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Original poster

Realised we probably offered way too much

48 replies

Bakedbanana · 12/08/2022 09:39

We are in the process of buying [and selling] and had taken a long time to find anything. We panicked a bit once we found a house we liked that we offered a lot over the asking price. It went to best and final so I think there were 2-3 over asking price offers. Our offer was accepted. However I'm now thinking we offered too much and will make a loss if we need to sell in future.

We are getting a survey and valuation done. If the valuation comes in in line with the asking price can we just reduce our offer? Even if no big issues with the survey? Vendors are downsizing so don't think it will mess up their purchase.

I know it s a bit rude but i think it's a business transaction and trying not to get emotions too involved in it.

We are buying without a mortgage.

OP posts:
CravenRaven · 12/08/2022 09:46

You can - don't be surprised if they say no and put it back on the market.

rainingsnoring · 12/08/2022 09:50

Well you can ask but they will probably decline if no issues on the survey. Has your offer only just been accepted or was it several months ago and now the local market has changed significantly?

Dougieowner · 12/08/2022 09:51

We completed earlier this year and were not in a chain (it was a probate sale and we were living there while our newbuild was being completed).
We specifically told the EA before it went to B&F that all potential buyers should be aware that unless anything structural was identified at the survey (it wasn't) that no reductions would be considered.

You offered that price to secure the property so why should the seller then have to re-arrange their finances or potential plans (you don't know for certain it won't mess up their purchase) just because you now feel you are paying too much?

Anniefrenchfry · 12/08/2022 09:52

Sure, they will just put it back on thr market, but you can do it. Absoltely.

ShetlandPony1 · 12/08/2022 09:56

That would be a pretty shitty thing to do really and I would expect them to say no and put it back on the market.
How much over asking did you offer?

senua · 12/08/2022 10:01

I would think that you over-offered to secure the deal and are now trying to pull a fast one.
I'd go back to the other B&F offerers and, having secured one of those, drop you.

Lastqueenofscotland2 · 12/08/2022 10:02

Anniefrenchfry · 12/08/2022 09:52

Sure, they will just put it back on thr market, but you can do it. Absoltely.

Yes this.

Original poster
Bakedbanana · 12/08/2022 10:03

It was a few weeks ago. So the news is worse re recession but no big changes to the market really.

I'm having some worries about the whole move really so not sure how upset I would be if they put it back on the market.

Yes you're right I don't know their finances re onward purchase.

OP posts:
AgentProvocateur · 12/08/2022 10:06

Someone did this to me. I said no and went to the second highest bidder, who is still very happy in my old house.

TheMousePipes · 12/08/2022 10:08

I think that would be a pretty shitty trick on your part. You wanted it, you offered what it was worth to you, they accepted.

Hairydogmummy · 12/08/2022 10:10

Similar happened to a friend of mine. She offered over the asking price but only because the vendor wouldn't accept anything less. It then got valued back down to the asking price on survey. She tried to reduce what she was paying for the house but the vendor refused and threatened to put it back on the market. My friend had to 'appeal' the survey to get the value raised. I didn't know you could do this but apparently you can. She was getting a mortgage tho so the mortgage company wouldn't proceed otherwise. It got valued up again and she went ahead. Bad move imo...it wasn't worth what she ended up paying and the vendor had to cheek not to have cleared the house so her stuff was still there after she wasn't the legal owner and she left a skip on the drive for several days!

Hairydogmummy · 12/08/2022 10:16

To add....I wouldn't care about being shitty to the vendor. Your capital is important...don't lose it by buying an over priced house and lining someone else's pockets especially not in the current climate where prices may well drop soon. Morally, you should go ahead but in house buying, few people act morally and other people wouldn't think twice about screwing you over in a property transaction. If it's downvalued on survey, I would reduce my offer or walk away.

PointyMcguire · 12/08/2022 10:46

It doesn’t sound like you’re particularly set on this house. If you’re having doubts about the house move/price you’re paying why not pull out before losing the cost of the survey?

