Wrong way round

Wellgood

I have put in an offer on a house in January for 220k on condition I sell my house.
I now realise it was a mistake to offer when I haven't sold mine and should really have waited until mine had sold. I am now considering reducing my price to get a quick sale but this means I would have to reduce my offer for 220k. Do you think this would be acceptable to seller if I explained I was reducing my selling price to speed up the chain or is this a complete non-starter?
I know I have done this the wrong way round but I can't change that now and I have learnt my lesson!
Thanks for any advice

hcb42

where do you live?

In england, an offer is worth nothing anyway, walk away and sell your own before you go househunting again

BitterAndTwisted

I think you should be totally honest with your vendors and admit that you're not in a position to go forward. They deserve to be able to find another buyer while you mess around selling yours. I'd tell you where to take your reduced offer but they might not, depending on their circumstances

CloudCuckooLand

You don't say that the offer has been accepted...did their EA not question you about your position when you made the offer?

Wellgood

Offer was accepted and yes estate agent knew our position.
Sellers continue to market the house on the basis that we have not sold yet which is perfectly reasonable for them to do so. I don't really want to walk away/withdraw offer as the house is what we want but I am struggling to sell mine at current price, that is why I am thinking of reducing my price to sell but as I mentioned at beginning I would then need to reduce my initial offer. Thanks

hcb42

your offer is meaningless. The house is on the market and no one is liable to buy/sell.

CloudCuckooLand

Go back and explain its been difficult to sell - but lets face it January is hardly the high spot for selling, in any year - and ask what their position is, are they happy to be patient etc.

They accepted the offer in full knowledge, so its up to them...when they get fed up of waiting, they can choose to go back on the market.

It may be that they were on the market for ages, and are so happy to have an offer, they will be as patient as they need to be to keep you happy.

Incyder

helencbradshaw wrote: »

your offer is meaningless.

It is.
You are in fantasy land as you have no money and not even a sniff of it on the horizon.

Pull out now to save wasting furthur time of all those in the chain that thought you were in a position to go forward.

You are staying where you are, get used to the idea.

Linton

Wellgood wrote: »

I have put in an offer on a house in January for 220k on condition I sell my house.
I now realise it was a mistake to offer when I haven't sold mine and should really have waited until mine had sold. I am now considering reducing my price to get a quick sale but this means I would have to reduce my offer for 220k. Do you think this would be acceptable to seller if I explained I was reducing my selling price to speed up the chain or is this a complete non-starter?
I know I have done this the wrong way round but I can't change that now and I have learnt my lesson!
Thanks for any advice

If you are in England (Scotland is different) I dont think you have done things the wrong way round necessarily. It is almost certain there will be a mismatch between the buyers and sellers timescales.

As long as your sellers know that you cannot make progress until you sell they dont need to know any more. It will only confuse things if you try to renegotiate on the basis of a reduced price that you havent actually yet got. And there is always the danger that you will need to reduce the price further and so renegotiate again. At this point they would quite likely regard you as a time waster and give up on you.

If they get fed up waiting for you they will try to find another buyer.

Jenniefour

Wellgood wrote: »

Sellers continue to market the house on the basis that we have not sold yet which is perfectly reasonable for them to do so.

Yes, and since they are continuing to market their property anyway no doubt they are well aware that your's is not under offer and might not sell before another buyer comes along who can proceed. So it's an offer that's been accepted conditional to you getting there first.

And you can ask if they'd consider a reduction if you decide to drop the price on yours. The worst that can happen is they say no - in which case you can then decide what to do.

hcb42

i wouldnt have entertained an offer , personally!