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neon tetra

Help! My Offer Is Too High...

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About 2 months ago I made an 11% below asking price offer, which I subsequently raised to 10% below asking price. 'Twas rejected. Asking price came down so that I was only 5% below. Still rejected.

2 months later and no action on the property. EA calls me and makes noises about the vendor being interested in my most recent offer.

Problem is, I now think my offer is too high by a few thousand.

Any advice or experience in lowering an offer?

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We offered on somewhere back in January and agent claimed they may accept the offer in April or May ....

If they do come back to us on that one we shall certainly lower our offer by 5K at least.

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All three of the Halifax Nationwide Land Registry indices have decreased by 2100-2300 on an average of 160,000 over the past 3 months, which is, um, 1.3% reduction. So ignore that figure and just reduce your offer by whatever a) you still feel good about paying, and ii) you think you can get away with.

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If I try to be more constructive for a minute - just think what the vendor must be feeling to go grovelling back to your offer that they previously rejected. The ywill really be feeling a loss of face. This implies that the seller is a) desperate; ii) realises you are their only hope to ever get a buyer; c) realises their house is worth less than they thought; d) is being pushed by the EA; e) they were just chancing it before and are now being realistic.

Any of these suggest that you have the upper hand and can dictate the new price. This also suggests that you can take the p1ss with the next offer and not be overly concerned that they'll walk away. They may not agree to your next offer, but they probably won't shut you out, giving you the chance to negotiate back up.

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Another option is to get a friend/colleague to view the house as a prospective buyer and to offer less than you think you can get away with. (The EA's play the opposite of this game, so why not?) One of three things will happen

1/ The offer is rejected outright, but you dishearten the seller and find out what too low is. The disheartened seller may now accept your new low offer

2/ The offer is rejected but the seller makes a half-way counter offer. You now get a feel for how low the seller will go, and you have disheartened them into accepting your lowered offer.

3/ The offer is accepted and you now the seller will go as low as this or lower. Your friend walks, REALLY disheartening the seller. You can now offer even lower than your colleague and may be lucky.

Yes, I'm heartless. Yes, I've done this.

Edited by BlinkTooFast

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Another option is to get a friend/colleague to view the house as a prospective buyer and to offer less than you think you can get away with. (The EA's play the opposite of this game, so why not?)

Why not indeed. Bravo! :rolleyes:

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If we are going to start trying EA tricks, then wouldnt it be nice (if only) to get 10 of your friends, all view it at the same time, but then all point out whats wrong and all offer 90% under asking.

Let the EA know what it feels like for once, although most of them are so clueless i doubt it would even register with them

Just for sh!ts and giggles of course :P

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Your offer has expired, so you shouldn't feel bad for saying that you want to offer less now. Say that you've seen other properties in the area, and that at the price you originally offered, you'd rather get a different house as its not good value anymore.

The fact that the property has sat on the market for so long and that your offer is the only (or highest) that it had gotten, says that the seller is in a very weak position. By now, she/he is probably panicking and stressed that no-one wants to buy - especially if they are looking to move themselves and have already found another property.

Seeing how you look like you have patience, I woud suggest that you go in with a lower offer that you're happy with. And wait. You have the upper hand, but its only an advantage if you can hold your ground.

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I may be on the verge of doing something similar myself fairly soon (if I decide to buy a particular property).

Last week I suggested to an agent an 'offer' for a property along the lines of saying "I was thinking of offering..." and was met with a very enthusiastic response, but that reaction just confirmed my fear that I had perhaps inadvertently offered to pay more than I wanted to in the first place, partly through a mistaken belief that someone else also wanted to buy the same property. (That could have been an EA manipulation tactic which had consequently backfired due to my cautiousness.)

Two days later the advertised price dropped to match my 'withdrawn' offer!

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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