I offered too much for a house. What now?

dominoman

Thanks everyone for the good advice. I have been researching more and we really have offered 100k more (20% more) than the next highest priced ever sold, and given that that was only two months ago and a larger house I know we are paying too much.

Is there any way to verify the agent's story of what the other house sold for? It's too early for it to appear on the land registry I think as it only sold last month (and therefore maybe hasn't even completed yet)

BTW - The house is in SE London

hcb42

if in London, and you have doubts, then just pull out. You are not bound until exchange of contracts

sinbad182

Jesus Christ, 100k over the next most expensive house, which is bigger and was only sold 2 months ago?!

Stop fannying around on here looking for justification for what is an enormous oversight on your part - just pull out or renegotiate for gods sake.

curedham

dominoman wrote: »

Is there any way to verify the agent's story of what the other house sold for? It's too early for it to appear on the land registry I think as it only sold last month (and therefore maybe hasn't even completed yet)

Apart from knocking the door and ask directly, I don't think there's any other reliable way.

I would pull out if I were you, there's no financial penalty anyway. Unless you really love this house and plan to make it your forever home (although I don't really believe in such concept).

DominicJ_2

Until you exchange contracts, you can walk away
******
Unless you are in Scotland

dodger1

R_P_W wrote: »

Biggest mistake you made is believing the words that left the agents mouth! Sounds like you been played

No, biggest mistake was not doing their own homework before making an offer and indeed before even viewing.

ruggedtoast

dominoman wrote: »

I have been looking for a house for a couple of months, and last week saw one I liked.

I offered 540 for this one. That was 40k over the asking price, but the agent told me there was lots of interest and a couple of other offers over asking that had been declined. The agent also told me that a neighbouring identical house sold for 560k, but I later checked and found out that one was over 20% larger, plus had a parking space.

My 540k offer was accepted, but now I think I have overpaid. I researched and found out that identical houses in the street have sold for 30-40% lower prices in the last year.

Obviously I know this is all my fault, but I got carried away by the frenzy and by the agent's tactics to make me pay more.

What can I do? I still love the house and haven't found anything else, but feel I am overpaying by at least 100k.

You want to pay half a million pounds for a house that doesn't have a parking space?