Successful renegotiating of price after offer accepted

[PhoenixxRising]

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.

Not in my eyes it isnt. If you make an offer, you should have to stick to it. Down valuation, tough shit, you made the offer.

Now we are talking😄The chickens come home to roost😆

Any thoughts about whether you’ll be eventually selling your house for the price you paid for it, OP?

@GCAcademic, all I was trying to say is that shafting someone with £30,000 is pure greed. I don't have any compassion for these people. I understand they all want to afford a nice new car and an expensive holiday, but not with me😆

To answer your question, I will sell at market price. However, by the time I do this, I'm pretty sure prices will be back to normal😀

Unless you've offered over asking, what you're paying (or pretending you're willing to pay) may well be market price.

Surely that's what everyone does - they sell at market price?

If nobody wants to pay a certain price than the house is overpriced and the seller needs to reduce in order to find a buyer, but if someone pays the price the seller wants then that becomes the market price.

What you seem to be suggesting is that houses shouldn't increase in price, ever.

You’ve said the seller is in a chain, so presumably is having to themselves fund a purchase on a property that has risen in market value over the last two years.

Interesting that you expect someone to sell to you below market value yet yourself will be selling at market value.

The problem doing this is that if the seller refuses and it goes back on the market you would be noted down as someone with a history of dropping their offer at last minute and then any potential new sellers will be informed of it if you made an offer.
We were warned about a buyer who had done similar 3 times so far and that offer was immediately rejected.
Not many sellers can accept price drop either, the equity and mortgage for new property usually is required to buy the next house and most people cant just magic £20 or 30k out of nowhere.
Now the house prices are a joke, I am not sure anyone is questioning this but ultimately there is more risk than reward getting youself a reputation. But whilst it is immoral in my opinion it is not illegal so if you think it is worth the risk go for it.

@Solina, lol there is no blacklist shared among agencies. Maybe I will be blacklisted with that agency. But should I lose my sleep over what some agents think? Definitely not! They are not famous for being the most likable lot😆

There's a bit of hypocrisy on here , (I'm a home owner) but when a seller decides to increase their price that's ok but when the market starts to turn so the buyer offers less that's immoral? It's a business transaction people should stop getting so offended.

They may not share it with every agency seeing as there are thousands of them across the country but trust me they do talk to eachother. Their job is to make sure the sale goes through for their vendor. And if you are in a chain of multiple then all those different agents will know of you when the chain collapses. Most areas there are usually few agents that cover most sales, ours there are 2 main ones that most houses seem to go through with. But if you dont see the risks then there is nothing to lose for you.

@Felixsmama last minute price change either way is immoral imo.

This is really interesting. Next time I go to fill up my car I will ask for price to be dropped to what it was 2 years ago. Greedy petrol sellers! 😂

@PhoenixxRising - you are messing with the lives of everyone in your chain - not just your sellers. If your sellers decide not to entertain your ‘renegotiation’, and put their house back on the market, the whole chain could fall apart. But I imagine you do not have a single fuck to give for anyone else in your chain.

You may well find yourself losing this house, that you want to buy - and if house prices rise, you could end up having to pay more for a house you don’t like as much.

And I note you haven’t answered a previous poster’s question about what you will do, as and when you come to sell your property - and whether you will be expecting your buyers to pay what the house is worth then, or whether you will be standing by the principles you have so stridently espoused on this thread, and will sell the house at what you paid for it! I’d bet the farm that you will want to claw every penny of profit you can, when you do sell, and I also bet you’d be furious if someone tried to gazunder you, as you are planning to do to your sellers.

The OP is either a wind-up merchant or too stupid to understand the hypocrisy of what they're saying. Many PPs have rightly asked what she plans to do when she sells, and she's just not engaging with that question. She's a moron.