Offer accepted but conditions changed

Tahiti

Hard thing to have to deal with there and before I say anything else, I'm not an EA or an experienced buyer/seller.

If you love it, won't be able to find a replacement easily and aren't prepared to walk away, I personally would set a condition that a reasonable date for exchanging contracts is adhered to. I suppose you could also see if there is any way of including penalties for not adhering to that date, but definitely run it past your solicitor for some proper advice first.

Frankly, if I was the seller, I'd love you as a buyer (FTB, no chain etc) and I don't think that is an unfair request if worded correctly.

That way (in theory) they are not being given a lower offer (I assume you still believe the offer you made was fair), just a reasonable time stipulation to be adhered to, and you get your quick turnaround.

I assume you are currently renting and the extra time you are in rented accomodation will be costing you money? That could be your argument for placing this stipulation.

AndrewSmith

Just be very careful.

If their situation is that they now have to find a property they are unlikely to be in a desperate rush to complete immediately.

You are in a good position as a FTB however if you now push for a price reduction you will run the risk of the vendor re-marketing the property with the impression that if you want it then another FTB will want it at the original price.

If you go to the agent asking for a price reduction and threaten to withdraw unless you get it etc, the agent will most likely advise the vendor to begin re-marketing just in case you carry out your threat.

It really depends on how much you want the property. Another few weeks wait is, I'm afraid, the reality of the property game. You will discover this for yourself when you sell and move later on.

Just don't make any rash decisions you may regret later on. You don't want to do anything that will give the vendor any reason to lose confidence in you as a buyer.

Andy

linlin_3

The vendors have apparently been looking at properties, but haven't found anything they like as yet. The EA mentioned that their circumstances had changed.....a job offer.....and they were even looking at similarly priced properties rather than downsizing. Unless I'm missing something, it looks increasingly probable they'll withdraw the house from the market although they had a number of properties to view yesterday and I'm expecting some feedback next week.
The idea of trading off an early exchange date versus a drop in price is very good - thanks for that.
Fingers crossed, not burned (I hope).

dander

Don't forget this is still a buyers market out there. It's going to be easier for you to get another place than for them to find another buyer. You've got to stand firm on this issue. Suggesting renegotiation on price does not neccessarily have to be done with the intention of actually lowering price, but is just a way of pointing out to the vendor how much they need you.

I did the same to my vendors recently in almost exactly the same situation. It was only on the day I had transferred my deposit to the solicitor expecting to exchange that I found out they were trying to tie it in with a chain after all. I gave them nearly 2 weeks of dithering but then said 'no, this is not the deal I agreed - either you exchange today, or we change the price.' Magically the exchange happened within hours.