Withdrawing an offer

Hoploz

You must tell them as soon as you make a decision, so they don't get messed around. No one will think it unreasonable, as there is a good reason, it's not just a whim. Tell the agent that it is with a heavy heart, having found out about the problem. Far better to pull out now than further down the line.

fairy_lights

It's such a difficult decision, as soon as we saw the house we fell in love with it and it really was everything we were looking for, as well as being under budget. The thing that makes it hardest is that it's impossible to know exactly what the impact of the new development would be; it might improve the area and the noise levels might not be that bad and by pulling out we might be missing out on a great house. But on the other hand, the noise and increase in traffic could be terrible and we could end up with a house that no one wants to buy in a few years.

Glover1862

If it's a first time buyer house and not too expensive then normally that type of property shifts quite quick, what you see as a potential problem others might not so you could always sell it, remember you only need one buyer, dont need to sell it twenty time over with a line of buyers.

Like you said it might improve the area, you might not find anything better at the price. They'll always be something that could be better in any house, sometimes you can overthink the situation, just another view. Has the house been marketed long?

greatgimpo

The quicker you withdraw, the less costs you'll incur from your solicitors etc. for the aborted purchase.

fairy_lights

Glover1862 wrote: »

If it's a first time buyer house and not too expensive then normally that type of property shifts quite quick, what you see as a potential problem others might not so you could always sell it, remember you only need one buyer, dont need to sell it twenty time over with a line of buyers.

Like you said it might improve the area, you might not find anything better at the price. They'll always be something that could be better in any house, sometimes you can overthink the situation, just another view. Has the house been marketed long?

It's actually been on the market since last July :eek:
We did find it strange that it had been on the market so long but it was quite overpriced to begin with and the price had been lowered several times before we looked at it. We asked the agent why it had been on the market for so long and were told that people who viewed it had thought the garden was too small or been put off because the parking in the street isn't great.
I know one other party had put an offer in a few weeks before ours, which was rejected as it was too low. It must have been a very low offer indeed because we offered 5k below the (already reduced) asking price and it was accepted instantly.


As I type this out I can start to see very clearly that it's not going to be a good investment If in 6 months, no one, not even a buy to let investor wanted to buy it, it doesn't look good does it?

Glover1862

Ah, that changes things, I had my offer accepted and taken off the market within 24 hrs of it coming on, so fairly confident it would sell if it didn't work out for me, funny enough the thing I was worried never was a problem if it had been then a FTB or blt would snap it up.

squirrelchops

Hedgehog99 wrote: »

Assume your offer was "subject to contract"?
This is the time you would have asked your solicitor to do the searches etc & something such as the field opposite being due to be built on would come up. That's a justified reason to withdraw your offer.

100% agree with this. That's why it is stated as sold subject to contract so you and your solicitor are able to complete checks before final exchange and completion of contracts.

tillycat123

I'm in the same boat.
Offered full asking price as I was played off against a FTB only to find out HS2 is going to be 500m away!

I've read every report produced hoping to find a glimmer of hope but it's not reading well.
I've said I'm not happy to proceed at the full price and offered 5% less despite everything I'm reading saying a drop of at least 10%, they claim they were totally unaware of the project running past the village!

I think I'm going to have to walk away which is such a shame as the house was perfect but I can't afford to be stuck with a lemon for years and years.

rosie383

I think there is no way they could have been unaware of HS2 being so close unless they have been living in a bubble. Shame that you have to walk away from a house that you really wanted.

samba

Soon after we bought our house they started building on the school playing fields behind us. The development has added value to the area as they built a new school, medical centre and all sorts. Our house has just as good access to these facilities as the new houses, but is cheaper and more affordable so easier to shift.

The OP has clearly talked themselves out of it already, but if it was me and I loved the house I would go for it. All the houses we have bought have been adequate for the purpose, but we are yet to find one we really wanted - we are currently moving, and again the new house serves our purposes, nothing more.