Thinking of pulling out

Sarah1Mitty2

Martisha said:

Sarah1Mitty2 said:

Martisha said:

House was for sale for £475k when we went to view it. We knew it was overpriced and that it will not sell at this amount.
It is only 3 years old house but has not been looked after at all. Flooring upstairs needs redoing, front door are broken, bath is broken etc. 
We went for second viewing and reluctantly offered £450k (wanted to offer less but EA did not let us).
Offer has been rejected anyway.
2 weeks has passed snd they reduced the price to offers over £450k.
We thought that its silly not accepting £450k. EA called us and asked if we want to increase our offer, which we stupidly have to £455k. EA said that they will not sell it at £455 and min is £455k
After a week, when they did not have any other offers they accepted our.

However, we now think that the house its not worth the price offered, especially that needs work doing.
We have been given a mortgage but its going to be very expensive and I do not feel comfortable with it. Everything has happened so quickly as EA snd broker were pushing us to apply that I did not have time to think this through properly.
I think that this property is worth £440k max, not £455k
If we go ahead we will not have any savings left, no money for decoration, no money for buying some essential things that you always have to buy when moving etc
The whole situation has made me very anxious and instead of feeling excited I feel fearful.

Also one thing made me very suspicious. When doing google search on the property I found out that vendor applied for planning permission in 2021 to do some substantial work on the house like loft conversion, extension, etc. However EA did not mention about it nor it was not in the advert.
Why would this be?

How many other offers do they have at the moment?

Sarah1Mitty2 said:

Martisha said:

House was for sale for £475k when we went to view it. We knew it was overpriced and that it will not sell at this amount.
It is only 3 years old house but has not been looked after at all. Flooring upstairs needs redoing, front door are broken, bath is broken etc. 
We went for second viewing and reluctantly offered £450k (wanted to offer less but EA did not let us).
Offer has been rejected anyway.
2 weeks has passed snd they reduced the price to offers over £450k.
We thought that its silly not accepting £450k. EA called us and asked if we want to increase our offer, which we stupidly have to £455k. EA said that they will not sell it at £455 and min is £455k
After a week, when they did not have any other offers they accepted our.

However, we now think that the house its not worth the price offered, especially that needs work doing.
We have been given a mortgage but its going to be very expensive and I do not feel comfortable with it. Everything has happened so quickly as EA snd broker were pushing us to apply that I did not have time to think this through properly.
I think that this property is worth £440k max, not £455k
If we go ahead we will not have any savings left, no money for decoration, no money for buying some essential things that you always have to buy when moving etc
The whole situation has made me very anxious and instead of feeling excited I feel fearful.

Also one thing made me very suspicious. When doing google search on the property I found out that vendor applied for planning permission in 2021 to do some substantial work on the house like loft conversion, extension, etc. However EA did not mention about it nor it was not in the advert.
Why would this be?

How many other offers do they have at the moment?

None, it was only us who offered

So the seller has very little power in the situation, your mistake I think was upping your original offer, that has allowed them to think they can muck you about.

UnderOffer

This house isn’t for you, you don’t sound excited or committed in any way, I’d pull out and keep looking. 

Martisha

I contacted EA and said that unfortunately we need to revise our offer due to going over the budget and the fact that we do not feel comfortable going over asking price when there is no other offers. By reducing the offer by £10k we will be able to have cash for essential decorating.
he said thar he will check with the vendor.
later they put the house back for sale at the same price as our revised offer.

it makes me very angry and do not want to deal with this agent anymore. Our revised offer is the same as we wanted to offer when we first view the house, but EA said that he will not pass this onto the seller as he will be offended (?!)

london21

Martisha said:

I contacted EA and said that unfortunately we need to revise our offer due to going over the budget and the fact that we do not feel comfortable going over asking price when there is no other offers. By reducing the offer by £10k we will be able to have cash for essential decorating.
he said thar he will check with the vendor.
later they put the house back for sale at the same price as our revised offer.

it makes me very angry and do not want to deal with this agent anymore. Our revised offer is the same as we wanted to offer when we first view the house, but EA said that he will not pass this onto the seller as he will be offended (?!)

Listied price is not necessarily sold price. 

You wasn't keen on the house. 

