AIBU to reduce our accepted house offer after selling ours cheaply?

[Miserablestrawberry]

We offered asking price on a house (825k) a couple of weeks ago (the house had only just been put on the market), and the offer was accepted but the vendors refused to take the house off of the market (completely understandable) and have had multiple viewings but no offers since.

We’ve now accepted an offer on our house. Due to the market, we’ve accepted quite a low offer (650k when we were initially valued at 700-715k from multiple agents) as the market seems to have sunk since the Iran war. We wanted to accept an offer Asap so that we can formalise the offer on the property mentioned.

As we’ve accepted a fairly low offer, would it be seen as cheeky to amend our initial offer on the house we wish to buy? We were thinking of going back at £815k.

You can only ask, they can always say no! Depends how quickly they want to sell.

If you’re happy to lose the house then go for it.

I thought accepting an offer took a house off the market?

That's the whole point of it being 'accepted' .... no?

They are eager to sell as they want to offer on a property that will only accept offers from proceedable buyers.

We do really want the house though so don’t want to piss off the sellers!

If you did that to me I'd tell you where to go.

They accepted in theory - they were happy with the price but wanted to sell ASAP so wouldn’t remove from the market.

Given they didn't even take the house off the market when they accepted your asking price offer, it seems doubtful they'd go for it.

If you are still prepared to pay asking price then you can ask, but I'd be expecting still to pay the £825k.

How come? I could understand if you had removed your house from the market based on an offer, but if you were prioritising a quick sale vs an asking price offer… why would yoi feel like that?

We actually went back to them and offered above the asking price in return for removal from the market and they said no as they really want to offer on a house themselves.

Not cheeky at all, it’s reasonable to ask, based on the fact that you wanted to expedite the sale. Make sure the EA communicates that you are only asking for a small reduction relative to the amount you have come down yourselves.

Be prepared to be knocked back though. It’s not their problem that you needed to sell your house cheaply to secure theirs.

You’d just have to ask, no point wondering in here, they’ll either say yes or no.

Have you had a survey done?
A snag list on a house that size could knock 10k + off the price. We have bought/sold 3 houses and there is usually a last minute negotiation about blinds/curtains, furniture etc being included.

The deal isn’t done yet so you’re not doing anything wrong imo

You can try, but if you really want the house it's not a good idea to piss off the sellers.

Is your buyer's position what's preventing them from taking theirs off the market?

This doesn’t add up

of course you can’t amend your offer - you are acting entitled in that you can’t see the other side

nothing to do with the what your house sells
for

Sellers aren’t a homogenous group. What one seller might agree to may annoy another seller enough not to engage with you further. You can only try. The agent won’t really know what the seller will do either; they aren’t psychologists!

I think you should be careful about asking to reduce price at this stage. You haven’t had the survey yet so there might be some other reasons for reductions down the line.
The vendor might say : yes, but it’s absolutely the last price.
It might be ok for you but it might be that after building survey you would have a professional opinion why this house costed only 815 k. or even only 810k.
Also you could say that your situation changed and considering the mortgage conditions etc you could only offer 815k but again it should be supported by real facts.

I would go back to the seller & say you’ve had to accept an offer in your home for approx 10% below the anticipated value, and as a result you’ll need to withdraw your current offer while you look at your overall financial position before making a revised offer.
we are currently trying to sell MIL’s house & the best offer made is a similarly reduced.

The fact they didn't 100% jump at asking means they were expecting slightly more (not sure why) but maybe they were just hoping for someone proceedable at the same price?

It's fine to ask and they may meet in the middle somewhere or they may tell you to shove it. only you can decide how much of a risk to take

Can you still afford the full asking price? It's interesting that they've had loads more viewings but o more offers, let alone at asking price.

Honestly, if you really want the house, I would not play games for the sake of 10K. How much would that really save you in mortgage payments? If the house is the one you want and it ticks all your boxes, I would not go back on the offer. So hard to find somewhere that you actually want to buy these days, why risk aggravating the sellers and potentially losing the house?

Be prepared to lose the house if you do this.

They wanted someone proceedable. They’ve found a house that they want to offer on but the seller of that house won’t accept their offer until they are proceedable.

Yes we can. They’ve had 4 viewings. It’s been on the market for 2 weeks nearly.