Can I lower my initial offer?

hristina922

Hi,
We are first time buyers and made non formal offer on a flat that got accepted. The asking price was 65K and over and the home report was 65K. As we really liked it, we put on an offer for 68K and it was accepted. The agency told us that our solicitor need to get back to them with a formal offer so they can stop the viewings.
We are wondering if we have gone too fast and offered higher than the asked price having in mind that there were no other offers from buyers.
Is it possible to email the real estate agent and ask them to lower the offer to 66.5K and see what seller will say? We are worried that we will pay more than the real value of the flat as we have rushed offering due to both being excited about it? On the other hand, we do not want to miss the flat as we really liked it.
thanks

Caz3121

Is this Scotland?

davidmcn

Caz3121 wrote: »

Is this Scotland?

Yes, judging by the references to Home Reports and to solicitors making formal offers.

In answer to the OP, yes in theory everything is still up for negotiation (particularly if the sellers haven't even taken it off the market) - though you are likely to pee them off.

Are properties in the local market actually selling for higher than the HR valuation? Is there any method to how you have come up with the offer(s) you've made?

JoJo1978

There's another active thread today from a seller whose buyer has gazundered them. Read that to get a sense of how well your plan may go down. But yes you can do it

PokerPlayer111

Its your money do as you wish, emotions dont need to come it to it.

EAs are very good at making buyers pay more than they should then you end up thinking you've over offered at a later date.

hristina922

It is for Scotland, yes. The flats in the area are ranging between offers over 55K (for bad conditions) to 66K (good condition flats). We did not put any thoughts into the price that we offered. We were just so excited that we liked it so much and we have decided to jump with the offer without considering if there are any other potential buyers or not. we put the offer few hours after the viewing took place as we knew there will be other people going for a viewing. Now, few days later and having a bit of a thought, we are thinking that we might have rushed a bit with the price. I am wondering whether there is a risk of the seller pulling back if we ask as we do not want to lose it. Tricky one.....

Slithery

Yes you can, but it's a bit of a d⁣ick move to pull.

Why did you offer £68k if you weren't willing to pay that much?

hristina922

We are willing to pay it. Just once we gave it a thought few days later, we felt that we could have offered lower for beginning as there were no other offers present, that`s all.

CommitedToChange

A property is only worth what someone I see willing to pay. It's said here all the time and is so true.

Yes you can now offer less - but may lose the property. If you did that to me I'd say no, and remarket it as I'd think you'd ask for further reductions later on.

Is it worth losing the flat you like for a few grand?

pramsay13

You can offer whatever you want but I think if you're willing to pay £68K and it's been accepted and there are no other issues I would stick to the offer and get everything moving.
Maybe £68K was their desired amount and you hit it exactly.

hristina922

Thank you all. It is good to hear different opinions from different people.