Property price renegotiation after offer has been accepted...

SunnyMorning

@propertyhunter Around 15% - 20%.

SunnyMorning

Sarah1Mitty2 said:

SunnyMorning said:

Hi All, my offer has been accepted and mortgage approved on a flat in London. I'm having second thoughts about the area and also the price as it looks I am overpaying. Can I renegotiate the price at this point? I've decided to a have a level 2 RICS survey and valuation carried out to give me a leg to stand on...

Has the seller mentioned a unique selling point that makes there property more valuable?

It's the big garden mainly.

theoretica

SunnyMorning said:

Sarah1Mitty2 said:

SunnyMorning said:

Hi All, my offer has been accepted and mortgage approved on a flat in London. I'm having second thoughts about the area and also the price as it looks I am overpaying. Can I renegotiate the price at this point? I've decided to a have a level 2 RICS survey and valuation carried out to give me a leg to stand on...

Has the seller mentioned a unique selling point that makes there property more valuable?

It's the big garden mainly.

I would certainly value a big garden  - and perhaps you do too as it was this property you chose to make an offer on.  But if you don't, then lowering your offer and being prepared to restart the process looking at different properties might be the right move for you.

Gavin83

So the lender has valued it at your offer price and you're wanting to knock 20% off of your offer? I'd be stunned if the vendor was willing to accept this reduced offer but there's nothing stopping you asking. You just have to be prepared that you might well lose the property if you do.

It's especially hard for you as you actually have evidence you are paying the right price so it just comes across as buyers remorse.

custardly

It's always worth a shot. How do you know that you got the property for the best price unless you have tested the bottom?

JohnnyB70

If a buyer did this to me I’d pull out of the sale and re-market the house.

Someone who plays games like this is likely the sort of person who’ll do it again at exchange, and life’s too short for that sort of hassle.

propertyhunter

It doesn't sound like you are particularly enamored with this property/area to want to pay market value. 

Even if you got the price you wanted, would you still want this property? Will it allow you to put the things you don't like about it (e.g. area) to one side? I couldn't make that compromise myself. 

custardly

JohnnyB70 said:

If a buyer did this to me I’d pull out of the sale and re-market the house.

Someone who plays games like this is likely the sort of person who’ll do it again at exchange, and life’s too short for that sort of hassle.

Probably best for everyone that you pull out. An emotional seller is a nightmare. 

JohnnyB70

custardly said:

JohnnyB70 said:

If a buyer did this to me I’d pull out of the sale and re-market the house.

Someone who plays games like this is likely the sort of person who’ll do it again at exchange, and life’s too short for that sort of hassle.

Probably best for everyone that you pull out. An emotional seller is a nightmare. 

There’s nothing emotional about not dealing with someone who tries to change a deal after it’s been agreed.

If an issue was found on survey then that’s different, but a buyer just asking for a massive price drop as they feel they are paying too much is a massive red flag.

eidand

Try it if you want, but realize you have no leg to stand on.

I'd be shocked if the vendor does not send you packing straight away.