Reducing Offer after we proceeded to sale

lynnexxxo

It sounds to me like you really don't want the house - usually by this point in a sale people have already started planning int heir head where their sofa is going to go, and what colour they are going to paint the bedroom.

How could you fail to spot the ceilings on a viewing? And if its so dirty, you'd probably not want their toilet seat anyway!!!!

carolt

I don't know why some people on here are getting so irate - it's not as if you're doing this on the day of completion. You're giving them lots of chance to change their mind too, and go for the other seller - if they actually exist, that is. They will lose little, if anything. It's not proper gazundering, just renegotiation in a falling market.

If the UK had a reasonable system, where offers were binding on both parties, then yes, it would be problematic.

But I'm sure some of those criticising you would advise a fellow seller to take a higher offer ie gazump, in a rising market.

Now the market has turned, like it or not, you won't be the first doing this, or the last.

Far better to be honest about it at this stage, than leave them in a really difficult situation at the last minute.

Not surprised you've got cold feet. As long as you're prepared for the vendor to tell you where to stick it, then be upfront. They may reduce, they may not. Next time, don't offer or certainly don't spend any money yourself, until you've had the chance to view the property properly, inside and out. You can always ask for second and third viewings, you know! As the biggest purchase you'll ever make, it's better to be sure what you're getting into.

Hope it all works out.

MissMoneypenny

It is a buyers market now. Try looking on on one of the house price sold sites to try to value if you are paying over the odds for the house in todays market and bear in mind also, that house prices have been dropping. Buying a house is a big financal commitment, so don't pay more than you feel the house is worth to you.

This link was put on these forums yesterday, if this will help you with your decision with the market :-
http://britishexpats.com/forum/showthread.php?t=518829

Den

I have mentioned in my replies all reasons why I missed obvious thins. And we do plan colours, sofas and etc. I am in buying this house, but want my original price. I'lll not die if it will be gone, there are plenty fish in the ocean. I want to reduce offer in the nicest way and to avoid too much embarasment for me and to the vendor, don't want to point how unclean they were.

It's will be my first house, so you miss important things during excitement stage.

lynnexxxo wrote: »

It sounds to me like you really don't want the house - usually by this point in a sale people have already started planning int heir head where their sofa is going to go, and what colour they are going to paint the bedroom.

How could you fail to spot the ceilings on a viewing? And if its so dirty, you'd probably not want their toilet seat anyway!!!!

chappers

Vincenzo wrote: »

I wish I could get my house redecorated for £4,000! Depends what you mean by 'redecorate' I suppose.

Absolutely, and how bigs a house.

Just recently did a complete re-furb for a customer 2 up 2 down terrace and decorator quoted me £3750 and he was the cheapest by about £800 highest quote was £9000.

Den

Everyroom needs to be cleaned, fixed and at least painted, 2 bed house. Removing old dumped appliances and bricks from garden requires skip and labour. Flooring is going down when you walk, etc.....

macaque_2

Den wrote: »

This is quite honest reply. Thank you.

I think that all upset replies are from sellers. But it's buyers market and I why we would not try to reduce prices if we can. I could not buy one property in the past because vendor accepted higher offer after mine was ageed, and I lost on fees.

I also got felling that EA agents were not honest about another offer.

I am not a seller (I don't even own a property). You are absolutely within your rights to bargain for the best price but not like this.

You competed with another party for a property. Your bid was 1% higher and on this basis, it was accepted. Now you want to renege on your offer and chisel away at the price. That is simply not on.

The alternative buyers will have moved on and if not, the delay will certainly scare them. In other words, your devious behaviour has messed things up badly for the seller.

Your response to criticism makes it pretty clear that you don't give two hoots for anyone. People who have supported you on this thread are probably trying to salve their consciences. One individual even came up with a flimsy rationalisation to try and suggest that you are not gazundering. What a load of tripe. Sorry sunshine what you are doing is gazundering and it is as bad as gazumping.

Cardinal-Red

macaque wrote: »

Sorry sunshine what you are doing is gazundering and it is as bad as gazumping.

This may or may not be so, but aren't you implicitly assuming that the seller would be horrified if somebody waded in with an offer of £205k, and would follow the perceived moral imperative and refuse it?

I find that very hard to believe.

Den

macaque wrote: »

I am not a seller (I don't even own a property). Sorry sunshine what you are doing is gazundering and it is as bad as gazumping.

I did not say that it's not gazundering, but said that don't see nothing wrong in it, when others do it. My friend bought her property 8 years ago and vendor increased twice price during sale, it went from 105K to 115K!

MissMoneypenny

Oh for goodness sake. I'm sure the sellers are aware that we are in a falling market and if they are realist, may even be expecting a drop in price of the offer.

I took a lower offer on an agreed price in a failing market, in order to sell our house. I made the right decision as it turns out as the housing market fell a lot lower than that.

I think perhaps that after all these years of rising prices, it is a shock to some people that house prices can fall too. It happens. The housing market is fueled on fear and greed, but this time we have the credit crunch too.