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House Offer

edited 31 October 2013 at 2:27PM in House Buying, Renting & Selling
9 replies 708 views
Jessica1980Jessica1980 Forumite
9 Posts
Eighth Anniversary Combo Breaker
edited 31 October 2013 at 2:27PM in House Buying, Renting & Selling
Hi there

A couple of months ago I had an offer accepted on a propertyfor £160k and the sale seems to be proceeding nicely, however, I have since foundout through a reliable source that an offer was accepted before me for £147kbut the buyer pulled out.

Initially, I was very happy that my offer had been acceptedand felt like I was getting a good deal but hearing this news has taken theshine of the whole experience to a point where I’m not sure I want to proceed. £13k is a massive deal and I’m finding ithard to forget it.

Should I just let it go and try and look forward or is theresomething I can do to renegotiate the price?

Many thanks

Jess

Replies

  • CAN1976CAN1976 Forumite
    263 Posts
    160 - 157 = 3 not 13. Was the previosu accepted offer at 147?

    If you were happy with what you were buying at 160, then nothing has changed apart from your perception of the value of what you are buying.
  • Jessica1980Jessica1980 Forumite
    9 Posts
    Eighth Anniversary Combo Breaker
    Sorry, yes it was £147k.
  • googlergoogler Forumite
    15.8K Posts
    Part of the Furniture 10,000 Posts Combo Breaker
    ✭✭✭✭✭
    Where do you get £13k from?

    160-157 = 3

    3/160 = 1.875 percent of your offer. You're worrying/deliberating over a variance of less than 2%. Let it go.

    Edit: crossposted, but you still have to let it go, no matter how reliable your source.
  • Hi there

    A couple of months ago I had an offer accepted on a propertyfor £160k and the sale seems to be proceeding nicely, however, I have since foundout through a reliable source that an offer was accepted before me for £157kbut the buyer pulled out.

    Initially, I was very happy that my offer had been acceptedand felt like I was getting a good deal but hearing this news has taken theshine of the whole experience to a point where I’m not sure I want to proceed. £13k is a massive deal and I’m finding ithard to forget it.

    Should I just let it go and try and look forward or is theresomething I can do to renegotiate the price?

    Many thanks

    Jess
    Doing my sums you are 3k better off.....:rotfl:
  • newbie1980newbie1980 Forumite
    2K Posts
    Tenth Anniversary Combo Breaker
    ✭✭✭✭
    markets have picked up a lot since that offer was probably put in
  • Hi there

    A couple of months ago I had an offer accepted on a propertyfor £160k and the sale seems to be proceeding nicely, however, I have since foundout through a reliable source that an offer was accepted before me for £147kbut the buyer pulled out.

    Initially, I was very happy that my offer had been acceptedand felt like I was getting a good deal but hearing this news has taken theshine of the whole experience to a point where I’m not sure I want to proceed. £13k is a massive deal and I’m finding ithard to forget it.

    Should I just let it go and try and look forward or is theresomething I can do to renegotiate the price?

    Many thanks

    Jess

    does that mean that if you sell your property in a few years, you will not increase its price more than inflation ?
    sure you will.... as time goes by, so has property prices in this part of the world.

    if you are happy with £160k and it suits your budget, there is no harm in paying that money
    think of it as a security in the sense that the vendor is very unlikely to pull out of the sale, and you can have that peace of mind at least.
  • That is quite a big difference and no-one wants to over-pay.

    What has your mortgage valuation come back at? Have prices risen much in your area since the previous buyer pulled out? Do you know anything about the previous buyer - are they close to or related to the vendor? What position to proceed was the previous buyer in? Did their offer include all the land, or maybe the buyer was throwing in a brand new car for good measure!


    Ok, the car is a bit far-fetched, but the point I'm making is you're unlikely to know the full details of the previous buyer so shouldn't assume the vendors would have accepted YOUR offer at below £160k.

    Stop brooding on what somebody else MAY have agreed, and focus on whether your valuer, the local market and neighbouring properties agree your £160k offer is fair.
    3.9kWp solar PV installed 21 Sept 2011, due S and 42° roof.
    17,011kWh generated as at 30 September 2016 - system has now paid for itself. :beer:
  • Jessica1980Jessica1980 Forumite
    9 Posts
    Eighth Anniversary Combo Breaker
    Thank you for your responses.

    The previous buyer was in a much better position than me. A cash buyer who was ready to move and wanted a fast sale.

    I just need to wipe this out of my mind and appreciate that I'm buying a house that once renovated will become my stunning home and that will be priceless!
  • Thank you for your responses.

    The previous buyer was in a much better position than me. A cash buyer who was ready to move and wanted a fast sale.

    I just need to wipe this out of my mind and appreciate that I'm buying a house that once renovated will become my stunning home and that will be priceless!

    A cash buyer will always get a better deal because he can negociate that - especially depending on the property state.

    I would recommend you indeed wipe it out of your mind and enjoy your new adventure.
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