Reducing Offer after we proceeded to sale

Den

Hi, I though that would ask how Reduce my offer correctly.
Few week back my offer has been accepted, but after viewing property and looking at current financial market we get worried. I got mortgage offer on my hands, but want to reduce a little further, to cover cost to do small repairs.

Details: my offer is 202K (2K below asking price)
I am FTB and ready to complete
When I placed my original offer, another seller, according to EA, offered 200K and it was accepted, though they took my offer.
I want to reduce my offer to198K.
The house requires decorating, removing lots of rubbish from garden, there is no luxuries. But original asking price reflected that to the area asking/selling prices.

What is my chance to get my price? I don't love place, but it will not be in any case for price I can afford now. I'm prepared to loose already paid money, meaning will be waiting another 2 years.

Who should I call if I want to reduce my offer?

Many thanks.

vetfred

If you viewed the house before offering, I think the vendor will say you must have seen the decorative order of the house and the garden and thus it's harder to negotiate a reduction because they are things you saw.

If you had a survey which pointed out faults with the house that you coudn't have seen then it's easier to get a reduction sometimes.

As you're worried about your finances and don't love the house, are you making the right decision buying it?

I suppose you speak to the vendor's agent to try lower the price but if I was the vendor, those reasons (decor, garden, the financial climate) wouldn't make me want to reduce the price.

pickledpink

Hi Den

You made an offer of £202; another couple offered £200; your offer was accepted and now, for no reason whatsoever you want to reduce your offer!!

You KNEW what the place was like - nothing has changed except for the fact you'd like to pay lees than what you originally offered! Try doing that when you go to an auction; offer a price, and then after they've agreed to sell it to you tell the auctioneer you want if for less!!!!:rotfl:

The seller will either offer it cak to the other couple who offered £200 - or tell you to take a hike!

You've got some nerve!

Davesnave

What you're doing is almost 'gazundering,' which is the opposite of gazumping and typical of a buyer's market. However, true gazundering isn't carried out till exchange, when everyone is more heavily committed to the sale and the chain well-established.

If you were really committed to this deal, you wouldn't piddle about over £2k, - that's what your seller will think, unless you have had a survey that reveals something new. I had a buyer recently who was less up-front than you, but I got his drift and offered a reduction anyway. Sure enough, he pulled out six weeks later.

You may get lucky, but if I were the seller, I'd be extremely wary of going further into a deal with you. If you decide to go ahead, a call to the agent, citing your reasons, is the way to go in the first instance.

[Deleted User]

I would not do that. An acquantance of mine had a buyer who did just that and the buyer was told no and the property was immediately put back on the market. It sold in days to an honorable buyer for 3k more

maninthestreet

It doesn't cost £4000 to re-decorate a house and clear some rubbish from the garden.

VFR-Rider

It's your money, you make the choice.
It's also the sellers house so be prepared that they may reject your new offer & decide not to sell to you.
I generally agree with the all above that it may not be the nicest thing to do... but it's not as though you are contractually bound yet.

Personally I would probably pull-out/ re-offer in your situation. However I like to think (easy to take the moral high-ground as I'm not in your position!) that I would not get into the situation... If I believe a house is worth X and I am willing to pay X then I offer X and hope*, why should my opinion change unless I was wrong about my initial point? In which case more fool me.


* yesyes, offer X - 5% until X etc :P

soolin

I recently sold a property on behalf of a relative. Three weeks before completion they suddenly reduced their offer..so I merely instructed my solictors to inform their solicitors that I would take that to mean they wer epulling out and would remarket the property at a higher price.

They came straight back to say that they would stick to original offer, but my solicitor then asked them to move completion forward as a gesture of goodwill, whcih they did and house completed in a matter of days.

Obviously there is nothing to stop you asking for a reduction, but it depends on whether you are really really prepared to walk away now and lose all your fees and expenses so far.

macaque_2

Den wrote: »

Hi, I though that would ask how Reduce my offer correctly.
Few week back my offer has been accepted, but after viewing property and looking at current financial market we get worried. I got mortgage offer on my hands, but want to reduce a little further, to cover cost to do small repairs.

Details: my offer is 202K (2K below asking price)
I am FTB and ready to complete
When I placed my original offer, another seller, according to EA, offered 200K and it was accepted, though they took my offer.
I want to reduce my offer to198K.
The house requires decorating, removing lots of rubbish from garden, there is no luxuries. But original asking price reflected that to the area asking/selling prices.

What is my chance to get my price? I don't love place, but it will not be in any case for price I can afford now. I'm prepared to loose already paid money, meaning will be waiting another 2 years.

Who should I call if I want to reduce my offer?

Many thanks.

The best thing to do is write a letter explaining that you are a bit of a low life and that agreements with you carry very little weight. Tell them that you want to chisel away at the price. Also, it is fair to warn them that your sort often come back for a second bite of the apple.

Don't get me wrong. I am not saying that there can never be legitimate reasons for renegotiating a price or pulling out. The circumstances that you describe however do not fit either of these cases.

village_life

I personally think it sets a very bad message if you do... regardless of the market situation, for the sake of a few thousand you risk jepordising your deal and will certainly destroy all the trust between yourself and the vendor, which may make the rest of the process a bit more stressful and nerve wrecking....

RoxieW

sounds to me like you dont want the house anymore.