Can I change an accepted offer on a repo

marthouse

Hello, I am a first time buy and I have recently put in an offer on a repossessed property; stupidly I put in an offer at the asking price. The sale is all going ahead very fast, and I am a week or two before I am about to exchange contracts. I am having second thoughts about the offer I made, The public notice has been and gone with no other interest in the property.

My question is that I would like to change my offer on the property, is this allowed? And how do I go about it with minimal disruption to the process.
Basically upon first viewing I though the property needed no work but it appears now the electric storage heaters could do with being changed, there’s a problem with a window lock, and no one knows if any appliances work as the property is a reposition.

All advice welcome. Regards

Trollfever

You can withdraw your offer at any time before the exchange of contracts.

Do your due diligance before making an offer.



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sammyjammy

As said already you can amend your offer at any time before you exchange contracts. Given that you need to think seriously about what you want to happen. Are you content to lose the property and the money you've so far spent if they don't accept your lower offer?

Its your call but I wouldn't consider the reasons you've stated suitable for reducing an offer, even on a habited property you cannot be sure appliances work unless you have them checked yourself.