Reducing Offer after we proceeded to sale

neverdespairgirl

Vincenzo wrote: »

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

We had our 3 bed, 1 living room, 2 bathroom and kitchen flat repainted throughout, including woodwork, for £2k a couple of years ago.

baileysbattlebus

When we have bought and sold houses we have usually entered into an agreement with our buyer not to accept any other offers on the house and take the house off the market and the price is agreed, subject to survey. If my buyer subsequently came back and said he wanted to pay less than the price agreed, I'd refuse and remarket the house. And once we've agreed a price with a seller I wouldn't dream, of weeks in, offering them less than the agreed price, unless there was a problem with the survey.
Fortunately usually when we've sold, we've never been desperate to sell, so it would be their loss.
The only time we have really needed to sell was to relocate and as luck would have it we lived in Scotland at the time, where it's all legal and binding from acceptance of the offer, so this type of crap didn't happen. It removed so much stress from buying and selling it was untrue.

I'm neither a buyer or a seller at the moment, not likely to be for about 3 or 4 years when we will be down sizing.
It all depends on how desperate your seller is to sell their house and what the true state of the property market is where you live, everyone seems to think the market is in freefall - but where ?

MissMoneypenny

When my mother bought her last house, the day before the contracts were exchanged the seller asked for more money as the market was rising. She refused and told him that if they didn't exchange the next day, she was pulling out. The seller backed down, but there was no hard feelings on either side. It's really not worth getting upset over.

If everything you do in life is going to be a life and death situation, then you are going to die a lot of times.

EdInvestor

MissMoneypenny wrote: »

When my mother bought her last house, the day before the contracts were exchanged the seller asked for more money as the market was rising. She refused and told him that if they didn't exchange the next day, she was pulling out. The seller backed down...

Both buyers and sellers are always trying it on, especially at the last minute but nine times out 10 if you refuse to play, they give up their silly games.

real1314

OP - I suggest you re-post this question but package it a bit differently:

"I've just had an offer of £202k accepted on a house that was for sale at £204k, I think we've got a real bargain - Has anyone else been able to get that level of reduction or am I just lucky?"

See what sort of responses that gets you - they will vary from "you mad idiot for buying at that price" to "pull out now before the house takes you down with it".

The phrasing of a question can seriously polarise the replies on this board! :rotfl:

Mozette

I'm not buying or selling, but if I was selling this house and you wanted to lower your offer for things you could see on viewing, I'd assume you were a flake and tell you to walk. If you were so excited then you should have had a bit of a think first. it's not like buying a pair of shoes from M&S for heaven's sake!

strongboes

To everyone calling the op a lowlife! then get a grip!

This is a market, it's called the property market, it's a game for us all to play. The market is going down down down, for the last 10 years it has gone up up up!

If they can get another 4k off the price then thats 4k less they are going to lose in equity in the coming months years, and 4k less they have to pay off a mortgage. This is a lot of cash in anyone's book. Personally i'd withdraw my offer and re offer in 2 months if it's not sold for 25-30k less. Play the game

slipp_digby

Den wrote: »

It's not bad?! Do you read news? Yes, some people believe that prices are right these days.

I'm not afraid to loose, cos will be able to recover legal fees quite quickly, but it will take me longer to clean this property.

Its a bad market eh?

In a 'buyers market' you desperately competed and outbid another couple and offer just under asking price for a house which you say needs £4k of work doing on it which you haven't viewed properly and don't really want.

Now tell me again how bad the market is?

Touche.

mr.broderick

MissMoneypenny wrote: »

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.

Where are you? Is the market really falling and if so where is it falling from? I don't see a falling market in fact next door went up last week and has had full asking price offer from proceedable buyer

vetfred

strongboes wrote: »

Personally i'd withdraw my offer and re offer in 2 months if it's not sold for 25-30k less. Play the game

The vendor isn't going to be too excited in doing a deal 30k below what they already accepted 2 months ago with a person who backed out. One assumes they will go straight to the other bidder which may be for the best for all concerned if this isn't the right house for the OP.