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Original poster

in this situation, would you consider reducing your offer?

18 replies

Tutter · 29/05/2008 09:48

ok, potted history:

price agreed at x

we know they paid x - 25% 3 years ago

we were told that they put in the kitchen (a big, expensive one) and that they construcetd the triple garage plus room above

we have now found out that the majority of the above work was done by the previous owners

in other words, they have made a big fat profit

we're thinking about reducing our offer

would you?

OP posts:
wingandprayer · 29/05/2008 09:50

No, their profit is nothing to do with you. I'm sure you made a profit too on the house your selling didn't you? The house is worth that price if the market says so, what they did or did not do to it is neither here nor there providing they do have a nice kitchen and they do have a triple garage etc.

Fizzylemonade · 29/05/2008 10:41

How did you find out??? Maybe they wanted it to look like they had done something to the property to make it their own.

I wouldn't reduce the offer. You obviously thought it was worth X to put in that offer and they accepted it. It doesn't matter what profit they made.

It would leave a very bad taste in their mouths if you reduce your offer now.

Izzywhizzy · 29/05/2008 10:43

Agree with wingandprayer.

The house is worth what you're prepared to pay for it. What work they have or haven't done is irrelevant.

mankymummy · 29/05/2008 10:47

maybe they got a bargain when they purchased and therefore its their good luck.

the estate agents and yourselves obviously thought it was worth the amount you offered so I think it would be very rude to reduce your offer. How much profit they are making is not really any of your business.

Carmenere · 29/05/2008 10:47

What a bizzare question Tutter, what on earth has it got to do with you who actually made the improvemnents on the property? If you are asking if we think that they will accept a lower offer because they have a lot of equity in the property, well maybe they will depending if they are stuck for the money but they probably know what it is worth so how it has arrived at that value is irrelevent.

hoxtonchick · 29/05/2008 10:49

how long has it been on the market? have they other offers? how much do you want it?

i don't think it affects you who did the previous work. but the current property market is so grim that they probably will take a drop in order to sell. we certainly would....

Original poster
Tutter · 29/05/2008 11:43

tbh, this is the way dh is thinking

i'm concerned that we may lose the property if we do anything at this stage (we're hoping to exchange int he enxtw eek or so)

OP posts:
mankymummy · 29/05/2008 11:58

is the amount you may possibly save worth the risk of losing the property?

Izzywhizzy · 29/05/2008 12:01

I just sold my house and if the buyers had pulled this kind of stunt on me I would have told them to get lost.

SaintGeorge · 29/05/2008 12:03

If you feel they have mislead you over the age of the kitchen and the extension and, therefore, there might be more work needed than anticipated to bring everything up to scratch, then maybe consider a reduced offer.

However, to base the decision purely on the profit the current owners may make is beyond ridiculous.

callmeovercautious · 29/05/2008 12:04

If you were buying my place and tried to reduce your offer at this late stage I would pull out of the Sale. In fact I have done so before and the buyers then upped their offer again.

Same goes if I am buying, once a price is agreed I won't up it for anything. I nearly lost this house because of my stubborness but I think it is more ethical to stick to your word.

Original poster
Tutter · 29/05/2008 12:32

i agree

(apart from the "beyond ridiculous" comment) (but i expect ones like that from stg)

have spoken to dh and discouraged him from pushing things to the point where we may lose the deal

i think he feels wronged and is trying to make a point

thanks all

OP posts:
SaintGeorge · 29/05/2008 12:48

"(but i expect ones like that from stg)"

WTF is that supposed to mean?

SaintGeorge · 29/05/2008 13:28

Since you are still around posting on other threads, could you answer my question please.

I would genuinely like to know what you meant by that remark.

noddyholder · 29/05/2008 21:35

yes i would give it a go as prices hav dropped 4% in 2 months with double digit falls predicted by the end of the year.I have just had an offer accepted 27% off asking and until today thought i had covered myself for further falls but am now thinking i have paid too much so def try a reduction

scaryteacher · 29/05/2008 23:38

You've agreed a price, and unless there is a problem with the survey (which IMO is the only reason to renegotiate the price), you should stick with the offer you've made. To do anything else is discourteous and means that they may take things that otherwise might have been left iyswim.

jasper · 29/05/2008 23:58

that would be gazzundering and VERY bad.
I would def stick to agreed price if you want the house.

TheWipemeister · 30/05/2008 00:09

Think very carefully - and read this thread first
never gazunder

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