Pulling out after offer accepted

andrewh82

I made an offer on a house last week which was then accepted.

Now the estate agent of another property that I viewed, which was around the same price but not as good, has come back saying they are dropping their asking price significantly, about 15% lower.

Is it good business at this stage to pull out of my purchase?

Or at least threaten to pull out to try and get the one that I've agreed to purchase to come down in price?

I don't think either property has been inundated with viewings and although the second one isn't as good, it isn't many thousands worse.

R_P_W

Good business?

You can pull out at anytime up to exchange. If this isn't the right property at the right price then you should not proceed further.

However, whilst obviously you need to look out for your own interests first, do keep in mind that your actions impact other people.

If you like the other property better and the price is better then go with that one.

Using it as leverage for the property you have already agreed an offer on - well that is up to you.

Guest101

I would use it as leverag eand see what they say, At the end of the day, it's your money you're spending, better spend it on what you want

Goldiegirl

I have to say, if someone had put in an offer which I'd accepted, and then threatened to pull out unless I lowered the price, I'd tell them to buy the other property, I don't like threats

So if you try that tactic, and then find the other property isn't all it's cracked up to be don't go back to the property you originally offered on and expect to be taken back with open arms.

If you mess people around they don't take too kindly to it.

Voyager2002

You are not legally bound in any way: nor is the person selling the house. That can cut two ways...

It would be acceptable for you to withdraw from the agreed house purchase: be polite and apologise for getting their hopes up and then dashing them. However, once you have made an offer you cannot re-negotiate (unless something changes, like an unexpected problem being found in the survey). If I were the vendor and you attempted to reduce an offer that I had accepted, I would refuse to do any kind of business with you since from then on it would be impossible to rely on anything you said.

lessonlearned

Goldiegirl wrote: »

I have to say, if someone had put in an offer which I'd accepted, and then threatened to pull out unless I lowered the price, I'd tell them to buy the other property, I don't like threats

So if you try that tactic, and then find the other property isn't all it's cracked up to be don't go back to the property you originally offered on and expect to be taken back with open arms.

If you mess people around they don't take too kindly to it.

As above.

Leverage?? I think the term blackmail is rather more accurate. If you tried it with me you would be politely but firmly told to take your money elsewhere.

By all means withdraw from the sale and go for the cheaper offer, but do it sooner rather than later, before everyone -including yourself - starts incurring abortive costs.

_Andy_

What do you mean, 'good business'?

If you want house A, buy that one. if you want house B, buy that one.

Feel free to p*ss around the vendor of the first one. If they have any sense they'll tell you to stick it.

andrewh82

Good business probably wasn't the right phrase, 'good practice' is what I meant.

Thanks for the advice in any case

bylromarha

Buyer did this to us last week.

Offer accepted, withdrawn 4 days later as he'd used us as a pawn to get the house he actually wanted round the corner at a really low price.

OH and I have agreed if things fall through with other house we'd only accept his cash if he came back to us with a deposit paid to EA/solicitor when offer is accepted, which we keep if he pulls out again...ie it'll never happen...

If you've ever sold a house, then you know how annoying what you're asking is.

MaxTheCat

andrewh82 wrote: »

I made an offer on a house last week which was then accepted.

Now the estate agent of another property that I viewed, which was around the same price but not as good, has come back saying they are dropping their asking price significantly, about 15% lower.

Is it good business at this stage to pull out of my purchase?

Or at least threaten to pull out to try and get the one that I've agreed to purchase to come down in price?

I don't think either property has been inundated with viewings and although the second one isn't as good, it isn't many thousands worse.

Put an offer in on the other place then tell your current vendors that they are in a competition for your money and the current offer price is what you have offered on the other price. If they don't drop then let them keep their house.

Manchee

I'm surprised no one has asked if you are in Scotland or England?