Sale fell through, reasonable to ask to lower accepted offer?

JReacher1

mi-key said:

diystarter7 said:

mi-key said:

p.s. I also think gazumping is just as bad ! If you agree on a price then stick to it rather than faffing around trying to chisel money off people and messing people around

the day/3week before the exchange of contracts or one the day, I agree
Thanks

Make the offer you can afford at the time, don't offer more then assume at a later date you can hold the seller to ransom by reducing it for no other reason than you want the house cheaper than you agreed. 

But that isn't the reason.  The seller appears to have dragged their heels and this delay seems to have led to the OP's buyer pulling out.  Now because of this the OP is unable to sell their house at the same price as they agreed a few months ago.  As a result they want to lower the price.

That is I think reasonable.

The seller has the choice now of agreeing to this or saying no and then looking for a new buyer.

mi-key

The OP didnt say why their buyer pulled out? It may not have had anything to do with the timescale? 

JReacher1

mi-key said:

The OP didnt say why their buyer pulled out? It may not have had anything to do with the timescale? 

Yes I agree.  Could be for a different reason.  Be interesting for the OP to say why their buyer pulled out.

diystarter7

mi-key said:

diystarter7 said:

mi-key said:

p.s. I also think gazumping is just as bad ! If you agree on a price then stick to it rather than faffing around trying to chisel money off people and messing people around

the day/3week before the exchange of contracts or one the day, I agree
Thanks

I think at any point really. Maybe I am old fashioned but I think if you make an agreement with someone, you stick to it. You see a lot of posts on here, often from FTBs who have had an offer accepted, and their next question is 'right, how much can I now knock that down to try and get it cheaper'

Make the offer you can afford at the time, don't offer more then assume at a later date you can hold the seller to ransom by reducing it for no other reason than you want the house cheaper than you agreed. 

My posts have referred to the 'real world' we live in and as I said before, 'not live in an ideal world.'

I'm seen as a gentleman of principles IRL and my word is my bond just nor re money maters but if I've agreed to do someone a favour - keep secret/etc/etc

Thanks

Sarah1Mitty2

tsears said:

Long story, but I accepted an offer on my property back in August £10k above the asking price where I had multiple offers over the asking. 
I then had an offer accepted on a property at the end of September, just under the asking price but the sellers hadn't found anywhere.

3 months later they still haven't found anywhere, but have now offered to vacate the property to get the sale through, but my buyer has pulled out. 
My property has been back on the market for a few weeks, but due to the change of the market, I'm now only getting offers £20k-£30k under the offer I accepted back in August. 

In this situation would be acceptable to ask the people I'm buying from to reduce the price? 
The house I'm looking to buy is in a desirable area where not many at this price point come up for sale, but I've noticed that other properties in the local area are being reduced on Rightmove. What's the normal thing to do in this situation? 

Thanks in advance! 

Ask them to reduce, they won`t be getting offers like you gave them now. They dithered, the market changed, their problem really.

mi-key

Sarah1Mitty2 said:

tsears said:

Long story, but I accepted an offer on my property back in August £10k above the asking price where I had multiple offers over the asking. 
I then had an offer accepted on a property at the end of September, just under the asking price but the sellers hadn't found anywhere.

3 months later they still haven't found anywhere, but have now offered to vacate the property to get the sale through, but my buyer has pulled out. 
My property has been back on the market for a few weeks, but due to the change of the market, I'm now only getting offers £20k-£30k under the offer I accepted back in August. 

In this situation would be acceptable to ask the people I'm buying from to reduce the price? 
The house I'm looking to buy is in a desirable area where not many at this price point come up for sale, but I've noticed that other properties in the local area are being reduced on Rightmove. What's the normal thing to do in this situation? 

Thanks in advance! 

Ask them to reduce, they won`t be getting offers like you gave them now. They dithered, the market changed, their problem really.

Or they will just refuse, OP loses the house and any money he has spent out so far. You can't say what offers they will get from other people if they market it again. As the OP says, it's a desirable area with not many houses at that price, so only takes one person who can afford it and is happy to pay what they are asking...

