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## Considering a Lower Offer on a Rejected House Offer

We recently made a reasonable offer on a house that was just put on the market. However, our offer was rejected and the house has been sitting on the market for several weeks now without any other offers. We are aware that the owners are keen on selling the house so they can move forward with purchasing another property that is already under contract, with the sale of this house being a condition.

Given this situation, the agent has approached us and mentioned that the owners have reconsidered our offer. Now we are in a dilemma – should we stick with our original offer or consider going back with a lower offer? Although we are prepared for the possibility of the owners rejecting our offer again, we are still unsure about the best course of action.

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AI Legalese Decoder can assist in analyzing the terms of the original offer and provide insights on potential negotiation strategies. By using this AI-powered tool, you can better understand the legal implications of your proposed offer and make an informed decision on whether to proceed with a lower offer or maintain the original price. This AI tool can help you navigate the complex world of real estate transactions and make confident decisions in situations like this.

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16 Comments

  • ThrowRa_siftie93

    I would come back with a lower offer but offer negotiation. Espically if they need it sold and they haven’t had any other offers. They’ll be getting desperate. Use that to your advantage……

  • thebusinessmanNZ

    It would be a shame if your pre-approval amount had dropped 20k in the meantime… Not much you can do about that, but you’d still be happy to proceed with the number the bank would let you borrow. They’ll have no-one but themselves to kick for not acting fast enough.

  • Kalreus

    General rule of thumb we learned was put down a price you’re happy with that if it sold for more you wouldn’t be sad. As you said you wouldn’t be upset if they rejected the offer again, I’d just try my luck with a lower offer.

  • its-thatguy-nz

    It’s a buyers market at the moment.
    If it’s THE house you want then represent your offer with the terms you want.
    If you’ve got time up your sleeve and are prepared to miss it, then tell the agent you’re considering other options. It gives you the chance to present an offer again, at a later date.
    Either way, you’re in the power seat.

  • Clokwrkpig

    They didn’t want to take your offer when it was made, as they thought it was worth more. They’ve tested the market and found out that, actually, you were the only one who thinks it is worth that much.

    It’s up to you what you want to offer now, but the fact that you could pay an amount doesn’t mean you should offer that amount, especially now that it is clear the market doesn’t think it is worth that much.

  • BEASTXXXXXXX

    I once put in an offer that was rejected then got offered the place for 30,000 less lol. I said no on the basis of what the property was in terms of its characteristics and what I thought I would get for it if I had to sell the next day. There is a reason or two why it hasnÔÇÖt sold. What is the source of buyer reservations – is it only price? What you pay should be what you think you would get if you had to sell it the next day – well thatÔÇÖs a point of view to consider. There are other factors of course. But be clear in your mind.

    I would advise thinking it through it terms of investment. Leave your ego behind. Think about price and investment as if youÔÇÖd never offered prior. That will inform you. Numbers not emotion. Go ahead as you desire but understand the numbers, implications m, and weigh it up carefully.

  • geoff_unhinged

    Lower the offer. Housing market is brutal. Take any gain you can get out of it.

  • Marshymarshian

    Just remember the people on PersonalFinanceNz don’t actually care if you win or lose this house. Pay the amount your happy to pay, if that’s the same then pay the same, if it’s less, then pay less.

  • BikeKiwi

    Go back and offer your amount again, say it’s you final offer. Don’t negotiate.

    Put in settlement terms that work for you. 5% deposit, 90 days(?) from unconditional so you can put in your notice at your rental.

    You’ve already walked away once, be prepared to walk away again.

  • Personal-Finance21

    You can chisel them down. Even if you shave $5K or $10K, that’s real money.

  • Xenaspice2002

    If you were happy to pay what you offered before put in that amount again but you could be clear itÔÇÖs your final offer.

    However thereÔÇÖs usually a difference between what youÔÇÖd like to pay and what youÔÇÖre prepared to pay, so consider that. Was your first offer a lowball? How would you feel if you lost the house over 1-2K? 5k?

    However if thatÔÇÖs over what you have as deposit plus what the bank will lend thereÔÇÖs no point in offering more.

  • engineeringretard

    Meh, donÔÇÖt get petty. Do you still want the house for $x?┬á┬á

    ┬áWhatÔÇÖre you going to do, cut 5k from your offer? 10? 20? At what point are you just giving everyone the finger and wasting time. Just say – no thanks, weÔÇÖve moved on.

    Recently went through something similar.

  • OutrageousBeing7879

    Make sure you can afford whatever you offer. DonÔÇÖt stretch yourselves, thatÔÇÖs the worst. DonÔÇÖt make it personal, just do whatever is best for you and what you will be happy with in the end.

  • kovnev

    If you lowered the officer and missed out for whatever reason, are you fine with that?

    Do whatever you are satisfied living with the possible consequences of.

  • Fantastic_Agent_9864

    Lower offer with negotiation, you will have a pre approval from the bank anyway …. there is always another property. Unless you are deadset on it , nothing wrong with a couple of thousand to do reno etc etc

  • Mediocre_Wish9283

    I think the idea of a lower offer but being open to negotiation. That way, they should come back with a counter offer. Good luck ­ƒìÇ­ƒñ×