Vendor increasing price

Hi guys,

we made a 480K verbal offer for a prop advertised for 509K. the RE gave us a long story about how they had an offer 489K rejected and other buyers lined up etc etc and asked us to increase offer to 490K minimum.
we stood out ground.

later that night, the RE called and said 480K was ok and wanted us to sign the contract with a 10% deposit. we said, need our solicitor to check the contract out first and that 10% was not on, we could give 0.25% if everything checked out.

today the RE called again said vendor was ready for 0.25% but wanted 485K or the deal was off. I think the RE is trying to make some extra money. I told the RE that currently our offer stays at 480K,but give 2 days to think, but at the end of 2 days the answer may well be that we walk away from the deal.
he then went on about how they had another prospective buyers blah blah

Also our solicitor said that the contract needs work. we shouldn't be signing it in its current form.

what do u guys think? should i call the REs bluff and stick to my original price or bear the 5K. personally i feel prop is worth abt 470K, we are paying 480K because we like it and don't want to loose it.
 
Sounds as if you are "In the process of negotiation". Why do you believe the seller "must" do anything? The agent is being paid by the seller not by you.
 
Also our solicitor said that the contract needs work. we shouldn't be signing it in its current form.

what do u guys think? should i call the REs bluff and stick to my original price or bear the 5K. personally i feel prop is worth abt 470K, we are paying 480K because we like it and don't want to loose it.

If my solicitor is saying the contract needs work, then in no way would i be signing it. I would definitely get the problems amended before signing anything.

Also, if you only think the property is worth $470k, why spend the extra $10k?

If you like it that much, consider if the extra $5k worth it to make this a done deal.
 
I did miss a deal by trying to bluff for 5k. If I bought that property 5 years ago, I would make a fortune of 100k.

If you like it... go for it and ignore 5k
 
He who want it the most pays the most. Standard negotiating.
Without having any idea about the property how can we know if 480 is cheap or too much?
And what does a "contract needs work" really mean?

Much has been posted round here on negotiating and many REAs are trained well enough to know when buyers are keen enough to pay the extra bux.
we are paying 480K because we like it and don't want to loose it.
Looks like he/she has read you like an open book.
A good REA would ring the person that offered 489 (and anyone else interested) and say
"Great news the vendor accepted offered 485 to another buyer who won't pay more than 480, so here's your chance to save a few Ks"
So you also have to consider if that offer was real, recent or just REA fiction.
Maybe he's already got a bid from him and is trying to get a bit more from you.
Maybe it's all BS.

This is all part of the negotiation process which some of us (like me) lay in bed awake at night excited about it, or others who have problem even saying hello to others, let alone negotiate.
Of course the other category is the noob who think they can but whose next move can be seen a mile away, and yeah the REAs read the same books too.

good luck

I did miss a deal by trying to bluff for 5k. If I bought that property 5 years ago, I would make a fortune of 100k.
If you like it... go for it and ignore 5k
A whole fortune of 100k? lol
It the ones you get that count.
We all could've bought whateva for whateva amount, but that one missed deal is a loss of a fortune is quite amusing.
 
Hi guys,

we made a 480K verbal offer for a prop advertised for 509K. the RE gave us a long story about how they had an offer 489K rejected and other buyers lined up etc etc and asked us to increase offer to 490K minimum.
we stood out ground.

later that night, the RE called and said 480K was ok and wanted us to sign the contract with a 10% deposit. we said, need our solicitor to check the contract out first and that 10% was not on, we could give 0.25% if everything checked out.

today the RE called again said vendor was ready for 0.25% but wanted 485K or the deal was off. I think the RE is trying to make some extra money. I told the RE that currently our offer stays at 480K,but give 2 days to think, but at the end of 2 days the answer may well be that we walk away from the deal.
he then went on about how they had another prospective buyers blah blah

Also our solicitor said that the contract needs work. we shouldn't be signing it in its current form.

what do u guys think? should i call the REs bluff and stick to my original price or bear the 5K. personally i feel prop is worth abt 470K, we are paying 480K because we like it and don't want to loose it.

There is always other buyers,if you think it's only worth 470k then that's it,stick too you price 5k is 5k,and listen to your "Solicitor" sounds a dogbox setup if they can't even get the contract part right,,willair..
 
And what does a "contract needs work" really mean?

didn't get into details of it here, but our solicitor did explain things out. basically the contract that was given to us was for of the plan buy. but this property has finished its completion (just) and people have moved in. the contract contains sunset causes of 12 months / 24 months etc.

and yes, we we do sign , it won't be this contract.

Of course the other category is the noob who think they can but whose next move can be seen a mile away, and yeah the REAs read the same books too.

well i firmly believe that the RE is blowing some stinking smoke in our face. he said the vendor knocked back an offer of 489K and then went on accept our offer of 480K. He wanted us to sign the contract that night itself for 480K. i mean is the vendor gone nuts where they decide to accept 9K less in 24hrs ?

also, when I said that 480K currently stands and in 2 days when we speak again we may pull out completely, he said don't pull out completely as when he tells the vendor that 485K is a no-go they may ask him about the previous 480K offer ? :rolleyes:

consider me a noob in negotiation, and give me some pointers.
i know the bit about the looser is the one who capitulates first. any other words of wisdom ?
 
any other words of wisdom ?

Negotiating is like soccer: even the best have missed penalty kicks in their carreers.
That includes Pele, Maradona, Ronaldo, Del Piero, Baggio, Zidane, Ronaldinho, Van Nistelrooy etc.

Just make yourself a cup of tea and patiently go thru this section of the forum and I'm sure you'll find much practical & useful info from the experienced members of this forum.
 
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