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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:
lemonyellows · 15/07/2023 20:18

If you dump in a chain, don't get upset when it happens to you.

Sundaefraise · 15/07/2023 20:24

I think in fairness, I would go to them with the evidence of the house round the corner and try and negotiate. We all know the markets dropped and might go further down. It's not really an ethical issue, its a common sense issue. Their onward purchase will be in the same position, they might also be able to re-negotiate. You can't sensibly taken on £20/£30k of extra debt, just to be the better person or keep some estate agents happy, who of course might be annoyed, because they only care about deals finalising and getting their commission.

DrySherry · 15/07/2023 20:24

Your not being fair to yourself if you don't at least go and view the other house. How are you going to feel in 6 months time if the land registry shows it actually went for 43k less not 33k. This is probably the largest purchase you will make in your life. Forget about upsetting the agent or the current vendor - it doesn't matter a jot. Do what's right for you and your family. Not what you feel obliged to a stranger to do - especially when the market is changing so quickly. It's perfectly reasonable to make sure you are buying the right property and not overpaying.

BunnyBettChetwynd · 15/07/2023 20:29

If the other house is cheaper, in a better location and isn't part of a chain it's already better than the one you've offered on in three different ways. Why wouldn't you try to pursue the new to the market house?

The people you're buying from now must realise that if their house came to the market now it would be overpriced.

LauraPausini · 15/07/2023 20:33

You can definitely try to see the second house or negotiate the current price given the current market conditions.

A couple of points to be mindful of are that the agent might present you as an unreliable buyer if you make an offer given they are marketing both properties and will want to keep your current purchase moving (obviously they shouldn't, but we had similar views from an agent on a house sale previously about a buyer).

Also, whilst the other price is lower, could there be a reason for this or is it part of the agent's strategy for that particular property to market it lower to encourage multiple offers (though that might not be happening in the current climate.)

EasyPeelersAreNotSatsumas · 15/07/2023 20:37

Can you put up the Rightmove listing links?
I understand if you don't want to but there may be reasons that add up to at least part of the price difference.

Soothingaftersun · 15/07/2023 20:44

I would absolutely pursue the second property. Vendors delaying completion for 6 months is at their own risk.
Don't feel guilty about the estate agent but they will want you to continue with the original sale so be prepared

topnoddy · 15/07/2023 20:51

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.

Paying what is now seemingly over the odds for a property and having to wait 6 months ? I think i'd be having a word with the EA and possibly putting in a lower offer on the first property

33 grand is 33 grand !

Birdienumnumm · 15/07/2023 21:04

I think the vendors have to accept that by stipulating a 6 month wait before sale, this sort of thing is more likely to happen. Especially in a market where prices are falling. You’ve not signed a contract, you’d be mad to spend £30k more than you needed to just to be nice.

Moredramathanrazzamatazz · 15/07/2023 22:33

I wouldn't worry about the EA being cross. They need the sales, if you buy one rather than the other then that's still commission for them rather than another EA down the road. This must be happening all the time at the moment. Plus, they may have some other interested buyers for the other property waiting in the wings, and they may have anyway warned the vendors that the delayed exchange and completion, and the price point as of now, are not going to be helping them, but the vendors may not have listened or may not be able to do it sooner or for less cash which is their problem not yours.

LibertyLily · 16/07/2023 06:38

You shouldn't be feeling bad over something like this @Whattodowithit88 - it's 33k (possibly more), after all.

We pulled out of a house purchase a few years back (early stages, hadn't had a survey done and we were cash buyers) after we discovered plans to build some new homes on the land between 'our' house and the countryside beyond the rear garden. It felt a bit crap as the vendor had been dumped by her OH for another woman and she was selling the - rather rundown but characterful - family home.

What pissed us off was that neither she (who'd shown us over) or her EA (who we met with immediately afterwards to make the offer) mentioned this, despite the build about to start. In fact we only discovered it on a second viewing to measure up when we spotted diggers on the land. The cheeky EA even lied by saying they were going to be bungalows that wouldn't interfere with the view! Sadly for the vendor the house eventually sold at auction for considerably less than our agreed offer....but that really wasn't our problem.

