Thinking of pulling out

Sarah1Mitty2

comeandgo said:

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.  

But if someone will be a paying a much higher monthly payment on the debt needed to secure the house than they originally thought isn`t it the only sensible move to try and reduce that monthly debt payment as much as possible?

GixerKate

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

Did they?

the EA acts on the sellers behalf and will want to secure a price as high as possible in most cases.

The way I see it a house was on the market at 475k, you offered 450k so a full 25k less than the seller (and EA) is aiming for so obviously your offer was rejected.  There was little interest in the house so the seller dropped their price to (I'm assuming) offers over 450k.  As you have shown interest previously the EA contacted you to see if you wanted to offer on the house again and you offered 455k which was accepted.  A few days later you then tried to offer 10k less.

From a sellers point of view you have messed them around.  It will not matter what your personal circumstances are, whether it pushes you to your limit or not.  You offered 455k, the offer got accepted and then you tried to reduce the offer by 10k.  If I were the seller I would not want to continue with you as a buyer as I would be constantly worrying that you will do the same messing around further down the process.

Martisha

GixerKate said:

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

Did they?

the EA acts on the sellers behalf and will want to secure a price as high as possible in most cases.

The way I see it a house was on the market at 475k, you offered 450k so a full 25k less than the seller (and EA) is aiming for so obviously your offer was rejected.  There was little interest in the house so the seller dropped their price to (I'm assuming) offers over 450k.  As you have shown interest previously the EA contacted you to see if you wanted to offer on the house again and you offered 455k which was accepted.  A few days later you then tried to offer 10k less.

From a sellers point of view you have messed them around.  It will not matter what your personal circumstances are, whether it pushes you to your limit or not.  You offered 455k, the offer got accepted and then you tried to reduce the offer by 10k.  If I were the seller I would not want to continue with you as a buyer as I would be constantly worrying that you will do the same messing around further down the process.

Offer at £455k was only accepted after a week as they were waiting to see if perhaps someone magically offers even more

Seller could have done the same to me later in the process

anyway there were other circumstances that lead to this decision that i dont want to discuss here

So EA telling lies from the beginning is totally acceptable and its nothing wrong with it? I do not want deal with people who lie especially when paying big money and risking my hard earned money

Sarah1Mitty2

Best not to make any offers until the end point for interest rates is more clear I think, it will stop this kind of uncertainty and confusion.

sheramber

If the agent was telling you lies why did you continue with the offers?

There are new people looking for houses every day.  Some people, like yourselves may have had to drop out of a sale and look for a lower priced property.

This house may fit their bill.

Whether they find another buyer or not is not your concern.

Move on and look within your  current affordability.

newsgroupmonkey_

Martisha said:

user1977 said:

Martisha said:

user1977 said:

Martisha said:

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?

Was permission granted? Had they done any of the work?

Even if work hasn't been done, I'd normally expect valid planning permission to be mentioned, as a selling point. 

But why be suspicious about it not being mentioned? I don't see any downsides to it.

Yes, council has granted permission but none of the work has been started.
EA and the advert was quiet about it.
i dont know why, as usually they mention those things in the property description.
that is why I dont know why they applied and paid for it and after a year are selling.

Maybe they preferred to move rather than expand the current place. Why be suspicious about it?

Because EA did not mention about it.

I would be completely unsurprised if the vendor didn't even bother telling the EA.

comeandgo

Sarah1Mitty2 said:

comeandgo said:

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.  

But if someone will be a paying a much higher monthly payment on the debt needed to secure the house than they originally thought isn`t it the only sensible move to try and reduce that monthly debt payment as much as possible?

I don’t think so.  If the property has now become unaffordable then the best thing would be to pull out, let the seller re market it.  Just because the original purchaser can’t now afford it does not mean others can’t.

Sarah1Mitty2

comeandgo said:

Sarah1Mitty2 said:

comeandgo said:

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.  

But if someone will be a paying a much higher monthly payment on the debt needed to secure the house than they originally thought isn`t it the only sensible move to try and reduce that monthly debt payment as much as possible?

I don’t think so.  If the property has now become unaffordable then the best thing would be to pull out, let the seller re market it.  Just because the original purchaser can’t now afford it does not mean others can’t.

They didn`t have any other offers before, why would they suddenly receive more offers now?

ReadingTim

Sarah1Mitty2 said:

They didn`t have any other offers before, why would they suddenly receive more offers now?

Because not everyone starts housebuying at exactly the same time.  Or because someone's had an offer on the place they're selling, so it now a proceedable buyer rather than a dreamer. 

Whatever, the OP isn't the only rider in this horserace.  They're not special, they're not a beautiful and unique snowflake.  

sheramber

Sarah1Mitty2 said:

comeandgo said:

Sarah1Mitty2 said:

comeandgo said:

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.  

But if someone will be a paying a much higher monthly payment on the debt needed to secure the house than they originally thought isn`t it the only sensible move to try and reduce that monthly debt payment as much as possible?

I don’t think so.  If the property has now become unaffordable then the best thing would be to pull out, let the seller re market it.  Just because the original purchaser can’t now afford it does not mean others can’t.

They didn`t have any other offers before, why would they suddenly receive more offers now?

Because joe Bloggs wasn't looking for a house when it went on the market but is now.

Joe Public had an offer accepted on a more expensive house but it is not unaffordable, due to increases, so is looking for a cheaper one.

John Doe's seller has pulled out the sale so he is now searching for another purchase.

I am sure you can think of more scenarios , if you try.