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.

Another point to consider is what the chain beneath you is like - do you have that information? If it's long, that weakens your position, if not, that might help.

Yes I’d

I’d go back very politely and say we love the house; we are ready to proceed but there’s a hitch: since we didn’t achieve the price we wanted by a very significant amount, we are in a very tight spot financially. With regret we find ourselves in a position where we need to revise our original offer: we are proposing that we split the loss we’ve had to accept on the sale of our house, and we are now offering you £815k instead of £825k. We feel this reflects the dip in the market and is fair since we both end up sharing that downturn. But we would understand if you felt unable to accept our revised offer and preferred to take your chances on the open market, and we would in that case be very disappointed bug nevertheless be obliged to withdraw from our purchase. Please think it over and let us know what you’d like to do.”

When we were offering on our current property; we put in an offer of £225. It was rejected as we were not in a position to proceed. We were told £230 would be accepted. We put £230 forward; and were told that it would be accepted but the property would not be removed from the market until we were in a position to proceed.
When we had accepted an offer, we went back to the estate agent and offered £225 again. This was then accepted. No one mentioned £230. We were, of course, a much more attractive proposition by that point.
A point to note however was this property had been in the market for 18 months and was empty. But the main thing still stands; your offer hasn’t actually been accepted yet so go back and offer what you want.

Ah. Yes.
It's 'in principal' or something then isn't it? (long time since i dabbled in buying and selling)

You do sound entitled and a problematic buyer - if you messed about with your offer id drop you straight away if my house was still
on The market

You are topsy turvey in your thinking - the survey WOULD be the time to negotiate

I’d just like to understand why some people would be so furious! I don’t really understand that viewpoint when the sellers never took their house off of the market for me.

before covid I was 2 week away from moving when it was halted. Then in the June my solicitor said I think we can move you. I said ok but I want to offer less. She said she had never ever had anyone go and offer less after an offer accepted. I said well we have never had a global virus. She offered less for me. They instantly said no. I said ok I’ll maybe not move then- weekend wend and Monday morning they accepted my offer.

Withdraw your offer. Give it a week or two. Then go back with a lower offer.

Why should they take their house off the market for you when you were not proceedable? Nobody would. You could easily faff around for months trying to sell, not sell, then pull out. Then they would have wasted all that time not being on the market.

And people are telling you

because you come across as a messer

they had only just started so I would say no if I were them

I think the fact they have not taken off the market suggests they are hoping for higher offers and would take a higher offer if an offer presented itself.

You didn’t have a buyer at the time though did you?

By all means you can reduce your offer but don’t be surprised if they tell you to fuck off.

If you’re regretting accepting a low ball offer on your own house, that’s on you. I don’t see why you feel that entitles you to £10k off your own purchase. It’s not your seller’s problem.

There’s two below me but everyone discussed here is with the same estate agent.

Can I check I understood right?

You offered at ask, they didn’t accept. Hoping for a immediately proceedable offer.
You offered over ask so they’d take the house off the market. They didn’t.

No offer has actually been accepted.

You’re now proposing coming back with a new under ask offer but a proceedable one.

Yes I get that. But I’ve hardly messed them around. They have been marketing their property in the meantime.

They were ok with the asking price in theory - but wanted someone who had already sold / had an offer on their house.

Wouldn’t bother me. A house is only worth what someone will pay for it and it’s always a negotiation. Trouble is, and this thread demonstrates my point, people get weirdly emotional about selling their house and do it so infrequently they get themselves into intractable positions on price. You’ve no way of knowing whether they’re sensible and pragmatic or likely to tell you to do one out of pique at your supposed cheek.

She wasn't in a proceedable position when they offered because they hadn't sold their house. That's why they didn't take it off the market.

In this situation OP if you asked me to reduce the price based on what you've told me, I'd tell you to swivel.

No but you easily could have. That is why they continued to market. Why would they stop marketing it when you could easily, at any time, change your mind? They don't know you from Adam so they are hardly going to trust you are they?

And you actually are now planning to mess them around by putting a lower offer in.

I would not accept an offer if the buyer was not proceedable. As they wouldn’t take it off the market they haven’t really accepted, more that you have first refusal - if you go under offer on your own house then they’d take it off the market?
But no I would be unlikely to accept a reduced offer from you .

You're not doing anything wrong OP. You did not make a formal offer, you indicated what level of offer you would make once proceedable. The sellers did not accept an offer from you and continued to market the property. You should now go back to them and say that you are now proceedable and are now in a position to make a formal offer. Make your offer, giving your reasons why. The negotiation then follows on from this formal offer.

But it’s not messing them around though?! It would be messing them around had they decided to change their plans for me (eg. Removed from market, declined other offers etc). But they have continued as if no offer was ever made. Why on earth would it be an issue (other than a financial one), for me to amend my offer now that I am proceedable?

They are desperate to move and may just be glad to have a proceedable offer (as I am on mine!).

I think it would be in really bad taste and you might lose it.

I have previously had a potential buyer lower their offer after an offer had been made and accepted for no reason other than that they thought they could make a mug of me. I responded by increasing the price by the amount they had lowered and I stuck to it. Not me who had paid out for a survey and I don’t appreciate being messed about.

I did this because ours sold for less and they accepted it. I then lowered it further based on the survey and they said yes but no more lowering. Which I didn't intend to and didn't. I'm in it right now. Good luck!