Do I Withdraw My Offer on Property?

C

Corkland

Guest
I recently placed an offer on a site and I am now having second thoughts about whether I should continue with negotiations or withdraw. The buyer has said it's not enough so the ball is back in my court. My main concern is will the price be lower if I hold on. I'm very interested in purchasing the said site, however I don't want to overshoot either. My own feeling is that I've come too high, but is how relevant is that if I want to purchase it? There will be no damage done if I withdraw other than me wasting peoples time and probably annoying the hell out of the buyer (which I do not want in the event I want to go to him again). Any suggestions?
 
Does the site have planning permission already? unlikely you will get permission for a new built untill all our ghost estates are sold.
 
So you are afraid of hurting the vendor's feeling. Are you crazy ?? Why don't you simply offer him 25% over the asking price plus a World Cruise for his family. Walk away gracefully telling him that you are not in a position to negotiate at the moment and I betcha that the asking price will be lowered.
 
Ya, I suspect your right about the asking price coming down. The site doesn't have planning but I'm hearing mixed reports about how the planners have tightened up or loosened depending on who you are talking to.
 
Tell him that you are not in a position to increase your offer,and you have to withdraw.I think in the current market there wont be a big demand for sites, especially one without planning.
Any offers you make for a site should be conditional on getting planning,as theres no point in you buying a site and then finding out that you cant get planning
 
I would let the offer stand and shop around for another site... If you get a better site elsewhere then tell seller you dont want it... Remember site is not yours until the contracts are signed. What offer have you made vs. what does the seller want.? Are you much lower than their asking price. In current climate, i think the seller will lower price eventually

Manta356 is right,,, purchase should be conditional on planning.
 
Ya, I'm down more than 40% on asking price. My main concern is based on speculation that there's a lot more to come off the market. The choice is do I take that chance and risk losing the site to someone else or close the deal now.
 
If you think you are paying to much then withdraw - no matter how much you like the site there will always be another
 
Corkland said:
Ya, I'm down more than 40% on asking price. My main concern is based on speculation that there's a lot more to come off the market. The choice is do I take that chance and risk losing the site to someone else or close the deal now.
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There will be speculation today tomorrow and yesterday, there is no answer to how much it is worth only what you are willing to pay for it.
 
If it was me, i would let the offer there and shop around for another site. If you make an offer on another site then maybe remove the offer here. But as above, your offer would have to be conditional on planning and also ensure that if the seller agrees to sell that the price agreed stands. I know a few that were asked for increased price once the outline planning had been sanctioned... Best of Luck
 
Thanks for all the posts. I still haven't decided, but at least I have the options, not the seller.
 
The planning is a major thing and all I can say is double check it again and again with the council and make your up your mind from there.
 
If you are set on the site then hold on. If not there are plenty of great sites out there at the moment going for a bargain.
 
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