can you reduce your offer before signing after verbally saying something higher?

[jack2016]

I know legally you can, but practically will it backfire spectacularly?

i know that they will still make money, even with all agent and lawyer fees etc

but i am getting a sense that vendors are in a hurry after verbal negotiations via agent

wanting to knock 20k off a 400k offer for a section after opening with 390 ...

i have a feeling it's going to be a very bad look. perhaps going back to 390 might be best? or ... in a bit of a pickle/dilemma

thanks for any advice

[Learning]

Are you a politician? "I never made the election promises you have me saying on tape".

[learningInProgress]

Are you a politician? "I never made the election promises you have me saying on tape".

I think you have answered the question yourself...

I would do what you expect other to do to you...

[DaveW]

Are you intending to profit in this transaction ? If so then offer what makes the numbers work for you.

[eri]

personally

i hate bait'n'switch

if i was feeling kindly that day

would probably just turn around + walk away muttering "time-waster"

but if not feeling kindly

could look for ways to pretend to agree

but not agree at all....

maybe by signing your name instead of mine?

or writing the date wrong???

got to be a few ways to balance the situation

[Bob Kane]

but i am getting a sense that vendors are in a hurry after verbal negotiations via agent

You are thinking of exploiting this new piece of information.
Some 'property educators' would applaud you.
But it could backfire.
What would you think if this sale featured on Fair Go?

[jack2016]

i don't want to over-pay in this climate. all the other sections sold for between 335-380k in 2017-2018. the last one sold at 380k at the end of last year. as far as i can see everything is about the same on every section, there is not one that is "outstanding" compared to the rest. i am not sure what fair go has got to do with this, there is no s&p.

i have withdrawn my verbal offer for now to think about this.

[Bob Kane]

Having a pause to review the market is reasonable.
If you decide the market is different to what you thought before then that could justify a new offer price.
Good luck.

[Don't believe the Hype]

you can put whatever number and conditions on the offer even if you've talked different numbers with the agent. Agents will always tell you to put your offer in writing so any discussion are theoretical.

The risk is that the agent has talked your offer up to the vendor and they're expecting the offer at the level you've been talking where by they may be disappointed and reject your offer. In my experience if you're the only offer on the table the agent ONLY gets paid when both parties have signed the contract so he will try to talk your offer up while at the same time trying to convince the vendor to accept your offer.