it....some of these idiots on here being judgmental will not have to pay your mortgage....until the selling system is made better you can do what you like when you like up until signing..

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   291 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.