Withdrew offer on house, still interested albeit at lower price?

norm_

Disclaimer: I'm a FTB so I'm new to all this.

I know this bad but hear me out, I originally made an offer 15k below asking on a house, seller refused fair enough. Within two days EA comes back saying another buyer is very interested, followed by a call 5 hours later saying the seller has accepted their offer. I asked what price they agreed to see if I could better it, EA wouldn't say, only that 5K below asking wouldn't be enough..

The next day even though I had doubts as to whether the other buyers even existed, I was still caught up in the idea of missing out, I said I would pay asking price. Which to no great surprise the seller accepted later in the day ...

The following two days were full of nagging doubts the EA had invented the situation to pressure me into upping my offer because I wasn't reacting as quick as they'd like (seller is moving into new build supposedly). I began to realise the house was overpriced looking at similar in the area and because the bathroom needs modernising, complete refit. So I decided I would withdraw my offer, knowing this is a major let down, but I told them as soon as possible within a relatively short time span as house sales go.

Now fast foward 10 days. The seller has dumped the original EA for a new one (whether this has any significance I don't know?). Property is still on at the same price, I'm still very interested but I think 10K off asking is a more realistic price.

A) Should I go back with another offer (knowing full well the seller probably has no interest in dealing with me?)
What's the best way to approach making an offer.

TLDR; made too high a offer on house, withdrew offer, want to buy at lower price, will I look a fool or is it worth doing?

Money_saving_maniac

Give it a punt but you definitely have to wait until the house has been on for a bit with the other EA with no buyer in sight. That's the only way the homeowner will accept it's overpriced.

[Deleted User]

Its hard, i hate the fact you can be up against someone else and have no idea if the bid is real and how much its for...

Clutterfree

If I were the seller I wouldn't be interested in dealing with you.
You made an offer and then backed out so I'd not trust you to do it again further down the line.

eddddy

Firstly, you should continue negotiating through the same EA you previously dealt with.

(If you make an offer through the new EA, the seller will probably have to pay 2 lots of fees - which would make them less keen to accept your offer.)

And because of your previous withdrawal, the EA/seller may think that you're a bit 'flaky' and likely to change your mind again. So you might need to do some convincing.

ellie27

If I were you I would get in touch with the old estate agent, the one you dealt with, and ask what happened? They might tell you or they might not, but you should ask.

It all sounds very weird, so much so that it would put me right off!

If I were the seller, you made an offer, you upped it to asking then you withdrew, now you want to make an offer again.......just going on that info... I would tell you where to go!

hazyjo

You were introduced by the old agent - so they will probably be the ones paid. The new ones are unlikely to want to work for nothing, so you may find you're dealing with the old ones again...

tbh, you could try to speak with the sellers, but remember it may well have been them, not the EA who had made the decisions. Best you can do is speak with them direct to see if the EA had put your lower offer forward and whether they had declined it - take it from there.

Personally, I'd leave it a month or so, then if still available, say you'd be happy to renegotiate as it was merely the price that was putting you off. Although chances are if they don't sell, they'll drop at least £10k anyway... personally, I would sit tight. If it's meant to be, it'll be...

Jx

norm_

Deleted_User wrote: »

Its hard, i hate the fact you can be up against someone else and have no idea if the bid is real and how much its for...

Yeah that's what frustrated me. Call me a cynic but when a house has been on the market 7 weeks it seems very convenient for the buyer to accept an offer within 48 hours of me showing real interest. It's such an easy tactic to employ.

What would be required would be an industry certified online system with total transparency registering all offers with details of buyers.

norm_

ellie27 wrote: »

If I were you I would get in touch with the old estate agent, the one you dealt with, and ask what happened? They might tell you or they might not, but you should ask.

What do you mean ask what happened? As in why the other buyers didn't agree to buy it? Or why it's with a different EA?

[Deleted User]

norm_ wrote: »

Yeah that's what frustrated me. Call me a cynic but when a house has been on the market 7 weeks it seems very convenient for the buyer to accept an offer within 48 hours of me showing real interest. It's such an easy tactic to employ.

What would be required would be an industry certified online system with total transparency registering all offers with details of buyers.

I had a similar experience, house on market for 3 years, I view then decide to have a think about it.
Get a call from the EA saying someone has put an offer in although it's likely to get knocked back.
Then get a message 2 days later to say the house is still available...

The whole thing stinks sometimes and there is a lot of dodgy stories you hear...

Derboy

At the end of the day, whether another offer does or doesn't exist should have no bearing on what you're prepared to pay. The house is either worth it to you or it isn't. Set your budget for each property that you're interested in and stick to it regardless of any other offers. Market value is one consideration but the value to you is another.

I wouldn't be interested in dealing with you if I were the vendor but you need to go through the original agent (as their introduction is still valid). You may have better luck doing it that route anyway as it gives them an excuse to get back in touch with a lost vendor and try to revive the deal. The agent will be more motivated to push for you as they've otherwise lost the client to a competitor anyway.