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Ruth · 24-10-2012, 11:37 AM

I have heard dropping the offer price last minute before exchange is a good day to get a deal through.

What do all think?

It's legal, and it's not personal, but is it the best strategy?

Kevin Wright · 24-10-2012, 11:52 AM

it is an age old strategy employed by the less principled, less ethical people without a conscience. It relies on the seller being desperate for the buyer not to pull out, so they agree. Yes it is legal

It is not a good way to get the deal through, the deal will go through anyway but it is a great way to alienate the seller and make them feel thoroughly shafted.

Is it the best strategy? not if you believe that buying property is about creating win/wins

the old adage 'reap what you sow' may apply here

Gordon Howes · 24-10-2012, 12:01 PM

(24-10-2012 11:37 AM)Ruth Alister Wrote: I have heard dropping the offer price last minute before exchange is a good day to get a deal through.

What do all think?

It's legal, and it's not personal, but is it the best strategy?

This is a common practice amongst a certain group of people. As Kevin says, it doesnt win friends and generally it's a extremely poor, bad practice. You certainly won't win friends, you may not be that bothered in that respect. Any future dealings you may have people will certainly treat you differently.
Is it worth it?- Not in my view

Simon Allen · 24-10-2012, 12:20 PM

I wouldn't but I know some that have. They are also the ones that don't maintain their properties, declare the right amount of income and are poor landlords.

You choose. What type do you want to be?

Jonathan Clarke · 24-10-2012, 05:12 PM

Its legal yes but its just not cricket.
Please don`t do it.
You will build a portfolio of 1 maybe but you can forget the phone ringing from the same agent when the next deal comes along because you can be sure as night follows day your number will be in the bin.

Vanessa Warwick · 24-10-2012, 05:16 PM

Ruth,

Your other post was about giving bonus payments to agents ... and now this!

I do worry who is telling you this kind of information, where you are getting it from, and why you need to be acting in what I consider to be an underhand manner to buy property.

Property is a business and it needs to be sustainable and profitable. Yes, you can cut corners or exploit people or loopholes, but they WILL come back and bite.

As others have said, it is your choice of how you want to build a business.

Foundations built on sand tend not to be good ones for long term success imho.

Please re-consider your personal path as buying property is actually very straightforward and can be done in an ethical manner and still make ££££.

Jane Macswayne · 24-10-2012, 05:43 PM

I have a sale going through currently on my own residential house and would find this practice totally unethical - what goes around comes around springs to mind. I do not think this plan fits into a well run business especially if you are buying a number of properties in a small area, word soon gets around. I agree with all that has been said

Midlands Landlord · 24-10-2012, 09:05 PM

Personally I'd term anyone trying that tactic a 'sh*t', and such a cynical trick would make me end any transaction on the spot, even at quite significant cost.

If you don't stand by your ethical position when it hurts, then your ethics are worth exactly the cost you are willing to bear for them.

ML

Gordon Howes · 24-10-2012, 10:41 PM

(24-10-2012 05:16 PM)vanessa warwick Wrote: Ruth,

Your other post was about giving bonus payments to agents ... and now this!

I do worry who is telling you this kind of information, where you are getting it from, and why you need to be acting in what I consider to be an underhand manner to buy property.

Property is a business and it needs to be sustainable and profitable. Yes, you can cut corners or exploit people or loopholes, but they WILL come back and bite.

As others have said, it is your choice of how you want to build a business.

Foundations built on sand tend not to be good ones for long term success imho.

Please re-consider your personal path as buying property is actually very straightforward and can be done in an ethical manner and still make ££££.

I totally agree with you Vanessa, and it appears that this thread has 'hit' a raw nerve with fellow contributors.
I wonder about whether Ruth is really genuine or she is a 'plant' designed to cause controversy!!

Vanessa Warwick · 25-10-2012, 08:32 AM

I wondered that too!

But sadly, a few years ago, I attended a speaking engagement by one of the most high profile property gurus in the U.K. and he openly talked about how to bribe estate agents.

If Ruth is not a plant, then I suspect she has got into the orbit of this person or someone similiar who thinks it is clever to behave in this manner.

Over to Ruth ...

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