Offer accepted but house now reduced by vendors.

[MavisGrind]

Put in an offer on a house, it was low (about 13% under asking price) but the house requires a huge amount of work. Offer was accepted with a proposed completion date and I have received written confirmation today.

I have instructed solicitors and given those details to the EA. I notice today (day after offer accepted) that the vendors have dropped the asking price by a further 5%.

I understand that the vendors don't want to take too big a hit on the asking price but

a) given this info, how long before I get a 'sold' board and the property off the market, and,

b) in MNs experience, what is the likelihood of my actually buying this house (before I waste any more time looking at pretty paint colours damp proofing)

TIA

i would say that your offer is conditional on the property being taken off the market.

Thanks - will be speaking to the EA tomorrow. I get the feeling that this is going to be a long painful process! (and I thought selling was the hard part)

Anyone else?

I need tales of property joy against adversity (as I really want this house!)

They are trying to entice another bid from someone else by dropping their price - meanwhile using you as a backstop.

They shouldn't have accepted your offer if they want to hold out for a better one. Ring the agent, get arsey and say exactly what thisisyesterday said.

Definately call the EA and tell them under no uncertain terms that they either take the house off of the market with your offer or you walk away. In future when you make an offer on a property (if this does fall through) ensure you offer subject to the vendors taking the property off of the market.

I agree - it comes off the market now - not on the internet, not in the agents window, nobody looks round and a sold board goes up or you walk away. They should not accept your offer if they don't intend to proceed. Let them carry on like this and they may get an offer which they can use to bid yours up. Be firm!

Thanks all - I realise I am going to have put my natural aversion to assertiveness to one side.

How did you get on? You told them not to screw you and your family around didn't you?

Thanks for asking Northern! Spoke to the EA - all seems ok. It's classed as 'under offer' on the EA web site and they are waiting to update Rightmove. The reduction had been agreed before I put in my offer so it also appeared in our local paper as reduced however I have been assured by the EA that it's not being marketed and has been moved to the STC filing cabinet and the memorandum of sale has been issued. I realise that it's not all done and dusted but it's looking better than it did yesterday.

No that sounds ok. If you want to be sure get a mate to ring up and try and book a viewing. (Yes I am that devious)

Liking your work Northern, liking your work..