Lowering your offer ?

Adly812

Ok, so if you make an offer on a property that gets accepted. Solicitors are instructed. But then you realise, mmm this property isn't quite worth the amount your paying. After Zoopla estimates and passed figures, I think I'm paying £2000/3000 more than it's worth. Can I reduce my offer, or am I tied to my original offer, unless I pull out completely ?

ACG

If you did this to me as a vendor based on Zoopla, I would relist and disregard you as a buyer.

Zoopla is an estimate. If it estimated the purchase price as more would you go back and increase your offer (no question mark as it is not a real question).

Is the property worth what you offered in YOUR opinion or not?

juniordoc

Some figures out recently show prices are falling so not unreasonable that you could drop your offer
http://www.thisismoney.co.uk/money/mortgageshome/article-4414318/Average-UK-home-falls-1-000-value.html

kilby_007

Changing your mind and reducing your offer is perfectly fine, but not based on a Zoopla estimate!

Adly812

I understand it causes a lot of stress gas underwing. But I do feel I stupidly went in too high. If you can recommend a more reliable source to get a market valuation, please suggest it in the comments, as if zoopla is not accurate or rated, which is? Besides a survey report.?

Tiners

Nothing wrong at all with reducing your offer at any point prior to exchange for any reason at all.

It's a business transaction,

The majority of vendors seem to suffer no compunction when it comes to putting their properties on the market for inflated asking prices that bear no relation to what would be considered reasonable market value in line with what other comparable properties have recently sold for, obviously hoping that someone will be naive and gullible enough to pay it, so treat them accordingly.

glasgowdan

Smb3088 wrote: »

I understand it causes a lot of stress gas underwing. But I do feel I stupidly went in too high. If you can recommend a more reliable source to get a market valuation, please suggest it in the comments, as if zoopla is not accurate or rated, which is? Besides a survey report.?

Why "besides" a survey report? Between that, and what you're offering, you know pretty clearly what it's worth.

Adly812

Sorry I meant gazundering lol. (A typo above) I'm happy with what I've found and I think it's ticked majority of the boxes, but slightly overpriced. Yes I may come across like I am confused and contemplating ... But I'm buying a house, I'm scared, hesitant and just trying to Avoid at all costs making a mistake. So I'm researching, possibly too much .... Which is adding to questions and confusion... I'm so upset I'm buying in this inflated market, as I feel two years ago I'd have got a lot more for my money.. But hey... No point stating the obvious and "what if " scenario. So

Cakeguts

A house is worth what someone will pay for it. It isn't worth what Zoopla says or what the estate agent values it at. If you want to offer less you have to be prepared for the seller putting it back on the market. What you are paying is the value of this house because that is what you were prepared to pay for it. What happens to its value in the future no one knows.

kilby_007

Zoopla lunacy aside, I have to say the odds are in your favour at the moment with prices flatlining and now in reverse in most areas. The seller would be risking further losses if they relisted the property and it sat on the market for another couple of months. Not sure what your 2/3K is as a % of the asking price, but you might well find they swallow it. The question is, will you then be worried that the house price will fall further once you've bought?

sulphate

We accepted an offer on our house 6 weeks ago and if our buyer suddenly dropped her offer for no real reason then we would tell her to forget it and it would go back on the market. Would be different if the survey had shown real problems. But for no other reason than "I've decided it's not worth that to me", well, is she just going to keep messing us around.

That being said we live in a popular area of the country and our house was on the market for less than a week, so I wouldn't be worried about finding another buyer quickly.

I guess it depends if you are prepared to lose the house for a couple of £k, are there an abundance of properties in the area in your price range? I guess it depends on what the market is like in your area as to whether it's a wise idea or not.