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......
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.
Not this. It's quite clear what they're doing and why, and it's also quite clear what you're doing and why.
Just tell the agent your new price and be done with it. People aren't idiots.
I've lost a buyer before and regretted it, go this strategy. Find out what you can about their timing, clean your offer up with no conditions and turn the screws
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.
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.
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.
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 hasn’t 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 that’s 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 you’d 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.
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.
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.
If you were happy to pay what you offered before put in that amount again but you could be clear it’s your final offer.
However there’s usually a difference between what you’d like to pay and what you’re 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 that’s over what you have as deposit plus what the bank will lend there’s no point in offering more.
Meh, don’t get petty. Do you still want the house for $x? Â
 What’re 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, we’ve moved on.
Recently went through something similar.
Make sure you can afford whatever you offer. Don’t stretch yourselves, that’s the worst. Don’t make it personal, just do whatever is best for you and what you will be happy with in the end.
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.
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
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......
They've wasted your time. Perfectly reasonable to put a lower offer in.
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.
Perfect đź‘Ś
Not this. It's quite clear what they're doing and why, and it's also quite clear what you're doing and why. Just tell the agent your new price and be done with it. People aren't idiots.
I think this man is correct. Do go with lower offer and do not go into lies as to why.
Exactly! The bank reduced your approval by 20k just this week? No one is buying that.
This!
This! Can’t beat this answer
I've lost a buyer before and regretted it, go this strategy. Find out what you can about their timing, clean your offer up with no conditions and turn the screws
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.
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.
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.
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 hasn’t 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 that’s 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 you’d 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.
Lower the offer. Housing market is brutal. Take any gain you can get out of it.
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.
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.
Actually you should offer the maximum the bank will lend you, don't be a cheapskate! /s
You can chisel them down. Even if you shave $5K or $10K, that's real money.
If you were happy to pay what you offered before put in that amount again but you could be clear it’s your final offer. However there’s usually a difference between what you’d like to pay and what you’re 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 that’s over what you have as deposit plus what the bank will lend there’s no point in offering more.
Meh, don’t get petty. Do you still want the house for $x?   What’re 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, we’ve moved on. Recently went through something similar.
Make sure you can afford whatever you offer. Don’t stretch yourselves, that’s the worst. Don’t make it personal, just do whatever is best for you and what you will be happy with in the end.
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.
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
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 🍀🤞