Sarah1Mitty2

mi-key said:

Sarah1Mitty2 said:

tsears said:

Long story, but I accepted an offer on my property back in August £10k above the asking price where I had multiple offers over the asking. 
I then had an offer accepted on a property at the end of September, just under the asking price but the sellers hadn't found anywhere.

3 months later they still haven't found anywhere, but have now offered to vacate the property to get the sale through, but my buyer has pulled out. 
My property has been back on the market for a few weeks, but due to the change of the market, I'm now only getting offers £20k-£30k under the offer I accepted back in August. 

In this situation would be acceptable to ask the people I'm buying from to reduce the price? 
The house I'm looking to buy is in a desirable area where not many at this price point come up for sale, but I've noticed that other properties in the local area are being reduced on Rightmove. What's the normal thing to do in this situation? 

Thanks in advance! 

Ask them to reduce, they won`t be getting offers like you gave them now. They dithered, the market changed, their problem really.

Or they will just refuse, OP loses the house and any money he has spent out so far. You can't say what offers they will get from other people if they market it again. As the OP says, it's a desirable area with not many houses at that price, so only takes one person who can afford it and is happy to pay what they are asking...

No, but as they were already taking offers under asking in September I doubt they will be feeling too confident of floods of offers coming in, and they would have the hassle of starting again with a new buyer, who could still pull out or lower their offer.

lookstraightahead

mi-key said:

diystarter7 said:

mi-key said:

p.s. I also think gazumping is just as bad ! If you agree on a price then stick to it rather than faffing around trying to chisel money off people and messing people around

the day/3week before the exchange of contracts or one the day, I agree
Thanks

I think at any point really. Maybe I am old fashioned but I think if you make an agreement with someone, you stick to it. You see a lot of posts on here, often from FTBs who have had an offer accepted, and their next question is 'right, how much can I now knock that down to try and get it cheaper'

Make the offer you can afford at the time, don't offer more then assume at a later date you can hold the seller to ransom by reducing it for no other reason than you want the house cheaper than you agreed. 

The op could afford it, but cannot now due to the seller dragging their heels and the market changing. They simply cannot afford it any more. If the seller had moved in good time then this probably wouldn't have happened.

the money was available, and now it isn't. 

meeemee

Maybe the sellers isn’t fussed if the sale completes seeing as their present home is in a desirable area and took so long to offer to vacate ,did they only offer to move, guessing rent elsewhere for a quickness rather than a actually wanting to do it? I would be scared they would back out they may be wanting an excuse to break the chain if they are not really committed, not like they have paid for surveys etc on a forwarding property. 

mi-key

Sarah1Mitty2 said:

mi-key said:

Sarah1Mitty2 said:

tsears said:

Long story, but I accepted an offer on my property back in August £10k above the asking price where I had multiple offers over the asking. 
I then had an offer accepted on a property at the end of September, just under the asking price but the sellers hadn't found anywhere.

3 months later they still haven't found anywhere, but have now offered to vacate the property to get the sale through, but my buyer has pulled out. 
My property has been back on the market for a few weeks, but due to the change of the market, I'm now only getting offers £20k-£30k under the offer I accepted back in August. 

In this situation would be acceptable to ask the people I'm buying from to reduce the price? 
The house I'm looking to buy is in a desirable area where not many at this price point come up for sale, but I've noticed that other properties in the local area are being reduced on Rightmove. What's the normal thing to do in this situation? 

Thanks in advance! 

Ask them to reduce, they won`t be getting offers like you gave them now. They dithered, the market changed, their problem really.

Or they will just refuse, OP loses the house and any money he has spent out so far. You can't say what offers they will get from other people if they market it again. As the OP says, it's a desirable area with not many houses at that price, so only takes one person who can afford it and is happy to pay what they are asking...

No, but as they were already taking offers under asking in September I doubt they will be feeling too confident of floods of offers coming in, and they would have the hassle of starting again with a new buyer, who could still pull out or lower their offer.

The OP did say it was 'just under' asking, which is pretty common. Maybe he was the first person to view it, made the offer, and they thought it was OK rather than hanging around to see if they got offers over ( which obviously is less common now )