First offer accepted

Ruthieo28

The property guide price was 425 - 450. It being on the market for one month when we viewed it. We both liked it and as first time buyers we didn't know what offer was right.

We offered 410 and the offer was accepted with following reason vendor is keen to complete sale as soon as possible.

Straightaway they have removed listing from rightmove and placed sold sign on property.

They are pressuring us to instruct solicitor and provide details but we feel we are over paying for the house.

Lots of lovely people involved and we don't want to offend them but we would like some sort of discount.

Any advice?

Thanks

Simon11

Is this a joke?


You put in the bid of 410k...... That was your choice. Why do you deserve a discount?


I presume they took up your offer assuming that you would move as quick as you could...

anselld

You got a discount ... 15k less than the low end guide price.
Perhaps you would prefer the usual agent games to get your offer increased?

BoGoF

My advice - stop mucking people about.

Davesnave

Ruthieo28 wrote: »

They are pressuring us to instruct solicitor and provide details but we feel we are over paying for the house.

Lots of lovely people involved and we don't want to offend them but we would like some sort of discount.

Either pull out or go through with what sounds like a perfectly reasonable deal.

As a 'lovely person' myself, I hate to be messed-with!

enjoyyourshoes

I assume you have done your own research on relative prices of similar properties within the same area, you have made comparative searches on similar houses is less desirable areas. You then came up with a rational decision on what was a fair and reasonable price based upon market conditions.

If so, I guess you are questioning yourself and your own judgements?

As a first time buyer you have to make the leap, so just do that.

JoJo1978

My house was on the market in that range, the second time it was on this year. The first time it was 450-475. We accepted an offer of 420 when it came - 5k under lower end and c. 40k less than what we wanted to achieve because by that time we were desperate to move.

Seriously, don't mess them about please. Don't forget until exchange of contracts they can pull the rug from you as well. Go with another buyer, raise their asking price or just withdraw their acceptance of your offer with no reason.

DaftyDuck

Were you expecting some weird bidding process, whereby the owners rejected your first offer, and suggested you offer less... when you then offered a few thousand less than that, should they have offered cash back, Green Shield Stamps (ah, age is a giveaway) and thrown the cat into the deal as well?

You offered a well-reduced price. At a wild, wild guess, key to your low offer being accepted was your first time buyer status - no chain, so quick sale. They have made rapid progress a condition of the offer acceptance.

If you intend to fanny around, my guess is they will withdraw the offer and remarket.

Why do you think

we are over paying for the house

when you made the first offer and, unusually, the first offer was accepted?

messes

Urm OP, isn't the discount the fact that they accepted an offer 15k below the low end of the guide price.

Why would you have even offered if you felt your offer was overpriced?

A month isn't that long on the market and if they wanted to stay on the market for longer, they probably would have an offer in the guide price. But they don't so they offered you that discount as you could move quickly.

Your vendors have very kindly taken it immediately off the market, reducing the chance of anyone coming in with a higher bid, at this point they are trusting you to keep your word and have given a strong indication of their commitment to the sale to yourself.

Davesnave

DaftyDuck wrote: »

They have made rapid progress a condition of the offer acceptance.

If you intend to fanny around, my guess is they will withdraw the offer and remarket.

I think the OP smells a highly motivated seller.

However, high motivation doesn't mean they'll accept a revised-down offer, unless it's based on something major discovered in the survey....which the OP hasn't arranged yet.

I agree that if time is of the essence and they suspect a flakey buyer, they'll be more inclined to ditch and switch now, than run the risk of it all going paridae-up further down the line.

Mutton_Geoff

Ruthieo, some of the people here have posted "ruthless" answers and whilst they might be correct, they haven't taken into account human nature.


You are a first time buyer, this is a lot of money. Your perfectly reasonable offer was accepted with such little fuss you are having second thoughts whether you have made a mistake. This is perfectly normal. I have bought and sold around a dozen houses in my lifetime and I still feel the same way.


If you are happy with the house and the price, then just carry on. It's normal to have a solicitor waiting when you submit an offer so the Memorandum of Sale can be produced. It's a worthless document but makes the estate agents feel important.


Good luck.