The EA might not take you seriously going forward. 

lookstraightahead

Martisha said:

I contacted EA and said that unfortunately we need to revise our offer due to going over the budget and the fact that we do not feel comfortable going over asking price when there is no other offers. By reducing the offer by £10k we will be able to have cash for essential decorating.
he said thar he will check with the vendor.
later they put the house back for sale at the same price as our revised offer.

it makes me very angry and do not want to deal with this agent anymore. Our revised offer is the same as we wanted to offer when we first view the house, but EA said that he will not pass this onto the seller as he will be offended (?!)

That seller will really struggle to sell now. What a mess! Luckily for you, you can just decide to move on. 

comeandgo

Martisha said:

I contacted EA and said that unfortunately we need to revise our offer due to going over the budget and the fact that we do not feel comfortable going over asking price when there is no other offers. By reducing the offer by £10k we will be able to have cash for essential decorating.
he said thar he will check with the vendor.
later they put the house back for sale at the same price as our revised offer.

it makes me very angry and do not want to deal with this agent anymore. Our revised offer is the same as we wanted to offer when we first view the house, but EA said that he will not pass this onto the seller as he will be offended (?!)

I would not sell to someone who has mucked me about either.  You have proved to be untrustworthy and could go back on your word again.

Martisha

comeandgo said:

Martisha said:

I contacted EA and said that unfortunately we need to revise our offer due to going over the budget and the fact that we do not feel comfortable going over asking price when there is no other offers. By reducing the offer by £10k we will be able to have cash for essential decorating.
he said thar he will check with the vendor.
later they put the house back for sale at the same price as our revised offer.

it makes me very angry and do not want to deal with this agent anymore. Our revised offer is the same as we wanted to offer when we first view the house, but EA said that he will not pass this onto the seller as he will be offended (?!)

I would not sell to someone who has mucked me about either.  You have proved to be untrustworthy and could go back on your word again.

They were trying to muck me too
agent lied to us from the start

powerful_Rogue

Martisha said:

comeandgo said:

Martisha said:

I contacted EA and said that unfortunately we need to revise our offer due to going over the budget and the fact that we do not feel comfortable going over asking price when there is no other offers. By reducing the offer by £10k we will be able to have cash for essential decorating.
he said thar he will check with the vendor.
later they put the house back for sale at the same price as our revised offer.

it makes me very angry and do not want to deal with this agent anymore. Our revised offer is the same as we wanted to offer when we first view the house, but EA said that he will not pass this onto the seller as he will be offended (?!)

I would not sell to someone who has mucked me about either.  You have proved to be untrustworthy and could go back on your word again.

They were trying to muck me too
agent lied to us from the start

What nonsense. No doubt you'll be back posting another thread regarding your tales of woe regarding another property you have offered on.

Sarah1Mitty2

comeandgo said:

Martisha said:

I contacted EA and said that unfortunately we need to revise our offer due to going over the budget and the fact that we do not feel comfortable going over asking price when there is no other offers. By reducing the offer by £10k we will be able to have cash for essential decorating.
he said thar he will check with the vendor.
later they put the house back for sale at the same price as our revised offer.

it makes me very angry and do not want to deal with this agent anymore. Our revised offer is the same as we wanted to offer when we first view the house, but EA said that he will not pass this onto the seller as he will be offended (?!)

I would not sell to someone who has mucked me about either.  You have proved to be untrustworthy and could go back on your word again.

It is a business transaction, the seller has no other offers and the economics of having a mortgage loan have changed quite dramatically, why shouldn`t they reduce their offer!

comeandgo

Sarah1Mitty2 said:

comeandgo said:

Martisha said:

I contacted EA and said that unfortunately we need to revise our offer due to going over the budget and the fact that we do not feel comfortable going over asking price when there is no other offers. By reducing the offer by £10k we will be able to have cash for essential decorating.
he said thar he will check with the vendor.
later they put the house back for sale at the same price as our revised offer.

it makes me very angry and do not want to deal with this agent anymore. Our revised offer is the same as we wanted to offer when we first view the house, but EA said that he will not pass this onto the seller as he will be offended (?!)

I would not sell to someone who has mucked me about either.  You have proved to be untrustworthy and could go back on your word again.

It is a business transaction, the seller has no other offers and the economics of having a mortgage loan have changed quite dramatically, why shouldn`t they reduce their offer!

To me and some others it is not.  I’m not in business to buy and sell property.  If I need to move and buy a new property I look for a home where I think I’d be happy, which ticks all the boxes.   I don’t look at something that will increase in value or try and hoodwink by offering high to get the property and then try and negotiate and threaten to pull out, not in my nature.