Please help - can I renegotiate a sale price once we've already agreed on one?

dreamalive

Please help me.

I'm a little stressed out. We have recently agreed to buy a property but in our haste, I feel that we have overpaid for it so I would like to renegotiate with the seller for a lower price.

Is this possible?

The solicitors checks are going through but we haven't signed any contracts as yet.

Also, our survey picked up that the house needed new electrical wiring throughout - can I use this as a reason to lower the price a little? Or is it too late.........

Any advice would be much appreciated

TrickyDicky101

If you haven't yet exchanged contracts then yes you can renegotiate.

dreamalive

thanks for your response.

IS it quite common for buyers to renegotiate a price after they've already agreed? Particularly if the survey picks something up?

MobileSaver

dreamalive wrote: »

I would like to renegotiate with the seller for a lower price. Is this possible? ... Also, our survey picked up that the house needed new electrical wiring throughout

Perfectly possible although of course if the vendor thinks your offer was already a fair one then he/she may well tell you where to go.

Did the survey actually say the wiring needs replacing throughout or just suggested it should be looked at as it might need replacing?

Best case scenario is the vendor accepts your justification for a lower offer, worst case is they realise you're getting cold feet and pull out putting the property back on the market.

Many people renegotiate once a survey is done but just be careful how you handle the negotiations.

casperlarue

A survey is commonly used to renegotiate the purchase price. Listen to your instincts, if you feel you've over-offered then most likely you have. Are you are first time buyer?

Buying a house is a massive undertaking, financially and emotionally, make sure you are 100% ready before signing. I've been buying and selling since 1998.....waiting to exchange today on purchase no.7....I'm still getting that wonky feeling even now!

Eric1

dreamalive wrote: »

We have recently agreed to buy a property but in our haste, I feel that we have overpaid for it

Why? Is there a better property available for less?
Is it worth the risk of losing what you've already spent?
If yes, there's nothing wrong with renegotiating the price.

G_M

Generally a vendor will be p*ssed off if, aftyer agreing a price, you renegotiate, unless you have a valid reason (eg the survey finds a serious fault).

How the vendor reacts will depend on their attitude (might think you're messing them about and tell you to get lost), as well as how long they've been trying to sell, how desparate they are, whether they can afford to reduce ( without losing the property they are moving to) etc etc

As mobilesaver says: what did the survay actually say? Few surveyors are electricians, so will usually not comment on electrics except to advise the electrics are old and may need replaciing - recommend specialist electricians report etc. A quick glance at the fuse box can tell them (or you!) that it is old: that doesn't mean it is unsafe though.

firstaspect

You can do it until contracts are signed, but be prepared for the seller to not agree to a new price or in the worst case decide they don't want to sell to you anymore. It's up to you if getting a cheaper price is worth the risk of losing the house.

tawse57

Gazundering is making a come back in a falling housing market but you are not gazundering here - just in case someone tells you otherwise.

The survey came back showing that house needs X work done so you need to take that off the value of your offer and do not underestimate the costs of getting the wiring, etc, sorted.

Yes, it is common to people to lower their offer if the survey has shown up problems and it is also common for people to pull out of the agreement.

girleight@

We got an electrical survey which had a quote of how much the work would cost. Then asked for that to be knocked off the price. The vendor just said they would take all the kitchen appliances but that was OK as we would rather have the money off.