Offered too much ?

overnetworld

Good Morning ladies and gents,

Update 9/8/11 - there has been a development, please see full post on page 2 but in brief, I resubmitted at 55 and got turned down, withdrew my offer with the repo in mind but that is going to complete this week (wasn't told that )

My current predicament is I have offered 57,500 (which was accepted) on a small 3 bed semi-d house on the market for 62500. After doing some research and 10 more viewing I have come to the conclusion that 57k is the top price anyone would pay for that area (there are an abundance of prop on the same st).

Also I would be able to get a larger 3 bed about 5 miles away for the same price, maybe slightly less (both areas are on par).

I was thinkng about ringing up the agent or going in (but its a 50 mile round trip) and telling them "i've done some research and would like to resubmit? my offer at (52?, ideally i'd be happy with 54-55 for that prop). Since speaking to them last I have solicitors (any experiences with Birchall Blackburn) and mortgage and in order and can provide them the details straight away should they accept".

I've only viewed the property once on a sat afternoon, should I view again ? There is a repo down the road listed for 54,950k (haven't been able to book viewing but possibly has slight damp originally had an offer of 54 but that appears to have been withdrawn.

What do you think ? Also they have changed the listing to SSTC on their website but I haven't stipulated any of the terms andrew suggests in his post (only just read it)/

Thought/advice/ideas appreciated.

thanks, im off to bed.

HappyMJ

I'd pull out of the deal completely if you are having second thoughts and put in an offer for the other properties you have found.

Grimbal

I'm a bit confused (is easily done): you offered on a property, then did your research & viewed a further 10 properties?

It might have been better to do it the other way around ! There's nothing stopping you resubmitting your offer, but you would run the risk of the vendor walking away & you looking unprofessional to the EAs (not that they're never accused of the same!). If this deal falls through, then next time just take a step back, do all of that research and then offer.

J_i_m

I don't know how these things work, but I think changing your offer after it was accepted is really poor form.

You'd save more face by pulling out altogether.

DVardysShadow

overnetworld wrote: »

... I've only viewed the property once on a sat afternoon, should I view again?

More haste less speed.

Don't offer until you have viewed twice. View first time, decide whether you like it or not. Then if you do, think it through in detail for a day or 2, concentrating on features of the property, but also thinking about an offer and view again. If it still meets aspirations, then think for a day or 2 on your offer, then put in an opening offer. If your opening offer is accepted, you started too high.

Now, with this property, if you had started with an offer of say 52 and been accepted at 55, the vendor will be almost as happy as they are now. But the deed is done, you have been accepted at 57.5 and if you achieve a drop to 56, it will be an 'over my dead body' result and you will have one very sore vendor. I'll warrant that they will be happier to sell to a new buyer at 55 than they will be to let you drop to 56.

The damage is done, your best options are either to stick with your offer or to withdraw.

If you stick with this one and go to survey which then reveals issues and you renegotiate, then fine - do renegotiate on what is raised by the survey. But don't mention anything arising form your current doubts and don't try to recover your mistake under the cover of the survey.

overnetworld

Thanks for all the views and replies.

To clarify I did do some research before but my opening offer was swayed by the agent telling me a previous offer of 59k had been accepted but the buyer had issues getting a mortgage, also the repo was under offer for 54/55k (no longer is). I though for the asking price 5 grand below would be reasonable. The other vewings are in a different local authority not too far away.

When I made the offer of 57.5 the agent did say the vendor would accept 57.5 but not a penny less.

If it makes any difference the property is owned by a company (investor?) but I can't find any details of a purchase of the property on mouseprice so maybe they bought before 1995 ?

What would be the chance of a company walking away ? For resubmitting what would be the best strategy, should I

a) Withdraw my offer, tell the agent i'm viewing the repo (and view and offer on the repo). Thinking if my offer on the repo is rejected return to this property and start at 53/54 ?

b) Have a conversation with the agent as originally mentioned.

c) withdraw and get someone else to view and submit orfers on my behalf.

poppysarah

reduce your offer if you want to go for that one.
If there's an abundance though will a little wait get you something cheaper?

angelsmomma

Whereabouts is the one you offered on? there is a vast difference in the areas around Blackburn

McKneff

Im a bit of a cut my nose off to spite my face off sorta person.

If you came back to me with a lot lower offer I'd just tell you to 'do one mate'

If your not happy with the house, just withdraw your offer.

sharpy2010

J_i_m wrote: »

I don't know how these things work, but I think changing your offer after it was accepted is really poor form.

You'd save more face by pulling out altogether.

No, its a business proposition, not someone trying to make friends.

You really shouldn't care who you upset/annoy when making a business transaction, as... its purely business.

shortchanged_2

Just out of curiosity, where is it that you can buy a 3 bed semi for around £60,000?