To reduce my offer on a house

[Susieblue18]

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.

I think the time to renegotiate would have been when the delay occurred.
Maybe ask for the reimbursement of your temp accommodation but if it's too reflect today's prices then you need to be prepared for them to walk away

I think it's normally dickish to mess your sellers around, but after six months, I think it's reasonable to renegotiate for all the reasons you state (They're messing you around, even if it is for understandable reasons.)

its rubbing salt in the wounds imo

I would try and find something else you like first before lowing the offer because they may just pull out. Also by finding another property you can compare this if it’s a lower price so that you can show the vendors that you’re not being unreasonable.

You missed your moment to do this reasonably.

If you want to do it now, knock yourself out, but be prepared for them to just pull the sale.

You wouldn’t be unreasonable to have the conversation with them, but be prepared that you might not get the house.

Go armed with the facts - additional costs to you due to higher mortgage rates, recent sale prices of similar properties etc. be prepared to listen to their side. Have a proper discussion.

They may well decide that if there was a lot of interest last time, there will be this time too. If I were the seller I would probably remarket, but it depends on circumstances, and on what your reduced offer would be. If they are also buying then the cost of their purchase might also have gone down.

Normally I would say etiquette would say hold the offer as the whole marketplace semi relies on people having a certain set if standards to avoid it all falling into disrepute

However given the delays and costs incurred, as well as downward movement in pricing (which remember will mean they too will be paying less for their next property) mean fair grounds for revising the number

Make sure the rationale is offered and structure it in a way to encourage them to get the thing closed out within a reasonable timeframe

If course you need to accept the risk they walk away at this stage

What are the SOLD (not listed) for similar houses?

At the you agreed with them, is there anything on the market you like?

Given her I'll health I'd be very reluctant to put them through all the stress hassle of starting again with selling and I'd feel dreadful if it affected their onward move BUT at the same time, would you just hand them (say) £50,000 cash. It's essentially the same thing.

You have incurred costs by waiting. YWNBU to reduce your offer due to renting costs. Are you prepared to lose the house? A reduced offer due to costs incurred is very different to reducing due to the state of the market.

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

I'm in Scotland too and I've had bailed on this sale by now.

The market has dropped. You’d be foolish not to drop your offer. It’s unfortunate, but it’s a property ‘market’ and markets go up and but also down in price.

If my mortgage deal had lapsed I defo would be renegotiating!

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

Quite, it's batshit how some people think. The OP didn't cause the delays.

So you were supposed to be moving in march and here we are in September with a vague "in the next few months"? At this point, well before now tbh, I'd have been considering pulling out and finding somewhere else.

exactly
have you got a mortgage based on a better deal than is available now that you are holding on to?

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’d be very concerned by this as sounds like your solicitor has no idea what he’s talking about. Offers do not lapse unless you specifically say “our offer stands until x date”. Your solicitor is wrong and there’s nothing “unofficial” about your agreement if you’ve said you’re going to buy it.

I think it'll be the banks offer of a mortgage is principle that will have lapsed.