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  • FIRST POST
    • Tamzlolsmilo
    • By Tamzlolsmilo 11th Jul 18, 6:53 PM
    • 2Posts
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    Tamzlolsmilo
    Is it okay to give a lower second offer?
    • #1
    • 11th Jul 18, 6:53 PM
    Is it okay to give a lower second offer? 11th Jul 18 at 6:53 PM
    Hi All

    We found a project property over a month ago with a guide price of £425,000. After making an offer of £440,000, things were going well and we had a mortgage in principal but the estate agent went completely quiet on us

    I discovered online a few weeks ago that it had been sold subject to contract but the estate agent contacted me yesterday to say itís back on the market and we have first refusal.

    After looking and similar properties, we believe our initial offer was way too steep.

    Would a second offer of £400,000 (40K lower) be unacceptable in this situation?

    Thanks in advance
Page 1
    • jonnygee2
    • By jonnygee2 11th Jul 18, 6:57 PM
    • 308 Posts
    • 306 Thanks
    jonnygee2
    • #2
    • 11th Jul 18, 6:57 PM
    • #2
    • 11th Jul 18, 6:57 PM
    Would a second offer of £400,000 (40K lower) be unacceptable in this situation?
    No not really. It's pretty much always fine to offer what you think it's worth. But given they obviously had an even higher offer, seems unlikely they'd take 400k? Even if they do take it, you'll likely get gazumped later on.

    However, given the buyer and/or estate agent are clearly untrustworthy, I think you are doing the right thing by offering lower. Either you take a gamble on being able to get it for a lower price or you move on.
    • AdrianC
    • By AdrianC 11th Jul 18, 7:08 PM
    • 18,344 Posts
    • 16,583 Thanks
    AdrianC
    • #3
    • 11th Jul 18, 7:08 PM
    • #3
    • 11th Jul 18, 7:08 PM
    You can offer whatever you like. Only the vendor can say whether it's acceptable or not, because they're the one who says yes or no.

    How big a project is it? Do your lender understand the extent? Because I wonder whether the previous purchase fell through when the putative buyer discovered he couldn't finance it due to lender reluctance or huge retentions...
    • Tamzlolsmilo
    • By Tamzlolsmilo 11th Jul 18, 7:21 PM
    • 2 Posts
    • 0 Thanks
    Tamzlolsmilo
    • #4
    • 11th Jul 18, 7:21 PM
    • #4
    • 11th Jul 18, 7:21 PM
    Weíre going on other house prices on that road which sold for lower than our initial offer which I imagine didnít require half the amount of work if any.

    Thereís a bit of damp, a lean to that will need removing, the garden will need a massive clear out, plus new bathroom and kitchen. Iím assuming there may be other hidden issues for a surveyor to spot. There were elderly tentants living there for at least a decade, they were in a contract which held them responsible for repairs so they let the place fall apart.

    I guess the issue is that I donít want the estate agent to upset me again!
    • G_M
    • By G_M 11th Jul 18, 8:02 PM
    • 45,313 Posts
    • 54,306 Thanks
    G_M
    • #5
    • 11th Jul 18, 8:02 PM
    • #5
    • 11th Jul 18, 8:02 PM
    You can make whatever offer you want.

    The seller can accept it, or reject it, or make a counter offer.
    Last edited by G_M; 11-07-2018 at 8:08 PM.
    • JoeEngland
    • By JoeEngland 11th Jul 18, 8:10 PM
    • 131 Posts
    • 133 Thanks
    JoeEngland
    • #6
    • 11th Jul 18, 8:10 PM
    • #6
    • 11th Jul 18, 8:10 PM
    Weíre going on other house prices on that road which sold for lower than our initial offer which I imagine didnít require half the amount of work if any.

    Thereís a bit of damp, a lean to that will need removing, the garden will need a massive clear out, plus new bathroom and kitchen. Iím assuming there may be other hidden issues for a surveyor to spot. There were elderly tentants living there for at least a decade, they were in a contract which held them responsible for repairs so they let the place fall apart.

    I guess the issue is that I donít want the estate agent to upset me again!
    Originally posted by Tamzlolsmilo
    Don't offer more than the house is worth just because you're worried about the estate agent!
    • ThePants999
    • By ThePants999 11th Jul 18, 10:22 PM
    • 1,257 Posts
    • 1,582 Thanks
    ThePants999
    • #7
    • 11th Jul 18, 10:22 PM
    • #7
    • 11th Jul 18, 10:22 PM
    I'm not sure I'd bother. Even if the offer is accepted, the same thing will happen a second time.
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