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.

Appear is the key word here!

If I was them I would worry you might reduce the offer again further on into the process.

We offered asking price in the hope they would remove from the market and wait for us.

@Miserablestrawberry have you made a revised offer yet or are you going ahead? Good luck with it all whatever happens!

Similar situation - I had sold my property and then found somewhere to buy. Unfortunately my buyers pulled out (it had taken me 2 months to find somewhere to buy). The seller of the new property gave me 4 weeks to find another buyer before putting it back on the market. The day after it went back on the market, I found another buyer who offered a few thousand less. I asked the seller of the new property if he would split the difference between us and he agreed. I have now leaved there for over a year. However, my buyer was a cash purchase and the new one was empty - I didn't need a mortgage so a very short chain.

Haven’t read all the replies , apologies.
tbh you shouldn’t have offered on their house because you hadn’t sold, and they shouldn’t have accepted on that basis either. I’ve never even allowed anyone to view my house unless they were under offer because really it’s pretty pointless.

apologies if you’ve updated the thread but I’d say offer again at the price you want. They can only say no, and the other “offer” wasn’t really an offer because it couldn’t go anywhere.

You make an offer on a house based on what you think the house is worth and what you can afford to pay. Not on how much you may or may not sell your for.
If someone had got into a bidding war on your house and you ending up getting 20.000 more than you did would you then go back and offer more on the house you are buying.

Were you in a proceedable position when you made your initial 'offer' ? If the answer is no then its not really a valid offer - I suspect that's why they would remove it from the market. Whenever I've sold a house I only allow viewings from proceedable buyers - otherwise whats the pojnt ?

Sounds to me like its a game of chancers allround.

You are a chancer to offer and then think this is 'amendable'
They are chancers to think that they can accept your offer but keep marketing the house until the get a better offer.

In real terms you have no acceptance of your offer so go ahead and low ball them. If they refused to remove it from the market at a higher figure i guess they can just say yes again but keep it on the market. Once you all get into a position where REAL decisions need to be made you can start talking like real adults, not children.

If you make an offer you should stick to it. If someone accepts that offer then they should stick to it. Whats with all this fucking around?

Go for it. It's kind of the nature of the market in the UK. People do it the other way around all the time and take a higher off after agreeing to a sale.

But it also depends how serious you are, and if they say no, are you going to walk away?

Me too

So what did you end up doing?

Is there a specific area for CFs to post? If so go straight there because that's where you belong. You're a grade A entitled CF.

If you were my buyer and came with that suggestion I'd never sell you my house. I'd wait and sell it to a decent person even if it took another year or more!

Why are you being so over the top rude @YourShyLion ?

The sale wasn't agreed to OP, it was agreed in principle if and when she sold. The vendors haven't been inconvenienced by her original offer in any way, they carried on trying to sell (quite correct as OP couldn't then proceed). It looks like they haven't sold in the time it has taken OP to find a buyer.

There is absolutely nothing cheeky about offering £815k on an £825k house. You appear to have joined a pile-on without even reading the OP's posts properly.

We did this last year. They accepted. We explained we felt there was a relative gap between ours & theirs. They could see the market was dropping and they didn't have other buyers. Their seller also dropped. It was actually really sensible, everyone just recognised no one was winning if we all couldn't move so we all dropped and we all moved and the stamp duty bills were less all round.

Meanwhile everyone else where we live won't accept dropping their prices so they've all been sat there on the market for a year or more, stuck.

You csnt offer until you have an offer

those are the rules

so you can offer whatever you want and they can say yay or nay

Oh and people who think you are a "chancer" or piss taker for doing this are usually the people who think they will sell their property for top whack/asking yet get a bargain on what they expect to buy. Many people are not realistic about relative property prices and actually relying on a gain that doesn't exist, without which they can't actually afford to move.

Rubbish. We offered before we had an offer.

The property market is very very slow/falling at the moment. If people want to sell they will have to recognise that.

You obviously know nothing about selling houses in this market

I find these threads fascinating. So much offence taken, so much righteous indignation over perfectly reasonable business proposals.

It makes me understand the reason behind the houses stuck for sale for 6 months or even a year plus in my area. Totally unrealistic, touchy, indignant sellers 😂

I don’t think it’s cheeky, as from what you hae said, they haven’t officially accepted your offer as you weren’t proceedable. I would go back to them now and say we are in a position to proceed and our offer is xxx. There has been a downshift in the market.

They aren't the rules! When we were looking last year we were asked if we wanted to put in an offer on a house we had viewed and our house wasn't even up for sale yet!

Yes you can. It’s called an offer in principle. If the vendor accepts the offer the property will normally stay on the market until you have an offer from a proceedable buyer, then the transaction can move forward. If, in the meantime, the vendor has an offer from a proceedable buyer, then they are not obliged to honour the first offer as the buyer is unable to proceed.

Did you contact the seller in the end with your proposal OP? We’re in a very similar position and so I’m intrigued as to how it landed!

We explained that we now had an offer on our house that we were prepared to accept so that we could formally offer on theirs, but that it was quite a bit lower than originally thought.
They understood and just really wanted an offer on their house so that they could then offer on the house they wanted to buy. They actually accepted £810k! All very civil and estate agents thought it was fine.