Sensible or shitty to try and negotiate a small reduction?

[PreferQuietlife]

The property we are bying went on market in May, was very under-priced by the agents, they had 25 people ring them for viewings on the first day. We offered 250k which was 30% over asking, cash, offer accepted.

Sellers were a mother-daughter, co-owners. Mother passed away a week after our offer was accepted. Sent a messag to the daughter, via agent, of condolences, that we sadly understand the pain of bereavement and the deathmin, and that we’d wait with our offer until she sorted things out no hurry. She got a different solicitors and 6 weeks later we were back on track. Daughter doesn’t know much about house and hasn’t been able to respond to most queries. House needs complete renovation, which we knew, and builder has reported dry rot throughout all the floors. The market is terrible in our area for the most part, and the prices have gone down. This particular property, although in awful condition, is in a really good area surrounded by much pricier properties.

We are in a position now to exchange and close in the next couple of weeks. The agent is ringing me almost every day, he says "to make sure things are on track."

We’re wondering whether to ask for a small reduction to reflect the market downturn and the dry rot, something like “If you can agree to 5k off, we’ll change next week." That’s only 2% of the agreed upon price. There is speculation amongst our friends that agent put it it on very low because he hoped to sell to his property developer pal. We do have some fears that the property developer pal might still be lurking in the background... But he seems quite anxious to get the sale through, so perhaps it's because he just does not want to lose a sale. The Seller now has two caravans on the market, with the same agent (since her mum died).

Is asking for a small reduction sensiible or shitty? It would massively help with our anxiety about the falling market and the dry rot, and with the budget for the renovation. But we don't want to be told to get lost and lose the place to a property developer either...

If you think we should ask for a reduction, shall we ask the agent to discuss it with the Seller, or should we write an email direct for the Seller?

You didn't offer 30% over asking, you offered 30k over asking (which is just under 14%). If you'd got the dry rot survey back and asked for a reduction then, or pulled out, fair enough. To do it now is just shady, and you know it.

I'm laughing at you suggesting the daughter 'might find it helpful' to be offered less money. No, it would be shitty.

Sorry, but it's shitty. You offered way over the asking price and should have asked for a reduction at the survey point of the sale when you found out about the dry rot. It's underhand to ask for a reduction now using the "prices have changed" premise. If the dry rot had bothered you that much, you would have dealt with it when you found out. Sorry if that seems harsh

I agree with others that this would be the wrong way to go.

Linking your proposal to a faster exchange suggests that you are willing to stall the exchange if she refuses to reduce the price, so it's effectively blackmail as well as gazundering. In her situation I would lose trust in you as buyers and move on, so be prepared to lose the house if you do this. If she isn't a forced seller, this type of pressure is unlikely to work.

Shitty. When we sold our last house our buyers did this. Bastards. Then they called us up asking for help after we'd all moved because they had a problem with the drains! Not quite sure what they wanted us to do about it. Felt like divine justice TBH.

It is SHITTY! Someone tried this with me when I was selling my property last year. Offered over the odds to secure the sale then waited right up right when we were discussing exchange and too announce they wanted £5k to rectify severe damage to the roof. They made the silly mistake of sending the EA her survey which outlined wear and tear but nothing near as bad as they was making out. When I told them where to go they tried to argue that prices were coming down and there was cosmetic changes they wanted to make and didn't have the money etc. We stood our ground and they agreed to the original price but after that they started getting really petty over some other minor things. In the end we pulled out of the sale because they really were the worst and we had no faith they wouldn't try and gazunder us again right up to date of exchange.

It’s shitty.

The EA might be pushing for his own sales targets and not for the buyer?

This. Q3 is the end of September. Probably tied to a bonus that will be received in time for Xmas.

Morally bankrupt. As a PP said, if prices had risen, you wouldn’t want to pay more. You knew it needed complete renovation so that’s just part of it.

I think you’d risk the sale altogether if you try and renegotiate.