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Pulling out after offer accepted

andrewh82 · 2013-06-10 17:38:38

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…

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rrtt Posts: 227 Forumite

11 June 2013 at 12:19PM

It's unfortunate for both sides, both vendor and would-be buyer when this happens - but that's life and it does. I'd go with my heart, what feels right - but you need to act swiftly and apologise big-time to the vendors who accepted your offer if you now do a U-turn. I wouldn't use it as a bargaining lever either - you could quickly acquire a poor reputation amongst EAs and other vendors in the area (word can spread quickly esp if someone has a grump about it on twitter or facebook).

Further, this carries the possibility it could turn round and bite you in the bum - eg survey on 2nd house shows up somethin.g horrendous. Meanwhile first house have accepted another offer ..

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