Lowering Offer Options...

Pok3mon

ssparks2003 said:

Practical question, will starting the purchase process over again cause you to lose your buyer? Will they be content to wait another 14 weeks to get back to where you are today or might they also start looking at other homes?

TBF the reason it has taken 14 weeks is because of them and their buyer! It would have been completed weeks ago.

lookstraightahead

Really you want to change the deal at this late stage?

the other house hasn't sold yet, maybe it's been put on lower to try to start a bidding war. The vendor probably can't afford to lower the price.

How would you feel if the one next door had been put on for £200k and your vendor wanted more? 

To be honest both vendors and buyers pulling a fast one like this is underhand IMO. 

This is why the market stats are all over the place, all these houses 'selling' and then not. 

Can't wait for the market to settle. 

lonibra

2 houses which are similar in all material respects, you are buying one at 175k and the other may be available for 159k, a whole 16k less.

Put a number on the minimum reduction you are happy with to compensate for starting the process again and then view the other property.

It might well be the case that the 159k goes to a bidding war and ends up at 170k or more in which case it might not make sense to switch.

Or you could actually get it for 160k which would make the 175k purchase price significantly above market value.

Whatever you do, do it as discreetly as possible and only renegotiate with the current vendor if you are willing to walk away.

You're a cash buyer so you have a lot more flexibility than others would have in this situation.