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Original poster

Successful renegotiating of price after offer accepted

66 replies

PhoenixxRising · 21/07/2022 10:18

My offer was accepted by a seller who is in a chain. I will ask for a reduced price just before the exchange of contracts. I don’t have much to lose as I’m currently renting, and my solicitors won’t charge me anything until completion. My only cost would be the search fees, but I can live with that.

I want to hear from people who were able to successfully renegotiate the price. What’s the usual percentage you were able to renegotiate? What’s the best timing for doing this?

My arguments for doing this will be that the market feels now very weak with the rising interest rates. My inner motive is that if the greedy seller wants to sell to me something that was worth 20% less just two years ago, I can do the same to him. So please no moral bashings here, I’m not interested in that at all.

OP posts:
TiddleyWink · 21/07/2022 10:58

People who made an investment that has paid off aren’t greedy for wanting what the market says their asset is now worth. If you don’t understand the basics of a market economy, that emotions like ‘greed’ aren’t relevant at all, I’m not sure you’re ready to engage in house buying.

You sound highly emotional and childish in your approach. I won’t bother telling you what a cretin you are for doing what you’re planning because you clearly aren’t interested and if you don’t already have a moral compass then posters on here aren’t going to affect that. So do it if you want to, but bear in mind that at this point the market isn’t falling at all so it’s possible that you will lose out on the house because the sellers immediately refuse to engage further even at the agreed price (as I would) and you then can’t buy equivalent for the same money. As well as being an arsehole, you’re gambling and may well lose. So why not grow up, act a bit more professionally and stop playing immature games. Agree a price that you believe the property is worth, or walk away. If your entire basis for not believing it’s worth X figure is that it cost a lot less a few years ago, you clearly don’t have the intelligence to understand the market economy and should probably stick to renting.

viques · 21/07/2022 10:59

PhoenixxRising · 21/07/2022 10:48

I'm serious as cancer and I'm sure all the comments here about how immoral this is are coming from people with vested interest, i.e. homeowners. I can't imagine a first-time buyer complaining about how immoral the price renegotiating will be. Greedy sellers and homeowners...

Oh it’s a fight! Greedy sellers and homeowners versus innocent ignorant and naive spiteful ftb.

opens popcorn.

Blackbird2020 · 21/07/2022 11:00

And OF COURSE you won’t be become a ‘greedy seller’ in time, will you, OP?

No, I think you’d do the decent thing in years to come and knock 20% off YOUR asking price, you know, just to share wealth… I’m sure your understanding family won’t mind you making sure others get some of your good fortune too 😂

TiddleyWink · 21/07/2022 11:03

Oh and you’re also very, very silly because a lot of people will take their revenge in the long run even if they proceed with the sale at a reduced price. There are lots of ways to legally ensure a house is worth a lot less or effectively unsellable before you leave it and to make the new owners life a nightmare. I couldn’t possibly comment on what I would do if I was that vendor, but you would have to be fairly foolish to lock yourself into a high value legal contract with someone who is out for revenge on you and leave yourself totally vulnerable to anything they decide to do to the asset that you’re committed to buying in the time between exchange and completion. And I’m not talking about visible damage that can be traced to them and legal action taken. People can be just as manipulative and clever as you think you’re being, you might want to think about that.

Applesapple · 21/07/2022 11:03

I was a first time buyer (until about 1month ago) and think your ‘method’ is immoral. If you have a problem with the house buying/pricing/ supply system, toying with one seller isn’t going to address it and can cause that person significant distress. So yes, it is immoral. For information, I bought a house for 3x what the vendors paid 10years ago. But house prices in the area they’re going to have also gone up about that much so it’s not like they’ve suddenly gained hundreds of thousands in cash.

Genuine question- If you don’t like the pricing of this one, why didn’t you offer on one that hasn’t risen in price in the past two years?

RainingYetAgain · 21/07/2022 11:11

I would be very surprised if your solicitor doesn't charge you for work done on an aborted sale-especially if your attempt to gazunder isn't successful and the seller tells you to do one . The work post exchange is minimal, most of the effort is before exchange. The survey costs also need to be paid well before exchange.
My DC (a FTB) has just exchanged and the vendors has "made" about 40K in 4 years. The price paid is consistant with other similar properties in the area, in fact prices have risen further in the period since they offered.
Its not greedy, would you put your food through a supermarket checkout and then offer 20% less whe asked to pay- food prices have increased massively recently, is that greed or what goods cost these days?

Original poster
PhoenixxRising · 21/07/2022 11:22

Ok, end of discussion. Not worth spending my time here on a forum infested with greedy sellers and vested interest. Sellers not to blame for the rising prices, blah, blah, all that useless c.rap here...

I'm quite certain I will be able to knock off £20-30K the final price. Which I will use for my deposit for my new apartment in Spain. I will keep you posted, &&!

OP posts:
TiddleyWink · 21/07/2022 11:24

If you’re real and not a troll then you sound like you might be in need of some medical attention. I hope you have some real life support, OP. You sound like you may be spiralling into some kind of manic episode/delusion…

OnlyFoolsnMothers · 21/07/2022 11:28

definitely a troll!

ScarlettnotOHara · 21/07/2022 11:32

Deposit in Spain lol, you are having trouble buying one in the UK 😂

Mildura · 21/07/2022 11:42

OnlyFoolsnMothers · 21/07/2022 11:28

definitely a troll!

