Revised Offer - What do I have to declare?

anotheruser

Hi

I sent a revised offer to the estate agents today as there's a bit of work that needs doing to the house we're planning to buy.

If the estate agents want to know how we've come to that reduction, do we have to fully explain? If they say the owner won't accept then should be threaten to pull out?

To be honest, the owner is really nice and I should think she would be okay with the small drop but not sure if the EA would play blind mans buff or whatever.

House price: £140,000
Revised offer: £137,000

eddddy

anotheruser wrote: »

If the estate agents want to know how we've come to that reduction, do we have to fully explain?

You don't 'have to' explain anything.

But perhaps look at this as though you are the seller. And a buyer says to you:

"You and I agreed a price of £140k. I now want to back away from our agreement and only pay you £137k instead, and I'm not going to tell you why."

What would your response be?

Cakeguts

If I was the seller I would suspect that this would be a sale that wouldn't complete because you obviously don't like the house enough to buy it. So my suspicion would be that the seller would reject your revised offer and then not care if you pulled out because they wouldn't expect it to complete anyway. Are you prepared to lose this property?

Davesnave

I'm 'really nice' too, but if someone agreed a price for my house and later decided to gazunder me, I might be rather short with them and ask what had changed.

If they had no specific reason and then threatened to pull out without the reduction, I'd think there was no real commitment there and re-market immediately.

I've had my time wasted before.

G_M

I can't really be;ieve you are asking this question.

Or cannot guess what the answer is.

iantojones40

Is your revised offer as a result of issues thrown up following a survey?
Issues that weren't previously declared or immediately obvious at the viewing?

If so then you've got perfectly reasonable grounds for reducing your offer.

Even if your revised offer is just based on a realization that you underestimated the scale and cost of work required then there's still no harm in submitting it, especially as it's such a modest amount.

Unfortunately you'll get a lot of bad advice on here with comments along the lines of '' I'd tell you where to go and re-market it immediately'' etc etc... these are just people who have their own agendas and are quite obviously very worried about any perceived or real change in sentiment regarding the housing market, anything other than a sellers market with hpi forever is obviously something that causes them a great deal of concern.

Davesnave

iantojones40 wrote: »

Unfortunately you'll get a lot of bad advice on here with comments along the lines of '' I'd tell you where to go and re-market it immediately'' etc etc... these are just people who have their own agendas and are quite obviously very worried about any perceived or real change in sentiment regarding the housing market, anything other than a sellers market with hpi forever is obviously something that causes them a great deal of concern.

You're as entitled to your opinion on this as much as anyone else, but when you lump others together and ascribe a particular set of beliefs or motives to them, without evidence, it significantly devalues what you have to say.

MerrilyA

You don't have to give a reason why but I think you should. There should be a plausible reason for you to change your offer after you've already given one.

This is also a learning point for the future for you to ensure you do your calculations and work out rough costs for things to inform you of what to offer. If you had offered subject to a reasonable (whatever that means to you) survey then it's ok to go back and reduce your offer based on that if needed.

societys_child

there's a bit of work that needs doing

Most houses "need a bit of work", depends what it is? Did you not see it when you made the offer?

If I was the vendor, I'd certainly be interested in the reason(s) you want £3k knocking off, you might do it again, and again . . .

iantojones40 wrote: »

Unfortunately you'll get a lot of bad advice on here with comments along the lines of '' I'd tell you where to go and re-market it immediately'' etc etc... these are just people who have their own agendas and are quite obviously very worried about any perceived or real change in sentiment regarding the housing market, anything other than a sellers market with hpi forever is obviously something that causes them a great deal of concern.

Rubbish.

Linton

Do you want the house or not? If you want it is £3K out of £150K worth the hassle and the possibility of losing it? When you sell in say 10 years time will you remember exactly what you paid for it? Will you care? If you dont want the house drop out completely and look for one that more closely meets your needs.

kingstreet

I'd ask to see a copy of the valuation report and establish the current value and the value after any essential repairs.

These figures would determine how I would react to a request for a price reduction.

No copy of valuation, no renegotiation.

I advise my vendor clients to request the same.