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.

When you say you really want the house, you're talking about your feelings: what price your love for this new house? That's not about the house itself.

They made a mistake telling you they want to move quickly. There's a price tag on that, too.

Go back to them and say you're prepared to move quickly with them on the basis of the lower offer, which is based off of your own lower offer received, or you're out. They've got nobody lined up but you. They will take it or leave it.

Or don't, and stick with full asking price. Then you're not paying more for the house, you're paying the sticker price of your desperation to have this particular house.

Based on the fact this house was lower end of your budget and you were willing to pay £835k at one point, I'd not bother. Really, what difference is £10k going to make to you if you say you can easily afford £825k?

Different if it would make a big difference to you, but from what I can gather, it seems as if you just want to pay less on principle. So I am not sure why you would bother. They may not care and they don't have to like you etc, but enough people have said they would be annoyed enough by it that they'd say no and try and sell to someone else, that I think it's a gamble tbh

@Newbutoldfather and @MrsOni There's never any point in any feelings; they simply exist.

The OP asked another poster why they wouldn't be impressed with a lower offer and tell her where to go. I agree with that poster (and others who also indicated they would feel that way).

I didn't suggest it was personal. People generally don't like cheeky fuckers and those they feel are or are going to mess them around. This feeds into their decision making process on whether it's worth risking proceeding with the CF or waiting for another offer or seeking another solution (if they don't need to sell immediately), like staying put or renting the property out.

me too....

Of course you can amend your offer. They are trying to gazump you. Honestly you're in a strong position here - and if try tell you where to go, there's always another house

How are the vendors gazumping them? They never accepted the offer. They explained they would accept an offer of £825K from a proceedable buyer; the OP has not yet made this offer.

If you really want the house then I wouldn’t risk pissing them off over £10k.

It’s the way of the game. You chose to accept a lower offer, that was your choice. It doesn’t mean your seller should make the same choice.

Not at all unreasonable but be prepared to lose the house. We are selling parents old house (probate), fabulous desirable location, detached on large plot of land but needs total refurb.
We had 4 offers first day, young couple really love it but were 10k under advertised price, mortgage agreed we thought it would be nice to accept them. Then they came back 2 weeks later saying prob need new water tank and few other bits could we accept another 8.5k less and go halves on survey cost. The house in good condition would be on market at 150-200k more. We now clocked them as cheeky fuckers and said no and we have accepted another offer 10k over price. The couple are now crying and begging for us to reconsider them at the now higher price, they are distraught having lost a bargain.
No because they have shown themselves untrustworthy, we just want fuss free sale.
You shouldn't make an offer unless you intend to proceed. The seller is right to keep it on the market to get the seller that fits them. You could end up with serious remorse like our young couple.

You’ve played your hand already. You offered when you weren’t proceedable, you offered £10K over asking to get them to take it off the market before you were proceedable. The house has only been on for two weeks! You have made it more than clear that you want this house.

As you have already shown how interested in the property you are, the sellers will either call your bluff and say asking price or no deal or withdraw completely. Your options are then accept the asking price, you’ve eroded the trust of your sellers. Additionally you’ve reinforced that you will pay whatever for this house so if there are major issues with the house during survey, you’re not going to get a reduction. You’ve also opened yourself up to a last minute price increase from them as mortgage rates have gone up or whatever. Or you lose the house.

I think you have to ask yourself if it’s worth potentially losing the house for £10k. Best case scenario you save £10K and feel like you’ve won. Worse case scenario, you lose this house despite being able to afford it. How do you feel if you’ve lost the house?

I would do it. Tell them the Iran war has affected how much you're getting for your house so need to reflect that.

Posts like these make me mental. You ask for opinions and if someone says something you don't like you give out.

You make a number of logical arguments.

But human nature isn’t logical. Maybe they think you’re taking advantage and that this won’t be the last time you try and adjust the price. Maybe they would rather go down with the ship than sell to you. Or they could be totally cool. No one has anyway of knowing.

We sold a place a couple of years ago. We accepted an offer and then the buyer came back and offered a lower price as they claimed their circumstances had changed.
We said no.
They then increased the offer to the original price. I said I would think about it. Another viewer came along and offered the same amount so I sold to them as I didn't trust the first person not to try and drop the price again and I wasn't prepared to lose the second buyer.

Ask them, it could go either way for you. But given you have said the asking price is at the lower end of your budget and this is more a matter of principle, I suggest you are being rather foolish risking it.

As some PP's have said, you accepting a lower price isn't their problem to offset.

You would be going back on your word.
Do whatever you feel is best for you and your situation

Yes absolutely fine as they didn't take it off the market - they can't have it both ways . . .

I find the idea that you wouldn't drop the offer post survey very odd. Isn't that the whole point of the survey? To identify any hidden costs down the line which might affect how much you'd pay/whether you'd proceed at all? Obviously it's not a given that there are problems to renegotiate based upon but pretty normal for stuff to crop up which is a tangible and valid reason to reduce the offer.

This 💯
But you wrote that your buyers are in a chain @Miserablestrawberry
Have they now sold their own house and you have their money in the bank ?

Sorry if this has been answered - skim read and could not see. Have you instructed lawyers and have your lawyers been in contact with their lawyers? If not, then your offer was not accepted and you can go back and offer what you like. However, I would definitely say that you have received a significantly lower offer on your own property in order to be proceedable with your purchase, so can they also take a lower value. Notwithstanding the above, if it is a long chain, the chance of it moving forward without a hitch is extremely low!

I have to agree with this comment.
It isn't the Vendors fault you sold your house cheaper than you budgeted. That's your decision... you could have held out for a better price had you wanted for needed to.

Lots of people not really understanding the situation here OP. Your offer was never really 'accepted' as they carried on actively marketing the house until you were proceedable as most people do in this situation. If they received another proceedable offer whilst waiting for you to be under offer - they would have taken it no doubt. No-one owes anyone anything yet. You have now had to sell yours for much lower that you expected due to the global situation and there is no harm at all in asking for some of that loss to be passed up the chain. When yours has gone for so much lower than it was valued at - I would ask for even more than 10K off tbh. They will decide what they are happy to accept but it's perfectly reasonable for a new negotiation to take place now given the global situation. You are not being cheeky - you have a very valid reason - if it pisses them off so much they just say 'no you can't have it' rather than negotiating they are not reasonable people and you may save yourself some stress further down the line.

So because you overpriced your house and had to reduce it to get an offer, you think the seller should reduce their price even though you already offered over the asking price, to make it fair!!

Of course you CAN amend your offer. They may not accept it, but you’re now proceedable so…

OP we reduced our offer on our current house when we were forced down on our sale. The vendor agreed. You can do what you like, but you also have to live with the consequences

Well that's the name of the game. It isn't fair. We got a lower offer on ours but couldn't secure the one we really wanted for anything other than asking price. It is what it is. So it was our choice whether to go with what they wanted or find something else. We wanted the house so we paid what they wanted for it.

You can try and reduce your offer but you could lose their trust and you may not get any leeway down the line if you find you may want to renegotiate following survey.

If this was my buyers I would not be impressed with the games and would hope someone else would come along so I could get rid of you.