Pull out of purchase regret?

[Evergreen101]

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!

Spite is the wrong word, spite means to want to hurt or offend someone on purpose.

the word is mistrust. Selling a property is a long and stress full process and no one wants to do that with someone they feel may pull out or try to get more off at the last min,

have you said what the survey issue was and how much you asked off for it: this will really determine if they think you’re a joke or a serious buyer

Actually first time buyers are the bloody worst to deal with - the most likely to try and renegotiate in my experience.

You've annoyed the seller. They think you're a piss taker and it's their home so emotions are involved, whether you like it or not.

It's hard to say without knowing how much you wanted off and the actual agreed offer.

But they may prefer not to sell at all than sell to you. 🤷🏻‍♀️

Did you evidence the price reduction after the survey?

We bought in a similar situation albeit in last recession. After a bit of negotiation settled on a price 6% below the asking price. Got survey done which showed up a leaking flat roof that hadn't been evident from viewing. The seller offered to replace roof before completion but we wanted an improved, insulated, version, so he got a quote for the basic replacement and that price was then knocked off the purchase price.

I'm with you OP, I don't get what you did wrong. Did she relist without giving you the chance to go back to your pre-survey offer or did you decide not to accept it? I'm in the same situation, first time buyer in a rental and I'm totally confused by the offer process. Everyone says to start the offer low and negotiate up, I thought 10% below was agreed to be a reasonable starting point, they accepted that, great for you. Then everyone says you can renegotiate after the survey, which you did as soon as you got the results. It all sounds reasonable to me. I can't see any harm in you asking the estate agent if your original offer will still be accepted if she hasn't sold yet. No-one can read the vendors mind, she may be annoyed or mistrustful or maybe not. Worth a try, then at least you'll know for sure.

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.

It's the walking away because she wasn't sure she felt strongly about it that gives the 'not serious buyer' vibes, not the wanting to negotiate on price. She's literally said she's not sure about it and evidenced that by walking away. That is unequivocally not a serious buyer. She could do the same again at any stage if the mood takes her. Granted, the vendor had relisted already, but that's a signal they weren't up for any messing. The OP went further by walking away. I really think it's over but as others say, there's nothing lost by giving it a go.

Exactly this. And then coming back after two weeks ... The house buying process is stressful at the best of times, so I wouldn't feel at all confident in someone who did this so would rather wait for another buyer.

But is that not feeling strongly about the house full stop or feeling strongly enough about it to take a financial hit on any necessary repairs? Which is a different thing and again would have posters telling her she was being heart over head if presented at that angle.

There are two ways to read this.

Lots of emotional sellers on this thread!

OP call the agent and ask the question. If they won't accept your offer, then it's their choice to continue to try to sell, or move ahead on their sale.

It's a business transaction, and a huge one at that. Don't be pressured into anything.

What were the issues that were uncovered?

I don't think you've done anything wrong, OP. Even if the issues are minor, it's understandable that as a FTB you may have got a bit spooked. The vendors should have explained why the findings didn't equate to a reduction, rather than just refusing point blank.

I'd definitely offer your original price again (if you feel it's reasonable) and let the agent know that after investigation, you feel the offer is fair and you're keen to proceed.

Some bizarre comments here.

It is perfectly normal to revise down an offer after a survey result if the report comes up with issues that were not visible before and will be fairly costly to fix.

Usually both parties will negotiate a suitable agreement to reflect this.

The OP did the right thing and is not a ''time-waster''.

The sellers chose not to negotiate and put the house on the market.

There is no guarantee they will get the asking price this time or that the same thing won't happen again when new buyers get a survey done and the same issues come out.

OP I would just move on and hold for the right house.

I think by withdrawing your offer you have missed the boat on this house. You were already getting 10 percent off which the vendor may have given as they knew about the issue in the survey. Look about for something else. If you have to pay rent until October then you won't be wanting to pay both mortgage and rent and if you put in an offer now you would be ready to complete by the end of July or beginning of August. If you string out the time you will just annoy the vendor. You should wait a month or so and then look again.

The OP is a massive timewaster because:

• She was already getting 10% off on the property
• She hasn’t said what it was in the survey that prompted her to reduce her offer - could have been something non urgent or minor, or already visible at the time she viewed
• She didn’t get a quote for the works and ask for that specific amount off, she just took the survey as a green flag to squeeze more out of the vendor
• She was/is planning on arsing about all the way to October because she doesn’t want to pay rent and mortgage
• She doesn’t ‘feel that strongly about’ about the property anyway, so she’s doing all this knowing she’s ambivalent to the outcome. She doesn’t actually seem to care that other people are instructing solicitors/having surveys/getting mortgage offers on properties based on their trust in her to complete the transaction.

She is a nightmare buyer and an illustration of why one in every three house sales falls through. She will understand all this if she is on the receiving end one day.

OP, there is always a high proportion of MN posters who have an emotional response to buying and selling rather than ‘it’s a property, get it bought / sold’

I have just sold a property on behalf of a family member. As various factors came to light the price was re-negotiated and the sale off and back in the table twice. And being re-marketed when the original buyer came back and sealed the deal.

The vendors might be waiting to see if they get their price as the Spring marketing period gets underway. But the fact that they have gone multi agency shows they are very keen to sell. You pay a higher fee % if you go multi agency!

What was the issue? Was it something that would have been evident or expected on viewing and priced into the asking price? V expensive to fix? Something that a mortgage co would require a retainer on price for? Would you get a mortgage on it without doing the work?

If all straightforward, go back to the EA that you dealt with with your best and final offer. What have you got to lose? The worst that can happen is that they say no

You can by all means ask, but to be fair expect them to say no. You could mention that you have re-evaluated your finances and would like to go with original offer… That said though - if you proceed with a purchase now, there’s a 99% chance you will complete before the end of October - in fact, probably more like August/September- so you’ll have to pay rent and your mortgage, plus utilities for both properties. The positive side to this is that you can do any renovation works required on your new property before moving in but have you got funds to enable you to pay for both for maybe a month or two max?

OP hasn’t got ‘10% off’. The asking price is a valuation by the agent but it sells for what the market reckons it’s worth, which comes down to what buyers are prepared to pay.

The sellers weren’t being kind to her and offering a concession. Presumably they accepted the offer based on a business decision that no one was likely to offer more.

Offering less after a survey reveals a problem is not abnormal. I've done it myself. That's just negotiation. However, it depends on how serious the problems were whether it was reasonable. The OP has not yet explained what their reasons were for dropping their offer, so we don't know whether it was reasonable to do so or not. But the OP said that they 'walked away' rather than just left the lower offer on the table. That's what would make me, as a vendor, less happy about it. 'Walking away' (rather than leaving the lower offer on the table) and then coming back does look like someone trying it on.