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Original poster

Pull out of purchase regret?

66 replies

Evergreen101 · 18/05/2023 08:31

I had an offer accepted on a place at 10% below asking (but it was priced very ambitiously to begin with and there were no other offers). After something reasonable came up in survey and searches, I asked for a price reduction and the seller said no (period) and put the property back on the market. I then walked away because I wasn't sure I felt as strongly about it and thought I would give it some time. Plus, I'm in a rental and my lease isn't up until end of October (that's the earliest break), so I'm not in a rush and every additional week is helpful to make sure I don't end up paying both rent and my mortgage..

It's now been 2 weeks and I was hoping that the seller would come back to the negotiating table but they have not. I have been looking at other properties but I can't get this one out of my mind. It's not perfect, but it ticks almost all of the boxes, has some really great features and I have been looking for awhile. It wouldn't be the end of the world if I had to stick to my original bid. I'm now wondering what to do. Can I try again to push for some kind of reduction or do I need to reoffer my original bid? If so, should I do it now or wait longer? WDYT?

Of course, waiting longer risks losing the property to another buyer, but it had been on the market for a few months and I was the only bid.. so maybe not, but you never know?! Please talk some sense into me, as you can tell I'm going a wee bit mad!

OP posts:
Diyextension · 18/05/2023 08:39

If it was me selling the house and you came back with another low offer or maybe even asking price , then I’d write you off as a time waster.

It looks like they are in no rush to sell as they dismissed your first lower offer.

Wellhellother · 18/05/2023 08:41

Diyextension · 18/05/2023 08:39

If it was me selling the house and you came back with another low offer or maybe even asking price , then I’d write you off as a time waster.

It looks like they are in no rush to sell as they dismissed your first lower offer.

This. Unless they approach you, I think you have lost this property. I would also consider you a time waster if you came back with another offer (even at the full asking price)

RoseBucket · 18/05/2023 08:43

What are the figures? 10% doesn’t mean much without knowing what they amounts to. But it sounds as though they’ll worry you will reduce again at the last hour and waste their time. What was the issue raised on the survey?

Divebar2021 · 18/05/2023 08:44

Yes I’m interested to know what the issue was?

Nousernamesleftatall · 18/05/2023 08:44

They are never coming back to you. You took a risk by lowering your offer and you lost.

tiredhadenough · 18/05/2023 08:45

Interestingly we put a low offer on a house and it was ignored. 6 months later they came back and accepted but by then we'd made other decisions!!

Karmatime · 18/05/2023 08:46

If you decide to re-offer then go in with the max you are prepared to pay. You already have the survey so you can do this armed with all the info. Sounds like that’s your original offer with no reduction. If I was the seller and had no other interest then I would accept, they accepted previously. Explain your position so you don’t sound indecisive and make it clear you are are keen to proceed.

Mummy2mybear · 18/05/2023 08:47

If I was the seller even if you come back with a higher offer than the initial one I would not accept and hold out for someone I felt was a serious buyer. I had a similar issue like this selling my last property accepted after they made a offer no way on earth I would go through that again (They pulled out the day contacts due to exchange) sorry OP but I am being honest here when I say you have lost the property no one likes a time waster.

tiredhadenough · 18/05/2023 08:47

I actually find the other opinions on this thread weird. Negotiation is what happens isn't it? We had a cheeky buyer who we eventually sold to but didn't discount them just negotiated up.

Donotgogentle · 18/05/2023 08:50

Go back with the offer that was agreed before.

You’re not a time waster. You asked for a reduction based on the survey and it was not agreed to so you pulled out.

You’re a good buyer as you’re in a rental so chain free. October is a reasonable time frame in terms of getting the conveyancing done.

Put your ego to one side and ring the EA.

cafecreme · 18/05/2023 08:51

I really wouldn’t rush to buy at the moment. You’re in a decent rental. I’d wait and see what happens to the market during the year.

Diyextension · 18/05/2023 08:55

tiredhadenough · 18/05/2023 08:47

I actually find the other opinions on this thread weird. Negotiation is what happens isn't it? We had a cheeky buyer who we eventually sold to but didn't discount them just negotiated up.

There is a difference between negotiations and time wasters. Do you want to get to the end of the purchase to then find they want/ can’t afford it on completion day ? and your hands are tied ? Some buyers just don’t give the right vibes and are best avoided.

AmandaHoldensLips · 18/05/2023 08:56

If you want the house, put your offer back on the table. They might say no. They might say yes.

Buying property is always stressful and it's rare that any property is "perfect". There are always compromises.

LindorDoubleChoc · 18/05/2023 08:57

No harm in ringing the EA and asking if the house is still on the market. If there have been no viewings or offers the vendors might be willing to come back to you. Don't get into the money side of it just yet, just begin the dialogue.