For sure, and not a very good one!

Blackbird2020 · 21/07/2022 11:45

Thank god, was starting to worry PhoenixxRising could be my buyer 😱

DomusAurea · 21/07/2022 11:59

PhoenixxRising · 21/07/2022 10:18

My offer was accepted by a seller who is in a chain. I will ask for a reduced price just before the exchange of contracts. I don’t have much to lose as I’m currently renting, and my solicitors won’t charge me anything until completion. My only cost would be the search fees, but I can live with that.

I want to hear from people who were able to successfully renegotiate the price. What’s the usual percentage you were able to renegotiate? What’s the best timing for doing this?

My arguments for doing this will be that the market feels now very weak with the rising interest rates. My inner motive is that if the greedy seller wants to sell to me something that was worth 20% less just two years ago, I can do the same to him. So please no moral bashings here, I’m not interested in that at all.

As somebody who has just been messed up by a buyer (for a much more serious reason than yours): I am don't want to wish you any serious troubles but...I hope you get explosive diarrhoea when you are out on a date.

wuntootreefore · 21/07/2022 13:12

Don't go op, I've just got my popcorn 🍿

Katkincake · 21/07/2022 13:30

Oh boy what a character you are Op. Good luck with your purchase in Spain,
probably best saving your money to spend there and staying out of UK housing market if it pisses you off so much.

bert3400 · 21/07/2022 13:42

Please don't come to Spain, keep your disgusting self in the UK. Spain is a wonderful, honest country and your immoral outlook will not be welcome here .

Electriq · 21/07/2022 14:02

When you think you have seen everything on MN... Wow OP!

Oh just FYI and I'm a FTB, I wouldn't even consider doing this, your attitude is horrendous!

Tessasanderson · 21/07/2022 14:27

I dont understand the anger against the OP. At least they are being honest and upfront about it (haha).

Is it any worse than the repeated threads about mortgage offers being too low and can we renegotiate. Is the person who complains about the creaky floorboards or surveys suggestion that the 20yr old conservatory roof is a bit leaky so should be sorted for £5k any more honest?

What goes around comes around. The OP is suggesting ( I think it s a windup) something that most on here do in a roundabout fashion. They bid whatever it takes to 'win' then they workout whatever way they can get the house to fit what they could actually afford in the first place.

Dont jump on the person who has the guts to admit it.

Bluevelvetsofa · 21/07/2022 14:43

I think it’s appalling and I don’t think it’s something that people with a moral compass would do.

Not everyone has one though.

Original poster
PhoenixxRising · 21/07/2022 14:58

@Tessasanderson, finally one sensible comment here! The hypocrisy of the people doesn't surprise me. Most of them will be happy to ask for another £30-£40K for their houses in merely two years. But they don't think that someone else will be on the receiving end. Then someone like me comes around and pops their bubble. Sorry, this is not horrendous. This is fair and I will use it fully to my family's advantage. And no, I'm not a troll.

OP posts:
Tessasanderson · 21/07/2022 15:17

PhoenixxRising · 21/07/2022 14:58

@Tessasanderson, finally one sensible comment here! The hypocrisy of the people doesn't surprise me. Most of them will be happy to ask for another £30-£40K for their houses in merely two years. But they don't think that someone else will be on the receiving end. Then someone like me comes around and pops their bubble. Sorry, this is not horrendous. This is fair and I will use it fully to my family's advantage. And no, I'm not a troll.

Sorry, you missunderstand me. You are a wanker as far as i am concerned. What i am questioning is the hypocrasy of hating you whilst trying to give people who do the same thing (But in a different way) the benefit of the doubt.

You all deserve each other as far as i am concerned

Applesapple · 21/07/2022 15:19

so when you come to sell you’ll cap your sale price at what you paid for it today regardless of the cost of onward purchase? Or stipulate in your will that it cannot be sold for more than £xxx?

kirinm · 21/07/2022 15:26

Tessasanderson · 21/07/2022 14:27

I dont understand the anger against the OP. At least they are being honest and upfront about it (haha).

Is it any worse than the repeated threads about mortgage offers being too low and can we renegotiate. Is the person who complains about the creaky floorboards or surveys suggestion that the 20yr old conservatory roof is a bit leaky so should be sorted for £5k any more honest?

What goes around comes around. The OP is suggesting ( I think it s a windup) something that most on here do in a roundabout fashion. They bid whatever it takes to 'win' then they workout whatever way they can get the house to fit what they could actually afford in the first place.

Dont jump on the person who has the guts to admit it.

Yeah it is different because a survey or down valuation is a genuine reason why you might need to negotiate downwards. Deciding you think the vendor is greedy but offering and agreeing a sale price knowing you'll try and push it down by 20% is something else.

Original poster
PhoenixxRising · 21/07/2022 15:28

@Tessasanderson, good, we are on the same page then. I just hate it when people with their own motives try to act smart and take the high moral ground to justify their own interests. It is what it is.

OP posts:
GCAcademic · 21/07/2022 15:29

Applesapple · 21/07/2022 15:19

so when you come to sell you’ll cap your sale price at what you paid for it today regardless of the cost of onward purchase? Or stipulate in your will that it cannot be sold for more than £xxx?

Very interested to know the answer to this.