Overpaying for a house

[Niceeyes]

We just had our offer accepted on a house, our mortgage is just being approved so the current owners says they will keep their property on the market until we get once approval… that’s fair.
however they have kept the property on the market but dropped it by £50K, now we feel like we may be offering too much, we thought we were making a much bigger savings. The place needs a good amount of updating but is fine to live in. We are considering lowering our offer, AIBU or YANBU?

Why on earth have they dropped the price when they accepted your offer?? Surely bow you withdraw your offer and re offer at the lower price...

Do you have an agreement in principle

That's very strange. So they'll accept £50k less from someone else .. but want you to pay the full whack.

That must be a mistake

That is really, really strange. Never heard of such a thing. And I live in Scotland where ‘offers over’ are the norm here! I’ve never known the sellers reducing the price once an offer has been agreed.

As you didn't have your finances sorted out and approved, they probably didn't take your offer seriously.

You might as well withdraw the offer while you sort out the finances and then make a new, lower, offer once you're ready to go ahead, if the property is still available and you still want it.

What @amicissimma says. Withdraw your offer, then once your finance is sorted, offer again and save yourself 50 grand. Simple!

I would be getting a friend or family member to call up and enquire to double check the price isn’t a mistake, if it’s then confirmed that it is now lower I would then phone the estate agents and withdraw your offer and tell them why.

It's a weird thing to do. For exactly the reasons you give - you now feel you have paid too much and should be offering lower.

Is it possible that the EA screwed up and that the property was scheduled for a reduction but the message did not get through to whoever was managing the online information that a bid at the original price was received and they just lowered it anyway ?

It sounds like they haven't actually accepted your offer and they want to sell quickly. Is your own property under offer?

As the estate agent what's going on. It's not reasonable to offer it at a lower price to other buyers at the same time as accepting an offer from you.

We are chain free and yes they want to move quickly but I thought they’d possibly appreciate us more as buyers as we don’t have a long chain.. for ref, this isn’t a cheap end house so the expectation would be that a normal chain would have about 3 properties below this one, if that makes sense.
we feel a bit put off now

I wouldn't be playing £50k more than the asking price. It seems a crazy move on their part, god knows who was advising them (unless I've totally misunderstood.

If they've kept it on the market and therefore not accepted your offer, I'd retract it and offer less.

It’s not normal to keep your house on the market while your buyers wait for their mortgage offer. It’s part of the buying process and the house should be marked as sold stc.

When I was buying about 10 years ago most vendors won't take an offer seriously until you have a mortgage in principle.

But they should have either accepted the offer or not. But accepting it and then keeping the house on the market and dropping the price by £50k is just crazy.

Keeping the house on the market is not accepting an offer.

A mortgage in principle can be obtained almost immediately. It sounds like OP is waiting for the mortgage offer.

I would want to know what they thought they were playing that. I'd definitely be withdrawing the offer at the original price.

Just to clarify we offered £70k less than asking and it was accepted, they’re propping it by £50k which means we are now paying £20k less than asking .. I feel like we need to pay £70j less than the new price they have put the house on for now.

plus will my mortgage lender see the house is in for. £50k less and they might not loan us as much as they see the house has clearly been revalued by the agebt

Dropping not propping

So if it was on the market for £600k, you offered £530k, they accepted your offer, but you're not ready to proceed, so they've adjusted the listing to £550k and kept it on the market.

You take the biscuit for a completely misleading opening post. My sweet summer child... first time buyer by any chance?

It's perfectly normal. "Sold STC" has absolutely no legal meaning in England.

OP, this is bizarre,

Let's say the was was in at £500k and you offered £430k, which was accepted.

Do you mean they've kept on the market and dropped the list price to £450k?

Absolutely bonkers,

Although no idea why you think you can now offer £380k when you thought the house was worth £430k this morning - that's bonkers too!

Pretty much…

70k under is a large amount off clearly accepting this has coincided with a realisation they needed to drop the price as well

yiu have an odd way of looking at it - that somehow you bought it because of how good a deal you got not the house itself.

the mortgage lender will make it own assessment separate to the estate agents valuation