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Original poster

It’s 33k cheaper!

76 replies

Whattodowithit88 · 15/07/2023 17:52

We put an offer on a house in March and we are are looking to exchange contracts and complete towards the end of august because the vendors can’t move before then. An identical house/layout on the next street has come onto the market and it’s 33k cheaper!! Decor doesn’t make a difference as we was redoing the whole house anyway so only difference is the garden is a bit smaller on the cheaper house, however the street is a lot nicer!

What shall we do? I think the estate agents are going to hate us because I can’t continue with this house knowing it’s about 23k over priced (been generous taking away 10k for the house we’re buying being a tad better decorated)

Any advice?

OP posts:

3luckystars · 15/07/2023 17:53

Are all the contracts signed?

OnlyFoolsnMothers · 15/07/2023 17:54

If nothing is signed see the other house. That’s the U.K. property market for you.

Doggymummar · 15/07/2023 17:55

The market has dropped since March, drop your offer and see what they say.

CindersAgain · 15/07/2023 17:56

What can you do though? If you pull out and try and offer on the new house they may not accept it if they are aware you’ve done this. I have gone for a lower offer as a seller in a similar situation.

Do you think the other house is under priced or yours is overpriced?

Floralnomad · 15/07/2023 17:56

Got to look at it really , nothing is signed

ShanghaiDiva · 15/07/2023 17:56

as you haven’t exchanged you could lower your offer.

42wordsfordrizzle · 15/07/2023 18:08

Vendors taking a risk in not being able to complete for 6 months - I think you go see the new house.

Can't see why the buyer would have any problem, and how would they know you were sale agreed for another house anyway?

KievLoverTwo · 15/07/2023 18:08

That's the asking price. It doesn't mean they are going to accept the asking price. If they need a quick sale they will under price and hope to start a bidding war.

But yeah. EAs will be getting used to that reality of people dropping prices as cheaper properties are coming up. Folks are so desperate to get rid right now. I almost feel sorry for them.

Original poster

Whattodowithit88 · 15/07/2023 18:17

No contracts exchanged. I think maybe earlier in the year it was worth the price we agreed but now, months later it is not and now overpriced. It’s a property in Nottingham.

OP posts:

topnoddy · 15/07/2023 18:19

Prices have dropped a fair way since March .

Kingsparkle · 15/07/2023 18:20

Given the delay is the vendors doing I would be looking at the other house or dropping the offer on this one.

Original poster

Whattodowithit88 · 15/07/2023 18:21

And it’s all with the same estate agent too, plus this cheaper one is chain free.

I feel bad but I can’t buy a house now I know it’s dropped a huge amount in value to the same property around the corner.

Do you think the estate agents will be mad at us? But I can’t pay 20k+ more just to not upset them really. I don’t know what to do.

OP posts:

topnoddy · 15/07/2023 18:21

Time to have a word about the price you agreed I'd say , if the sellers have to put it back on the market it may well be for the same price as the cheaper one

Ponderingwindow · 15/07/2023 18:23

Keep in mind you haven’t done a survey on the 2nd house. It might have issues that warrant a lower price.

User5653218 · 15/07/2023 18:25

Remember the other house hasn't sold for £33k less, it's just listed for less. You might not get it at all, you're back at the beginning of the process.

heartbroken40 · 15/07/2023 18:25

It's not nice but it's too much money to lose. Just tell the estate agent the truth, that you want to see the second one and then you decide. Nicer street trumps slightly bigger garden

Original poster

Whattodowithit88 · 15/07/2023 18:27

Yes listed for 33k less but could end up going for 38k less, I guess you just don’t know, it’s all a gamble which is why I don’t know what to do. I don’t mind starting again for thousands of pounds in savings and as this is chain free it will still be quicker than the one we’re waiting for as searches for the area is already done.

OP posts:

3BSHKATS · 15/07/2023 18:30

That is the shitty UK property market for you until you signed on the dotted line you are not committed so I would offer the asking price or 5K less on the other one and see what happens. Be prepared, though, for the fact that it might be priced at 33 grand less to fuel a bidding war.

coxesorangepippin · 15/07/2023 18:31

Do you think the estate agents will be mad at us?

Yes. Do you care???? No.

GiddyGladys · 15/07/2023 18:57

Let them be upset. Go and at least take a look.

LittleRedYoshi · 15/07/2023 20:01

I wouldn't be so dismissive about upsetting the estate agent. They won't want to lose your sale so will be, at best, dissuading the other vendors from you on the basis that you're likely to mess them around; at worst, dirty tricks like telling you your offer was declined when they didn't even pass it on (illegal, but it happens nonetheless - I've seen dozens of examples of it on this board). If the second house was with a different estate agent it would be worth pursuing; but given that it's with the same one, I don't fancy your chances. I think your best strategy is to continue with the house you're buying, but use this as justification for dropping your offer.

Newusernameaug · 15/07/2023 20:06

That’s what happens when the housing market drops.

You just have to decide what to do.

personally, if I loved the house and wanted to stay there long term I’d ask to reduce the price but still go for it.

Id also hate to live in a house after having a negative experience of buying it and feel guilty about what I’d done so I wouldn’t want that hanging over me

user73 · 15/07/2023 20:08

My friend is due to do simultaneous exchange and completion on a Nottingham house next week and is holding her breath because she knows it’s now over priced by about 10 percent. The market has dropped since the spring (not by as much as ten percent but they got lucky with their offer). In their case ten percent is significant - over £100k..

SuddenlyOld · 15/07/2023 20:12

I couldn't do that, it's unethical. I don't understand why people put money above being a decent human being.

DontMowMyMeadow · 15/07/2023 20:13

Are you a FTB?

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