Revising offer situation - via solicitor or EA?

steve866

Point 2 seems like another reason not to reduce… maybe I’m too soft! 

Monsternextdoor

I renegotiated after my rics was done. 

We had been pushed up to £17,000 over the value of the property and they down valued it, So we renegotiated it for £12,000 less. 

Offer sat there for 3 weeks till we exchanged no one bettered it, We are also not in a chain but the house we have is a repo.

I sent the rics to the EA who went back to the client with the details of the rics and a revised offer, The bank agreed to it they still got an extra £5,000 over the market value so they were not bothered.

Have ago, not much to lose but £10,000 to gain. Just don't do it before exchange.

MysteryMe

george4064 said:

ss2020jd said:

Had you already negotiated on the price that it was marketed for? Or did you pay the asking price? You mention your offer so it sounds like you offered less. 

As others have said, things have risen during that time, and depending on what you read, are continuing to. Also, you don’t know if any issues could have come up on the next door survey etc. 

It sounds like you are nearly there. If no major issues were flagged on your survey I would say think very carefully about doing that at this stage as it would likely not be taken very well.

If you take a long term view, the value you will probably add with what you are planning to do will make that seem less of an issue in the long run. 

We agreed at 96% of the asking price, there were no price reductions in the asking price.

I kind of feel like it’s worth asking for, and hopefully worst case scenario is they say “no chance, we will stick with the agreed price only”. If you don’t ask, you don’t get!

So to answer the question you were asked, you offered under asking price and the offer was accepted. Paying the full asking price is agreeing to pay 100% of it, not 96%

If the justification was something that came up in your property survey there might be merit is trying to get more money off, however it's not. You are not buying next door and sounds like you never actually viewed it. Even if you did you were not party to any of the transaction or negotiations that took place so your justification is not based on anything other than your own very selective take on matters. The difference between the properties in percentage terms is so small to be virtually meaningless and as already pointed out, you are buying now, not several months ago when the other property was sold. One thing is for sure, you wouldn't be offering an extra £10k if the situation was reversed. 

What relevance does your "key thing" number 3 have? That the vendor's will be mortgage free for their onward purchase has nothing to do with you. The vendor's have been reasonable to you by offering to move into rented and you return their goodwill with opportunist gazundering.  

Flugelhorn

Honestly if I was your vendor I would say - OK if you don't want it at the agree price it'll go back on the market - you can put in an offer if you like. 

Seriously do not P off the vendors at this stage for such a small percentage of the property price. 

meeemee

If I was the seller I wouldn’t be happy after being so close to exchange. It sounds like all your ducks are in order and you are willing to risk it for a what in the grand scheme of things isn’t much.
As others have said think carefully before upsetting the sellers seeing as you are not paying full asking price in the first place and prices have risen, they may think they could gain another ten by now and feel you have a good deal as it is abs they are the ones losing!

SpiderLegs

Gazundering for 1.5% based on one historic sale in a strongly rising market. Wow. Brave man.

AdrianC

MysteryMe said:

george4064 said:

ss2020jd said:

Had you already negotiated on the price that it was marketed for? Or did you pay the asking price? You mention your offer so it sounds like you offered less. 

We agreed at 96% of the asking price, there were no price reductions in the asking price.

So to answer the question you were asked, you offered under asking price and the offer was accepted. Paying the full asking price is agreeing to pay 100% of it, not 96%

And if £650k is 96% of the original asking, that's about a £30k difference already...

Shaztastic3000

If you did this to me I’d drop you as a buyer. Scumbag behaviour.

george4064

MysteryMe said:

george4064 said:

ss2020jd said:

Had you already negotiated on the price that it was marketed for? Or did you pay the asking price? You mention your offer so it sounds like you offered less. 

As others have said, things have risen during that time, and depending on what you read, are continuing to. Also, you don’t know if any issues could have come up on the next door survey etc. 

It sounds like you are nearly there. If no major issues were flagged on your survey I would say think very carefully about doing that at this stage as it would likely not be taken very well.

If you take a long term view, the value you will probably add with what you are planning to do will make that seem less of an issue in the long run. 

We agreed at 96% of the asking price, there were no price reductions in the asking price.

I kind of feel like it’s worth asking for, and hopefully worst case scenario is they say “no chance, we will stick with the agreed price only”. If you don’t ask, you don’t get!

So to answer the question you were asked, you offered under asking price and the offer was accepted. Paying the full asking price is agreeing to pay 100% of it, not 96%

If the justification was something that came up in your property survey there might be merit is trying to get more money off, however it's not. You are not buying next door and sounds like you never actually viewed it. Even if you did you were not party to any of the transaction or negotiations that took place so your justification is not based on anything other than your own very selective take on matters. The difference between the properties in percentage terms is so small to be virtually meaningless and as already pointed out, you are buying now, not several months ago when the other property was sold. One thing is for sure, you wouldn't be offering an extra £10k if the situation was reversed. 

What relevance does your "key thing" number 3 have? That the vendor's will be mortgage free for their onward purchase has nothing to do with you. The vendor's have been reasonable to you by offering to move into rented and you return their goodwill with opportunist gazundering.  

I understand that paying full asking price is 100%. My point I was trying to make above was that the *listed* asking price was not reduced.

Appreciate all your comments, thank you for taking the time to respond.

Chandler85

You are comparing 2 "very similar" houses but unless they are identical new builds (which they clearly aren't), then I think you should pay what was agreed, especially if you have already got so far through the process and the vendors have made concessions such as moving to rented etc.

If you don't ask then you don't get, but if the vendor isn't motivated to move quickly (they haven't got their purchase sorted yet), then they can to easily remarket it.