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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To reduce my offer on a house

43 replies

Susieblue18 · 03/09/2023 08:25

We had an offer accepted on a house and were meant to move in March. We paid quite a lot over the asking price as there was a lot of interest. Unfortunately the owner became ill and her husband wanted to wait until she had treatment until they moved. We agreed to this and postponed our sale but had to move out of our house 6 weeks ago and are in temporary accommodation. There’s not a definite date yet but looks like it will be in the next few months. My solicitor said the offer has lapsed due to time but we have an unofficial agreement with the couple that we will buy the house. I know we could have bought something else meantime but we still like the house. My main worry is that the market has changed a lot over the past 6 months and I don’t think we would have offered so much over asking price on a house now.

AIBU to consider talking to them about putting in a lower offer? I would feel bad as we have spoken to them and they’re lovely but at the same time the market has changed and there isn’t anything legally binding.

OP posts:

Motomum23 · 03/09/2023 08:26

They changed the terms of the sale after accepting your offer so I would say its perfectly fine for you to do likewise.

splishsplash3 · 03/09/2023 08:28

Perfectly fine. They can always decline

OnlyFoolsnMothers · 03/09/2023 08:28

im surprised you didn’t lower the offer when they essentially forced you into temp accommodation. Has your mortgage rate gone up?
You should never have extended the date, get an exchange date in or lower your offer and tell them you’ll start your search again.

TooOldForThisNonsense · 03/09/2023 08:30

How would you feel if someone did it to you? You should have given an ultimatum and then walked away if he didn’t meet it. There are always houses to buy.

Shitty behaviour IMO but then I’m in Scotland where these shenanigans don’t tend to happen.

Alwaysdecorating · 03/09/2023 08:34

I think if you had put a lower offer in when they asked for more time it would have be fine. That would have been renegotiating.

I think doing it now is poor behaviour. It’s becoming a really common tactic. Put an offer in the later lower the offer hoping people will accept because of the situation.

Personally, if I was selling to you I would say no and back out of the sale completely. I would rather wait and start the process over.

BranchGold · 03/09/2023 08:37

I think I’d be looking for an end date for all of this, so I’d say let’s do the exchange and move in date of x (say 4 weeks time) at current price and if that’s not achievable then renegotiate.

What feedback are you getting currently for timelines?

90yomakeuproom · 03/09/2023 08:43

I think it would be a bit shitty to lower the offer now but I do think you could say if it's not sorted within x amount of time your offer will reduce or be off the table completely. Be prepared they could just go back on the market if it was so popular before.

Winter2020 · 03/09/2023 08:45

I think you are right that the market has changed but don't reduce your offer unless you are fully prepared for the possibility that the owners could pull out of the sale. They don't sound in a rush to move and may decide to stay put.

If there are now better houses on sale for less then withdraw your offer unless getting a new mortgage would cost lots more.

Have you had to get a new mortgage already? Do you need another mortgage valuation? If the mortgage valuation said the house was not worth what you are paying that would be a reason to renegotiate or withdraw your offer.

Pizzanight · 03/09/2023 08:47

Normally I would say no you stick with what you offered but in these circumstances the seller has put you in a shitty situation financially and the offer should be reduced to reflect that.

BranchGold · 03/09/2023 08:48

In your position I’d be really concerned about this sale going through at all and I’d be actively looking elsewhere on the market.

It is very unfortunate that the owners having health problems, I think if they aren’t in a position to move in the space of the next 6/8 weeks, then they need to take the property off the market. This is already 5/6 months post the date that you were intended to be completed and in the house.

Hairly · 03/09/2023 08:51

I think you’re being shitty.

TiredandLate · 03/09/2023 09:00

Usually I'd agree that it's shitty, but this isn't a sale that is progressing normally. OP have you done a survey, searches and enquiries yet? Have you had the fixtures and fittings pack? Or have you just had the offer accepted and no progress?

I think it's fine to pull out or negotiate because they aren't proceedable.

MarshyMcMarshFace · 03/09/2023 09:04

TooOldForThisNonsense · 03/09/2023 08:30

How would you feel if someone did it to you? You should have given an ultimatum and then walked away if he didn’t meet it. There are always houses to buy.

