Re-negotiating, can it be done?

fergieferg

Hi all,

myself and my partner are first time buyers and recently had an offer of about £145K (subject to survey) turned down on a property as we were unwilling to have the property surveyed unless we could get a guarantee that another offer would not be accepted while we were in the process of surveying (another party had it surveyed a couple of days previously). The other party made a straight offer and this was accepted but about a week later I received a phone call to asking were we still interested as the other party hadn't been honest about their situation and either didn't have finance in place or were waiting on a chain of sales to be completed. I've said we'd get back to them on Monday.
The property has been on the market for about a year and the sellers have already had one deal, agreed for about £25K more, fail to go to completion in October last year. I think we were probably rushed into putting in our original offer and I think we could probably have negotiated a better deal if it wasn't for this other interest.
Could we know try a lower offer and risk missing out again? The sellers already know we can afford to meet their expectations.
Any thoughts on the best course of action from here would be greatly appreciated.

socrates

Ultimately what you offer and what they will accept does not mean a lot if the valuation is low.

Offer what you can afford with a reasonable deposit and stick to your guns.

Robert_Sterling_3

Until an exchange of contracts takes place anything is possible. This is a two edged sword. You can spend money on a survey etc and the vendor can change their position just as you can change yours. That's the way it is. Be lucky.