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

movilogo

I have seen similar properties which differed in price as much as £50k.  This is all down to which EA valuated the property. Valuation is an art than science and depends a lot on subjective opinion. 

By all means view the other property. Nothing is official until contract exchange. 

Schwarzwald

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. 

Go and view the other property asap.
if with another EA, go yourself.
If with the same EA, send your partner/friend/parents. to view it for you.


Decide afterwards if you put in an offer for £275k or even less and see if accepted.
if also accepted, make up your mind up in 2-3 days and either keep the initial one or drop it in favour for the new one.

At least, that's what I would do. just be cautious there might be some reason for the price difference, esp. as the conditions of the an equal floor plan appear to be very different.

diystarter7

Around where we live the EA do not advert the property initially on a property for sale site for the first week or so until they've had their open day and had the very interested people view it first. Most houses off our close usually first appear on Rightmove etc when they have been sold STC.


A few years back someone we know sold their house and the agent was undervaluing it and when the seller said  x/y were going for tha the EA said why should they pay that price for your house when they could move to couple of roads up where the area was more expensive. The person went with another EA who was not eager to put it at a higher price but did to get the business and the seller insisted the property went on Rightmove etc the same of the next day and guess what, they got full asking price on the second viewing as house was done up nice and of modern, clutter-free taste.

Therefore, always trust your own judgement never fall for the rubbish of an EA as they will be your BFF getting the business once sold or in later stages of sold ie exchanges taken place they wont want to know you as the money they are making is already as good as theirs as rarely people back out after exchanges taken place.

Sarah1Mitty2

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.

Probably depends on how badly you want to sell and how many other offers you have? Most potential buyers will notice the cheaper house, it would be slightly awkward to pretend it didn`t affect your negotiation with them? A relative of mine has started to get feedback that mortgages are not so easy to get now for some buyers, and although no one has come back with a lower offer yet they think it could happen at some point.

lookstraightahead

Sarah1Mitty2 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.

Probably depends on how badly you want to sell and how many other offers you have? Most potential buyers will notice the cheaper house, it would be slightly awkward to pretend it didn`t affect your negotiation with them? A relative of mine has started to get feedback that mortgages are not so easy to get now for some buyers, and although no one has come back with a lower offer yet they think it could happen at some point.

I agree. If I was selling at the moment I would be in a rush.

TheJP

Sarah1Mitty2 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.

Probably depends on how badly you want to sell and how many other offers you have? Most potential buyers will notice the cheaper house, it would be slightly awkward to pretend it didn`t affect your negotiation with them? A relative of mine has started to get feedback that mortgages are not so easy to get now for some buyers, and although no one has come back with a lower offer yet they think it could happen at some point.

But you have no idea why the house is priced £25k cheaper and yet has no offers after 2 weeks. Why be so premature to drop the value on your house just because a house that no one yet knows the detail to is much cheaper.

It also could be a tactic to create a wave of rival offers pushing the price up. The OP hasn't had a survey or lender valuation done yet, what if they value the property at what has been offered. 

MobileSaver

njh7 said:

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.

njh7 said:

The 'new' house ... would probs save me £5/10K in work initially.

The new house is in much better condition and overall could work out £35,000 cheaper... I don't understand why you haven't already pulled out of your "purchase" and put an offer in on the new one?

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. 

You seem to have misunderstood the prices that Rightmove/Zoopla show you. All you can see is the initial asking price of recent properties; you have no idea if they actually sold for that price, £50,000 more, £50,000 less or something in between. You won't see the actual sold price until months later and some sold prices will never appear on those sites.

Sarah1Mitty2

TheJP said:

Sarah1Mitty2 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.

Probably depends on how badly you want to sell and how many other offers you have? Most potential buyers will notice the cheaper house, it would be slightly awkward to pretend it didn`t affect your negotiation with them? A relative of mine has started to get feedback that mortgages are not so easy to get now for some buyers, and although no one has come back with a lower offer yet they think it could happen at some point.

But you have no idea why the house is priced £25k cheaper and yet has no offers after 2 weeks. Why be so premature to drop the value on your house just because a house that no one yet knows the detail to is much cheaper.

It also could be a tactic to create a wave of rival offers pushing the price up. The OP hasn't had a survey or lender valuation done yet, what if they value the property at what has been offered. 

Both could be true, although 2 weeks isn`t really that long is it? Wouldn`t the best thing be just to knock on the door of the other house and ask them?

TheJP

Sarah1Mitty2 said:

TheJP said:

Sarah1Mitty2 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.

Probably depends on how badly you want to sell and how many other offers you have? Most potential buyers will notice the cheaper house, it would be slightly awkward to pretend it didn`t affect your negotiation with them? A relative of mine has started to get feedback that mortgages are not so easy to get now for some buyers, and although no one has come back with a lower offer yet they think it could happen at some point.

But you have no idea why the house is priced £25k cheaper and yet has no offers after 2 weeks. Why be so premature to drop the value on your house just because a house that no one yet knows the detail to is much cheaper.

It also could be a tactic to create a wave of rival offers pushing the price up. The OP hasn't had a survey or lender valuation done yet, what if they value the property at what has been offered. 

Both could be true, although 2 weeks isn`t really that long is it? Wouldn`t the best thing be just to knock on the door of the other house and ask them?

I think that's what the majority are advising the OP to do, go view the property and ask questions.

Sarah1Mitty2

movilogo said:

I have seen similar properties which differed in price as much as £50k.  :) This is all down to which EA valuated the property. Valuation is an art than science and depends a lot on subjective opinion. 

By all means view the other property. Nothing is official until contract exchange. 

Highly priced properties?