Advice needed
We viewed a house listed for 175k which we loved but felt might be a little overpriced so offered under value which was £160k. Estates agents said seller wouldn’t move from £175k so if we wanted the house it would have to be full asking. We decided we loved the house and we are fortunate enough to have a MIP that goes beyond £175k so offered full asking which was accepted. We submitted our mortgage application and a valuation was arranged which down valued the house to £150k. Obviously both us and the sellers were upset with this but we were told the seller wouldn’t renegotiate. We appealed the valuation through the mortgage company twice but the valuation stood at £150k. The estate agents then said that the sellers would rather take the house off the market and rent it out rather than sell for under £175k. We are not in a position nor comfortable to overpay £25k plus the deposit so formally withdrew our offer. The estate agents said they would inform the seller and come back to us if there was anything else.
We then viewed another house a few days later which we equally loved and it is larger than the first property but would need the cellar converting for a playroom. This house was on for 185k but we offered £180k and were accepted. We amended our mortgage application and resent it through our broker for processing.
The first estate agents have now come back to us and said the seller is willing to renegotiate down to £160k. We are in a position to put down the extra £10k on top of the deposit.
Am i wrong for feeling like saying to the first house you’ve made your bed so lay in it? We spent 3 weeks waiting for the appeals heartbroken at the thought of losing the home whilst being told it was either find the difference or it won’t be yours. Yet now we’ve formally withdrawn theres room to negotiate?
Advice welcome on how we go from here!
Thank you