You have to do what's best for you in these situations.

Twiglets1 · 16/07/2023 06:44

I would have to go and at least view the other house. If it really is almost as good or just as good, you may have to pull out of the other house purchase.

It's a very tough thing to do. I have done similar at close to Exchange of contracts, and it doesn't make you feel good about yourself. But - at the end of the day, you have to do what is right for you and buy the best house you can get. House buying and selling is a cut throat business sometimes.

Campervangirl · 16/07/2023 06:55

You have to do what's best for you.
EA may not be happy but so what, they'll walk away with their commission on whatever house you buy.
Once your sale is complete you'll never see the EA again, you owe them nothing.
The property prices have dropped and you'd be an absolute fool to pay over the odds.
Buying and selling houses is cut throat, you need to get tough.
Don't go through with the original purchase just because you're worried that someone will be upset with you, they're not the ones that will be paying your mortgage.
It is unfortunate for the sellers but they've kept you waiting for 6 months, daft, they should have sold then rented somewhere.
Go for the other house

plasticwallet · 16/07/2023 06:56

will your mortgage deal run out if you switch to the other property so that may cost you more

plasticwallet · 16/07/2023 06:58

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

People have no problem accepting a higher offer when the market is rising. Anyone if the sellers are decent they wouldn't expect the op to pay over the odds...

Totaly · 16/07/2023 07:03

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

Wow so who’s spending your £33K plus interest on top for 25 years?

Business deals aren’t emotional.

Twiglets1 · 16/07/2023 07:04

Birdienumnumm · 15/07/2023 21:04

I think the vendors have to accept that by stipulating a 6 month wait before sale, this sort of thing is more likely to happen. Especially in a market where prices are falling. You’ve not signed a contract, you’d be mad to spend £30k more than you needed to just to be nice.

This - I only make it 5 months but in a falling market, it's an unwise vendor that allows too much of a delay between accepting an offer and Exchanging contracts.

They should have been pushing @Whattodowithit88 to get it done as soon as possible, even if that was inconvenient for them.

Original poster
Whattodowithit88 · 16/07/2023 07:10

Well we’re ready to move but they can’t until end of august so we are waiting for them. We will call the estate agent Monday to renegotiate the price or go for the new property and risk it because 30k just can’t be ignored.

OP posts:
Twiglets1 · 16/07/2023 07:14

Whattodowithit88 · 16/07/2023 07:10

Well we’re ready to move but they can’t until end of august so we are waiting for them. We will call the estate agent Monday to renegotiate the price or go for the new property and risk it because 30k just can’t be ignored.

Aren't you going to view the other property first?

afterdropshock · 16/07/2023 07:20

Speak to the estate agent and explain. They will know more than you and can arrnage a viewing on the other house. Take it from there. Don't just drop your offer based on a listing.

Original poster
Whattodowithit88 · 16/07/2023 07:47

Yes we will view the other property but unless it has mould or huge holes in the wall we will be putting in an offer and just hoping. Even if we don’t get it though we can’t go ahead with the original one knowing it’s so much over priced now.

OP posts:
Original poster
Whattodowithit88 · 16/07/2023 07:47

Our mortgage is fixed at a low rate until 2025 and we’re transferring the mortgage.

OP posts:
justdrink · 16/07/2023 12:14

Whattodowithit88 · 16/07/2023 07:47

Our mortgage is fixed at a low rate until 2025 and we’re transferring the mortgage.

Fair enough. You have to take care of yourself. That is a LOT of money!

wisbech · 16/07/2023 12:54

Arrange a viewing. As it the same agent, they will get the message loud and clear…

sandyhappypeople · 16/07/2023 12:58

Are you sure there isn’t a reason that the price is a lot lower? For example dickhead neighbours? Do your homework before jumping in with both feet!

if it sounds too good to be true and all that...