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But how much less should they now offer?
It's always going to be partially a guess, isn't it? It's a guess on the way up, and a guess on the way down. The sum total of buyers and sellers guesses as to what things are worth at any one point in time makes the market.
It's a volatile situation at the moment which means some people are going to guess wrong.
ChasnotRobert-
My point was that in a normal situation the open market decides - anyone can make an offer. The true value comes out in the wash.
In a downwards renegotiation with a ‘trapped’ seller, through a quirk of fate only the buyer decides, there are usually no other buyers involved. The true value cannot come out in the wash because the buyer does not & cannot know. The only thing they do know is that it’s worth less to them than it was yesterday, which is weird.
Howard
You mean gazumping? That's shit behaviour. They've looked someone in the eye, agreed to something, then reneged on it because they could come out the other side better off if they trade their honour for a few £.
If you mean they try to get the most for their gaff before accepting an offer, then sure, of course they do. The have the asset, other people want it and you can’t magic another one from a factory. It's not a balanced situation, the seller has all the power. That others will offer £x + 1 is pretty great evidence that the place is worth at least £x +1.
Yeah I mean people are going to do dumb things like try to renegotiate on deals they've already agreed. But how much less should they now offer? And what puts them in a position to decide? Only the fact that they have the seller trapped, and that they can play on their fear. Some might think that it's balanced the situation, but I don't. It's shit behaviour.
8B's example above shows that even after a downwards negotiation buyers can still inflict a large amount of self harm upon themselves by proceeding.
Better to apologise and sack it off if you can't handle it. And that's how the readjustment will come.