How should I play this?

I placed a "best and final" offer on an unusual rural property (so hard to find another) in mid January but was unsuccessful - I suspect mine was the second highest offer (and cash) and certainly quite generous based on other sales in the area. Yesterday, in a conversation with the rea where I was asking about the price achieved, he said that he was planning to contact me this week once the bank valuation was received as he suspected the buyer will fail to gain finance. I am expecting the rea to come back to me once the current buyer withdraws. My thoughts are to repeat my previous offer with 48 hour cutoff while trying to get the vendor to name a price and then negotiate from there as necessary.

How would you play this?

 

If the agent comes back to you, simply re-submit your previous offer if you want to.

 

If the first guy can't get finance cos the bank thinks he overpaid, then maybe lower your offer a tad (even though it's cash)

 

All depends how much you want it. If you really want it, submit same offer with 24h expiry.

Or.....


I'd tell agent your hesitant to submit same offer as markets are turning, IR about to increase....and you partner is very hesitant to buy. Offer less than your previous offer. That'll rattle the sellers a tad. Then see the agents response and negotiate from there.

 

Thanks all. Hoping the rea calls this week - this place is better for my purposes than the reno project I have been playing with that is coming up for auction in a couple of weeks time.