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

diystarter7

It may have the same floor plan and it may be of similar quality EG kitchen/bathroom decor similar age/period/quality and how clean it is etc.

However even it has the same size garden/drive there could be more or less gardens backing on to it it may be in front of a bus stop, corner etc.

The sellers may want a very quick sale only selling to FTB that has cash or mortgage in place etc

You can knock whatever you want off the property as it is is up to the seller to accept or not

You need to be careful as in London, properties are advertised "from" xxx price is it one of those

Another point, if it is cheap, trust me people will pay over that price soon

Your chocie and you don't want to lose the house you love by winding up the seller

FTB_Dan

njh7 said:

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. 

But you cannot see exactly what it's sold for. The same as the one you are currently buying, it could have "sold" for 280k. No one will know until its on paper.

The exact same house may be priced differently by two different estate agents. 

propertyhunter

This happened to me - the other house was 25k cheaper. Turns out it was because there was an electricity substation adjacent to the back garden and the driveway was also in the back garden. Plus it was on the corner, so the left side of the garden was against the side of the road. 

You'll only know why the other one is cheaper when you go to see it. Could be many reasons other than the floorplan.

Deedoodee

njh7 said:.

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. 

But that’s not what it sold for. 

A house I offered on is listed at £275k. I didn’t ‘win’ that one. the EA told me the winning offer was nearer £310. But you wouldn’t know that from the listing, which says £275,000 SOLD. 

similarly for all 6 properties I’ve offered on, which all went to best and final. I’ve offered up to 5% over and been told my offers haven’t been the highest. 

Are there many similar properties for sale in the area? When I’m looking, I don’t compare just the one down the road but also any similar houses on adjacent roads. 

GDB2222

Jolly bad luck for the present vendors that someone has listed a near identical property for £25k less. They must be spitting.

AFF8879

What is the market like generally in your area? If it’s a crazy hot sellers market (like a lot of the country) I would be very nervous about reneging on my agreed purchase- maybe the vendors of the cheaper house are planning to emigrate to Australia but with no firm plans, could take months to find an onward property, etc?

If you’re in one of the few areas where houses aren’t really as desirable/selling very well then I’d definitely at least view the cheaper house, and get the EAs opinion too (especially if they’re marketing both properties)

Thrugelmir

njh7 said:

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. 

Have you arranged to view the other property yet?  They might accept an offer lower than £275k.  

Markneath

Most of the houses in my area seem to have open days now usually about 2 weeks after appearing on zoopla. 

They usually go sstc after this if prices correctly.

I would ring the agents to find out about viewing availability before deciding its not selling at 275.
It probably wouldn’t hurt to view the 275 house anyway to compare and find out what price the vender is looking for.

I usually find if you chat to an agent in a nice way during a viewing and ask them what the vendors are looking for price wise they give you a good idea if its asking price, 10k under etc. 

GDB2222

Thrugelmir said:

njh7 said:

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. 

Have you arranged to view the other property yet?  They might accept an offer lower than £275k.  

Indeed. There seem to be two schools of thought in this thread. Some people are clearly in areas of the country where the property market is red hot, and others where the market is a lot more normal. 

MobileSaver

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

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

Judging by the large number of people complaining how few properties are available on the market there would seem to be some truth in that statement...