KievLoverTwo · 18/05/2023 08:58

Yeah, the time waster comments in this thread are weird. 10% under seems perfectly normal in the current market. Someone commented yesterday they had 17% under accepted.

Maybe just call the EA and ask how they are getting on with viewings and offers, would the vendor be interested in re-opening a discussion with you.

Twiglets1 · 18/05/2023 09:07

I agree with beginning a dialogue with the estate agent.
They are business minded with no emotion & are being paid to help get deals to completion.
They will be pleased you want to restart negotiations and will see the sense in it as you are potentially a good buyer.
Just stick with the original price you had agreed but say that upon further reflection, you have realised that the issues found in the survey are not dealbreakers.

Diyextension · 18/05/2023 09:08

KievLoverTwo · 18/05/2023 08:58

Yeah, the time waster comments in this thread are weird. 10% under seems perfectly normal in the current market. Someone commented yesterday they had 17% under accepted.

Maybe just call the EA and ask how they are getting on with viewings and offers, would the vendor be interested in re-opening a discussion with you.

They had already agreed 10% under , then the op wanted more off due to the survey. As a pp said without knowing the actual amounts and the survey results it hard to gauge. I’ve had a bad buyer before. 9 weeks of time wasting before I pulled the plug.

KievLoverTwo · 18/05/2023 09:11

Diyextension · 18/05/2023 09:08

They had already agreed 10% under , then the op wanted more off due to the survey. As a pp said without knowing the actual amounts and the survey results it hard to gauge. I’ve had a bad buyer before. 9 weeks of time wasting before I pulled the plug.

Show quote history

Ah, I see, that’s a bit more tricky.

must learn to read slowly before 3rd coffee.

SparkyBlue · 18/05/2023 09:14

AmandaHoldensLips · 18/05/2023 08:56

If you want the house, put your offer back on the table. They might say no. They might say yes.

Buying property is always stressful and it's rare that any property is "perfect". There are always compromises.

This. If the house is the one that gives you the feeling that you could happily live there then go back to them. You just get vibes good and bad from certain houses and if you feel it's the house for you then definitely go back to the agent.

Mummy2mybear · 18/05/2023 09:16

Some may think the time waster comments are weird but until you go through the stress of your buyer pulling out last minute, the heartbreak of loosing the house you have already invested in due to someone else not being sure about things and you end up hundreds out of pocket you won't understand the importance Its just as stressful for the seller as it is for the buyer you need to have confidence that the buyer is not going to mess you about (Not to mention a chain so more people may be affected )Its not a nice thing to experience I personally would not accept any offer from someone who retracts offers she may be a serious buyer but they don't know that, to make a offer then retract it like that does not look good. Try your luck OP for sure but don't be suprised if they reject it its a learning curb. I wish you all the best its a stressful game.

Drowninginoptions · 18/05/2023 09:17

I have been trying to sell a house for a while and went with a 10% under offer. The buyer then tried to knock more after the survey. I said no and put it back on the market. I would not be interested in re-starting negotiations with them now. I have plenty of interest from other potential buyers so am not going to waste my time on someone who is indecisive.

CooCooCaChu · 18/05/2023 09:22

After you'd asked for the reduction and they said no, if you'd then said you'd still proceed you would have been ok. To come back two weeks later is what makes you look like a time waster. I would say no as your seller, and especially if you came back still wanting a reduction!

Hopefully there will be something as good that comes up soon.

helloimnew123 · 18/05/2023 09:27

You aren't a time waster, you are a legitimate buyer. People on MN will flame you for trying to negotiate.

Why not offer again? It's a buyers market, so If the seller is that petty to not sell to you, then you don't want to deal with them anyway!

Twiglets1 · 18/05/2023 09:31

Drowninginoptions · 18/05/2023 09:17

I have been trying to sell a house for a while and went with a 10% under offer. The buyer then tried to knock more after the survey. I said no and put it back on the market. I would not be interested in re-starting negotiations with them now. I have plenty of interest from other potential buyers so am not going to waste my time on someone who is indecisive.

You have plenty of interest from other buyers but the person selling this property doesn’t. That is why I think they may be prepared to restart negotiations with OP.
Every situation is different but this property is proving rather hard to sell.

Cantstandbullshitanymore · 18/05/2023 09:42

Mummy2mybear · 18/05/2023 08:47

If I was the seller even if you come back with a higher offer than the initial one I would not accept and hold out for someone I felt was a serious buyer. I had a similar issue like this selling my last property accepted after they made a offer no way on earth I would go through that again (They pulled out the day contacts due to exchange) sorry OP but I am being honest here when I say you have lost the property no one likes a time waster.

That would only make sense if you had other buyers lining up, let’s see how long you hold that view if the property is sitting there for months with no offer.