Reducing offer price at last minute before exchange

Senora

There used to be a time when a verbal agreement meant just that
'an agreement'! and folk would honour their word. You appeared to be
quite happy with the offer of £180k and presumably thought the property
was worth that.

The stress and upset you will cause cannot be measured (as many of us
on this thread can testify!) Maybe one day you will be on the receiving end of such an action.

As G_M says I just hope I never have to do business with you

oldone_2

Senora wrote: »

There used to be a time when a verbal agreement meant just that
'an agreement'! and folk would honour their word. You appeared to be
quite happy with the offer of £180k and presumably thought the property
was worth that.

The stress and upset you will cause cannot be measured (as many of us
on this thread can testify!) Maybe one day you will be on the receiving end of such an action.

As G_M says I just hope I never have to do business with you

I belong to the old school, where in any transaction our word was our bond. Unfortunately the modern world no longer understands this concept and it is everyone for themselves, and blow the consequences on others. Fortunately these things tend to come round, and one day the O.P. when selling a house will come across a buyer holding the same attitude he currently has.

nearlynew

mike5678 wrote: »

I've not discussed it with the lender yet. As it stands I would be borrowing £149k and depositing £31k. I can still offer this £31k deposit at the lower price of £170k meaning that I would only require to borrow £139k.

My LTV bracket is 15%, so if they are only willing to offer me 85% of the sale price of £170k which is £144.5k then this still meets the requirement. I don't intend on lying to the lender.

I've decided I am going to offer £170k in the morning when the estate agent opens. I will tell them that we go ahead at this price or I will continue saving for another year and wait so that I can afford a freehold house rather than a leasehold flat. I'm in no rush or pressure to move, I'd just rather not be living with my parents at 24 whilst earning ~£40kpa.

Worth the gamble.

Good man.

Getting a bigger mortgage doesn't make you richer, it makes you poorer.

Time, patience, a good income and savings are your greatest weapons at the moment. Use them to your advantage.

Keep saving and don't worry about "missing the boat".

(see my sig.)

Archlever

Hi,

We are currently in the process of buying a house (and selling ours). I wouldnt try and gazunder my vendors and wouldnt agree to a penny less than the agreed sale price for our property. It's worth a try to you, but the shoe could just as easily be on the other foot. The time for negotiation in my humble opinion is not on the day one exchanges contracts but much much earlier.

If I was the vendor...my answer would be no can do and if you wanna walk away then tough. A matter of principle for me.

All the best.

bristol_pilot

Chances are you will lose the house if you do this. The vendor will conclude that you are not a trustworthy person to do business with and will put the house back on the market. But you can risk it if you want, your choice.

Jewel_2

You're perfectly entitled to do this, if you want. We have just sold our property, and we are having a full structural survey next week, and if the buyers come back with a lower offer, we will just refuse to sell it, even if it's £100. I think it's highly immoral, I have never done it as a buyer, and I don't expect to be seen as a second class citizen just because I am selling, rather than buying.

If my buyer asks for a reduction, they can go away nicely and we'll stay here. What goes around comes around.

Amanita_2

G_M wrote: »

!. I just hope I never have to do business with you.

Completely agee

Ian_W

Jewel wrote: »

We have just sold our property, and we are having a full structural survey next week, and if the buyers come back with a lower offer, we will just refuse to sell it, even if it's £100.

Then you're not living in the real world.
Your buyer has made you an offer based on the condition of your house as they can see it. If the surveyor finds a problem that neither you or the buyer appreciated was there, for example rot in roofing or floor timbers, costing hundreds or thousands to put right they have every right to seek to re-negotiate and you'd be foolish to refuse. After all you'd need to put it right yourself or at least honestly declare it before you accepted an offer from someone else, wouldn't you?

That is very different from what the OP intends to do. To a degree I can see that having received the information about another valuation does put a different perspective on his offer. What marks him as a complete little !!!!!! is that he has decided to wait and gazunder on a day when several parties are due to exchange thereby trying to apply moral blackmail to his vendor and others at an already very stressful time. I would tell him to Foxtrot Oscar!!

I also really can't understand if he's so not bothered about the property - why the hell he's buying it in the first place!

david29dpo

The lenders valuation is the only one relevant in this case. If the sale went though at £180K and other valuations came to light from ANYONE for less, no matter, even if the lender found out. Do bear in mind if you get 10 valuations, you may get 10 different answers. Didn't you know about the stamp duty starts at £175 before making the offer?

fflsh

To the OP, why do you feel the need to mention your age and salary? What difference does it make? Do you think it makes you superior somehow?