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

Sistergold

Is the cheaper property with the same EA? If not go view and decide, as you say the property is in better condition but cheaper. Check garden size, orientation, feel some properties are cold maybe a ghost resides? Jokes but sometimes you just feel more comfortable in one more than the other. If all sentiments are the same then no reason not to offer and if accepted you pull out of expensive one and hope for the best? You also need to see if you feel one vendor and EA are sincere as some vendors never complete! If you don’t complete £25k will no longer be a saving after all. Being able to complete is the important but and then of-cause the price. 

Doozergirl

TXC said:

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

Nobody suggested that they do pay £300k, in fact the advice was to go and pay £275k elsewhere.   

If the other house is in better condition then it's a no brainer to offer on it anyway, but the £300k vendor is going to feel like their house is worth £300k given that's what they've been offered.  It's probably an easier adjustment for them to let the £275k one disappear and hope for a new buyer, rather than drop £25k overnight.  

njh7

The 'new' house has been on the market since 08/04/22 and still has no offers. Mine is a complete rip out and restart and don't get me wrong the 'new' property is to, but would probs save me £5/10K in work initially. 

Even if the 'new' house goes quickly, which it isn't looking likely - everyone looking at at that street in future will be able to see that was sold at around £280K (there's no bidding war and after speaking to the EA, i'm confident they would accept). So surely the EA would have to reprice less than whatever the 'new' house sells for? 

TheJP

TXC said:

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

Id go and offer on the cheaper house.

However, some Gary(s) may see Keith's cheaper house and create a bidding war with the OP pushing the house up to £300k. OP is then left with no house. That is a probable scenario here as well.

Deedoodee

njh7 said:

The 'new' house has been on the market since 08/04/22 and still has no offers. Mine is a complete rip out and restart and don't get me wrong the 'new' property is to, but would probs save me £5/10K in work initially. 

Even if the 'new' house goes quickly, which it isn't looking likely - everyone looking at at that street in future will be able to see that was sold at around £280K (there's no bidding war and after speaking to the EA, i'm confident they would accept). So surely the EA would have to reprice less than whatever the 'new' house sells for? 

How would they see that one sold for £280k? Where I’m looking, the latest sold houses on the Land Registry go up to January. And that’s just in the past few weeks. Before that the data only ran to October/ November. The only way I’ve been able to gauge prices is to offer and see what sticks. 

TheJP

njh7 said:

The 'new' house has been on the market since 08/04/22 and still has no offers. Mine is a complete rip out and restart and don't get me wrong the 'new' property is to, but would probs save me £5/10K in work initially. 

Even if the 'new' house goes quickly, which it isn't looking likely - everyone looking at at that street in future will be able to see that was sold at around £280K (there's no bidding war and after speaking to the EA, i'm confident they would accept). So surely the EA would have to reprice less than whatever the 'new' house sells for? 

The question to ask why has the cheaper house not had any offers. Is it priced £25k for a reason that isn't yet disclosed.

FTB_Dan

njh7 said:

The 'new' house has been on the market since 08/04/22 and still has no offers. Mine is a complete rip out and restart and don't get me wrong the 'new' property is to, but would probs save me £5/10K in work initially. 

Even if the 'new' house goes quickly, which it isn't looking likely - everyone looking at at that street in future will be able to see that was sold at around £280K (there's no bidding war and after speaking to the EA, i'm confident they would accept). So surely the EA would have to reprice less than whatever the 'new' house sells for? 

So why has the 1st house gone for so much compared to the "new" cheaper house with no offers in two weeks? 

njh7

Deedoodee said:

njh7 said:

The 'new' house has been on the market since 08/04/22 and still has no offers. Mine is a complete rip out and restart and don't get me wrong the 'new' property is to, but would probs save me £5/10K in work initially. 

Even if the 'new' house goes quickly, which it isn't looking likely - everyone looking at at that street in future will be able to see that was sold at around £280K (there's no bidding war and after speaking to the EA, i'm confident they would accept). So surely the EA would have to reprice less than whatever the 'new' house sells for? 

How would they see that one sold for £280k? Where I’m looking, the latest sold houses on the Land Registry go up to January. And that’s just in the past few weeks. Before that the data only ran to October/ November. The only way I’ve been able to gauge prices is to offer and see what sticks. 

Rightmove / Zoopla show everything, like for mine it's SOLD STC. £300,000. It's pretty instant. 

FTB_Dan

njh7 said:

Deedoodee said:

njh7 said:

The 'new' house has been on the market since 08/04/22 and still has no offers. Mine is a complete rip out and restart and don't get me wrong the 'new' property is to, but would probs save me £5/10K in work initially. 

Even if the 'new' house goes quickly, which it isn't looking likely - everyone looking at at that street in future will be able to see that was sold at around £280K (there's no bidding war and after speaking to the EA, i'm confident they would accept). So surely the EA would have to reprice less than whatever the 'new' house sells for? 

How would they see that one sold for £280k? Where I’m looking, the latest sold houses on the Land Registry go up to January. And that’s just in the past few weeks. Before that the data only ran to October/ November. The only way I’ve been able to gauge prices is to offer and see what sticks. 

Rightmove / Zoopla show everything, like for mine it's SOLD STC. £300,000. It's pretty instant. 

It doesn't. It shows its sold, but only gives the asking price, not the agreed price.

njh7

FTB_Dan said:

njh7 said:

Deedoodee said:

njh7 said:

The 'new' house has been on the market since 08/04/22 and still has no offers. Mine is a complete rip out and restart and don't get me wrong the 'new' property is to, but would probs save me £5/10K in work initially. 

Even if the 'new' house goes quickly, which it isn't looking likely - everyone looking at at that street in future will be able to see that was sold at around £280K (there's no bidding war and after speaking to the EA, i'm confident they would accept). So surely the EA would have to reprice less than whatever the 'new' house sells for? 

How would they see that one sold for £280k? Where I’m looking, the latest sold houses on the Land Registry go up to January. And that’s just in the past few weeks. Before that the data only ran to October/ November. The only way I’ve been able to gauge prices is to offer and see what sticks. 

Rightmove / Zoopla show everything, like for mine it's SOLD STC. £300,000. It's pretty instant. 

It doesn't. It shows its sold, but only gives the asking price, not the agreed price.

Yes but either way, you can see what it's gone up for, even sold property from a week ago, or two months ago. Was my point.