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  • FIRST POST
    • bikeman17
    • By bikeman17 2nd Oct 17, 4:57 PM
    • 162Posts
    • 20Thanks
    bikeman17
    Is the price is right?
    • #1
    • 2nd Oct 17, 4:57 PM
    Is the price is right? 2nd Oct 17 at 4:57 PM
    Looking to purchase a flat, on sale for 290k.
    An offer has been accepted for 285k
    Survey has been done, market value is between 270k-290k.
    The flat does need new bathroom and kitchen, as they are currently in poor condition.

    Would it be ok to ask them to consider 280k?
Page 1
    • Comms69
    • By Comms69 2nd Oct 17, 5:00 PM
    • 1,252 Posts
    • 1,015 Thanks
    Comms69
    • #2
    • 2nd Oct 17, 5:00 PM
    • #2
    • 2nd Oct 17, 5:00 PM
    You can lower your offer to whatever you want, but ultimately they can just say no too
    • amfan
    • By amfan 2nd Oct 17, 5:00 PM
    • 95 Posts
    • 70 Thanks
    amfan
    • #3
    • 2nd Oct 17, 5:00 PM
    • #3
    • 2nd Oct 17, 5:00 PM
    You've offered £285, they've accepted and now you've changed your mind and want to offer £280? Well I guess you could try. But I'm not sure I'd rate your chances. The bathroom and kitchen were in that condition when you made your offer, so I'm not really sure you could use that to justify your new offer.
    • G_M
    • By G_M 2nd Oct 17, 5:01 PM
    • 42,275 Posts
    • 49,106 Thanks
    G_M
    • #4
    • 2nd Oct 17, 5:01 PM
    • #4
    • 2nd Oct 17, 5:01 PM
    You can ask - they might agree or might not.

    But if I were the seller, I'd presume that by going back on an agreed price you were an unreliable buyer who might mess me about again further down the line.

    I'd start re-marketing the property.
    • The_Logans
    • By The_Logans 2nd Oct 17, 5:08 PM
    • 235 Posts
    • 181 Thanks
    The_Logans
    • #5
    • 2nd Oct 17, 5:08 PM
    • #5
    • 2nd Oct 17, 5:08 PM
    Looking to purchase a flat, on sale for 290k.
    An offer has been accepted for 285k
    Survey has been done, market value is between 270k-290k.
    The flat does need new bathroom and kitchen, as they are currently in poor condition.

    Would it be ok to ask them to consider 280k?
    Originally posted by bikeman17


    No, it's not like the survey uncovered a problem (unless there is something you haven't mentioned), you offered towards the top end of the market value. To lower your offer you need a bargaining chip, and it doesn't look like there is one here. You were aware of the state of the kitchen and bathroom already surely.


    Is it worth risking losing out on the property for the sake of £5k?
    • AdrianC
    • By AdrianC 2nd Oct 17, 5:10 PM
    • 15,707 Posts
    • 14,020 Thanks
    AdrianC
    • #6
    • 2nd Oct 17, 5:10 PM
    • #6
    • 2nd Oct 17, 5:10 PM
    Looking to purchase a flat, on sale for 290k.
    An offer has been accepted for 285k
    Survey has been done, market value is between 270k-290k.
    Originally posted by bikeman17
    So the surveyor agrees that £285k is a fair value.

    The flat does need new bathroom and kitchen, as they are currently in poor condition.
    Did you not notice these before deciding to offer £285k?
    • bikeman17
    • By bikeman17 2nd Oct 17, 9:07 PM
    • 162 Posts
    • 20 Thanks
    bikeman17
    • #7
    • 2nd Oct 17, 9:07 PM
    • #7
    • 2nd Oct 17, 9:07 PM
    I did notice these things but the agent would ask us once a week if we can increase our offer, so add the end we did from 280 to 285k.
    • csgohan4
    • By csgohan4 3rd Oct 17, 7:32 AM
    • 4,015 Posts
    • 2,497 Thanks
    csgohan4
    • #8
    • 3rd Oct 17, 7:32 AM
    • #8
    • 3rd Oct 17, 7:32 AM
    I did notice these things but the agent would ask us once a week if we can increase our offer, so add the end we did from 280 to 285k.
    Originally posted by bikeman17


    You didn't have to go up on the price, it is your money and reducing the price now, will risk the seller refusing to sell to you on principle alone, what else will you try prior to exchange? Gazunder?
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • AdrianC
    • By AdrianC 3rd Oct 17, 8:33 AM
    • 15,707 Posts
    • 14,020 Thanks
    AdrianC
    • #9
    • 3rd Oct 17, 8:33 AM
    • #9
    • 3rd Oct 17, 8:33 AM
    I did notice these things but the agent would ask us once a week if we can increase our offer, so add the end we did from 280 to 285k.
    Originally posted by bikeman17
    So you still offered £285k, in the full knowledge of the issues you now want to use to reduce the offer?

    You could have walked, if you didn't think the place worth a penny over £280k.

    I'm with the others here - if I were selling, and you tried this on me, you'd find your offer being handed straight back to you, and the place re-marketed.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 3rd Oct 17, 8:42 AM
    • 2,103 Posts
    • 3,127 Thanks
    ScorpiondeRooftrouser
    No, it's not all right. Nothing has come up that you didn't know about. This would be what is known in legal circles as a !!!! move.
    • Davesnave
    • By Davesnave 3rd Oct 17, 9:01 AM
    • 23,680 Posts
    • 89,647 Thanks
    Davesnave
    I did notice these things but the agent would ask us once a week if we can increase our offer, so add the end we did from 280 to 285k.
    Originally posted by bikeman17
    So it's the agent's fault for doing their job effectively?

    You have to know your own mind when negotiating. You appear to think you've been pushed into offering too much, so the question is whether you can live with this, or will it always niggle?

    If the latter, reduce your offer and be prepared to walk away. It's a business deal and the other side may not want to risk going further with someone whose commitment looks shaky.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • Scotbot
    • By Scotbot 3rd Oct 17, 9:24 AM
    • 139 Posts
    • 97 Thanks
    Scotbot
    Sure it's OK say the valuation has come in lower than you are happy with so you are reducing your offer. Given the kitchen and bathroom need work you are not prepared to go higher than the mid point . This happens regularly. One of three things will happen

    i. They will agree the lower offer
    ii they will refuse to lower the offer
    iii they withdraw from the deal

    If iii you can decide whether to pay the 285 or withdraw
    If iiii you lose it

    You have to be prepared to lose it but if there are other similar properties coming up is that a big deal?

    If you revise the offer do it by email not by phone. This takes the emotion out of it. The agent will call you just politely say you have stated your position and look forward to the vendors response
    Last edited by Scotbot; 03-10-2017 at 9:26 AM.
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