SpiderVersed · 12/08/2022 10:49

I mean, you could …

But it would be a lousy thing to do, and if I were the vendor I’d tell you to jog on and sell to someone more honest.

wimbler · 12/08/2022 10:53

you can do anything you want with regards to your offer until the property exchanges. If it's downvalued by the bank or if something major comes up in the survey then that's strong grounds and perfectly legitimate. If you're getting cold feet that's less so but nothing to stop you doing it. There's no way of knowing how they'd react but since it went to best and finals, they'll probably have no issues finding a new buyer.

If you're having cold feet already, I'd probably move on and either find something else at a price you are comfortable at. Regrets over money are a hard burden to bear.

SunnyKlara · 12/08/2022 10:55

Honestly, winning best and final means you are going to overpay, at least slightly. Because you have to pay more than everyone else to win.

I did the same, but it was worth it to get the house. How would you feel if you lost your house?

rainingsnoring · 12/08/2022 11:08

You don't sound very convinced about the whole transaction so I would pull out on that basis.

Dougieowner · 12/08/2022 11:23

Apart from being a rotten thing to do you say you are not going to get emotional, it is a business transaction and are concerned about making a loss when you sell etc.
No mention of it being your future home where you want to grow old (perhaps not the best wording but you know what I mean).

SunnyKlara · 12/08/2022 11:53

rainingsnoring · 12/08/2022 11:08

You don't sound very convinced about the whole transaction so I would pull out on that basis.

Is anyone ever totally convinced about buying any house though?!

Fifteentoes · 12/08/2022 11:55

I agree about pulling out now, if you don't really want it at the price you've offered.

You can lower your offer at any time up until exchange of contracts, regardless of what the survey says. But (a) the seller might just tell you to F off, and (b) it's a shitty thing to do. There's probably plenty of people here who have been in the situation of being screwed around in property transactions which is why you're not getting any sympathy for what you're contemplating.

If you're not sure about proceeding on the basis you've offerered, the best time from the vendor's point of view to pull out would be now, before they rack up solicitors' bills and while they might still be able to sell it to the other offers.

ImWell · 12/08/2022 11:57

Bakedbanana · 12/08/2022 10:03

It was a few weeks ago. So the news is worse re recession but no big changes to the market really.

I'm having some worries about the whole move really so not sure how upset I would be if they put it back on the market.

Yes you're right I don't know their finances re onward purchase.

There’s no harm in asking, and no reason that you should go ahead with an unwanted purchase just to seem polite, but there’s every chance that the immediate reaction will be to drop your offer and instruct the estate agent not to accept any further communication from you.

The reason for this would be that there were other offers, and that it’s not worth a few thousand above the next best one to run the risk of the chain collapsing down the line when you have another wobble.

Fifife · 12/08/2022 12:38

I don't get why people act all uppity the market is changing. When a vendor adds on 20k onto their asking price no one was getting upset now buyers want to negotiate that's lacking honesty ? Offer what you feel is fair if you lose you lose there will be another house and obviously you aren't that happy if you are getting cold feet so early on. I wouldn't want to pay more money for longer in mortgage payments because I was scared of upsetting a vendor.

rainingsnoring · 12/08/2022 12:39

SunnyKlara · 12/08/2022 11:53

Is anyone ever totally convinced about buying any house though?!

Show quote history

Maybe not 100% certain but most people will have weighed up pros and cons and decided that it is definitely the right decision or have 'fallen in love' with the property. The OP sounds very uncertain plus the timing is very uncertain at present.

ajandjjmum · 12/08/2022 13:01

We way overpaid on our house - and knew it at the time.

26 years later, it was worth every penny - to us!

rainingsnoring · 12/08/2022 13:20

ajandjjmum · 12/08/2022 13:01

We way overpaid on our house - and knew it at the time.

26 years later, it was worth every penny - to us!

Sure but the value of houses has risen exponentially over that exact period.
That's clearly not going to happen again. You were lucky with your timing and that has impacted on you feeling it was 'worth it'. People buying now will not be so fortunate and so paying over value makes far less sense.