Ready to exchange and a much better property has come on the market for the same price

[curtainst]

The house I'm buying needs quite a bit of updating. Everything is decades old and shabby, although well maintained and serviceable. I'm happy with it and we're scheduled to go ahead. Lo and behold a new house comes on the market, the exact same house a hundred metres down the street, with everything updated and brand new. Kitchen, bathroom, flooring, ceilings, lighting, new doors and windows etc. At the same price. What do I do in this scenario? I feel like I'm being shortchanged by this. Should I go to estate agent and negotiate a reduction? Or is that considered unethical at this stage when everything's ready to go? Or do I drop out and go after the other? Or see if house 2 will accept my offer first (it's their asking price so I think they will!) and then break off with current seller? FTB here and very clueless.

Just seen this - sounds like even the EA knows it’s overpriced hence railroading you into a sale.

Given the updates you absolutely NEED to see property 2 and not be at all sentimental about this.

If house 2 ticks the boxes offer ASAP and don’t fanny about with offers - bid the asking price. Get it taken off the market - no more viewings, taken off the websites.

Your worst case scenario is a bidding war on house 2 and then losing house 1 if you need to move.

So wrap up house 2 asap then decline house 1.

Just seen this - sounds like even the EA knows it’s overpriced hence railroading you into a sale.

Given the updates you absolutely NEED to see property 2 and not be at all sentimental about this.

If house 2 ticks the boxes offer ASAP and don’t fanny about with offers - bid the asking price. Get it taken off the market - no more viewings, taken off the websites.

Your worst case scenario is a bidding war on house 2 and then losing house 1 if you need to move.

So wrap up house 2 asap then decline house 1.

Sounds like the estate agent played you with the 'play hardball or the seller will pull out' line so you've not got yourself a market appropriate price. As a first time buyer this is quite a common mistake (sellers love first time buyers they are often way too keen and offer high). Defo look at the other house and if it's good see what you can do. I dont think thats unethical, it's just buying/selling.

These are all things you should consider very carefully. You could go for that house and then they decide not to sell, or it's a really difficult chain, or you get shafted in some other way and end up losing both. They also could be pricing it very keenly in the hope of a bidding war and don't actually have any intention of accepting the price it's listed for.

I would go and see it - and there could be something you aren't aware of, ie it's overlooked/next to something less desirable - but whatever you do really think about it, if you are desperate to move. There is sometimes a lot to be said for the bird in the hand.

But the estate agent would have none of it and put the fear of God into me saying that if I play hardball then the seller will pull out.

The agent doesn't work for you. He is contacted to act on behalf of the seller.

Don't take any advice from them, they are on the opposing side.

Do whatever is in your own best interests.

They also could be pricing it very keenly in the hope of a bidding war and don't actually have any intention of accepting the price it's listed for.

WHAT, IS THIS A THING? I don't understand the logic, why not just price it at the amount they want?

Do want ever feels right in your gut. I appreciate you don’t want to be a horrible person, don’t worry about being ‘ethical’ when it comes to house buying…everyone is out for themselves when it comes to the property market. Better to be a bit of a dick now and not regret the most expensive thing you will (probably) ever buy.

I’d want to know whether there was anything hidden in house 2, if it’s the same price and is upgraded.

Why is everyone assuming that house 2 will go for the advertised price? There could be offers made competitively and it go for 10% more, or worse..

Yes its a thing and that was my point above too.

Estate agent are acting for seller and sim to get best price possible.
view second house - if you like it offer for it and pull out.
otherwise consider that you are paying over odds for first house and reduce your offer
personally if nothing wrong with second I’d go for that one rather than get work done ( but check it’s done well)

Go for it! I wish I had

It does sometimes happen but no one on here knows whether it is likely to happen in your area or not nor how well priced these houses are. You need to research and understand the local market for the type of property you want so that you know what it well priced and what is not. Decide what price is reasonable for the second property, if you do like it, and the seller's position is a good one, offer that and see what happens. No one can predict what will happen. You can only decide on your own course of action, without submitting to pressure from the estate agents.

It's a thing, but don't panic. Go and see it. Offer what seems good to you, or just below, and see if it is accepted.

We had an estate agent who suggested pricing lower to start a 'bidding war'. He showed a few folks around, whilst waiting for the details/photos to be approved by us - and received a low offer. We ignored it and him, approved the details and a higher price for when it went online. and it sold quite quickly at our asking price.

This is absolutely a thing and we did it effectively twice. We wouldn't have sold at asking...

Also good point re us it overlooked or less private. There are some things that can't be changed about a house while the inside always can be..
You've had lots of good points to consider.

Many sellers don"t have the luxury of judging buyers because they may have zero other offers, and loads of people now don"t have old school "ethics" anyway, they will just be pleased that you are now interested in their house.

Put an offer in a tad over for them to take it off the market.

I don"t think "bidding wars" happen anymore.

Good points, the key thing is to properly check that it is in fact a better house, if so go for it, the original seller can drop their price and find another buyer.

I think a bidding war is very unlikely in my area. Not saying it couldn't happen, I don't know anything about anything, but I've been looking for about 8 months and have made offers on a few other houses, and houses are actually going off the market because sellers aren't happy with the prices they're getting.

House 2 is actually better in that there's a back gate. For House 1 there's no access to the garden other than through the house. I will go and scope it out.

You clearly know your own market better than any of us. Perhaps this new seller is one of the few realists in the area who actually wants to sell rather than mess around with viewings for months and then fail to sell.
See what you think next week.

Not the point of the thread I know but I would never buy a house without access to the back. The thought of dragging gardening stuff or clippings or stuff like that through the house!!

It was done to me .... twice .... during covid .... just after my OH had died.
Not the happiest time of my life I have to say. But noone broke the law so nothing I could do.
I think you should do what is best for your future.

" houses are actually going off the market because sellers aren't happy with the prices they're getting."

Interesting, they won"t sell that way though, the market will leave them behind.