Reducing my offer after making an offer

s45

Hi, I am buying a property and am very new to this. ,Ssaw one over the weekend (£590,000) and made an offer on Monday of £579000.. The agent has sent the solicitors details etc to move forward with the sale. In the meantime I have spoken to friends and family and have been informed that the house is definitely not worth the asking price. I am paying far too much for the terraced property (they have valued at 550-555).. Is it possible to drop your offer . How can I best tell the agent that I have changed my mind and want to reduce the offer? I don't want the agent to get annoyed and lose the house. . Am feeling stressed and need help. THANKS A LOT.

anselld

Friends and family opinion is no way to value a house.

Do some proper research based on local sold prices and allow for the fact that these are several months out of date. Then tell the agent what you have concluded. It is impossibly to know if you can get it for less and you are at high risk of being seen as a timewaster.

You should also appreciate that you need to be prepared to pay a slight premium to secure the house you love. By definition in an open market you have to be willing to pay more than anyone else. £20k is not a huge premium on £570k purchase.

Lungboy

Wait and see what the valuation report says it's worth

DandelionPatrol

If after consideration as suggested by anselld and Lungboy, you feel you have over offered, then of course you can reduce your offer.

As the seller can then refuse, you must accept that your choice is likely to be between continuing at the original price [and being thereafter in a weak position] or walking away.

s45

Thank u. Just found out that the seller has not accepted the offered value.
Have also made an offer on another property in ruislip. 5 beds at 615k (was on sale for 629K). Offer has been accepted. Own Survey done. 30 page Report suggests some work to be done before contract is signed. Cannot get a quote from a timber specialist to check the dampness until purchased. As suggested by anselled, looked up the mouseprice -value estimated £540K. I seem to have offered a lot. Is there any way I can reduce at this stage? and on what basis?

caprikid1

You seems to be going round in circles with a multiple properties.


I think a lot of people feel they paid to much when they buy a house.


Ten years later they sit round saying how they could never afford the same house now. They go up they go down, they are a home to live in.

glimmerofhope

Please don't think I am being rude, but maybe you need to research the sell prices in an area before making an offer. Better you go in lower than you are willing to pay so that you have room to negotiate upwards rather than trying to reduce your offer. Check out right move and zoopla as you can see sold prices. Also you don't want to be seen as atimewaster.

agrinnall

I'd have to say that in the region of £600K is an awful lot of money to be spending on buying your first house - most people would have worked their way up through several lower priced properties and have gained an understanding of how things work before spending that much. I would recommend taking someone with you who has bought previously so that you can benefit from their experience before leaping in with an unrealistic offer.

Lungboy

Links to the houses?

bobbymotors

to be quite honest, the time for your lowest offer is your first bid,you should have done the research first.
If I were the vendor and you had made an accepted offer and then reduced it later I would refuse and definitely sell the house to someone else.
Maybe that's just me, but if you open your mouth to bid and I accept it then as far as I'm concerned you bought it.

csgohan4

s45 wrote: »

Thank u. Just found out that the seller has not accepted the offered value.
Have also made an offer on another property in ruislip. 5 beds at 615k (was on sale for 629K). Offer has been accepted. Own Survey done. 30 page Report suggests some work to be done before contract is signed. Cannot get a quote from a timber specialist to check the dampness until purchased. As suggested by anselled, looked up the mouseprice -value estimated £540K. I seem to have offered a lot. Is there any way I can reduce at this stage? and on what basis?

Have you researched the house prices in the area. Mouseprice is a guess at best. What have other properties in the area of similar size sold for? Is it a buyers market?

I would always offer lower than offer price unless it's London or a high demand area. How much lower depends on how much the house is worth to you.

If your not happy with the price, perhaps you should reduce your expectations and price you can bid for.