Shitty behaviour IMO but then I’m in Scotland where these shenanigans don’t tend to happen.

And if the OP had walked away the vendors would almost certainly have had to accept a lower offer from new vendors.

And finding buyers isn’t a quick business atm.

Meeting the vendors change of plan has cost the OP money.

MarshyMcMarshFace · 03/09/2023 09:04

A lower off from new buyers

1983Louise · 03/09/2023 09:13

Definitely a lower offer, the market is now very different to March. It's been on the news recently that there's been the biggest drop in price since early 2000s. You would be mad to.pay the original offer.

mondaytosunday · 03/09/2023 09:19

You don't have an 'unofficial' agreement. You have an official one. You offered, they agreed, it went to solicitors. Offers don't 'expire' unless you decide it does (pull out or renegotiate).
There are delays more often than not. And by your reasoning in a rising market all the sellers could increase the sale price between offer and exchange and the vast majority don't.
It was your decision to move out of your house before you could buy your next.
I would go back to them and say you want a definite date and a reduction due to your extra costs - half (of your costs) is reasonable. They can just as easily refuse. Decide what you will do if they refuse before you do this though.

OnlyFoolsnMothers · 03/09/2023 09:19

I don’t think the OP should lower the price because the market has changed but rather because of how long they’ve lingered taking the absolute pi$$

imed · 03/09/2023 09:23

It depends if you're prepared to lose the house.
The vendors don't seem totally committed and reducing your offer may give them a way out.

Elfandwellbeing · 03/09/2023 09:29

Offer a lower price due to rising costs of renting whilst waiting for their situation to be resolved! You are in the best position to buy having sold your house. You might lose the house, does that matter? There are others.

SomeCatFromJapan · 03/09/2023 09:32

They've cost you money with their delays so you're definitely justified in this case.

SlightlygrumpyBettyswaitress · 03/09/2023 09:33

I suppose you sold at a highpoint in the market. I think I would ask for something to reflect the additional costs you have incurred. Tbh though,I think I would just be looking for another house.

Pinkdelight3 · 03/09/2023 09:38

I don't think you're being shitty at all. You've moved out into temp accommodation on a very tenuous, non-binding offer/acceptance that could evaporate at any moment on either side due to market, health, other offers, any number of unknowns. This is what I think -

In your position I’d be really concerned about this sale going through at all and I’d be actively looking elsewhere on the market.

Bookish88 · 03/09/2023 09:44

TooOldForThisNonsense · 03/09/2023 08:30

How would you feel if someone did it to you? You should have given an ultimatum and then walked away if he didn’t meet it. There are always houses to buy.

Shitty behaviour IMO but then I’m in Scotland where these shenanigans don’t tend to happen.

The seller has moved the goalposts. And the market has changed a lot since March. OP is perfectly entitled to adjust her offer accordingly, and the seller can either accept or choose to find another buyer. They're evidently in no rush to move following their change in circumstances.

Why should the OP be the one to suffer and pay over the odds for a house that is likely now worth less?

maddening · 03/09/2023 09:52

To support a lower offer find out current market rate and also demonstrate impact of mortgage rate rises to your mortgage payments imo.

They don't have to accept it of course but if you demonstrate that this is not a personal issue, purely that of a changing market then then it is clear it is just a business decision not some attempt to take advantage

TotalOverhaul · 03/09/2023 09:55

Alwaysdecorating · 03/09/2023 08:34

I think if you had put a lower offer in when they asked for more time it would have be fine. That would have been renegotiating.

I think doing it now is poor behaviour. It’s becoming a really common tactic. Put an offer in the later lower the offer hoping people will accept because of the situation.

Personally, if I was selling to you I would say no and back out of the sale completely. I would rather wait and start the process over.

I don't agree. The market has fallen and they are paying rental and in temporary accommodation because of their sellers. They honoured their buyers needs but it wouldn't be unreasonable to drop the price by, for example, the cost of rent and any additional solicitors fees due to the prolonged delay.

Or offer the current going rate but be prepared to have to walk away and look for something else if they reject it.

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