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.

They walk among us!

I don’t believe they actually accepted your offer because they didn’t take their house off the market.
You are fully within your rights to go back with an amended offer.
They will probably not accept as they know what you are willing to pay.
However you are in a strong position as you are now proceedable and they have no other offers on the table.
They will probably refuse initially but if they get no further offers may backtrack. But if they get another offer for the same amount as your current one they will be inclined to go with the other offer.
It really is impossible to know how it will play out. You need to decide whether to take the risk.

Ah cross post. Happy it has worked out for you.

You mean they didn’t call you a massive CF, immediately reject your offer, withdraw the house from the market and declare that they will live there forever just to spite you for even daring to suggest it? 😂

That’s very strange! These people must not be Mumsnetters 😉

Meanwhile, back in the real world, a rational person accepted the best proceed-able offer which they had, which was the OP’s, so it all worked out ok 😂

Congrats OP!

This. Their house is still on the market so they've not accepted your offer
yet, not really. I'd say fine to revise your offer and emphasise you are (now!) proceedable.

Edited - I should've read all your responses OP! Congratulations!!

Great outcome! Well done on the house and VERY well done for not buying the narrative that you're a cheeky fucker. Lower offer was entirely reasonable in the given circumstances and I'm so glad your vendors were happy with it - and even a bit lower than originally suggested! 😄

This, separate things, only connected in your head.

I would be super annoyed to be honest. They’ll be proceeding with their plans given your offer so it seems like a you problem if you accepted an offer under what you would have done otherwise.

We sold our last house for less than we probably could have if we’d been patient. Same situation - we’d put an offer in on our current house. We worked out the exact minimum we needed to make it work and accepted the first offer at that figure. And didn’t mess anyone around.

No, they're connected in the OP's wallet.

Not at all! I kept reiterating that I hope they weren’t offended by us reducing our offer etc. but I don’t think they thought badly of us at all. From what the estate agent said, they completely understood and shared our disappointment in the slow movement in the market at the moment.

Nor should they be offended - some posters here are mad!

Completely agree. I thought all the PP’s were mental calling OP a CF.

The sellers clearly cared more about a proceedable offer than they did a high offer which is why they kept marketing it. Therefore OP was completely justified in lowering her offer once she could proceed.

You offered when you were not proceedable, so its not surprising they didn't take the house off the market. They were pretty much saying to you if you come back with that offer when you're in a position to make it, and we haven't sold it to anyone else, we will sell it for that price.
Which is not really the sane as having an offer accepted. For this reason I think its not unreasonable to go back with a lower offer, given its actually your first proper offer.

They might not be able to afford to accept your offer if they have already accepted an offer on another house
All you can do is ask but don't be surprised if they say no

Brilliant result! Well done OP .

This thread should be preserved forever as the perfect example of how ridiculous it is when a) posters do not read and comprehend what is explicitly said right in front of them in the OP and b) do not read the OP updates. I swear the site is even worse for this lately.

Sorry I see your offer was accepted
I hope everything goes smoothly for the chain from now on

No, the people making an offer (op) aren't in a position to proceed.

I don't see what your house being worth less has got to do with their house. I wouldn't accept a lower offer, unless a search had come back with something you needed to fix.

😂

Congratulations OP!

Fingers crossed everything moves along swiftly now

It’s got nothing to do with their house. However it does have something to do with where I want my mortgage payments to be for this house. And my offer reflected that and the seller was happy to accept my offer and the reasoning behind it!

Wow% 77% said you were being unreasonable and yet look where you are now OP 😂!

We were in that situation as the seller. Someone offered, but could not proceed as they hadn’t sold theirs. We therefore said you can leave your offer on the table but we are not taking the property off the market.
they then came back with a lesser offer because they had to accept a lesser offer… we sold to someone else (but we had the other offer at that stage, so did not need to accept the lower one).