Misled by estate agent

elsien

Surely the amount you offer is based on what you feel the house is worth?
Searches now or two months time isn’t going to change that.  Unless house prices are rocketing upwards in which case you’ve got a better deal offering now than in several months time. 

74jax

Does the vendor need to sell in order to purchase the next property? Are they going into rented? 

Thrugelmir

owenjt said:

Now it turns out that I have been misled by the EA and the vendors aren't anywhere near the point of exchanging. Their searches haven't been completed and their survey isn't happening until mid-March, so there's still some way to go

Is it possibly that the old chain subsequently collapsed and they've had to find a new property. Somewhat unlikely they sold last September haven't had the survey or searches undertaken on their onward purchase.  

owenjt

TheJP said:

I'm struggling to see how this affects the value of a house. Was your offer above asking price? Why didn't you make it a condition of sale within your offer? Are you still going ahead with the purchase? What do you want from the EA, compensation?

It doesn't affect the value of a house. It affects what it's worth to me. Offered above asking. Still going ahead with the purchase. Would like to reduce my offer but don't think I'd get anywhere.

BigH1979 said:

You have my sympathy over the EA lying to you, we've had our fair share from our Seller's EA and they are utterly unscrupulous despite what some of their defenders say on here.
As regards to your question then you have every right to lower your offer at any time before exchange but only you can decide whether that is going to imperil your sale. Don't cut your nose off to spite your face. Many times in the last 3 months i have had to take a time-out before i did something silly. Put yourself in your sellers position, have they been lied to as well? How will they interpret your lower offer? I doubt they'll have much sympathy that you feel you were mis-represented to by the EA, all they want to do is sell their house for the highest price they can get...same as you.

Thanks. You're right, the sellers would probably be annoyed and may not be as nice/willing if we need them to action anything further down the line once we've had our searches and survey done.

owenjt

elsien said:

Surely the amount you offer is based on what you feel the house is worth?
Searches now or two months time isn’t going to change that.  Unless house prices are rocketing upwards in which case you’ve got a better deal offering now than in several months time. 

It's not just the house, it's the whole package. A house that can complete quickly is worth more to me than one will be stuck in a chain for months on end.

74jax said:

Does the vendor need to sell in order to purchase the next property? Are they going into rented? 

Yes.

Thrugelmir said:

Is it possibly that the old chain subsequently collapsed and they've had to find a new property. Somewhat unlikely they sold last September haven't had the survey or searches undertaken on their onward purchase.  

Possibly. Or they hadn't found anywhere when their offer was accepted and it's taken them 5 months to find one.