Reducing offer price...

[SleepBecomesHim321]

Found a house, like it and made an offer a couple of days ago. It's likely to be accepted. However, we've since seen new rightmove data which shows that one a few doors down sold a month ago for 3% less than our offer (around 15K).

We're tempted to reduce our offer on this basis but also know it's a rubbish thing to do and we risk the seller telling us to shove it. It's a relatively fast moving market.

Has anyone done this? How did it work out? Or does anyone have any confidence-boosting tips?! Argh.

Thank you.

You were happy to offer that amount until you saw that. Have you seen the survey results? Did you view the house yourselves? You have no idea how it compares and I think it's a crappy thing to do to the sellers. If you try to obtain a reduction now you will piss off the sellers who may well think you are flaky and you'll lose goodwill, if not the house.

If it's a fast moving market I would stay with the offer you have put in.
3% is nothing in the grand scheme of things. Refurbished houses can command 10% or more premium.
The other house might have been in worse condition, smaller, smaller plot, different aspect garden etc

We reduced our offer after the survey and it was accepted. Wait to see what the survey comes back with. By then the vendor is vested in selling it too and more likely to negotiate again.

Tricky. You have no idea what condition other house was in. It's survey might have thrown up some serious issues for example. Buying a house is a huge decision, I'd be cheeky and knock on the one that sold see if you can find out. Might be told to shove off but really, who cares? Post survey & valuation your purchase price might drop too. Don't overpay out of politeness though!

Your offer isn't even accepted yet so its totally fine to revise your offer by however much you want. Its only an offer. They can take it or leave it.

Check the condition of the house that recently sold. Then if comparable for sure, call the agents and say you want to revise your offer down by £15k given the sales date of the comparable house.

Up to the vendors if they want to accept or not.

Watching the news this morning they were saying that unless you are in London or way up north house prices have risen 2% in the last 3 months.

I think you'd come across pretty flaky and if it was me I'd be reluctant to take my house off the market for you. If I accepted your first offer and the survey came back at the lower value I'd be fine with reducing to that. Unless the other house is completely identical in every way how can you say 'yours' is definitely worth the same?

If they haven't accepted your offer yet, perfectly fine.

Vendors are apparently happy to wait and see if they got a higher offer over the weekend, so it's their risk. You won't endear yourself to them or the estate agent, but it's not as if you are going back on something already agreed.

Thanks, all. We're going to leave it on the table as it is.... thank you!