Offered too much ?

GDB2222

You are looking in the wrong part of the country, mate. How about this one for £27k? http://www.rightmove.co.uk/property-for-sale/property-30809800.html

"By order of the mortgagee in possession we would advise that an offer of: £26,750 has been received for the property 79 Cog Lane, Burnley BB11 5BG. Any persons wishing to make an increased offer should notify the agents: Bridgfords, 1a Manchester Road, Burnley BB11 1HQ, T: 01282 439232."

sharpy2010

SmarterBankingSolutions wrote: »

Just withdraw your offer. If you are no longer happy with the price you agreed at then withdraw it. You are well within your rights!

Completely agree with this.

You are within your rights to -:

1) Rescind your offer and walk away
2) Reduce your offer if that is what you wish to do

Good luck!

sharpy2010

McKneff wrote: »

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.

Unfortunately the only person who would lose out with that sort of attitude is you :-(

sharpy2010

GDB2222 wrote: »

You are looking in the wrong part of the country, mate. How about this one for £27k? http://www.rightmove.co.uk/property-for-sale/property-30809800.html

"By order of the mortgagee in possession we would advise that an offer of: £26,750 has been received for the property 79 Cog Lane, Burnley BB11 5BG. Any persons wishing to make an increased offer should notify the agents: Bridgfords, 1a Manchester Road, Burnley BB11 1HQ, T: 01282 439232."

Its in Burnley! That explains the price!

McKneff

sharpy2010 wrote: »

Unfortunately the only person who would lose out with that sort of attitude is you :-(

I know that, thats why i said what I did in my post, about cutting off my nose................

The_Palmist

Call the agents and revise your offer but be prepared not to give in to any BS they might try on you. Some EAs are known to be pushy and rude, so be prepared.

KateLiana27

You could try calling up and saying your circumstances have changed, and now the most you can offer is £x 000.

I suppose this is strictly true. Your circumstances have changed in that you have educated yourself on the local market, and now can't bring yourself to offer more than you know it to be worth.

hazyjo

Has the mortgage valuation been done yet?

You do know that if you did go for the repo, it'd be open to other offers until exchange? tbh, I'd rather pay an extra few grand and have a house taken off the market than go through the stress of buying a repo. Up to you though. If you did go for that, you might end up with neither house though! Repos are generally a fair bit cheaper, so not the ideal one to compare prices with.

If you were buying off me and said you were reducing your offer, I'd presume you were gazundering me and would probably cut my nose off to spite my face and put it back on the market.

All depends on how desperate they are for a buyer, I suppose. The research really should have been done first. If you don't go back with a lower offer, you could always hope the valuer undervalues it. Then you'd have a leg to stand on when asking for another reduction.

Jx

overnetworld

sharpy2010 wrote: »

Its in Burnley! That explains the price!

Why are houses in burnley so cheap ? (if I wasn't down south i'd buy to let...but..then...(i'll research that, if anyone is from the area would be interested in your view)).

No valuation has been done at present, I'm aware i'm not committed to buy and was just thinking of the best manner of revising the offer. Will call up agent in morning, will post an update.

The skeptic in me is thinking the market is only going to get worse so I should hold out.

RobertoMoir

sharpy2010 wrote: »

Unfortunately the only person who would lose out with that sort of attitude is you :-(

Well yeah but that's how it stands - I agree with McKneff's approach to be honest, the seller is well within their rights to feel like they've been messed about and not do any further business with the person who messed them about.

The OP has the right to reduce or remove their offer.

The seller has the right to refuse to do any further business with them.

It's a risk of losing a good sale or good purchase that they both have to take.