Lower house offer before exchange?

Adele79

Hi looking for some advice.i am due to exchange on a house in a couple of weeks and considering whether to offer a lower asking price than our accepted offer.we originally offered asking price on a property and offer was turned down as a lower offer was accepted from a first time buyer.our house is sold to a couple renting.as a result we increased our offer to about 5k over the asking price and the seller said to the estate agent they want to know our best offers.we increased slightly further not knowing if they would increase.our new offer was accepted and they have since found a property.their seller's have found a new build.completion date is in a month. As we know the seller's would have accepted a lower than asking price offer before for a first time buyer we are now considering asking price only in the hope they will accept or pass on this to the top of the chain.should I take a chance to save this money as the estate agent was clearly playing a game with us?what do people think?Please help!

kinger101

Given property prices have risen since your original offer was accepted, they might well just stick it back on the market and tell you to fornicate off. They've already shown they're prepared to walk away from previously accepted offers.

The only game the estate agent was playing was called getting the best price for their vendor. And carrying out their legal duty to pass on all offers to the vendor. A game you willingly played along with for your own advantage. If anything, I have sympathy for the first time buyer, but hopefully they found at who they were dealing with at the start of the process before incurring costs.

phill99

JuneAB wrote: »

Have you exchanged contracts?

Have you actually read the title of this post?

hazyjo

Either you renegotiate after a survey or you don't. Gazundering isn't nice. How would you feel if someone did it to you.

I would tell you to either pay the agreed price, or go find another house.

Jx

Running_Horse

Are you prepared to lose this house and find another?

Davesnave

So, you went to best and final offers and now you want to renege on the winning offer in the hope that the deal will still stand.

How can we 'help' you decide whether to do this or not? We aren't you, or your vendor, so we have no idea how much you want the property, or how this might play out.

As someone who's always known exactly what they want from a property transaction, the concept of endangering a done deal is alien, but so is giving-in to someone who wants to go back on an agreement.

I dunno; toss a coin? May as well, especially as we don't know the market where you are. In your place, I'd see this kind of thought as sign that I didn't want the house enough. That would worry me more than a few £k.

warby68

Its not a game - its their job! Best offers is a better way to go than constantly playing off buyers £100 at a time. Your logic may be wrong- they may have accepted the lower offer originally but quickly learned they could get more and enough to warrant them chancing a non FTB. They may stick with that thought process.

What you are planning is pretty much 'lowest of low' in property buying - a last minute attempt to renege and get a lower price. I get that buyer's remorse happens especially in a bidding war, and could accept it in the every early stages after an offer is made but this far the down the line? You will look unscrupulous to most and I for one would NOT sell to you as how do I know you won't do something sneaky again even closer to exchange, or on the day etc etc

It happens, sure it does ,but it is one of the most unpopular strategies going and prepare to lose the house.

ManuelG

warby68 wrote: »

It happens, sure it does ,but it is one of the most unpopular strategies going and prepare to lose the house.

...whilst also preparing for the estate agent not to take seriously any offers made later on other houses.

If I were the OP's seller my response to a lower offer for no reason would be two words, two syllables in total. First rhymes with duck.

metamatic

You have a certain amount of leverage over them as I imagine they will not want to risk losing their new build.

However it really is a bit naughty. If the survey had come back saying the roof was falling in then fair enough but not simply because you think you have paid too much.

If the vendors do cave in then they will still have a major grudge. Depending on how vindictive they are they may find other ways to get back at you.

Remember, they know where you live!

Adele79

Hi not exchanged yet thanks for replying

Adele79

Hi no we definitely want this house what do you think?