Reducing an already agreed price

danfreestone

Myself and my wife are currently in the process of upgrading to a bigger home we have agreed to sell ours for 274k and buy a bigger home for 330k.
Our buyers are still happy paying the 274k for ours. 
Would it be morally wrong to try renegotiate the price down on the purchase. 
This is going to be our forever home so price is not everything but i do like a bargain 
We are currently delayed waiting for lockdown to end 

macman

Nothing is binding until you exchange contracts: any offer you have made can be withdrawn up until then. Whether it's moral is something only you can decide.
Equally, the vendor can reject your offer.

blue_max_3

How would you feel if your buyers tried the same thing? It's a dangerous game. The seller of your home may have had another offer and may just switch if they feel you're struggling to pay.

kinger101

Are you buying with a mortgage?
If you make a revised offer and it's accepted, you'll have to inform your lender.  It's possible their lending criteria may have changed since the original offer was made.  

RelievedSheff

If this is going to be your forever home why risk losing it over a few grand?

davidmcn

danfreestone said:

price is not everything but i do like a bargain

You've already done the bargaining. I wouldn't bother unless you've got a better justification.

Vestraun

If you were a FTB I would say yes, but as you already have a buyer who hasn’t changed the price I don’t see the point apart from trying to get one over on your vendor. 

Crashy_Time

blue_max_3 said:

How would you feel if your buyers tried the same thing? It's a dangerous game. The seller of your home may have had another offer and may just switch if they feel you're struggling to pay.

Possibly, but chances of another buyer at the moment probably less than more normal times, and if they realise that the OP isn`t in fact struggling to pay, but just revising an offer in light of new market data, they might realise that the next buyer is likely to do the same and that walking away isn`t really in their best interest?

Crashy_Time

kinger101 said:

Are you buying with a mortgage?
If you make a revised offer and it's accepted, you'll have to inform your lender.  It's possible their lending criteria may have changed since the original offer was made.  

They will most likely be more comfortable with the revised offer in this climate. Win win for the OP really.

jimbog

You can try but be prepared for them to say 'no'. They may also feel you are playing with them and pull out

greatcrested

What is your justification?

* covid-19 and your view of market prices?

* poor result of survey?

* just out to skr*w the vendors as much as you can?