Is it too late to renegotiate after a deal has been agreed?

extramile

There is a property that I really like in the town centre (yield over 5%). Its a wonderful 1 bedroom studio with a great view and has a lot of interest from letting agents. Furthermore I wanted this property from the very start but someone had already made an offer when I began looking for buy to let properties. The estate agent also said it was under offer and the person had put in a few thousand less than the asking price. The vendor also wanted a quick sale as he is funding a London theatre show and I am a cash buyer.

Then last week unexpectedly the estate agent called me to say the previous buyer had pulled out and the property was available. So I rushed over there and on the advice of the estate agent put a bid at full asking price to take the property off the market (there was a real hard sell by the estate agent). The vendor has now accepted the offer.

However I feel I offered about £5000 more than I should have by bidding at full asking. I am now wishing I had started with a lower offer and then worked up, I know its a lesson I'll learn from.

Question is what would you do if you were in my position, do I have any options for renegotiating after the deal has been agreed? I don’t want to lose this property or [FONT=&quot]aggravate the vendor so they pull out on me [/FONT]and I haven’t instructed a solicitor as yet.

Lord_Baltimore

You can change your mind any time before exchange of contracts without financial penalty. Not sure the vendor will accept a lower offer though....

monty-doggy

Is it possible for you to negotiate after survey, on the basis of the survey results?

Guest101

yes, but you can negotiate at any point, until contracts changed hands, for any reason, or no reason

R_P_W

You offered full asking price on the advice of the estate agent?! You sure this buy to let game is for you? Especially when you know the previous sale price was less and the seller is looking for a quick sale.

midnight_express

You sound very naive. The estate agent works for the seller not the buyer.

dimbo61

YEILD OVER 5%
You want more like 8/10% to make a profit and Run a business

G_M

Agree. Naive.

If you can be so easily influenced by the seller's representative, are you sure you would make a good landlord.

Will you be similarly led by the nose by your tenants? Or even by your own letting agent?

Why

I wanted this property from the very start

?
You sound more like a FTB falling in love with your dream home than a business person looking for a good investment.

But yes, you can renegotiate price any time till there is a binding contract (Exchange). But it is poor practice.

As a seller, I would not trust you an inch if you dropped your offer for no reason other than that you now want a better deal.

I'd tell you to take a hike.

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