Can We Put In Lower Offer Than Originally?

roma

Hi

I viewed a property about 6 weeks ago in the first couple of days it had come on the market. I instantly liked the house (although it does need some updating/extending) and it is in a very desirable/popular area. We offered the asking price of £185 thinking it would be snapped up straight away, but as we were not really in a good position (our house not even on the market at the time) this house remained on the market. Anyway 6-7 weeks forward and it looks likely our house will sell soon, and we would like to arrange a second viewing on this house. Considering that this house has not been"snapped up" as we thought, are we now able to put in a lower offer than the original asking price we offered, or is this cheeky!

MissMotivation

You can offer whatever you like, doesn't mean it will get accepted but If you don't ask your don't get!!

hex2

You could always say that you got less than you expected for your house.......

that you have done some research into the costs of renovation and that your maximum price is now....

prior to exchange of contracts you can do what you like with your offer from a legal persepctive. Morally, well how would you feel if someone did it to you?
If it makes you feel uncomfortable then don't do it. If you would be fine with it then go ahead.

kenshaz

MissMotivation wrote:

You can offer whatever you like, doesn't mean it will get accepted but If you don't ask your don't get!!

This was the answer you wanted to hear ,but hex2 gave a good response and you did not thank that poster.so I have done it for you

kenshaz

I believe that when you agree,that is a contract between two people with trust,a shake of the hand is binding,those who back out are untrustworthy as people.The reason you wish to alter the price is that you are being greedy,you where happy before

lilyann1

I don't think your offer counted if you weren't even on the market at the time.The best thing to have done would have been to keep quiet saying you were interested but not offered.Some agents won't even pass on the offer if you're not on the market.If they have of course now they know you can pay that amount, then they may not take a lower offer.
All you can do is say you had to reduce the price of yours to sell it and therefore can now only afford a lower price.

Altarf

The seller may:

a. agree to the lower price.

b. refuse the lower price, but still agree to sell for the higher price.

c. consider you untrustworthy and refuse to sell to you at any price.

d. agree to the lower price, but accept any higher offer from other buyers before exchange of contacts.

e. agree to the lower price, but 10 minutes before exchange of contracts refuse to sell at the lower price and insist on the higher price (on the you tried to get one over on him, he will get on over on you principle).

To be honest if I someone offered me a price for my house and then went back on it, unless I was desperate to sell I would consider anything from c. onwards.

lilyann1 wrote:

Some agents won't even pass on the offer if you're not on the market.

Agents are legally obliged to pass on all offers regardless.

BobProperty

kenshaz wrote:

I believe that when you agree,that is a contract between two people with trust,a shake of the hand is binding,those who back out are untrustworthy as people.The reason you wish to alter the price is that you are being greedy,you where happy before

Have you ever bought or sold a house? Nothing, that's NOTHING counts until you exchange signed contracts. Until then anyone can say, do, or promise anything. Further, I can assure any reader that the whole house buying process is a lot less stressful once you get this into your head.

Bernie

BobProperty wrote:

Have you ever bought or sold a house? Nothing, that's NOTHING counts until you exchange signed contracts. Until then anyone can say, do, or promise anything. Further, I can assure any reader that the whole house buying process is a lot less stressful once you get this into your head.

Sorry! I think you've got that the wrong way round! I think this is the CAUSE of stress for both sides. Until contracts are signed, both parties are uncertain of the outcome.

If you do the deal in Scotland - it's a contract from the off, once you've both decided, the agreement is made and no further "complications" can arise to give grounds for further haggling and the stress that induces. You do not have to rely on the personal integrity of the parties involved to stick to the agreed deal until the contracts are signed.

As a layman (currenly buying a house) I will never understand why we don't do the same in England - especially since it is the British thing to do...

:beer:

ems2

How do you reduce the price you offer, is it through the EA or solicitors?
We are a few weeks off completing but searches have come back from soicitors showing the seller was lying about some things and being delibrately obtuse, ie I dont know the answer to that,about others. We found out she did know the answer to two important, and possibly costly, points..

Sorry to hijack the thread, i thought this relates??

kenshaz

BobProperty wrote:

Have you ever bought or sold a house? Nothing, that's NOTHING counts until you exchange signed contracts. Until then anyone can say, do, or promise anything. Further, I can assure any reader that the whole house buying process is a lot less stressful once you get this into your head.

Would you have a poker face when we shook hands,life is based on trust,when we buy leg of lamb from the shop,we trust that it has been kept at the correct temperature(just an analogy).Where you an estate agent in another life?
We are not talking about the advice an estate agent would give to his client ,we are talking about moral obligation.