Advice? - Offer Accepted, However 25K Cheaper property on same road come for sale

njh7

Morning everyone, 

I had an offer accepted at £300,000 a couple weeks ago on a property.

However there is another property 3 doors down, exact same just mirrored floor plan. This is up for £275,000 and has been on the market for a week or two and after checking has no offers yet and in much, much better condition than the property I have purchased. 

What are my options here? Am I within my right to ring the Estate Agent and re-negotiate on the property I have bought? 

I have not handed paperwork to my solicitors yet, let alone signed a contract yet. 

TheJP

Why not offer on the other property? I doubt the seller will give you £25k off the price YOU offered just because Keith down the street listed his house cheaper.

Woolsery

You are not committed to anything yet. Like The JP, I doubt if your vendor will accept any meaningful renegotiation or that you will now be happy to pay over the odds, so it looks best to just go for the other one, after viewing of course.

Buying a house is a business transaction and about 30% of potential sales fall through, often because new information comes to light. The new info here is related to someone else's competitive price, but it's just as valid as signs of subsidence or a breakdown in a chain. Just don't expect to go back to the first vendor if something goes awry.

user1977

The asking price of another property isn't really a "comparable" - for all you know, the bidding might push the selling price up to the same level as you've offered. If it has actually sold for £25k less than your offer, then you might have a point.

You have done your research about comparable selling prices, haven't you?

TXC

TheJP said:

Why not offer on the other property? I doubt the seller will give you £25k off the price YOU offered just because Keith down the street listed his house cheaper.

I don't understand why people get so uppity around buyers changing offers. Many high street retailers work on a price promise and IMO this is exactly the same thing. I don't think you'd be very happy if you went back and the salesperson said "well YOU were happy to pay that price at the time"...and in this scenario money hasn't even changed hands yet so why shouldn't the buyer go back now that price is uncompetitive!

OP - pull your offer down accordingly, nothing to lose at this point. If you're not heard then seriously consider switching

lookstraightahead

TXC said:

TheJP said:

Why not offer on the other property? I doubt the seller will give you £25k off the price YOU offered just because Keith down the street listed his house cheaper.

I don't understand why people get so uppity around buyers changing offers. Many high street retailers work on a price promise and IMO this is exactly the same thing. I don't think you'd be very happy if you went back and the salesperson said "well YOU were happy to pay that price at the time"...and in this scenario money hasn't even changed hands yet so why shouldn't the buyer go back now that price is uncompetitive!

OP - pull your offer down accordingly, nothing to lose at this point. If you're not heard then seriously consider switching

I think because recently vendors feel they're doing a buyer a favour by selling to them. 

However op you don't know the back story of the other house and why it's cheaper. Maybe the EA/vendor wants a bidding war so is starting lower.

Woolsery

lookstraightahead said:

TXC said:

TheJP said:

Why not offer on the other property? I doubt the seller will give you £25k off the price YOU offered just because Keith down the street listed his house cheaper.

I don't understand why people get so uppity around buyers changing offers. Many high street retailers work on a price promise and IMO this is exactly the same thing. I don't think you'd be very happy if you went back and the salesperson said "well YOU were happy to pay that price at the time"...and in this scenario money hasn't even changed hands yet so why shouldn't the buyer go back now that price is uncompetitive!

OP - pull your offer down accordingly, nothing to lose at this point. If you're not heard then seriously consider switching

However op you don't know the back story of the other house and why it's cheaper. Maybe the EA/vendor wants a bidding war so is starting lower.

Maybe, but it could still end up cheaper when the work needed is factored-in.

I take your point about back story though. We know nothing of these houses and one might have something like the stigma of previous underpinning to consider.

TheJP

TXC said:

TheJP said:

Why not offer on the other property? I doubt the seller will give you £25k off the price YOU offered just because Keith down the street listed his house cheaper.

I don't understand why people get so uppity around buyers changing offers. Many high street retailers work on a price promise and IMO this is exactly the same thing. I don't think you'd be very happy if you went back and the salesperson said "well YOU were happy to pay that price at the time"...and in this scenario money hasn't even changed hands yet so why shouldn't the buyer go back now that price is uncompetitive!

OP - pull your offer down accordingly, nothing to lose at this point. If you're not heard then seriously consider switching

I have no issue with people changing minds, hence why i said why not offer on the cheaper property. Yesterday the OP was happy to offer the price he has. The fact that the house down the road is listed cheaper doesn't mean the house the OP has offered on is overpriced.

If you were the seller would you entertain a £25k reduction just because the house down the road is listed cheaper. I doubt it.

TXC

TheJP said:

TXC said:

TheJP said:

Why not offer on the other property? I doubt the seller will give you £25k off the price YOU offered just because Keith down the street listed his house cheaper.

I don't understand why people get so uppity around buyers changing offers. Many high street retailers work on a price promise and IMO this is exactly the same thing. I don't think you'd be very happy if you went back and the salesperson said "well YOU were happy to pay that price at the time"...and in this scenario money hasn't even changed hands yet so why shouldn't the buyer go back now that price is uncompetitive!

OP - pull your offer down accordingly, nothing to lose at this point. If you're not heard then seriously consider switching

I have no issue with people changing minds, hence why i said why not offer on the cheaper property. Yesterday the OP was happy to offer the price he has. The fact that the house down the road is listed cheaper doesn't mean the house the OP has offered on is overpriced.

If you were the seller would you entertain a £25k reduction just because the house down the road is listed cheaper. I doubt it.

If you were the buyer would you pay £25k over for the same house to save the seller's feelings?  

I'm not being facetious just playing devils advocate.

In retail if you're outpriced in the market on a LFL product then your keener priced competitor will capture the demand. The seller is unfortunate in that keith down the road has undercut them but from a business sense they will need to be prepared to move on price or wait until keith has flogged his

user1977

TXC said:

TheJP said:

Why not offer on the other property? I doubt the seller will give you £25k off the price YOU offered just because Keith down the street listed his house cheaper.

Many high street retailers work on a price promise and IMO this is exactly the same thing. 

But which high street retailers work on the basis of an asking price followed by some haggling (and possibly some bidding against other customers)?

TXC

user1977 said:

TXC said:

TheJP said:

Why not offer on the other property? I doubt the seller will give you £25k off the price YOU offered just because Keith down the street listed his house cheaper.

Many high street retailers work on a price promise and IMO this is exactly the same thing. 

But which high street retailers work on the basis of an asking price followed by some haggling (and possibly some bidding against other customers)?

A house is still a product, and those products still operate in a market. I grant its not 100% parity market vs. market but the fact is the seller's house is now perceived as overpriced. 

Buyer is well within their rights to adjust offer accordingly