Renegotiating Sale Price

Esper

Hi,

I'm selling a property which is 750k-ish. Offer is reasonable but not "amazing". It was my main residence but is no longer (not that it really matters but is currently sat empty).

What do people think about a seller (myself) renegotiating since the market seems to incredibly hot at the moment?

Would it be better to just ditch the existing buyers and re-market it, I'd be happy to give them first refusal.

thanks for your help!

[Deleted User]

If the sale is proceeding at a normal pace then I wouldn't mess about at this stage, with fluctuations in market value between offer & completion being part and parcel of the process.

An expection is if the buyer tries to beat down the price at a late stage based on some trumped up problems on a survey. At that point counter offer with an inflated price to reflect current value. 

andyf1980

This is everything that is wrong with the property buying process in England. 

The buyer made and you accepted an offer in good faith. If you didn’t think it was a reasonable offer, why did you accept it? 

Assuming that things are proceeding at a reasonable pace then follow through with it. 

london21

So what did you think the property is worth?
Why did you accept the current offer if you not happy with it ?
Sometimes when properties come back on the market people wonder what happens and estate agents sometimes just call back the people that already viewed. 

TBG01

I'm assuming you'll also want to renegotiate the price if the valuation comes in under what has been offered/accepted. 

steampowered

The time for negotiation is BEFORE an offer is accepted. Have you already accepted the offer?

If you tried to renegotiate after accepting my offer, I'd probably pull out, as in that situation one would be showing themselves to be an unreliable time wasting seller.

Or perhaps I'd just drop the price by £10k at the last minute - if you are prepared to gazump me, why shouldn't I gazunder you?  

brewthebear

Get it revalued if you feel prices have gone up again.
It’s your choice what you do, but don’t leave the prospective buyers hanging on too long if you decide to re market.

Hobby83

Yeah, I would have to agree with the other posters. The fluctuations of the market between accepting and completing is always going to happen. If you were not happy with the offer you should not have accepted. Believe me, as someone who has a really difficult sale going through due to the buyer's lawyers. If you have someone at an offer you like that is moving smoothly that is worth the 5 or so grand you would get by putting it back on the market. Surely you would lose the money you have already put into that sale and then you run the risk it will not go under offer again for a while, so you continue to pay for a house to sit empty. 

Personally, I would continue with the sale. 

user1977

Esper said:

I'm selling a property which is 750k-ish. Offer is reasonable but not "amazing". It was my main residence but is no longer (not that it really matters but is currently sat empty).

It does matter, because (leaving aside any house price inflation) it's simply costing you money the longer it takes for you to complete a sale (whereas at least if you were living there you'd get some benefit from it). It's also only going to be less attractive the longer it sits empty.

BikingBud

Esper said:

Hi,

I'm selling a property which is 750k-ish. Offer is reasonable but not "amazing". It was my main residence but is no longer (not that it really matters but is currently sat empty).

What do people think about a seller (myself) renegotiating since the market seems to incredibly hot at the moment?

Would it be better to just ditch the existing buyers and re-market it, I'd be happy to give them first refusal.

thanks for your help!

            

TheJP

Sure the market is hot, ditch your buyers and remarket it at the higher price...

However just think how this will look to prospective buyers, was listed at X a week ago and is now listed at Y. Alarm bells would ring and i would question your motives/the property. I would likely not even bother a viewing.

Tread carefully as @user1977 says the house is costing you money being empty and your approach could add months onto this process.