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But why reset? Out of principle?
I think it comes down to fact that the buyer has no information on which to base their 'discount negotiation strategy'. They are just taking a crap-shoot. 20%. What if it's not enough? What if it's too much? How would you know in such a short time? Likewise the seller has no idea what to expect. You seem pretty sure but I reckon for the next six months supply will go off a cliff and then what?
By resetting and starting again, taking a bit of time to figure out what is going to happen - because we won't really know for another six months or so - you'll get to find out, fairly and squarely, you might win, you might lose, but you didn't exploit someone else's fear in the process.
Howard-
Fair points, but I see this as a transaction, and when making the biggest purchase of your life you should make sure you get the best deal you can. That applies to both sides.
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I reckon for the next six months supply will go off a cliff
Do you think this might mean house prices won’t drop too much?
The wife and I had gotten a few valuations on the house (1 bed house with front garden and assigned parking space on Camberwell Grove) back in Feb with a view to advertising it around now, but obviously that can’t materialise. We’ve now decided we want to make a speedy exit home to Ireland so have pretty much resigned ourselves to renting our house here and living in rented accommodation in Ireland for a while.
If supply is low and we can get what we paid for the house 2 years ago plus enough to cover the legal fees etc, that would be preferable, but it’s so hard to know what way it’ll go.
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Colm89
But why reset? Out of principle?
Seems pointless. If the vendor still wants to sell and the value has dropped, it's surely better to have a buyer, then have to start again where they'll only achieve the lower value anyway.
Vendor can just say no thanks. But buyer is well within their right to ask IMO.
It's odd that everyone is so accepting of things like best and final offers, above asking etc but not so much when they market is moving the other way.