Are 1st offers always rejected on the assumption that the bidder has more to offer?
An agent leafleted for us and had one response. The vendor has set his own high valuation which is 8% above our absolute budget. The agent and vendor know what our budget is.
We viewed it on Saturday - it's not on the market as yet, it's just us who have been allowed to view it. We love it but cannot go above our budget, especially since it needs a total redecoration and new kitchen and the smallest room is smaller than we wanted.
It's always me that talks to the agents but DH put in the bid this morning. He was supposed to explain our position (about to exchange on own house) and say that the house needs work, isn't quite perfect for us but that we will offer our full budget, stressing that this is a first and final offer since there is no more money in the pot. In reality, what he has done is just make the offer with no preamble and has said to me that if it's a 'no', that he'll ask what the man will except when we had agreed that we must make a point of saying that's all we have and walking away.
My feeling is that most vendors decline the first offer on the assumption that you have more to offer and that it would only be accepted if the vendor believed this was as far as you could go.
Any thoughts?
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Are 1st offers always rejected?
4 replies
NoseyHelen · 06/07/2009 12:22
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