Time to walk away?

I don't quite know how pre-auction offers work, but assuming (and this might be incorrect) it's the same as a normal contact, that's not really a risk. The buyer can rescind the contract based on B&P, the vendor can't rescind as easily. They can call your bluff and worst case, you still pay the contract price.
This is all assuming that there is a signed contract.

But either way, I don't think that vendors will be that offended. I've renegotiated after B&P for a couple of my properties and it wasn't a problem.
I never got everything I asked for, but I always got something.

Edit: I reread the post and there's no signed contract.
Personally, I'd give it a go, but it could backfire.

 

thanks for this mate, I kind of used this earlier with the RE agent. Added a bit more. He will get back to us tomorrow after he’s spoken to the vendors . As apparently, we kind of “won” from the other party by offering $2k more ‍♀️ . Now we will be few thousands less than the “other party”as we’re asking to knock
Off $5k from the accepted offer.

 

Thank you for the advise!

 

Yes we renegotiated to knock
Off $5k from the price, then if they won’t budge then we’ll walk away

 

In this market and depending on the location, you need to make an offer immediately after the first open, and many sellers / agents discourage you from doing a B&P altogether (they accept only unconditional offers the next day after open). It's a good time to offload your lemon property.

 

Can happily say that the vendors accepted the offer. Thank you for the “script” you’ve written Youve saved us $$$

 

that’s what we’ve noticed and been doing too. Did our own research, offer, then B&P and review of contract of. We’ve wasted too much $ for doing the other way around.

 

Did you just copy and paste it?

 

I was on the phone with the agent, read it out loud and added some few more
Words